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HomeMy WebLinkAbout0668• • ORDINANCE CE ITO . L2I_L AN ORDINANCE authorizing the issuance and sale of Local Improvement Bonds for Local Improvement District No. 71, to pay the costs and expenses of the improvements in said district as ordered and provided for in and by Ordinance Ito, 635, approved May 25th, 1920, entitled: "AN ORDINANCE ORDERING AITD PROVIDING FOR THE CONSTRUCTION OF A LATERAL SEWER BEGINNING WITH LOT 18, IN BLOCK 197, THEE WESTWARD THROUGH BLOCKS 197 198, 199 AID_ 200, THROUGH THE ALLEY R T91EEN FIFTH AND SIXTH STREETS FROM PEABODY STREET GULCH TO LINCOLN STREET, CONNECTING WITH THE LINCOLN STREET TRUNK SEWER; ALL IN ACCORDANCE WITH RESOLUTION NO, 71, AND PLANS AND SPECIFICATIONS ADOPTED BY TEL CITY COUNCIL OF TEE CITY OF PORT ANGELES; CREATING A LOCAL IMPROVEMENT DISTRICT THEREFOR; AND PROVIDING FOR THE PAYMENT OF SAID IMPROVEMENT BY SPECIAL ASSESSMENTS UPON THE PROPERTY IN SAID DISTRICT, PAYABLE BY MODE OF 'PAYMENT BY BONDS"; fixing the date of issuance of said bonds and the rate of interest thereon. THE CITY C01. ISSION of the City of Port Angeles do ordain as follows: Section 1. That the Mayor and City Clerk be and they are hereby authorized and directed to issue Local Improvement Bonds for Local Improvement District No. 71 of the City of Port Angeles, created under Ordinance No 635, approved May 25, 1920, and . in accordance with the Laws of the State of Washington and the Ordinances of the City of Port Angeles, in the sum of Five Thousand and Ninety -seven Dollars and Sixteen Cents ($5,097,16), Section 2, That said bonds shall be made payable on or before twelve years from the date of issuance thereof in ten equal annual payments or installments and shall bear interest at the rate of seven per cent per annum, payable annually. Said bonds shall be issued in the denomination of $$100,00 each, except Bond No, 1 which shall be of the denomination of Ninety - seven Dollars and Sixteen cents ($97.16), and they shall each be numbered consecutively from 1 upward, and each of the said bonds shall have attached thereto interest coupons for each interest payment and each suchrbond and coupon shall be signed by the Mayor and - attested by the City Clerk who shall affix the seal of the City to each of the eaid bonds; provided that said coupons in lieu of being so signers may have the f ac- simile of the signatures of the Mayor and Clerk printed thereon and each euch bond shall refer to the improvement and the ordinance ordering such improvement to pay for which said bonds shall be issued and each of said bonds shall provide and state that the principal sum therein named with the interest thereon shall be payable only out of the special fund created for the payment of the cost and expense of said improvement, and that no other fund of the city of Port Angeles shall ever be liable therefor. Sectior. 3, That the form and mode of the i•seuance and the execution of the said bonds shall be as prescribed by the laws of the State of Washington and of the Ordinances of the City of Port Angeles, as in such case made and provided, and that said bonds when so lawfully executed and issued, shall be placed in the custody of the City Treasurer and by him delivered to the purchaser or purchasers, upon receipt by him of the amount contracted to be paid for the same, not.less than their par value and accrued interest. Section 4. Said bonds or any part of them may be sold or exchanged for the warrants issued, in payment for the improvement for which they were issued or may be sold to any purchaser for cash at not less than their par value with accrued interest and the proceeds thereof shall be applied to the payment of the cost and expense of said improvement. Section 5. That said bonds shall be dated the 10th day of January, 1921, Section 6. This Ordinance shall be in full force and effect when it shall have been passed by the City Commission, approved by the Mayor, attested by the City Clerk, approved • • • by the City Attorney, and from and after five (5) days from" itly publication once in the official newspaper of the City of Port Angeles, and the Clerk is hereby directed to cause the sane to be published, Passed First Reading by the City Commission Jan, 26� 1921, Passed Second Reading by the City Commission, Feb. ":"K-141921 Passed. Third Reading by the City Commission, Feb, :?19211; Approved and signed by the Mayor, February cF 1921 „. Mayo r .- 77 - Date of P lacation; ebruary 1921.