Ordinance 1400ORDINANCE NO. 0
AN ORDINANCE STATING THAT THE CASH PRE -PAYMENT
PERIOD FOR L.I.D. NO. 162 OF THE CITY OF EDMONDS
HAS EXPIRED, GIVING THE TOTAL OF THE ASSESSMENT
ROLL THEREON AND THE AMOUNT RECEIVED AS CASH PRE-
PAYMENT OF ASSESSMENTS; AND STATING THE AMOUNT
AND NUMBER OF INSTALLMENT NOTES TO BE ISSUED IN
CONNECTION THEREWITH.
WHEREAS, Ordinance No. 1392 of the City of Edmonds
confirming the Final Assessment Roll on L.I.D. No. 162 of
the City of Edmonds was passed on the 15th Day of October,
1968, and
WHEREAS, the cash pre -payment period for said LID ex-
pired on the 29th day of November, 1968, and
WHEREAS, the denominations of the installment notes and
their date of payment and issue for the said Local Improve-
ment District should be incorporated in and made a part of
the City records and fixed by Ordinance, and
WHEREAS, the total of the Final Assessment Roll and the
amount received as cash pre -payment of assessments thereunder,
should be shown in the City records,
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF EDMONDS
WASHINGTON, DO ORDAIN AS FOLLOWS:
Section 1. That the total cost of Local Improvement
District No. 162 of the City of Edmonds as shown by the Final
Assessment Roll thereon was in the amount of $10,445.25;
that there was no payment of cash during the prepayment
period for assessments; that the City of Edmonds partici-
pated and paid the sum of $5,000.00, leaving a balance of
$5,445.25.
Section 2. That in payment of the said balance of
$5,445.25, an installment note shall be issued in connec-
tion with and to pay the said sum under LID No. 162, and
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shall be in the face amount of $5,445.25 and shall bear
interest at the rate of 5 1/2% per annum, payable annually;
shall be issued on the about the lst day of January,. 1969,
and shall be payable on or before the lst day of January,
1979.
Section 3. That the said installment note shall be
sold exclusively to another fund of the City of Edmonds
as an investment thereof.
APPROVED:
MAYOR
ATTEST:
CITY CLERK
PASSED BY THE CITY COUNCIL: December 3, 1968
FILED WITH THE CITY CLERK: December 3, 1968
PUBLISHED: December 11, 1968
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