HomeMy WebLinkAbout0677ORDINANCE NO.6_7
4N ORDINANC.E authorizing the issuance and sale of Local
Improvement Bonds for Local Improvement District No. 84, to psy
the costs and expenses of the improvements in said district as
ordered and provided for in and by Ordinance No. 648, approved
September 21st, 1920, entitled:
"An Ordinance ordering and providing for the construction
of a lateral sewer in the alley between Second Street and Third
Street from Eunice Street to Francis Street, through. Block 60,
Lewis and Maatick's subdivision, to connect with Francis Street
Trunk Sewer; all in accordance with Resolution No. 84, and plane
and specifications adopted by the City Council of the City of Port
Angeles; creating a Local Improvement Didrict therefor, and pro-
viding for the payment of said improvement by special assessments
upon the property in said district, payable by 'Mode of Payment
by Bonde' ",
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 Bonde
for Local Improvement District No. 84 of the City of Port Angeles,
created under Ordinance No. 646, approved September 21st, 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 One Thousand,
Two Hundred and Fifty -three Dollars and Eighty -eight Cents
($1,263.88).
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 Fifty -three
Dollars and Eighty-eight Cents ($53,88), and they shall each be
numbered consecutively 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 that 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 exnenee 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 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„
Section 5. That said bonds shall be dated, the 14th day of
February, 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 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 Read by the City Commission, Feb. ) 3 1921,
Passed Second Reading by the City Commission,March 1921.
Passed Third Reading by the City Commission,March 19214
Approved and signed by the Mayor, March 1921.
Attest:
City C ems,
Approved as to Form:
City Attorney.
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Maybr.
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Date of Publication: March 7 _ 1921,