Ordinance 344-74 - Laserfiche WebLink

• • WHEREAS , it is necessary that the date, form, terms, amounts , interest rate and maturity of said bonds now be fixed; NOW, THEREFORE, THE CITY OF EVERETT, WASHINGTON, DOES ORDAIN: Section 1. For the purpose of paying the costs and expenses attributable to the property owners in Local Improvement District No. 696 of the City of acquiring, constructing and installing the improvements in such area of the district, plus all costs incidental thereto, the City shall issue bonds of the district in the principal amount of $83,312 (hereinafter called the "Bonds") . The Bonds shall be dated December 1, 1974, shall be numbered from 1 to 17 inclusive, shall be in the denomination of $5,000 each, except for Bond No. 1, which shall be in the denomination of $3 , 312.00 , shall bear interest at the rate of 8.00% per annum payable annually on the first day of December of each year from date of issue and shall mature December 1, 1996. Both principal of and interest on the Bonds shall be payable at the office of the City Treasurer in Everett, Washington, in lawful money of the United States of America. The Bonds shall be redeemable at par, in numerical order, on any interest payment date whenever there shall be sufficient money in the Local Improvement District No. 696 Fund to pay the same and all unpaid bonds of this local improvement district which are prior in numerical order to the last bond to be redeemed over and above an amount sufficient for the payment of the interest next accruing on all the unpaid bonds of this local improvement district. Notice of any redemption of any of the Bonds prior to maturity shall be given by the City Treasurer by one publication in the City official newspaper not less than 10 nor more than 20 days prior to the date of such intended redemption. Such notice -2-