HomeMy WebLinkAbout0536Ordinance No. 536
An Ordinance authorizing the issu-
ance and sale of Local Improve-
merit bonds against the' special
fund of Local Improvement Dis-
trict No. 22. to the cost and ex-
pense of the improvement made In
said district under Ordinance No.
461. approved August 5th, 1914;
fixing the date of the Issue of said
bonds and the rate or their In-
terest.
The City Council of the City of Port
Angeles do ordain as follows:
Section 1. That the mayor and
City Clerk of the City of Port An-
geles be and they are hereby au-
tnorized and directed to Issue and
sell Local Improvement bonds against
the special fund of Local Improve-
ment District No. 22, and against the
property assessed therefor. .within
said district, all in accordance with
Ordinance No. 461, creating said dis-
trict and ordering the Improvements
made therein, entitled "Au ordinance
providing for the Improvement of
Peabody street from the south line of
Victoria street to Broadway, in the
City of Port Angeles, creating the
local improvement district therefor,
and that payment for said Improve
meat be made by the Mode of Pay -
ment by bonds, ". approved August
5th, 1914. and against the special
fund of said district, as provided by
law and the ordinances of said city
of Port Angeles, to the sum of Four
Thousand Sixty -two and 92 -100 Dol-
lars ($4062.92).
Section 2. That .....0 dunes shall
from the date of the issuance there -
be made payable within twelve years
of in ten equal annual installments
and bear interest at the rate of (7)
;seven per cent per annum, payable
annually and said bonds shall be is-
sued In denominations of one hun-
dred:.dollars each, except Bond No.
1 thereof shall be of the denomina-
tionof ($62.92) Slay -two and 92-
100 Dollars, and they shall be num-
bered from No. 1 upwards, cousec-
j utively, and each of said bonds shall
have attached thereto interest cou-
pons for each Interest payments, and
each bond and coupon shall be signed
by the Mayor and attested by the City
Clerk, who shall also affix the seas
■ of the city to each of said' bonds;
1 provided that said coupons, in lieu
of being so signed as aforesaid may
'have the signatures of the Mayor and
Clerk' in lac-simile, printed thereon
I and each bond shall refer to the im-
'provement and the ordinance order-
ing said improvement to pay for
which said bonds shall be Issued and
each said bonds shall provide. and
state that the principal sum therein
named with the interestb1wagtw shall
be payable only out of the local im-
provement special fund created for
the payment of the cost ana exams,.
of said Improvement and that no oth-
er fund of the city shall be liable
therefor.
Section' 3. Thet the form and
mode of issuance and" the execution
'of said bonds shall be as prescribed
by the 'laws of the State of Wash-
]inyton and the ordinances of the city
as in such case made and provided;
that said bonds when lawfully exe-
cuted shall be placca to the custody
of the'Clty Treasurer and by him de-
livered to the purchaser or purcuaal
ers upon the receipt by, him of the
amount contracted to be paid for the
same but for not less than their par
value....,
•
LSection 4. Said bonds or any o
em may be sold or exchanged for
the warrants Issued 1n:payrneis for
the improvement for which they were
issued, or they may be ld .10 557
purchaser for rash, et not less than
thelr par Palue with accrued . thIn -- - -
Iterest and the proceeds thereof shall
be applied to the payment of the cost
and expense of said lmprovement.••
.I Section 5. Said bonds shall be
!dated the e7th day of February A.
� 11. 1916. . -
Section -6.. All oralnances or parts
of ordinances in conflict with this _
ordinance are hereby repealed.
Section 7 This ordinance shall
take effect and be force from and
after live days atter Its lawful pub- -1
llcation. - -
E. J. \VALTON,_
:? Mayor.
Attest: J. L. BEAM,' City. .Clerk.:
Passed February 29th; 1916. r'
Approved March 1st,. 1916.
Published March 1st, 1916.
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