Ordinance 2208CITY OF EDMONDS, WASHINGTON
ORDINANCE NO. 2208
AN ORDINANCE of the City of Edmonds, Washington,
relating to interest -bearing warrants for Local
Improvement District No. 206 and extending the
time for the redemption of such warrants and
increasing the interest rate on warrants issued
after June 1, 1981.
WHEREAS, by Ordinance No. 2160. passed and approved
September 16, 1980, the City accepted the bid of Olympic Bank for
purchase of interest -bearing warrants issued by the City for Local
Improvement District No. 206, such warrants to bear interest at the
rate of 6.51% per annum and such warrants to be redeemed by June 1,
1981; and
WHEREAS, it now appears that the improvement within Local
Improvement District No. 206 will not be completed so that bonds
may be issued prior to June 1, 1981, to retire such warrants; and
WHEREAS, Olympic Bank has agreed to extend the retirement
date for such warrants to September 1, 1981, upon condition that
any warrants issued after June 1, 1981, will bear interest at the
rate of 10% per annum; NOW, THEREFORE,
THE CITY COUNCIL OF THE CITY OF EDMONDS, WASHINGTON, DO
ORDAIN, as follows:
Section 1. The City Council of the City of Edmonds, Wash-
ington, hereby accepts the modification of the bid of Olympic Bank
for purchase of interest -bearing warrants issued by the City for
Local Improvement District No. 206 whereunder the date for the
retirement of such warrants is extended from June 1, 1981, to
September 1, 1981, and the interest rate on warrants issued after
June 1, 1981, is hereby fixed at 10% per annum.
Section 2. This ordinance shall be in full force and
effect from and after its passage and five (5) days following its
publication by posting as required by law.
APPROVED:
MAYOR, H. 11. HARRISON
ATTEST/AUTHENTICATED:
4=ee22 -t -" 64", 'ez , =::(� —
CITY CLERK, IRENEOVARNEY,MORAN
APPROVED AS TO FORM:
OFFICE OF THE CITY ATTORNEY:
BY
FILED I THE CITY CLERK: May 7, 1981
PASSED BY THE CITY COUNCIL: May 19, 1981
POSTED: May 20, 1981
EFFECTIVE DATE: May 25, 1981
-2-
s
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 20 day of May , 1981, affiant posted true and
correct copies of the attached Ordinance No. 2208 , passed by the
City Council on the 19 day of May , 1981, 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 20 day of -Ma y 19$L•
SUBSCRIBED AND SWORN to before me this /,D day of
19 /.
Aotry Public in and for the
State �f Washington, residing
at f1 -'o 'L ��/