HomeMy WebLinkAbout1291ORDINANCE N0. 1 iCi 9/
AN ORDINANCE authorizing the issuance and sale of local
improvement bonds for local improvement district number 161 of the
City of Port Angeles to pay the cost and expense of the improvements
in said district as ordered and provided for in Ordinance No. 1288
of the City of Port Angeles; providing for the term of such bonds
and fixing interest rates.
THE CITY COUNCIL OF THE CITY OF PORT ANGETRS DO 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.
161 of the City of Port Angeles, as created by Ordinance No. 1288
of the City of Port Angeles, to pay the cost of the improvements
created in said district as provided in said Ordinance No. 1288,
said bonds to be in the total amount of 50,000.00
Section 2. Said bonds shall be made payable on or before
ApzU-1 , 1953, and shall bear interest
fat the rate of 4 % per annum, payable annually for said term,
ulnless such bonds shall be sooner called. Such bonds shall be
issued in the denomination of One Thousand Dollars ($1,000.00)
each. Such bonds shall be numbered one (1) to fifty (50) consecu-
tively 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 bonds: -pro-
vided that such interest coupons may have printed thereon the
facsimile of the signature of the Mayor and Clerk, in lieu of being
so signed; each of said bonds shall refer to the improvement for the
.ayment of which said bonds shall be issued and the ordinance order -
Ong such improvement: each of said bonds shall provide and state
hat the principal sum therein named, and interest thereon, shall
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be payable only out of the special fund created for the payment of
the cost and expense of such 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 improvement guarantee fund for the
:purpose of guaranteeing to the extent 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
jin 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
payment of the cost and expenses of said improvement.
Section 4. That the form and mode of issuance and execu-
i,tion 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 there -
of 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 1st day
of April , 1953.
Section 6. This Ordinance shall be in full force and
,effect five days after passage, approval and publication in the
manner provided by law.
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Attest;
INTRODUCED 4/0v ean . er 20 , 1952
PASSEDPyrs)- RedJ/ 4/ov• , 1952
APPROVED AND SIGNED BY THE MAYOR �2e-444c1e4. /P- , 1952.
fa„.4.A,
City Clerk
Approved as to form:
cT
City Attorney
UBLI SHED: 1).12-CP4.1c 4t /f52
MAYOR
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