Ordinance 91-70 - Laserfiche WebLink

Section 3 . The general obligation bonds herein authorized` to be issued shall be serial in form and shall bear interest which, except for the first interest coupon, shall be payable semiannually, and shall mature in from two to not more than five(5) T7ears from date of issue, the life of the improvements to be acquired by the bonds being at least twenty years , in such amounts as nearly as practicably annually as will result in a difference of not more than $5, 000 .00 between the highest and lowest annual payment of principal and interest, excluding the first two years from date of issue, computed on such anticipated effective interest rate as the City Council of the City shall in its discretion determine will be borne by such bonds and shall be paid by annual tax levies sufficient in amount to pay both principal and interest when due, which annual tax levy shall be made without limitation as to rate or amount, and the bonds shall so provide . The bonds shall be redeemable at the option of the City at such times as shall be hereafter determined by ordinance . The dates , interest rate or rates , maturities , form and covenants of the bonds shall be hereafter fixed by ordinance of the City Council of the City and the bonds shall be issued and sold when the proceeds thereof may be required. Section 4 . The City Council finds that an emergency exists requiring the acquisition and construction of two municipal swimming pools and related facilities at sites to be determined by the City Council and that as a result of the existence of such an emergency, it is necessary to call a special election. A special election, therefore , is called to be held in the City of Everett as provided by law on the 3rd day of November, 1970 , in conjunction with the state general election to be held on the same date, at which there shall be submitted to the qualified voters of the City for their ratification or rejection the following proposition: -2-