All bonds, unless otherwise specially ordered by the council, issued in pursuance of the provisions of this chapter, may be in substantially the following form:

No.______    $_____

United States of America

State of Washington

Local Improvement Bond

City of Lynnwood Local Improvement District No. ___

N.B. This bond is issued by virtue of the provisions of RCW 35.45.010 et seq., § 35.45.070 of which reads as follows:

“Neither the holder nor the owner of any bond or warrant issued under the provisions of this act shall have any claim therefor against the City or town by which the same is issued, except for payment from the special assessments made for the improvement for which said bond or warrant was issued, and except as against the Local Improvement Guaranty Fund of such City or town, and the City or town shall not be liable to any holder or owner of such bond or warrant for any loss to the guaranty fund occurring in the lawful operation thereof by the City or town. The remedy of the holder or owner of a bond or warrant in case of nonpayment, shall be confined to the enforcement of the assessment and to the guaranty fund.”

The City of Lynnwood, a municipal corporation of the State of Washington, hereby promises to pay to ____________ or bearer __________ Dollars ($____) in lawful money of the United States, with interest thereon at the rate of ___% per annum, payable annually out of the fund established by Ordinance No. ___ of said City, and known as “Local Improvement Fund, District No. __,” and not otherwise, except from the guaranty fund, as herein provided. Both principal of and interest on this bond are payable at the Office of the City Treasurer of said City.

A coupon is hereto attached for each installment of interest to accrue hereon and said interest shall be paid only on presentation and surrender of such coupon to the City Treasurer.

This bond is payable on the ___ day of _____, 19 __, but is subject to call by the City Treasurer of said City whenever there shall be sufficient money in said local improvement fund to pay the same and all unpaid bonds of the series of which this bond is one, which are prior to this bond in numerical order, over and above sufficient for the payment of interest on all unpaid bonds of said series. The call for payment of this bond, or of any bond of the series of which this is one, shall be made by the City Treasurer by publishing the same once in the official newspaper, or, if there is no official newspaper, in a newspaper of general circulation within the City, and when such call is made for the payment of this bond it will be paid on the day the next interest coupon thereon shall become due after said call and upon said day interest upon this bond shall cease and any remaining coupons shall be void.

The City Council of said City, as the agent of said Local Improvement District No. __, established by Ordinance No. __, has caused this bond to be issued in the name of said City as the bond of said Local Improvement District, the bond or the proceeds thereof to be applied in part payment of so much of the cost and expense of the improvement of ______________ under said Ordinance No. ___ as is levied and assessed against the property included in said Local Improvement District No. ___ and benefited by said improvement and the said Local Improvement Fund has been established by ordinance for said purpose; and the holder or holders of this bond shall look only to said fund and to the Local Improvement Guaranty Fund of the City of Lynnwood for the payment of either the principal of or interest on this bond.

This bond is one of a series of ___ bonds aggregating in all the principal of ______ Dollars ($____), all of which bonds are subject to the same terms and conditions as herein expressed.

In Witness Whereof, the City of Lynnwood has caused these presents to be signed by its Mayor and attested by its City Clerk and sealed with its corporate seal this ___ day of __________, 19__.

City of Lynnwood, Washington

By______________________

Mayor

Attest:

_____________________

City Clerk

There shall be attached to each bond such a number of coupons as shall be required to represent the interest thereon payable either annually or semiannually, as the case may be, for the term of said bonds, which coupons shall be substantially in the following form:

On the day ___ of _______, 19__, the City of Lynnwood, State of Washington, promises to pay to the bearer at the Office of the City Treasurer __________ Dollars ($_____), being (six)(twelve) months’ interest due that day on Bond No. ____ of the bonds of Local Improvement District No. ____, and not otherwise; provided, that this coupon is subject to all the terms and conditions contained in the bond to which it is annexed, and if said bond shall be called for payment before maturity hereof, then this coupon shall be void.

City of Lynnwood, Washington

By______________________

Mayor

Attest:

_____________________

City Clerk

The city treasurer shall keep in his office a register of all such bonds in which he shall enter the local improvement district for which the same are issued and the date, amount and number of each bond and the term of payment. (Ord. 84 § 12, 1961)