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r <br /> Section 3. The Bonds shall be signed on behalf of the City <br /> by its Mayor, shall be attested by its Clerk and shall have the seal <br /> of the City impressed thereon. The interest coupons attached thereto <br /> shall be signed with the facsimile signatures of said officials. <br /> Section 4. The proceeds of sale of the Bonds shall be used <br /> immediately to redeem and retire all outstanding warrants of the City <br /> issued to pay any of the costs of acquiring, constructing and installing <br /> the improvements constructed in Local Improvement District No. 696 or <br /> for repaying any advances or loans made from any other funds of the <br /> City for such purposes and for paying all other costs incidental to <br /> Local Improvement District No. 696 . The balance of such moneys, if <br /> any, shall be deposited in Local Improvement Fund No. 696 and shall <br /> be used to pay the principal of and interest on the Bonds as herein- <br /> before provided. <br /> Section 5. The action of the Council heretofore taken in <br /> accepting the offer of Wm. P. Harper & Son & Company to purchase the <br /> bonds at par plus accrued interest to date of delivery and under the <br /> terms thereof as set forth herein is hereby confirmed. <br /> Section 6. Because it is necessary to stop the interest <br /> accruing on the obligations of the City issued to pay the costs of <br /> this improvement as soon as possible, an emergency is hereby declared <br /> to exist, and it is hereby found necessary for the public health, <br /> safety and property that this ordinance shall become effective upon <br /> its passage, second reading and validation. <br /> PASSED by the City Council of the City of Everett at a <br /> regular meeting of said Council held this day of November, 1974. <br /> CITY OF EVERETT, WASHINGTON <br /> By (7/2tVej <br /> Mayor <br /> -6- <br />