Ordinance 1900ORDINANCE NO. 1900
AN ORDINANCE OF THE CITY OF EDMONDS, WASHINGTON,
STATING THAT THE CASH PREPAYMENT PERIOD FOR L.I.D.
NO. 196 OF THE CITY OF EDMONDS HAS EXPIRED; GIVING
THE TOTAL OF THE ASSESSMENT ROLL THEREON AND THE
AMOUNT RECEIVED AS CASH PREPAYMENT OF ASSESSMENTS;
AND STATING THE AMOUNT OF THE INSTALLMENT NOTE TO
BE ISSUED IN CONNECTION THEREWITH AND AUTHORIZING
PURCHASE OF THE NOTE BY THE L.I.D. GUARANTY FUND.
WHEREAS, Ordinance No. 1887 of the City of Edmonds con-
firming the final assessment roll on L.I.D. No. 196 of the
City of Edmonds, was passed on the 21st day of December, 1976,
and
WHEREAS, the cash prepayment period for said L.I.D.
expired on the 4th day of February, 1977, and
WHEREAS, the remaining unpaid assessments are to be
evidenced by an installment note to be issued and sold to
another fund of the City and the date of payment of said
note or notes should be incorporated 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 prepayment 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. The total cost of Local Improvement District
No. 196 of the City of Edmonds as shown on the final assessment
roll thereon was in the amount of $4,089.60 and the sum of
1
$408.96 was paid in cash during the prepayment period for the
assessments, leaving a balance of $3,680.64.
Section 2. In payment of said balance of $3,680.64 an
installment note numbered L.I.D. 196-1 shall be issued in
connection with and to pay the said sum due under L.I.D. No.
196, and shall be in the amount of $3,680.64, shall bear
interest at the rate of 6.5% per annum, payable annually;
shall be issued as of the lst day of March, 1977, and shall
be payable on or before the lst day of March, 1989.
Section 3. 'That there is hereby authorized and the
Finance Director is hereby directed to borrow the sum of
$3,680.64 from the L.I.D. Guaranty Fund No. 613 to purchase
the installment note authorized to be issued hereinabove and
to make all transfers necessary to accomplish the same.
APPROVED:
ATTEST:
CITY CLERK, IREDW VARNEY MORAN
FILED WITH THE CITY CLERK: February 8, 1977
PASSED BY THE CITY COUNCIL: February 15, 1977
PUBLISHED: February 23, 1977
I
Installment Note No. LID 196-1 /a/
March 1, 1977 sz"& ! 1o0
Twelve (12) years after date for value received, the City of Edmonds
L.I.D. Fund No. 196 promises to pay to the City of Edmonds L.I.D. Guaranty
Fund No. 613, a fund of the City of Edmonds, the principal amount of
THREE THOUSAND SIX HUNDRED EIGHTY AND 64/100 DOLLARS ($3,680.64) together
with interest thereon at the rate of six and one-half percent (6.5%) per
annum payable in twelve (12) equal annual installments plus interest, with
the first installment due March 1, 1978, and annually thereafter from funds
collected for L.I.D. Fund No. 196.
CITY OF EDMONDS
L.I.D. NO. 196
MAYOR, H. H. HARRISON
ATTEST:
CITY CLERK, IRENE V NEY MORAN
Installment
Number
Credit To
Interest
Credit To
Principal
Balance
Receiving Officer's
Signature
1
2
3
4
5
6
7
8
9
10
11
12