Ordinance 713-80 - Laserfiche WebLink

a � • T � � • Section 20 . Repeal of Inconsistent Resolutions or Ordinances. Any resolution or ordinance of the city, and any part of any resolu- tion or ordinance, other than Ord. No. 536-78 , inconsistent with this ordinance is hereby repealed to the extent of such inconsistency. Section 21. Not Arbitrage Bonds; Not Industrial Development Bonds . The city covenants and agrees that throughout the term of the bonds no part of the proceeds of the bonds or any other moneys or obliga- tions held under this ordinance shall at any time be used for any purpose, nor shall the city take any other action, which would cause any bond to be (i) an "arbitrage bond" under Section 103 (c) of the Internal Revenue Code of 1954, as amended, and the applicable regula- tions thereunder or (ii) an "industrial development bond" under Section 103 (b) of the Internal Revenue Code of 1954 , as amended, and the applicable regulations thereunder. Section 22 . Effective Date. This ordinance shall be effective fifteen days after it becomes valid pursuant to Section 3 . 4 of the City Charter. Section 23 . Emergency. That an emergency is hereby declared to exist and the second reading of this ordinance is hereby declared to be the third and final reading. ADOPTED by the Council of the City of Everett at a regular meeting thereof, held this 23rd day of July, 1980, after introduc- tion July 16, 1980 and second and final reading July 23, 1980. Mayor ATTEST: City Clerk Passed; >'' J c � Valid: - :; ‘-/ j ,/ J Published; 7 - j 0 -- Yi)