HomeMy WebLinkAbout0861. ORDINANCE N0.J<
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AN ORDE,ANCE authorizing the issuance and sale of Local im-
provement bonds for Local Improvement District No 120, to pay the cost
and expense of the improvements'in said'district as ordered and provid-
ed for in and by Ordinance No. 843, approvedand adopted May 16, 1928,
entitled, "An ordinance ordering and provids:I:lifer the construction of
lateral sewers in the following described portions of the streets and
alleys in the City of Port Angeles lying between the break of the Valley
Street Gulch on the east and the break of Tumwater Gulch on the west, to
wit: Eight, Ninth, Tenth, Eleventh and Twelfth Streets; in the alley
between Eighth and Ninth Streets; in the alley between Ninth and Tenth
Streets; in the alley between Tenth and Eleventh Streets; in the alley
between Eleventh and Twelfth streets; in the alley between Twelfth and
Thirteenth Streets; also in Cedar Street from a point on Cedar Street at
approximately the southerly margin of Eleventh Street, northerly to the
alley between Seventh and Eighth Streets, together with manholes, flush
tanks, catch basins, ayes and other equipment necessary and suitable to
complete said'improvement;. creating Local Improvement District No. 120;
and providing for the payment of the cost and expense thereof by special
assessments upon the property within the said district according to law
and by the mode of "payment by bonds ", all in accordance with improvement
resolution No. 120 of the City of Port Angeles, and in accordance with
maps, plans and specifications prepared by the City Engineer and approved
• and adopted by the City Commission."
THE CITY COMMISSION OF THE CITY OF PORT ANGELES DO ORDAIN AS
FOLLOWS:
Section I. That the mayor and city clerk be and they are now
hereby authorized.and directed to issue local improvement bonds for Local
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Improvement District No. 120 Of the City of Port Angeles created under
Ordinance No. 843, approved May 16, 1928, and in accordance with the
laws of the State of Washington and ordinances of the City of Port An-
geles in the sum of 410,806.48.
Section 2. That the said bonds be made payable on or before
twelve years from the date of issuance thereof, and shall bear interest
at the rate of seven per centum per annum, payable annually for said
term unless sooner called. Said bonds shall be issued in the denomina-
tion of 0100.00 each, except bond numbered one, which shall be in the
denomination of 06.48„ and they shall be each numbered consecutively
from one upward, and each of said bonds shall have attached thereto in-
terest coupons for each interest payment and each such bond and the cou-
pon shall be signed by the Mayor and attested by the City Clerk, who
shall affix the seal of the city to each of said bonds; provided, that
said coupons, in lieu of being so signed, may have printed thereon the
facsimile of the signatures of the Mayor and Clerk; and each of said
bonds shall refer to the improvement and the ordinance ordering such im-
provement to pay for which said bonds shall be issued; and each of said
bonds shall provide and state that the principal sum therein named, and
the interest thereon, shall be payable only out of the special, fund creat-
ed for the payment of the cost and expense of said improvement; and that
no other fund of the City. of Port Angeles shall ever be liable therefor,
except so far as the said City is made liable by virtue of the statutes
of the State of Washington in such cases made and provided and particul-
arly those statutes providing and directing that the city of Port An-
geles create a local improvement guarantee fund for the purpose of guar-
anteeing, to the extent of such fund and in the manner provided by the
law the payment of local improvement bonds issued to pay for local im-
provements ordered by the said city.
Section 3. That the form and mode of issuance and the execu-
tion of said bonds shall be as prescribed by the laws of the State of
Washington and the ordinances of the City of Port Angeles, as in such
0 cases 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
her delivered to the purchaser or pu hailers upon receipt by her of the
amount contracted to be paid for the same, not less than their par value
and accrued interest.
Section 4. Said bonds or any part of them may be sold or ex-
changed 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 there
shall be applied to the payment of the cost and expense of said im-
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provement.
Section 5. That said bonds shall be dated the 5th day of Nov-
ember, 1928.
Section 6.. This ordinance shall be in full force and effect
after its passage and approval, and from and after five days after its
lawful publication; and the City Clerk is hereby directed to cause the
same to be so published.
Passed first reading by the City Commission, November 21, 1928.
Passed second reading by the City Commission, November 28, 1928.
Passed third reading and finally passed and adopted, by the City Commis-
sion November 28, 1928.
0 Approved and signed by the Mayor this 28th day of November, 1928.
ayor.
ATTEST:
ity Clerk.
Approved as to form:
£LW " 4
City Attorney
Published , 1928.
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