Ordinance 256-73 - Laserfiche WebLink

NOW, THEREFORE, THE CITY OF EVERETT, WASHINGTON, DOES ORDAIN: Section 1. For the purpose of paying the costs and ex- penses attributable to the property owners in the Phase I area of Local Improvement District No. 692 of the City of acquiring, construct- ing 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 $125, 880 . 28 (hereinafter called the "Bonds") . The Bonds shall be dated July 1, 1973 , shall be numbered from 1 to 25 inclusive, shall be in the denomination of $5, 000 each, except for Bond No. 1 , which shall be in the denomination of $5 ,880. 28 , shall bear interest at the rate of 6. 25% per annum pay- able annually on the first day of July of each year from date of issue and shall mature July 1, 1985. 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. 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 in its first publication following the date of delinquency of any installment of the assessment or as soon thereafter as practicable. Such notice of intention shall state that Bonds Nos. (giving the number or numbers of the Bonds called) will be redeemed on the day the next interest coupon or coupons on the Bond or Bonds called become due and that interest on such Bond or Bonds will cease upon that date. Section 2 . The Bonds shall be in substantially the follow- ing form: 2.