Ordinance 546-78 - Laserfiche WebLink

Project may, to the extent of such matching or supplemental funds, be applied by the City Council to the enlargement or additional development of such Project or to the accomplishment of other such Projects. If all such Projects have either been completed, or their completion duly provided for, or their completion found to be impractical , such bond proceeds or any portion thereof may be applied by the City Council to carry out such other capital street purposes within the City as may be determined by the City Council to be consistent with the purposes of this ordinance or may be deposited in the bond redemption fund for the bonds and used to pay the bonds at the earliest possible date. Section 5. The City Council finds that an emergency exists requiring the development and improvement of the streets as de- scribed in Section 1 , and that as a result of the existence of such an emergency, it is necessary to call a special election. A special election is, therefore, called to be held in the City as provided by law on November 7 , 1978, in conjunction with the State general election to be held on the same date, at which there shall be submitted to the qualified voters of the City for their ratifi- cation or rejection the following proposition: PROPOSITION STREET IMPROVEMENT BONDS - $10 ,093, 000 Shall the City for the purpose of paying the costs of street development and improvements incur indebt- edness and issue general obligation bonds not to exceed $10 , 093, 000, maturing in from two to twenty years from date of issue and payable from annual property tax levies made without limitation as to rate or amount, as provided in Ordinance No. ? BONDS, YES / / BONDS, NO / / The County Auditor of Snohomish County, ex officio Supervisor of Elections of the County, shall have jurisdiction over and shall - 5 -