Ordinance 1424ORDINANCE NO. /4 Z
AN ORDINANCE OF THE CITY OF EDMONDS WASHINGTON
AMENDING SECTION 5 OF ORDINANCE NO. 1395 RAISING
THE MAXIMUM RATE OF INTEREST ON BONDS, WARRANTS
AND THE UNPAID BALANCE ON ASSESSMENTS TO EIGHT
PERCENT PER ANNUM FOR LOCAL IMPROVEMENT DISTRICT
NO. 1640
WHEREAS, between the time of the passage of Ordinance
No. 1395 creating Local Improvement District No. 164 and
the time for bids on construction, bonds and warrants
therefore, the prevailing rate of interest has substan-
tially increased, now, therefore,
THE CITY COUNCIL OF THE CITY OF EDMONDS, WASHINGTON
DO ORDAIN AS FOLLOWS:
Section 5 of Ordinance No. 1395 is hereby amended to
read as follows
Section 5. Local Improvement District warrants shall
be issued in payment of the cost and expense of the improve-
ment herein ordered, such warrants to be payable out of the
Local Improvement Fund District No. 164, hereinafter created,
to bear interest from the date thereof at a rate to be here-
after fixed by ordinance not to exceed eight percent per
annum and to be refunded in cash, and/or by local improve-
ment district bonds herein authorized to be issued. The cost
and expenses of the improvement shall be defrayed and the
bonds shall be redeemed by the collection of special assess-
ments to be levied and assessed upon the property within said
district, payable in 10 equal annual installments, with inter-
ests at the rate to be hereafter fixed by Ordinance, not
exceeding eight percent per annum under the mode of pay-
ment by bonds, payable on or before 12 years after the date
of issuances
APPROVED:
MAYOR
ATTEST:
CITY CLERK
PASSED BY THE CITY COUNCIL: May 6, 1969
FILED WITH THE CITY CLERK: May 6, 1969
PUBLISHED: May 14, 1969
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