Ordinance 548-78 - Laserfiche WebLink

• • Section 3 . The City shall borrow not to exceed $8, 580,000 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 as a part of the debt permitted to cities as 2-1/2% of the value of taxable property for water, light and sewers by RCW 39. 36. 020. Section 4 . 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; shall bear interest payable semi- annually (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 Water and Sewer 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 $5, 000 between the highest and the lowest annual payment of principal and interest, excluding the first two years 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 suffi- cient in amount to pay both principal and interest when due, which annual tax levy shall be made without limitation as to rate or amount, 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 - 4 -