Ordinance 658-80 - Laserfiche WebLink

} a under the 2-1/2% of the value of taxable property-debt permitted for "open space and park facilities" pursuant to RCW 39. 36. 020. Section 3. The general obligation bonds herein authorized to be issued shall be serial in form; the bonds may be issued in one or more series as required and may be combined for sale with one or more other authorized bond issues; the bonds shall bear interest payable semiannually (except for the first interest coupon of each series if the City Council so determines ) ; and the first maturity of each series shall be in from two to five years and the last maturity shall be not more, but may be less, than thirty years from date of issue (the life of the Park Project to be acquired and con- structed by the bonds being at least thirty years ) and shall mature in such amounts as nearly as practicable annually as will result in a difference of not more than $5,000 between the highest and the lowest annual payment of principal and interest, excluding the years up to and including the first maturity from date of issue, computed on such anticipated effective interest rate as the City Council shall in its discretion determine will be borne by such bonds. The bonds shall be paid by annual tax levies sufficient in amount to pay both principal and interest when due, which annual tax levy shall be made in excess of the regular property tax levy of the City, and the bonds shall so provide. The bonds shall also be payable from any other money legally available and determined by the City Council to be used therefor. The date of issue, interest rate or rates, maturities, options of redemption, form and cove- nants of the bonds shall be hereafter fixed by ordinance of the City Council , and the bonds shall be issued and sold when the proceeds thereof may be required. Section 4. Supplemental or matching funds from federal , state or local public or private sources may become available to pay a - 3 -