Ordinance 285-74 - Laserfiche WebLink

N.B. Neither the holder nor the owner of this bond shall have any claim therefor against the City of Everett, except for payment from the special assessments made for the improvement for which this bond was issued, and except as against the local improvement guaranty fund of the city, and the city shall not be liable to the holder or owner of this bond for any loss to the guaranty fund occurring in the lawful operation thereof by the city. The remedy of the holder or owner of this bond in case of nonpayment shall be confined to the enforcement of the assessments and to the guaranty fund. The City of Everett, a municipal corporation of the State of Washington, hereby promises to pay to bearer the sum of FIVE THOUSAND DOLLARS in lawful money of the United States of America with interest thereon from the date hereof at the rate of 6. 40% per annum payable annually, upon presentation and surrender to the City Treasurer of this bond and the annexed interest coupons as they severally become due. This bond is issued to refund a certain installment note which had been issued to pay for the street improvements ordered by Ordinance No. 98-70 and as to both principal and interest, is payable only out of Local Improvement District No. 691 Fund created by Ordinance No. 98-70 of the City adopted October 14 , 1970, and from the Local Improvement Guaranty Fund of the City created by Chapter 209 , Laws of Washington, 1927. This bond is one of an issue of bonds aggregating in principal amount the sum of $93, 350. 00 , is payable on or before January 1, 1989, and is subject to call by the Treasurer of said City on any annual interest payment date whenever there shall be sufficient money in said Local Improvement District No. 691 Fund to pay the same and all unpaid bonds of this issue which are prior in numerical order to this bond, over and above an amount sufficient for the - 3 -