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HomeMy WebLinkAbout0835S�� O RDI NA NC E NO. AN ORDINANCE authorizing the City of Port Angeles to contract indebtedness in the sum of $15,000.00, for general municipal purposes on the credit of the City of Port Angeles, and to issue its negotiable bonds therefor. THE CITY COL ,_ISSION OF THE CITY OF PORT ANGELES DO ORDAIN AS FtO LLO WS : SECTION I. That by reason of the construction of a bulkhead and fill in Lincoln Street in the City of Port Angeles, between Front Street and the harbor area lying in front of the City of Port Angeles, as provided for in Local Improvement Resolution No. 118, Ordinance No. 831 of the said city, it is necessary for the City of Port Angeles to con- struct a concrete trunk storm sewer from the northerly margin of Front Street in Lincoln Street to a point approximately thirty feet north of the northerly margin of Railroad Avenue, to be of concrete construction and six and one -half feet by eight feet in dimension, in order to carry off the storm water falling upon a large part of the City of Port Angeles and in order to provide for the natural flow of Peabody Creek as augment- ed by the run off from the city reservoir, all of which water will be con- ducted through the said trunk sewer so to be extended, and which said trunk concrete storm sewer will replace a present wooden drain box which has fallen into a state of complete disrepair and is wholly inadequate for the said purpose and which now by reason of its decayed condition is a menace to the health and safety of the citizens of the City of Port An- • geles . SECTION II. That the 'cost of the said concrete storm sewer will be approximately 015,000.00, and that in order to accomplish the construction of the said storm sewer in Lincoln Street as aforesaid, it is necessary for the City of Port Angeles to borrow the sum of 015,000.00. SECTION III. That the purposes hereinabove set forth are strictly municipal purposes and the ,ayor and the City Clerk of the City of Port Angeles are hereby empowered, authorized and directed to execute negotiable bonds for the amount necessary to accomplish the work herein provided, which sum to be so borrowed and the bonds to be so issued shall not exceed the said sum of 015,000.00; the sum to be so borrowed and the indebtedness hereby authorized to be incurred, shall be evidenced by ne;o i 'e bonds of the par value of $500.00 each, to be numbered from one upward consecutively and to bear interest at the rate of not more than five per cent per annum, payable semi - annually. All the said bonds shall be dated the 047 S7 day of;J 1928, and mature serial- ly in nine annual installments commencing two years from the date of is- sue and ending ten years after date of issue, said principal and inter- est to be met by ten approximately equal annual levies. Said principal and interest to be payable at the office of the City Treasurer of the City of Port Angeles at Port Angeles, r Jashington, the said bonds to be numbered from one upward consecutively and to be issued in denominations of 4500.00. All the said bonds shall be sold at public sale and the City Clerk is hereby instructed to publish a notice in the Evening News once a week for four consecutive weeks calling for bids for the purchase of said bonds, the said notice shall specify the place and designate the day and hour subsequent to the date of the last publication thereof when sealed bids will be received and publicly opened for the purchase of said bonds, andthe Clerk shall further trail to the State Finance Commit- tee at Olympia, '7ashington, a copy of such notice at least three weeks prior to the date fixed for the said sale; the notice shall specify the maximum rate of interest such bonds shall bear and require bidders to ,.W,, ' submit bids s ec u,y_____ - (a) The lowest rate of interest and premium, if any, above 0 par at which such bidder will purchase said bonds, or (b) The lowest rate of interest at which said bidder will purchase said bonds at par. -2- Said bonds shall be sold to the bidder na]cing the best bid, • subject to the right of the City to reject any and all bids and readver- tise. None of the said bonds shall be sold at less than par and accrued interest and no discount or commission shall be allowed or paid on the sale of such bonds. All bids shall be sealed and, except the bid of the Sta e of 'Washington if one is received, shall be accompanied by a depos- it of five per cent , either c loo: or certified check, of the amount bid, and the notice hereinbefore provided shall so state. The City Commission of the City of Port Angeles shall hereafter provide the form of said bonds, including the exact date thereof; the schedule of maturities there- of, the rate of interest which said bonds shall bear, and all other in- formation -and details concerning said bonds and the issue thereof. SECTION IV. That by reason of the fact that a contract has been entered into under the provisions of the said Ordinance No. 831 pro- viding for the bulkhead and filling of the said portion of Lincoln Street, and by reason of the inadequacy and decay of the present wooden trunk storm sewer be prosecuted forthwith, and by reason of the facts afore- said, t'.^is ordinance is declared to be urgent and necessary for the imme- diate preservation of the public health, peace and safety of the inhabi- tants and people of the City of Port Angeles, and shall take effect and be in force immediately from, upon and after its passage, approval and lawful publication. Passed first reading by the City Commission, December Z 3, 1927 Passed second reading by the City Commission, January 4, 1928. Passed third reading and finally passed and adopted by the City Commis- sion, January 4,. 1926. .. _ . Approved and signed by the mayor this 4th day of January, 1926. ATTEST: 4r-11.-ss.. City Clerk. Approved as to form: a-v G Mayor. City Attorney. Publith ed . S -f , 1928.