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The City Council of the City as agent of such <br /> Local Improvement District No. 687, established by <br /> Ordinance No. 30-69 ; has caused this bond to be <br /> issued in the name of the City as the bond of such <br /> local improvement district, the bonds or the <br /> proceeds thereof to be used to refund an outstanding <br /> Installment Note owned by the City originally <br /> issued to provide the funds to pay so much of the <br /> cost and expense of improving Hardeson Road from <br /> SR 526 to a point approximately 3500 ft. north, and <br /> of an unnamed street (about 78th Street) from <br /> Hardeson Road to a point approximately 3100 ft. <br /> west, by the construction of sanitary sewers and a <br /> lift station, together with the necessary appurtenances , <br /> and by doing such other work as may be necessary in <br /> connection therewith to make a complete improvement <br /> as provided by Ordinance No. 30-69 , as is levied and <br /> assessed against the property included in the local <br /> improvement district and benefited by that improvement, <br /> and the "Local Improvement Fund, District No. 687 , " <br /> has been established by ordinance for that purpose. <br /> The holder or holders of this bond shall look only to <br /> that fund and to the Local Improvement Guaranty Fund <br /> of the City for the payment of either the principal <br /> of or the interest on this bond. <br /> This bond is one of an issue of 33 bonds aggregating <br /> in all the principal sum of $163,157.06 , issued for <br /> Local Improvement District No. 687, all of which bonds <br /> are subject to the same terms and conditions as herein <br /> expressed. <br /> This bond is payable on May 27, 1993, but is subject <br /> to call by the City Treasurer for prior redemption <br /> whenever there shall be sufficient money in the "Local <br /> Improvement Fund, District No. 687, " to pay the same <br /> and all unpaid bonds of the issue of which this bond <br /> is one, which are prior to this bond, in numerical <br /> order, over and above amounts sufficient for the <br /> payment of the interest on all unpaid bonds of this <br /> issue. The call for payment of this bond, or any <br /> bond of this issue of which this is one, shall be made <br /> by the City Treasurer by publishing the same once in <br /> the official newspaper of the City not less than ten <br /> nor more than twenty days prior to the call date, and <br /> by mailing a copy of such notice within the same <br /> period to Wm. P. Harper & Son & Company at its <br /> principal office in Seattle, Washington, or its <br /> successor, and when such call is made for the payment <br /> of this bond, it will be paid on the day the next <br /> interest coupon thereon shall become due after that <br /> call and upon that day interest upon this bond shall <br /> cease and any remaining coupons shall be void. <br /> IT IS HEREBY CERTIFIED, Recited and Declared that <br /> all acts, conditions and things required to be done <br /> precedent to and in the levying of such special taxes <br /> or assessments and the issuing of these bonds have <br /> been properly done, have happened and have been <br /> performed in regular and due form, as required by law; <br /> and that these bonds have not been issued in an amount <br /> in excess of the cost of the improvement. <br /> -4- <br />