Ordinance 2153WDT/al
7/22/80
ORDINANCE NO. 2153
AN ORDINANCE OF THE CITY OF EDMONDS, WASH-
INGTON, AMENDING SECTION 5 OF ORDINANCE
NO. 2111, PASSED BY THE CITY COUNCIL ON
JANUARY 15, 1980, TO RAISE THE INTEREST
RATE ON THE LOCAL IMPROVEMENT DISTRICT
WARRANTS AND BONDS TO A RATE NOT TO EXCEED
TEN PERCENT (10%) PER ANNUM; AND TO
RAISE THE INTEREST RATE ON THE SPECIAL
ASSESSMENTS TO A RATE NOT TO EXCEED TEN
PERCENT (10%) PER ANNUM.
WHEREAS, the Municipal Bond Market has undergone
great change since the passage of Ordinance No. 2111 and
thus, it is necessary for the City of Edmonds to raise the
interest rate to be borne by the local improvement district
warrants and bonds and the interest on the special assess-
ments, now, therefore,
THE CITY COUNCIL OF THE CITY OF EDMONDS, WASHINGTON,
DO ORDAIN AS FOLLOWS:
Section 1. Section 5 of Ordinance No. 2111,
passed by the City Council on January 15, 1980, is hereby
amended to read as follows:
"Section 5. Local improvement district warrants shall be
issued in payment of the portion of the cost and expense of
the warrants to be payable out of the local improvement
district, district no. 206, hereinafter created, to bear
interest from the date thereof at a rate not to exceed
ten percent (10%) per annum and to be redeemed in cash,
and/or by local improvement district bonds herein authorized
to be issued. The costs and expenses of the improvement
shall be defrayed and the bonds shall be redeemed by the
collection of special assessments to be levied and assessed
upon the property within said district, payable in twenty-
five (25) equal annual installments, with interest at a rate
to be hereafter fixed by ordinance not exceeding ten per-
cent (10%) per annum, payable on or before twenty-seven (27)
years after the date of issue."
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Section 2. This ordinance shall be in full force
and effect five (5) days after passage and publication by
posting as provided by law.
APPROVED:
i
MAYOR,-H.-H. HARRISON
ATTEST/AUTHENTICATED:
CITY CLERK, IREhM VARNEY MORAN
APPROVED AS TO FORM:
OFFICE OF THE CITY ATTORNE
BY 4P-e~
FI ED WITH THE CITY, CLERK: July 22, 1980
PASSED BY THE CITY COUNCI July 29, 1980
POSTED: July 30, 1980
EFFECTIVE DATE: August 4, 1980
PUBLISHED: August 4, 1980
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Ll
AFFIDAVIT OF POSTING ORDINANCE
STATE OF WASHINGTON )
) ss:
COUNTY OF SNOHOMISH )
IRENE VARNEY MORAN
, being first duly sworn
on oath deposes and says that s he is over the age of eighteen (18)
years and is competent to testify as to the matter stated herein.
There is no official newspaper or other newspaper printed and
published within the City. In accordance with RCW 35A.12.160, on
the 30 day of JULY , 1980, affiant posted true and
correct copies of the attached Ordinance No. 2153► passed by the
City Council on the 29 day of JULY , 19 80, at the
official posting places for City notices which are the public
bulletin boards at the following locations:
Edmonds Civic Center
250 Fifth Avenue North
Edmonds, Washington 98020
Edmonds Public Library
Civic Center, 250 Fifth Avenue North
Edmonds, Washington 98020
Edmonds Branch of United States Post Office
201 Main Street
Edmonds, Washington 98020
DATED this 30 day of
JULY
, 1980 .
W!t P, Ne.—W, 0 le
SUBSCRIBED AND SWORN to before me this rL day of
le 19 0o.
N&ta4, Public in and for the
State of Washington, residing
at Z�e_j