Ordinance 1201-85 - Laserfiche WebLink

666 '7, 0/ • ORDINANCE NO. /,-;?0 / -1_6` AN ORDINANCE of the City of Everett, Washington, relating to Local Improvement District No . 721; authorizing the issuance and sale of local improve- ment district bond anticipation notes pending the receipt of the proceeds of the local improvement district bonds authorized to be issued by Ordinance No. 1178-85 ; and providing for the sale of such bond anticipation notes to Harper, McLean & Company, Seattle, Washington. WHEREAS, by Ordinance No. 1178--85 passed by the City Council on October 16 , 1985, and approved by the Mayor on October 22 , 1985 , the City ordered the improvement of Highway 99 South (Evergreen Way) from 104th Street SW south to 108th Street SW by the construction and installation of standard street improvements pursuant to property owners ' petition therefor, established Local Improvement District No . 721, provided that payment for the improvement be made by special assessments upon the property in the district payable by the mode of "payment by bonds " and provided for the issuance and sale of local improve- ment district warrants or other short-term obligations redeem- able by cash and/or by local improvement district bonds; and WHEREAS, the City Council deems it to be in the best interest of the City that the City borrow money and issue short-term obligations in accordance with the provisions of Chapter 39 . 50 RCW in anticipation of the sale of local improve- ment district bonds authorized by Ordinance No. 1178-85 for the purpose of providing the funds with which to pay part of the costs of carrying out the improvements ordered in Local Improve- ment District No . 721; and WHEREAS, Harper, McLean & Company, Seattle, Washington, has submitted an offer to purchase such short-term bond anticipation notes on the terms and conditions hereinafter set forth; NOW, THEREFORE , THE CITY OF EVERETT DOES ORDAIN: