Loading...
HomeMy WebLinkAbout0852volt ORDINANCE NO. 852 AN ORDINANCE providing for the guarantee of Local Improve- ment bonds in the city of Port Angeles, creating a fund for the purpose of guaranteeing to the extent of such funds, bonds issued against local improvement districts for local improvements therein; and prescribing certain rules and regu- lations for the maintenance and operation of such fund. THE CITY COMMISSION OF THE CITY OF PORT ANGELES DO ORDAIN AS FOLLOWS: Section 1. That pursuant to the provisions of Chapter 209, Ses- sion Laws of the State of Washington for 1927, there is hereby created in the treasury of the city of Port Angeles a fund which shall be known and designated as "Local Improvement Guaranty Fund" for the purpose of guaranteeing to the extent of such fund, and in the manner provided in said Chapter 209, the payment of local improvement bonds and warrants issued by the city of Port Angeles subsequent to April 7, 1926. Section II. That for the purpose of maintaining such local improvement guaranty fund, the city of Port Angeles shall be deemed and held to have pledged to such fund a tax credit of said city in an amount equal to five per cent (5 %) of its local improvement bonds or warrants issued after April 7, 1926. The credit so pledged shall not constitute an indebtedness of the city of Port Angeles within the meaning of any constitutional or statutory provision or limitation respecting indebted- ness. Such pledge shall be deemed to have been made as to any particular local improvement district upon the delivery of the assessment roll to the City Treasurer for collection. Such pledged credits, with the other re- sources of such fund, shall constitute a reserve wherewith to purchase de- faulted bonds and warrants guaranteed by such fund. As among the several issues of the bonds or warrants guaranteed by such fund, no preference shall exist, but defaulted interest coupons, bonds and warrants shall be purchased out of such fund in the order of their presentation. Section 3. That, after the passage and approval of this ordinance, there shall be levied, from time to time, as other taxes are levied, such sums as may be needed to meet the financial requirements of the Local Im- provement Guaranty Fund herein created, but not in excess of the total of the tax credits pledged to such fund; and whenever the City of Port Angeles shall have paid out of said guaranty fund any sum on account of principal and interest on a local improvement bond or warrant herein guaranteed, the city of Port Angeles, as trustee for such fund, shall be subrogated to all • T the rights of the holder of the bond or interest coupon or warrant so paid, and the proceeds thereof, or of the assessment underlying the same, shall become a part of such fund. There shall. also be paid into such fund the interest received from bank deposits on such fund, as well as any surplus remaining in any local improvement fund herein guaranteed after the payment of all outstanding bonds or warrants payable primarily out of such local improvement fund. Section 4. Warrants drawing interest at a rate not to exceed six per cent shall be issued against such guaranty fund to meet any liabilities acruing against it. At the time of making the annual budget and tax levy of the city of Port Angeles, the city shall provide for the levying of a sum sufficient, with the other resources of the fund, to pay warrants so issued during the preceding fiscal year; provided that no warrants shall be issued against such fund in excess of the cash therein and the tax credits pledged thereto, as provided in Section II of this ordinance; pro- vided further. that no taxes shall be levied for such fund in excess of the tax credits so pledged by Section II of this ordinance, and that the tax levies herein directed shall be additional to, and, if need be, in excess of any and all statutory limitations applicable to the tax levies of the city of Port Angeles.. Section 5. That there shall be plainly written, printed or en- graved on each local improvement bond hereafter issued by the city of Port Angeles, the following: "Neither the holder nor the owner of any bond or warrant issued under the provisions of this act shall have any claim therefor against the city or town by which the same is issued except for payment from the special assessments made for the improvement for which said bond or warrant was issued and except as against the local improvement guaranty fund of such city or town, and the city or town shall not be liable to any holder or owner of such bond or warrant for any loss to the Guaranty Fund occurring in the lawful operation thereof by the city or town. The remedy of the holder or owner of a bond or war- rant, in case of non - payment, shall be confined to the enforcement of the assessment and to the Guaranty Fund." Section 6. This ordinance shall take effect and be in force after its passage and approval from and after five days after its publication. Passed first reading, August 22, 1928. Passed second reading, August 29, 1928. Passed third reading, August 29, 1928. • • Adopted by the City Commission this 29th day of August, 1928. Approved and signed by the Mayor this 29th day of August, 1928. W. B. HEDRICK, Mayor. (SEAL) Attest: C. E. SHIELDS, City Clerk. Approved as to form: LEWIS & CHURCH. City Attorneys. Published August 3Dth, 1928 • • ORDINANCE NO. 15", AN ORDINANCE providing for the guarantee of Local improve- ment bonds in the city of Port Angeles, creating a fund for the pur- pose of guaranteeing to the extent of such funds, bonds issued against local improvement districts for local improvements therein; and pre- scribing certain rules and regulations for the maintenance and opera- tion of such fund. THE CITY COMMISSION OF THE CITY OF PORT ANGELES DO ORDAIN AS FOLLOWS: Section I. That pursuant to the provisions of Chapter 209, Session Laws of the State of Washington for 1927, there is hereby cregt- ed in the treasury of the city of Port Angeles a fund which shall be known and designated as "Local Improvement Guaranty Fund ", for the pur- pose of guaranteeing to the extent of such fund, and in the manner pro - vided in said Chapter 209, the payment of local improvement bonds and warrants issued by the city of Port Angeles subsequent to April 7, 1926. Section II. That for the purpose of maintaining such local improvement guaranty fund, the city of Port. Angeles shall be deemed and held to have pledged to such fund a tax credit of said city in an amount equal to five per cent (50) of its local improvement bonds or warrants issued after April 7, 1926. The credit so pledged, shall not constitute' an indebtedness of the city of Port Angeles within the meaning of any constitutional or statutory provision or limitation respecting indebt- edness. Such pledge Shall be deemed to have been made as to any parti- cular local improvement district upon the delivery of the assessment roll to the City Treasurer for collection. Such pledged credits, with the other resources of such fund, shall constitute a reserve wherewith to purchase defaulted . bonds and warrants guaranteed by such fund. As among the several issues of the bonds or warrants guaranteed by such fund, no preference shall exist, but defaulted interest coupons, bonds and warrants shall be purchased out of such fund in the order-of their presentation. Section 3. That, after the passage and approval of this or- dinance, there shall be levied, from time to time, as other taxes are levied, such sums as may be needed to meet the financial requirements of the Local Improvement Guaranty Fund herein created, but not in excess of the total of the tax credits pledged to such fund; and whenever the City of Port Angeles shall have paid out of said guaranty fund any sum on account of principal and interest on a local improvement bond or war- rant herein guaranteed, the city of Port Angeles, as trustee for such fund, shall be subrogated to all the rights of the holder of the bond or interest coupon or warrant so paid, and the proceeds thereof, or of the assessment underlying the same, shall become a part of such fund. There shall also be paid into such fund the interest received from bank deposits on such fund, as well as any surplus remaining in any local im- provement fund herein guaranteed` after #dye payment of all outstanding bonds'or warrants Payable primarily out of such local improvement fund. Section 4. Warrants drawing interest at a rate not to ex- ceed six per cent shall be issued agnst" such guaranty fund to meet any liabilities accruing against it. At the time of making the annual bud- get and tax levy of the city of.Port Angeles, the city shall provide for, the levying of a sum sufficient, with the other resources of the fund, to pay warrants so issued during the preceding fiscal year; provided that no warrants shall be issued against such fund in excess of the cash therein and the tax credits pledged. thereto, as provided in Section II of this ordinance; provided further that no taxes shall be levied for Such fund in excess of the tax credits. so pledged by Section II of this ordinance, and that the tax levies' herein directed. shall be additional to, and, if need be, in excess of any and all statutory limitations ap- plicable to the tax levies of the city of Port Angeles. Section 5. That there shall be plainly written, printed or engraved on each local improvement bond hereafter issued by the city of • Win • Port Angeles, the following:; "Neither the holder nor the owner of any bond or warrant issued under the provisions of this act shall have any claim therefor against the city or town by which the same is issued except fez' payment from the special assessments made for the improvement for which said bend orcarrant was issued and ex- cept as against the local improvement guaranty fUnd of such city or town, and the city or town shall not be liable to any holder or owner of such bond or warrant, for any loss to the Guaranty l''und occurring in the lawful operation thereof by the city or town. The remedy of the holder or owner of a bond or warrant, in case of non - payment, shall be confined to the en- forcement of the assessment and to the Guaranty Fund." Section 6. This ordinance shall take effect and be in force after its passage and approval from and after five days after its pub- lication. Passed first reading, August; 1928. Passed second reading, Au t1 g gust�� 928. Passed third reading, August F.1,c928. Adopted by the City Commission this29 day of August, 1928. Approved and signed. by the t:ayor this a {'k day of August, 1928. ATTF,S9: t i,ay r. Approved as to form: afitU/WLIC City Attorneys. • '• • .t • -1 jt j0.1 f..2 `' • 3 ; - f.er .ea ••• qt- 2 , . t 3.f.Y1-17'• L r— r .* r • r 7- :•..• • 1 ; -77 1. ... !Ns • „ • " sk.4 04.4! • • • •-,•• ••,7, r ) • ;"Ti!"-- A.; "-• •■ • • • • . • • ••”••••• 7'4. 4: " 1 1, • • • ORDINANCE NO. 852 AN ORDINANCE providing for the guarantee of Local Improvement bonds in the 'City of Port Angeles, creating a fund for the purpose of guaranteeing to the extent of such funds, bonds Issued against local umprovement districts for local improvements therein; and prescribing certain rules and regulations for the 6aintenance and operation of such fund. THE CITY COMMIISSION OF THE CITY OF PORT ANGELES DOES ORDAIN AS FOLLOWSt Section 1. That pursuant to the provisions of Chapter 209, Session Laws of the State of Washington for 1927, there is hereby created in the treasury of the City of Port Angeles a fund which shall be known and designated as "Local Improve- ment Guaranty Fund," for the purpose of guaranteeing to the extent of such fund, ;and in the manner provided in said Chapter 209, the payment of local improvement nds and wattests issued by the City of Port Angeles subsequent to April 7, 1926. Section 11. That for the purpose of maintaining such local Improvement Guaranty Fund, the City of Port Angeles shall be deemed and held to have pledged to such fund a tax credit of said city in an amount equal to five per cent (5 %) •of its local improvement bonds or.warrants issued after April 7, 1926. The credit so pledged shall not constitute aindebtedeness of the City of Port Angeles within the meaning of any constitutional or statutory provision or limitation respectiri indebtedness. Such pledge shall be deemed to have been made as to any particular local improvement district upon the delivery of the assessment roll to the City Treasurer for collection. Such pledged credits, with the other resources of such I,fund, shall constitute a reserve wherewith to purchase defaulted bonds and warrants guaranteed by such fund. As among the several issues of the bonds or warrants guaranteed by such fund, no preference shall exist, but defaulted interest coupons, bonds and warrants shall be purchased out of such fund in the order of their 'presentation. Section 3. That, after the passage and approval of this ordinance, there shall be levied, from time to time, as other taxes are levied, sech sums as may be needed to meet the financial requirements of the Local Improvement Guaranty .Fund herein created, but not in excess of the total of the tax credits pledged to ;Such fund; and whenever the City of Port Angeles shall have paid out of said guaranty fund any sum on account of principal and interest on a local improvement bond or warrant herein guaranteed, the City of Port Angeles, as trustee for such fund, shall be subrogated to all the rights of the holder of the bond or interest coupon or warrant so paid, and the proceeds thereof, or of the assessment under - ring the same, shall become a part of such fund. There shall also be paid into such fund the interest received from bank deposits on such fund, as well as any 6urplus remaining in e y local im$rovement fund herein guaranteed after the payment of all outstanding bonds or warrants parable primarily out of such local improve - bent fund. Section 4. Warrants drawing interest at a rate not to exceed six per cent shall be issued against such guaranty fund to meet any liabilities acruing against it. At the time of making the annual budget and tax levy of the city of Port Angeles, the city shall provide for the levying of a sum sufficient, with the ther resources of the fund, to pay warrants so issued during the preceding fiscal yyear; provided that no warrants shall be issued against such fund in excess of the cash therein and the tax credits pledged thereto, as provided in Section II of this ordinance; provided further that no taxes shall be levied for such fund in excess of the tax credits so pledged by Section II of this ordinance, and that the Itax levies herein directed shall be additional to, and if need be, in excess of any and all statutory limitations applicable to the tax levies of the city of Port Angeles. • • • • Section 5. That there shall be plainly written, printed or engraved on each local improvement bond hereafter issued by the city of Port Angeles, the following: "Neither the holder nor'the owner of any bond or warrant issued under the provisions of this act shall have any claim therefor against the city or town by which the same is issued except for payment from the special assessments made for the improvement for which said bond or warrant was issued and except as against the local improvement guaranty fund of such city or town, and the city or town shall not be liable to any holder or owner of such bond or warrant for any loss to the Guaranty Fund occurring in the lawful operation thereof by the city or town. The remedy of the holder or owner of a bond or warrant, in case of non - payment, shall be confined to the enforcement of the assessment and to•the Guaranty Fund." Section 6. This ordinance shall take effect and be in force after its passage and approval from and after five days after its publication. SFi. Passed first reading, August 2*,1928. Passed second reading, August 29, 1928. Passed third reading August 29, 1928. Adopted by the City Commission this 29th day of August, 1928. Approved and signed by the Mayor this 29th day of August, 1928. iSEAL) 'ATTEST: IC. E. Shields, SIGNED; , City Clerk !APPROVED AS TO FORM: Lewis & Church City Attorneys. PUBLISHED: August 30, 1928. SIGNED: W. B. Hedrick, Mayor