ORD 79-36 LID 5 & 6 INTERIM FINANCINGCITY OF WINSLOW, WASHINGTON
ORDINANCE NO. 79-36
AN ORDINANCE relating to interim financing
in Local Improvement Districts Nos. 5, 6 and
7, accepting the offer of Pacific National
Bank, Main Office, Seattle, Washington, to
purchase revenue warrants and fixing the interest
rate on such revenue warrants.
WHEREAS, Ordinance No. 78-32 passed by the City Council and
approved by the Mayor on November 20, 1978 authorized the
issuance of revenue warrants payable out of the "Local Improvement
Fund, District No. 5" to pay the cost of carrying out the improve-
ments ordered by Ordinance No. 78-32 in Local Improvement District
~o. 5; and
WHEREAS, Ordinance No. 79-20 passed by the City Council
and approved by the Mayor on August 20, 1979, authorized the issuance
of revenue warrants payable out of the "Local Improvement Fund,
District No. 6" to pay the cost of carrying out the improvements
ordered by Ordinance No. 79-20 in Local Improvement District No. 6;
and
WHEREAS, Ordinance No. 79-2~ passed by the City Council
and approved by the Mayor on September 4, 1979 authorized the
· Lssuance of revenue warrants payable out of the "Local Improvement
Fund, District No. 7" to pay the cost of carrying out the improve-
ments ordered by Ordinance No. 7q-~] in Local Improvement District
NO. 7; and
WHEREAS, under date of December 3, 1979, Pacific National
Bank, Main Office, Seattle, Washington, offered to purchase revenue
warrants of Local Improvement Districts Nos. 5, 6 and 7, such warrants
to bear interest at the rate of 8.40% per annum and to be redeemed
within one year from the date of issuance thereof; NOW, THEREFORE,
THE CITY COUNCIL OF THE CITY OF WINSLOW, WASHINGTON, DO
ORDAIN, as follows:
Section 1. The offer of Pacific National Bank, Main
Office, Seattle, Washington, to purchase revenue warrants drawn upon
the "Local Improvement Fund, District No. 5," "Local Improvement
Fund, District No. 6," and "Local Improvement Fund, District No. 7,"
to bear interest at the rate of 8.40% per annum, is hereby accepted.
Section 2. The interest rate on such revenue warrants to
be issued in payment of the costs of the improvements made within
Local Improvement Districts Nos. 5, 6 and 7 is hereby fixed at the
rate of 8.40% per annum in accordance with the duly accepted offer
of Pacific National Bank, Main Office, Seattle, Washington.
PASSED by the City Council and approved by the Mayor of
the City of Winslow, Washington, at a regular open public meeting
thereof, this 3rd day of December, 1979.
ATTE ST:
~-'Treasur~
APPROVED AS TO FORM:
Mayor
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