Ordinance 97-70 - Laserfiche WebLink

sufficient weight and strength toprevent deterioration throughout ' the life of the loan. The single bond shall conform in size to standard practice and contain the approved maturity schedule for payment of principal. Section 5. For the purpose of providing part of the funds required to construct and develop the Project, the City shall issue the Series C Bonds in the principal sum of $477 ,000 .00 par value. The Series C Bonds shall be dated July 1 , 1970; shall be in denominations of $5, 000 . 00 , except the first twelve of the Series C Bonds shall be in denominations of $1, 000 . 00 each; shall bear interest at the rate of 6-1/4o per annum, payable on January 1, 1971, and semiannually thereafter on July 1 and January 1 of each year; shall be numbered from 1 to 105 , inclusive , in direct order of maturity; and shall mature on January 1 of each year in accordance with the following schedule : Years Amounts 1974 $12 ,000 1975 15 ,000 1976-1977 20 ,000 1978 15 ,000 1979-1980 10 , 000 1981-1986 15 , 000 1987 10 ,000 1988-1989 15 , 000 1990-1991 20 ,000 1992-1993 25 ,000 1994-1995 30 ,000 1996 35 ,000 1997 60 , 000 Both principal and interest shall be payable at the office of the City Treasurer, Everett, Washington, or, at the option of the holder, at the fiscal agency of the State of Washington in the City and State of New York, in any coin or currency which is legally acceptable on the respective dates of payment for debts due the United States of America. Section 6 . Except as hereinafter provided the Series A Bonds , Series B Bonds and Series C Bonds maturing January 1, 1974 , through January 1, 1981, inclusive , shall not be redeemed ahead of their fixed maturities . -6-