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' Chapter 35. 45 RCW and by the payment' into the city fund holding <br /> such note the then outstanding principal amount of such note, plus <br /> the interest thereon accrued to the date of such refunding, and <br /> the total unpaid principal balance of such Installment Note is <br /> presently outstanding and the City Council deems it in the best <br /> interests of the City that such Installment Note be refunded by <br /> the issuance of local improvement district bonds in such principal <br /> amount; NOW, THEREFORE, <br /> THE CITY COUNCIL OF THE CITY OF EVERETT, WASHINGTON, DOES <br /> ORDAIN: <br /> Section 1. Local improvement district bonds of Local <br /> Improvement District No. 687 shall be issued in the total principal <br /> amount of $163, 157.06 . Bond No. 1 shall be in the denomination of <br /> $3, 157. 06 , and the remaining bonds numbered 2 to 33, inclusive, <br /> shall be in the denomination of $5 ,000 .00 each. The bonds shall <br /> all be dated May 27 , 1972 , and shall be payable on May 27, 1993, <br /> with the right reserved to the City to redeem the bonds prior to <br /> maturity on any interest payment date, in numerical order, lowest <br /> numbers first, whenever there shall be sufficient money in the "Local <br /> Improvement Fund, District No. 687, " created by Ordinance No. 30-69 , <br /> passed December 2 , 1969 , to pay the bonds so called and all earlier <br /> numbered bonds over and above the amount required for the payment of <br /> the interest on all unpaid bonds, by publishing notice of such call <br /> once in the official newspaper of the City not less than ten nor <br /> more than twenty days prior to the call date, and by mailing a copy <br /> of such notice within the same period to Wm. P. Harper & Son & Company <br /> at its principal office in Seattle, Washington, or its successor, <br /> and upon such date the interest on bonds so called shall cease and <br /> each and every coupon representing interest not accrued on such date <br /> shall be void. The bonds shall bear interest at the rate of 6% per <br /> annum, payable on May 27, 1973, for the six months period from November <br /> 27, 1972, and annually thereafter, beginning on May 27 , 1974 , to be <br /> represented by interest coupons to maturity attached to each bond. <br /> -2- <br />