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ORDINANCE NO
AN ORDINANCE authorizing the issuance and sale of Local
Improvement Bonds for Local Improvement District No, 73, to pay
the costs and expenses of the improvements in said district as
ordered and provided for in and by Ordinance No. 632, approved
May 25th, 1920, entitled:
"An Ordinance ordering and providing for the construction
of a Lateral Sewer, Beginning with Lot 18, in Block 226, thence
Westerly through Blocks 227„ 228, 229 and 230, through the alleys
between Seventh and Eighth Streets, from Eunice Street Or the
break of Peabody Gulch on the East to Lincoln Street on the West,
connecting with the Lincoln Street Trunk Sewer; all in accordance
with„Resolution No. 73, and plans and specifications adopted by
the,City Council of the City of Port Angeles; creating a Local
Improvement Dietrict therefor; and providing for the payment of
said improvement by special Assessments upon the property in said
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-District, -payable by ?Mode of 'Payment by Bonds' ",
fixing the date of issuance of said bonds and the rate of interest
thereon,
THE CITY COMMISSION 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, 73 of the City of Port(Angeles,
created under Ordinance No. 632, 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 Seven
Thousand, One Hundred and Sixty Dollars and Fifty -five Cents
(147,160.55).
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
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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 Dollars and
Fifty -five Cents ($80.55), and they shall each be numtered consee-
utively from 1 upward, and each of 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 thet said coupons in lieu of being so signed
may have the facsimile 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 made 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 iseued, shall be placed in the
custody of the City Treasurer and by him delivered to the purchas-
er 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,
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Section 5. That said bonds shall be dated, the 14th day of
February, 1921;
Secticn 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 its publication
once in the official newspaper of the City of Port Angeles, and
the Clerk is hereby directed .to_eause the .same to be published.
Passed First Reading by the City Commission,Feb. 2 1921.
Passed Second Reading by the City Commission,March 1921,
Passed Third Reading by the City Commission, March
Approved and signed by the Mayor, March
Attest:
City Clerk,
Approved as to Form;
City Attorney,
Date of Publication; March
1921,
1921„
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