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HomeMy WebLinkAbout0912I k • • • ORDIl AA'.CE ;0. . ORDIN %..CE authorizing the City of Port Angeles to cortract indebtedness in the sum of ,,:32,000.00, for general municipal purposes on the credit of the City of Port Angeles, ard to issue its negotiable war - ra-ts therefor. 2HE CITY COL ..ISSION OF TT- : CITY OF PORT ANGELES DO ORDAIN AS FOLLOWS: Section 1. That by reason of the inadequacy of the present facilities for the Fire Department and the imminent danger of destruc- tion of the structures now housing the said department, and the existing menace to the health and safety of the people of the City of Port `,r:Ce1- es, by reason of the deficiency in the facilities of the Fire Leeertment, all as more particularly set forth in Ordinance No. 906 of the City of - Fort Angeles, approved and signed the llth day of June, 1930, and by rea- son of the authority in said ordinance set forth zroviding for the call- ing for bids for the construction of suitable buildings to mouse the Fire Lep rtrrent of the City of Port Angeles, it is necessary for the City of sort Angeles to take immediate steps to procure funds for the purpose of constructing the said building, and in this connection to incur in- debtedness. Section 2. That the estimated cost of said building for the Fire Department is the sum of X32,000.00, and that in order to accomplish the construction of the said building for the Fire Department, it is nec- essary for the City of Port Angeles to borrow the sum of X °32,000.00, up- on the faith and credit of the said City of Port Angeles. Section 3. That the purposes hereinabove set forth are strict- ly municipal purposes and the i'ayor and City Clerk of the City of i-ort Angeles are hereby empo•vered, authorized and directed to execute nego- tiable warrants for the amount necessary to accomplish the work herein provided, '^rhich sum to be so borrowed and warrants to be so issued, shall not exceed the sum of X32,000.00, the sum to be so borrowed and the in- debtedness hereby authorized to be incurred, shall be evidenced by 64 negotiable warrants of the par value of 3500.00 each, to be numbered from • one upward consecutively and to bear interest at the rate of not more than 4% per annum, payable semi - annually, all of slid warrants to be dated the 1st day of October, 1930, and to mature serially beginning one year from the date of issue and ending ten years after the date of the issue. Said principal and interest to be met by ten annual levies. Said principal and interest .to be _payable at the office of the City Trea- surer of the City of Port Angeles, at Port Angeles, Washington, the said warrants to be numbered from one upward consecutively and to be issued in denominations of 500.00. That said warrants may be issued to the con- tractor constructing the said building to house the Fire Department, or may be sold and the proceeds thereof devoted to the purposes aforesaid. Section 4. That by reason of the facts above set forth and by reason of the facts set forth in Ordinance No. 906, of the City of Port Angeles, this ordinance is declared to be urgent and necessary for the immediate preservation of the public health, peace and safety of the inhabitants 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, 1930. Passed second reading by the City Commission, Passed thi d reading 6r Sion, 1930. and fr r, �r ATTEST: s 1930. lly passed and adop ed by the City Commis- 1930. Approved and signed by the Mayor this upi day of September, f Mayor. Approved as to form: City Attorneys. PUBLISHED, September 1930.