HomeMy WebLinkAboutO-1625 - Amends Ord. 1621, LID No. 63 (Special)CITY OF MARYSVILLE,WASHINGTON
ORDINANCE NO.l bd.5"
AN ORDINANCE of the City of Marysville,
Washington,relating to Local Improvement District
No.63 and amending Ordinance No.1621.
THE CITY COUNCIL OF THE CITY OF MARYSVILLE,WASHINGTON,DO
ORDAIN,as follows:
Section 1.Section 1 of Ordinance No.1621 is amended to
read as follows:
Section 1.The total estimated cost and expense of
the improvements ordered to be carried out in Local Improvement
District No.63 (the "District")by Ordinance No.1602 is
$781,000 and approximately $675,000 of that expense is antici-
pated to be assessed against the specially benefited properties
in the District.Local improvement district bond anticipation
notes of the District (the "Notes")shall be issued in the
aggregate principal amount of $675,000 to pay part of the cost
and expense of constructing the improvements within the District
and pay the administrative costs of issuing and selling the
Notes.The Notes shall be designated Local Improvement District
No.63 Bond Anticipation Notes and shall be numbered from 1
upward.The Notes shall be dated August 1,1988;shall mature
on April 14,1989;and shall bear interest at the rate of 5.875%
per annum,computed on the basis of a 360-day year of twelve
30-day months,payable at maturity.The Notes shall be in the
denomination of $5,000 or any integral multiple thereof as
determined by the Finance Director,Assistant Finance Director
or other designee of the Finance Director.The City Council
declares and finds that the fixing of the above interest rate is
in the best interest of the City.
Section 2.Section 6 of Ordinance No.1621 is amended to
read as follows:
Section 6.The Notes shall be typed,printed or
lithographed on good bond paper in a form consistent with the
provisions of this ordinance and state law,shall be signed by
the Mayor and City Clerk or his designee,one of whose signa-
tures shall be manual and one in facsimile,and the seal of the
City or a facsimile reproduction thereof shall be impressed or
printed thereon.
PASSED by the City Council and APPROVED by the Mayor of the
City of Marysville,Washington,at a regular open public meeting
thereof,this 22nd day of August,1988.
ATTEST:
APPROVED AS TO FORM:
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