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Section 2. Each of the, bonds and interest coupons attached. <br /> thereto shall be in substantially the following form: <br /> No. $5 ,000 .00 <br /> ($3,157.06 on Bond No. 1) <br /> UNITED STATES OF AMERICA <br /> STATE OF WASHINGTON <br /> LOCAL IMPROVEMENT BOND <br /> OF <br /> CITY OF EVERETT <br /> LOCAL IMPROVEMENT DISTRICT NO. 687 <br /> 6% <br /> N.B. The laws of the State of Washington under <br /> which this bond is issued contain the following <br /> section (RCW 35 .45 . 070) : <br /> "Neither the holder nor owner of any bond, <br /> interest coupon, or warrant issued against a <br /> local improvement fund shall have any claim <br /> therefor against the city or town by which it is <br /> issued, except for payment from. the special <br /> assessments made for the improvement for which <br /> the bond or warrant was issued and except also <br /> for payment from the local improvement guaranty <br /> fund of the city or town as to bonds issued after <br /> the creation of a local improvement guaranty fund <br /> of that city or town. The city or town shall not <br /> be liable to the holder or owner of any bond, <br /> interest coupon, or warrant for any loss to the <br /> local improvement guaranty fund occurring in the <br /> lawful operation thereof. A copy of the foregoing <br /> part of this section shall be plainly written, <br /> printed or engraved on each bond. " <br /> THE CITY OF EVERETT, WASHINGTON, a municipal <br /> corporation of the State of Washington, hereby <br /> promises to pay to Wm. P. Harper & Son & Company, <br /> Seattle, Washington, or bearer, the sum of <br /> FIVE THOUSAND DOLLARS <br /> ($3, 157 .06 on Bond No. 1) <br /> in lawful money of the United States of America, <br /> with interest thereon at the rate of SIX PERCENT <br /> (6%) per annum, payable on May 27 , 1973 , for the <br /> six months ' period from November 27 , 1972 , and <br /> annually thereafter out of the fund established <br /> by Ordinance No. 30-69 of the City and known as <br /> the "Local Improvement Fund, District No. 687, " <br /> and not otherwise, except from the guaranty fund, <br /> as herein provided. Both principal of and interest <br /> on this bond are payable at the office of the <br /> Treasurer of the City. <br /> Coupons are hereto attached for each installment <br /> of interest to accrue hereon, and interest shall <br /> be paid only on presentation and surrender of such <br /> coupons to the City Treasurer. <br /> -3- <br />