HomeMy WebLinkAbout1263ORDINANCE NO. iZ4 S,
AN ORDINANCE authorizing the issuance and sale of Local
Improvement Bonds for Local Improvement District No. 155 of the
City of Port Angeles to pay the cost and expense of the improve-
ments in said district as ordered and provided for in Ordinance
No. 1246 of the City of Port Angeles; providing for the term of
such bonds and fixing interest rates.
THE CITY COMMISSION OF THE CITY OF PORT ANGELES DOES ORDAIN
as follows:
Section 1. That the Mayor and City Clerk of the City of
Port Angeles be, and they are hereby, authorized and directed to
issue Local Improvement Bonds for Local Improvement District No.
155 of the City of Port Angeles, as created by Ordinance No. 1246
Lof the City of Port Angeles, to pay the cost of the impr) vements
created in said district as provided in said Ordinance No. 1246,
'said bonds to be in the total amount of $ 1/4t74 7' •
Section 2. Said bonds shall be made payable on or before
twelve (12) years from the date of issue, and shall bear interest
at the rate of five per cent (5 %) per annum, payable annually for
said term unless such bonds be sooner called. Such bonds shall
be issued in the denomination of One Hundred Dollars ($100.00)
each, except Bond No. 1 which shall be issued in the denomination
of $ Mot 70 Such bonds shall be numbered 1 to
consecutively, and shall have attached thereto interest coupons
''for each interest payment, and each bond and each interest coupon
!shall be signed by the Mayor and attested by the City Clerk, who
shall affix the seal of the City of Port Angeles to each of said
libonds: Provided, that such interest coupons may have printed there-
on the facsimile of the signature of the Mayor and Clerk in lieu
dof being so signed; Each of said bonds shall refer to the improve-
d
ment for the payment of which said bonds shall be issued and the
ordinance ordering such improvement: Each of said bonds shall
provide and state that the principal sum therein named and interest
thereon shall be payable only out of the special fund created 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
therefore, except so far as the City is liable by virtue of the
'statutes of the State of Washington, and particularly the statutes
providing that the City of Port Angeles shall,create a local im-
provement guaranty fund for the purpose of guarantying to the ex=
tent of such fund and•in the manner provided by law the payment
of Local Improvement Bonds issued to pay for local improvements
ordered by said City.
Section 3. Such bonds, or any number thereof, may be sold
or exchanged for warrants issued in payment for the improvement
made in such district for which they shall be issued, and may be
(sold to any purchaser for cash at not less than the par value
thereof and accrued interest, and the proceeds thereof shall be
applied to the payments of the cost and expenses of said improve-
ment.
Section 4. That the form and mode of issuance and execution
of said bonds shall be as provided by the laws of the State of
Washington and the ordinances of the City of Port Angeles, as in
such cases made and provided, and 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 purchasers:
thereof upon receipt by her of the amount contracted to be paid
for the same, which shall in all cases be not less than their par
value and accrued interest.
Section 5. Such bonds shall be dated the /2 , day of
1951.
Section 6. This ordinance shall be in full force and effect
upon its passage, approval and publication in the manner provided
by law.
Passed first reading by the City Commission
1951.
Passed second reading by the City CommissionCO,Cr44/44..L
1951.
Passed third reading and finally passed by the City Commis-
sion , 1951.
Approved and signed by the Mayor 727. £ , 1951.
ATTEST:
8- ,ft. —.
dity Clerk
APPROVED AS TO FORM:
City A torney
LISHED:
7, (7J1