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HomeMy WebLinkAbout0862T, - tr ORDINANCE NO. f h-:' A11 ORDINANCE authorizing the issuance and sale of Local im- provement bonds lbr Local Improvement District Ilo. 122, to pay the coat and expense of the improvements in said district as ordered and provid- ed for in and by Ordinance no. 847, approved and adopted /lay 31, 1928, entitled, "An Ordinance ordering and providing for the fo1lo.+ring des- cribed improvements in the following described portion of the City of Port Angeles, to wit: Third Street North by sewer along the south in the center line of The improvement of a portion of Third Street and constructing a fifteen inch sanitary and storm margin of Third Street from a point approximately "E" Street to a point on Third Street North, ap- proximately three hundred feet westerly from the west margin of "H "Street, which said sewer shall be drained by two outfalls, one beginning at the intersection of the center line of "E" Street with the south margin of Third Streets, and running thence northerly a distance of one hundred and • fifty feet into Port Angeles Harbor, the other outfall beginning at a point approximately two hundred feet easterly from the easterly margin • of "HIt Claim, Street, running thence northerly through the Sampson Donation a distance of approximately seven hundred feet into Port Angeles Harbor; together with all necessary manholes, catch basins, inlets, wyes, sand boxes, drainage gates and any and all equipment necessary for the said construction; also the improvement of the above described portion of Third Street and Third Street North, by the construction thereon of a standard wooden sidewalk along the southerly side thereof six feet in width, abutting upon the southerly property line of said portion of Third Street and Third Street North; creating Local Improvement District No. 122; 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 im- provement resolution No. 122 of the City of Port Angeles, and in accor- dance with maps, plans and specifications prepared by the City Engineer and approved and adopted by the City Commission. THE CITY COW.IISSION OF THE CITY OF PORT ANGELES DO (IMAM AS FO L 017 . Section I. That the mayor and city clerk be and they are now hereby authorized and directed to issue local improvement bonds for Local Improvement District Bo. 122 of the City of Port Angeles created under 0 Ordinance Nob 847, approved Hay 31, 1928, and in accordance with the lave of the State of Vashington and ordinances of the City of Port An- geles in the sum of $8,734.88.• Section 2. That the paid bonds be made payable on or before halve yearn from the date of issuance thereof, and shall bear interest at the rate of seven per centum per annum, payable annually for said tern unless sooner called. Said bonds shall be issued in the denomina- tion of C300.0O each, except bond numbered one, which shall be in the denomination of $34.88, and they,shall be each numbered consecutively from one upward, and each of said bonds shall have attached thereto in- terest coupone for each interest payment end each such bond and the cou- pon ohall be signed by the iiayor and attented by the City Clerk, rho shall affix the sent of the city to each of said bonds; provided, that Amk said coupons, in lieu of being so signed, may have printed thereon the facsimile of the signatures of the Layor 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 coat 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 MPof 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 lair the payment of local improvement bonds issued to pay for local im- provements ordered by the said city. Section 3. That ttie form and mode of issuance and the execu- tion of said bonds shall be as prescribed by the lave of the State of r t?ashington and tho ordinances of the City of Port Angeles, as in such • cacao 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 puehaeers upon receipt by her of the account contracted to be paid for the same, not less than their par value and accrued intcreet.. 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 bp sold to any purchaser for eaah at not less than their par value and accrued interest, and the proceeds thereof say shall be applied to the payment of the cost and expense of said im- provement. Section 5. That said bonds shall be dated the 8th 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 Connie - lion November 28, 1928. Approved and signed by the layor this 28th day of November, 1928. ATTEST: 5 e Approved as to form: City Attornoy4 Published , 1928. 4. • •