Ordinance 2452CITY OF EDMONDS, WASHINGTON
ORDINANCE NO. 2452
AN ORDINANCE of the City of Edmonds, Washington,
relating to financing the purchase of a computer,
amending Ordinance No. 2449.
THE CITY COUNCIL OF THE CITY OF EDMONDS, WASHINGTON, DO
ORDAIN as follows:
Section 1. Section 3 of Ordinance No. 2449 is amended to
read as follows:
Section 3. The bond shall be called the "Limited Tax
General Obligation Bond, 1984," of the City (the "Bond"); shall
be dated as of the date of its delivery to the purchaser
thereof; shall be in the denomination of $100,425; shall bear
interest payable annually on August 1, beginning August 1, 1985,
to maturity or earlier redemption of the Bond. Interest shall
accrue at a rate equal to 67% of Rainier National Bank's
announced prime rate, adjusted quarterly on October 1, 1984, and
thereafter on the first business day of each calendar quarter
(i.e., January 1, April 1, July 1 and October 1), with any
changes in that prime rate, computed on the basis of a 360-day
year of twelve 30-day months. Principal shall be payable in
three annual installments of $33,475 each, payable on August 1,
1985, August 1, 1986, and August 1, 1987. The City Council
declares and finds that the fixing of the above interest rate
index is in the best interests of the City. The last install-
ment will be paid only upon presentment of the Bond for payment.
If any installment is not paid when due, the City shall be
obligated to pay interest at the then applicable percentage of
prime rate from and after that installment date until such
installment with interest is paid in full or until sufficient
money for such payment in full is on deposit in the "Limited Tax
General Obligation Equipment Bond Fund, 1984," of the City (the
"Bond Fund"), which is created and established in the office of
the City Finance Director, and the Bond has been called for
redemption. If the Bond is not paid in full on the last
installment date upon proper presentment, the City shall be
obligated to pay interest at Rainier National Bank's prime rate
until the Bond is paid in full or sufficient money for such
payment in full is on deposit in the Bond Fund and the Bond has
been called for redemption in the manner set forth in Section 4.
The Bond shall be issued only in registered form as to both
principal and interest on books or records (the "Bond Register")
maintained by the City Finance Director, the Bond Registrar for
the Bond. Such Bond Register shall contain the name and mailing
address of the owner of the Bond. The Bond shall not be assign-
able or transferable by the registered purchaser.
Both principal of and interest on the Bond shall be payable
in lawful money of the United States of America at the Everett
Office of Rainier National Bank, the registered purchaser,
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solely out of the Bond Fund. The Bond is a general obligation
of the City.
Section 2. All actions heretofore taken consistent with
the provisions of this ordinance are ratified and confirmed.
Section 3. This ordinance shall take effect after its
passage and five days following its publication as required by
law.
PASSED by the City Council and APPROVED by the Mayor of the
City of Edmonds, Washington, at a regular open public meeting
thereof, this 14th day of August, 1984.
ATTEST:
City Clerk
FORM APPROVED:
C'ty t orney
O324e
CITY OF EDMONDS, WASHINGTON
By
IJ Ma r
FILED WITH THE CITY CLERK: August 13, 1984
PASSED BY THE CITY COUNCIL: August 14, 1984
POSTED: August 15, 1984
EFFECTIVE DATE: August 20, 1984
ORDINANCE NO. 2452
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AFFIDAVIT OF POSTING ORDINANCE
STATE OF WASHINGTON )
) ss:
COUNTY OF SNOHOMISH )
JACQUELINE G. PARRETT
, being first duly sworn
on oath deposes and says that the 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 15th day of August , 1984, affiant posted true and
correct copies of the attached Ordinance No.2452 , passed by the
City Council on the 14th day of August , 1984, 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
DAZED this 15th day of August , 1984.
SUBSCRIBED AND SWORN to before me this 15th day of
August . 19 84•
Notary Public in and for the
State of Washington, residing
at e' dnwOAAu