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ORDINANCE NO. b %Q
Al ORDINANCE authorizing the issuance and sale of Local
Improvemment Bonds for Local Improvement District No. 74, to
pay the costs and expenses of the improvements in said district
as ordered and provided for in and by Ordinance No. 633,
approved May 25th, 1920, entitled:
"AN ORDINANCE ORDERING AND PROVIDING FOR THE CONSTRUCTION
OE A LATERAL SEWER, BEGINNING WITH LOT 1, IN BLOCK 204, THROUGH
BLOCKS 204, 203, 202 AND 201, THROUGH THE ALLEYS BETWEEN SIXTH
AND SEVENTH STREETS FROi.' THE WEST MARGIN OF ALBERT STREET ON
THE EAST TO LINCOLN STREET ON THE WEST, CONNECTING WITH THE
LI2'COLN STREET TRUNK SEVER; ALL IN ACCORDANCE WITH RESOLUTION
NO. 74, AND PLANS AND SPECIFICATIONS ADOPTED BY THE CITY COUNCIL
OF THE CITY OF PORT ANGELES; CREATING A LOCAL IMPROVErENT
DISTRICT THEREFOR; AND PROVIDING FOR THE PAY?.ENT OF SAID
ILk'ROVEYENT BY SPECIAL ASSESSLENTS UPON THE PROPERTY IN SAID
DMETRI CT , PAYABLE BY MODE OF 'PAYEE= BY BONDS";
;
fixing the date of issuance of said bonds and the rate of
interest thereon,
THE CITY COMLISSION 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 Igo. 74 of the City of. Port Angeles,
created under Ordinance No 633, approved May 25th, 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 Six
Thousand, Five Hundred and Sixty -one Dollars and Eighty Cents
($6,561.60),
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 Sixty -
one Dollars and Eighty Cents 061.80), 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 such bond 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 said bonds; provided that
said coupons in lieu of being so signed may have the fac-simile
of the signatures of the Mayor and. Clerk printed thereon and
each such 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.
Section 3, That the form and mode of the issuance 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
f s�
by the City Attorney,.and from and after five (5) days from
its publication once in the official newspaper of the City of
Port Angeles, and the Clerk is hereby directed to cause the
same to be published.
Passed First Reading by the City Commission Jan, 1921.
Passed Second Reading by the City Commission,
Passed Third Reading by the City Commission, Feb, "' 1921,
Approved and signed by the 1?ayor, February 1921.
Approved as form.
Date of P blication, Feb ary 1921.
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