I ORDINANCE NO. 2-e*3412,
2 AN ORDINANCE relating to local improvement districts and authorizing the
Finance Director to contract for interim financing of costs and
3 expenses of such districts pending the issuance of bonds.
4 WHEREAS it is desirable to provide by general ordinance authority
5 for the Finance Director of the City of Tacoma, Washington (the "City") to
6 contract for interim financing of the costs and expense of local improve-
7 ment districts of the City pending the issuance of bonds, all pursuant to
g Chapter 39.50 RCW; Now, Therefore,
9 BE IT ORDAINED BY THE CITY OF TACOMA:
10 Section 1. That the Finance Director is authorized to negotiate
11 and enter into contracts for the sale of warrants, installment notes, bond
12 anticipation notes, or other short-term obligations &,s authorized by Chap-
13 ter 39.50 RCW, up to the maximum of the then estimated costs and expense
i4 of each local improvement district. Unless otherwise provided by an ordi-
15 nance relating to a specific local improvement district, such obligations
16 may bear a fixed rate or rates or a variable rate or rates of interest
17 which may be based on a bank prime or the most recent prime rate of inter-
18 est published in the Wall Street Journal, but in any event shall not ex-
19 ceed a net effective interest rate of twelve percent (12%) per annum.
20 Such short-term obligations shall be dated as of the date of their issu-
21 ance and shall not be outstanding, together with any other short-term ob-
22 ligations issued to redeem the same, for longer than the time permitted by
23 Chapter 39.50 RCW. Such short-term obligations shall be registered in
24 accordance with Ordinance No. 22999, as it may be amended, if so required
25 in order to exempt the interest thereon from federal income taxation; the
26 Fin...
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