Ordinance 549-78 - Laserfiche WebLink

• City Council shall determine the application of the proceeds of the bonds provided for in this ordinance as between Projects or portions of Projects so as to accomplish, as nearly as may be, all such Projects. If the City Council shall determine that it has become imprac- tical to accomplish substantially any Park Project or portion thereof by reason of prior incompatible development, cost substan- tially in excess of the amount of bond proceeds estimated to be applied thereto, prior acquisition by a superior governmental authority or other changed conditions, the City shall not be required to accomplish such Project or portion thereof and may apply such funds as provided in Section 4 . Section 2 . The City shall borrow not to exceed $1 ,753, 000 on the credit of the City and issue and sell its negotiable general obligation bonds therefor for strictly municipal capital purposes, other than the replacement of equipment, for the purpose of provid- ing funds in the amount and for the purposes specified in Section 1 hereof. The bonds shall be issued as indebtedness incurred 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 each series shall mature in from two to not more than twenty years from date of issue (the life of the Park Projects to be acquired and constructed by the bonds being at least twenty years ) in such amounts as nearly as practicable annually as will result in a difference of not more than - 2 -