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HomeMy WebLinkAbout0728r' ORDINANCE NO. r AN ORDINANCE authorizing the issuance and sale of local improvement bonds for local improvement district No. 91, to pay the costs and expenses of the improvements in said district as ordered and provided for in and • by Ordinance No. 713, approved May 24th., 1922, entitled "An ordinance ordering and ptoviding for the improvement of Pine street from the North Margin of 8th street to the'top or break of the bluff between 2nd and 3rd streets by clearing and grubbing the full width of the street, surface grading for fifteen (15) feet on each side of the center line of said street, and graveling for six (6) feet on each side of the center line of said street, and, further, the improvement of said Pine Street by the construction of a wooden sidewalk, five (5) feet wide, on the Westerly side of said Pine Street from the dortherly margin of 8th street to the Southerly margin of 3rd streets# # # # ## # # # # #$# and on the Easterly side of Pine Street from the Northerly margin of Gth street to the Southerly margin of 3rd street, and, further, the improvement by the construction of a wooden sidewalk five (5) feet wide on the southerly side of said 3rd street from the Easterly margin of Pine Street, Easterly, to the top or break of the Valley Street gu1cl ,1; to connect with the present zig -zig up the hill; all in accordance with local imorovemment resolution No. 91, and plans and specifications adopted by the City Commission of the City of Port Angeles; creating a local improvement district therefor, and pro- viding for payment for said improvements by special assessments upon the property in said district, payable by made of 'payment by bonds": THE CITY C0?47!ISSION OP THE CITY OF PORT ANGELES DO ORDAIN AS FOLLOWS: Section 1. That the I.ia yor and City Clerk be and they are now hereby authorized and directed to issue local improvement bonds for Local Improve - ment.DistrictNo. 91 of the City of Port Angeles, created under ordinance Yo. 713, approved May 24th, 1922, 'and in accordance with the laws'of the State of Washington and the ordinances of the City of Port Angeles, in Six Hundred the sum of Three Thousand /and Eighty -eizht and 87 /lr)n 03688.87) Dollars. 1 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 centum (7 %) per annum, payable annually. Said bonds shall be issued in the de- nomination of One Hundred Dollars (3100.00) each, except bond No. 1, which shall be in the denomination of Eighty -eight and 87 /100 ($88.87) Dollars, and they shg1 -1 be each numbered consecutively from 1 upwaid, and each of said bonds shall have attached thereto interest coupons for each inter- est payment, and each such bond and coupon shall be signed by the Mayor and attested by the City Clerk, who shall affix `hn deal of the City to each of said bonds; provided, that said coupons,in lieu of being so sign- ed, may have the fac simile of the signatures of the Mayor and lerlc 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 prin- cipal sum therein named, and the interest thereon, shall be payable only out of the special fund crested for the payment of the costs and expenses 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 issuance and execution of said ronfds shall be as prescribed by the laws of the State of Washington and the ordinances of the Uity of Port Angeles, as in such case made and pro- vided, and that said bonds when so lawfully executed and issued, shall be placed in the custody of the City Treasurer and by her delivered to the purchaser or purchasers upon receipt by her of the amount contracted to be payed for the same, not less than their par value and accrued in- 4I/terest. 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 shall be issued, or may be sold to any purchaser for cash at not less than their par value and accrued interest, and the proceeds therefor shall be applied to the payment of the costs and expenses of said improvement. Section 5. That said bonds shall be dated the 26th day of October, 1922. Section 6. This ordinance shall be in full force and effect when it shall have been passed by the City Commission, approved and signed 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 0 to cause the same to be so published. Passed first reading by the City Commission Passed second reading by—the City Commission • !r: , 1922. 1922. Passed third reading and adopted by the gity Commission %dzr, 1922. Approved and signed by the Mayor _Jc.-C, 1922. I�. -704 r 54iisc2fuQQ_, Attest: �ity -Clerk. Approved as to form: Mayor. Cit i Attorney.