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HomeMy WebLinkAbout0802P2ORDINANCE NO. P2-27 AN ORDINANCE providing for the retiring of $50,000.00 face value of outstanding 50 bonds of District No.1, and creating a fund in the City of Port Angeles to be known as the District No.1 Sinking Fund, and providing for payments into the said fund. WHEREAS) the City Commission of the City of Port Angeles, by appropriate action on the 5th day of October, 1925, did make a levy of 5.25 mills and include the same in its annual budget for the purpose of creating a fund to liquidate the outstanding bonded indebtedness of District No.1 in the sum of $50,000.00, NOW, THEREFORE, THE CITY COMMISSION OF THE CITY OF PORT ANGELES DO ORDAIN AS FOLLOWS: Section I. That there be and is hereby created in the City of Port Angeles a special fund to be known as District No.1 Sinking Fund. Section II. That the City Treasurer be and is hereby author- ized to pay into the said fund all sums of money derived from the levy of 5.25 mills authorized by the City Commission of the City of Port Angeles on the 5th day of October, 1925,for the purpose of liquidating the outstanding refunding bonds of District No.1 dated February 1, 1912 and due on February 1, 1923 and payable at the option of the City of Port Angeles on and after February 1, 1922, the said bonds being of the total face value of $50,000.00 and bearing interest payable semi - annually at the rate of 50 per annum and being numbered from one to fifty serially. • Section III. That the City 'treasurer be and is hereby author- ized and directed to pay the said bonds at any time hereafter in their serial order upon the semi - annual interest dates, to -wit February 1 and July 1 of each year hereafter, whenever sufficient funds shall have been accumulated in the said District No.l Sinking Fund to so retire any or all of said bonds. Section IV 'his ordinance shall be in full force and effect after its passage and approval, and from and after thirty days after its lawful publication. Passed first reading by the City Commission, February 1926. Passed second reading by the City Commission, March S , 1926. Passed third reading and finally passed and adopted by the City Commission, March 3 , 1926. Approved and signed by the Mayor, this -5 day of Maroh,1926. Attest Approved as t form: Qity Clerk. City Attorney. Date of Publication: • /9z6 Mayor.