HomeMy WebLinkAbout0678ORDINANCE NO. (c 7 g'
AN ORDINANCE authorizing the issuance and sale of Local
Improvement Bonde for Local Improvement District Bo, 83, to pay
the costs and expenses of the improvements in said District, as
ordered and provided for in and by Ordinance No, 640, approved
July 17th, 1920, entitled:
"An Ordinance ordering and providing for the construction
of a lateral Sewer, Beginning with Lots One (1) and Eighteen
(18), Block 57, thence Westerly through the Alley between
Second and Third Streets, Through Blocks 57 and 56, from Vine
Street to Chase Street; thence diagonally through Lot One (1),,
Block 55, to Second Street; thence diagonally across Second
Street to Lot 14, Block 30; thence diagonally across Lots 14,
13,'12, 8 and 9 in Block 30, connecting with the Eight Foot
Concrete Pipe near the Corner of Lincoln and First Streets, and*
Beginning opposite Lot 10, Block 29, in Second Street; thence
Easterly along Second Street to EPeabody Street, and from Lot
11, Block 28, Westerly to Peabody Street; thence following
Peabody Street to the Alley between Second and Third Streets;
All in accordance with Resolution No, 83 and plans and specifi-
cations adopted by the City Council of the City of Port Angeles;
Creating a Local Improvement District Therefore and Providing
for the payment of said Improvement by Special Assessments upon
the property in said District, payable by mode of 'Payment by
Bonds' ";
tixing� the- date -of issuance. -of said- bonds -and the-rate =of_intereet
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, 83, of the City of Port Angeles,
created under 0rdipance.`No, 640, approved July 17th, 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
Nine Hundred Eighty -three Dollars and Fifty -four Cents ($8983,54).
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 each, except
Bond No 1, which shall be of the aenomination of Eighty-three
Dollars and Fifty -four Cents ($83,54), and they shall de each
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 Beal
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 signa-
tures 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 coat and ex-
pense of said improvement, and that no other Lund of the City or
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 con-
tracted jo be paid for the same, not less than their par value
and accrued interest,
Section 4. Said bonds or any part of the 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 expenee of said improvement,
(2)
•
Section 5, That said bonds shall be dated, the 26th day
of February, 1921,
Section 6, This Ordinance shall be in full force and ettect
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, ana
the Clerk is hereby directed to cause the same to be published,
Passed First Reading by City Commission, march /b max_ 192..
Passed Second Reading by City Commission,March /,,& 1921.
Passed Third Reading by City Commission, March /77C.-- 194.
Approved and signed by the Mayor, Larch /712r.. 1921,
Mayor.
Attest;
.Approved. as_ to
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Date of Publica ion: 1921,