HomeMy WebLinkAbout1298ORDINANCE NO. Mil
AN ORDINANCE of the City of Port Angeles, Washington,
amending Sections 1 and 2 of Ordinance No. 1296 being
an Ordinance entitled; An Ordinance of the City of
Port Angeles, Washington, providing for the issuance
and sale of general obligation bonds of the city in
the principal sum of 4400,000 to provide funds to pay
part of the cost of capital improvements to certain
of the main traveled arterial streets in the city as
more specifically provided in Ordinance No. 1275, of
the city, passed and approved February 11, 1952,
and as authorized by the qualified electors of the
city at a special election held therein on March 11,
1952, providing the date, form, terms and maturities
of said bonds, for annual tax levies to be made
without limitation as to rate or amount to pay the
principal and interest thereof, and creating a
fund for their payment.
WHEREAS, the City of Port Angeles did by Ordinance No.
1296 provide for the issuance of 4400,000 general obligation bonds,
and whereas in accordance with the provisions of said Ordinance
said bonds were to be dated March 1, 1953, were to mature March 1
in successive years until 1973 with interest payable semiannually
on the first days of March and September of each year, and it is
found that a saving in interest will be made if said bonds are dated
April 1, 1953, maturing on the first days of April of successive years
until 1973 with the interest payable on the first days of April and
October each year:
NOW, THEREFORE, DE IT ORDAINED by the Council of the City
of Port Angeles, Washington, as follows;
SECTION 1. That Sections 1 and 2 of Ordinance No. 1296
be amended and that said Sections read as follows:
Section 1. That for the purpose of providing part of
the funds necessary to install storm sewers in and pave
certain main traveled arterial streets in the City of Port
Angeles as provided by Ordinance No. 1275, passed and approved
February 11, 1952, and as authorized by the qualified electors
of the city at a special election held therein on March 11, 1952,
the city shall now issue and sell its general obligation bonds in
the principal sum of '400,000.
Said bonds shall be dated April 1, 1953, shall be in de-
nominations of $1,000 each, shall be numbered from 1 to 400
inclusive, and shall bear interest at a rate of not to exceed
6% per annum payable semiannually on the first days of April
and October of each year as evidenced by coupons to be attached
to said bonds. Both principal and interest of said bonds
shall be payable in lawful money of the United States of
America at the office of the City Treasurer in Port Angeles,
Washington. Said bonds shall mature in order of their number
as follows:
April 1, 1955 $17,000 April 1, 1965 821,000
April 1, 1956 17,000 April 1, 1966 22,000
April 1, 1957 18,000 April 1, 1967 23,000
April 1, 1958 18,000 April 1, 1968 23,000
April 1, 1959 18,000 April 1, 1969 24,000
April 1, 1960 19,000 April 1, 1970 24,000
April 1, 1961 19,000 April 1, 1971 25,000
April 1, 1962 20,000 April 1, 1972 25,000
April 1, 1963 20,000 April 1, 1973 26,000
April 1, 1964 21,000
The City of Port Angeles hereby reserves the right to
redeem any or all of said bonds at par in inverse numerical
order on any interest payment date on and after ten years
from date of issue. Notice of any such intended redemption
shall be given by one publication thereof in the official
city newspaper not more than forty nor less than thirty days
prior to said redemption date and by mailing a like notice
at the same time to the purchaser of said bonds at the sale
thereof by the city to the place of business of such
purchaser. Interest on any bond or bonds so called for re-
demption shall cease on such redemption date.
Section 2. Said bonds shall be in substantially the
following form:
NO.
UNITED STATES OF AMERICA
$1,000
STATE OF WASHINGTON
CITY OF PORT ANGELES
GENERAL OBLIGATION STREET IMPROVEMENT BOND
1953
KNOW ALL MEN BY THESE PRESENTS:
That the City of Port Angeles, a municipal corporation
of the State of Washington, acknowledges itself to owe and
for value received promises to pay to bearer on the first
day of April, 19_, the principal sum of
ONE THOUSAND DOLLARS
together with interest thereon at the rate of ____j per annum
payable semiannually on the first days of April and October
of each year upon presentation and surrender of the attached
interest coupons as they severally become due. Both principal
and interest of this bond are payable in lawful money of the
United States of America at the office of the City Treasurer
in Port Angeles, Washington.
-2-
The City of Port Angeles has reserved the right to redeem
any or all of the bonds of this issue at par in inverse numeri-
cal order on any interest payment date on and after ten years
from date hereof. Notice of any such intended redemption shall
be given by one publication thereof in the official city news-
paper not more than forty nor less than thirty days prior to
said redemption date and by mailing a like notice at the same
time to the purchaser of said bonds at the sale thereof by the
city to the place of business of such purchaser.
This bond is one of an issue of general obligation bonds
of the city of like date and tenor in the principal amount of
$400,000, and is issued pursuant to a vote of the qualified
electors of the city and Ordinances Nos. 1275, 1296 and ,
for the purpose of paving and installing storm sewers in
certain main arterial streets within the city.
The City of Port Angeles has irrevocably covenanted by
said Ordinance No. 1296 that it will levy taxes annually upon
all the taxable property within the city without limitation as
to rate or amount in an amount sufficient to pay the principal
and interest of said bonds as the same shall become due, and
for the prompt payment of such principal and interest the full
faith, credit and resources of the city are hereby irrevocably
pledged.
It is hereby certified that all acts, conditions and
things required to be done precedent to and in the issuance
of this bond have happened, been done and performed as re-
quired by law, and that the total indebtedness of the city,
including this bond, does not exceed any constitutional or
statutory limitation.
IN WITNESS WHEREOF, the City of Port Angeles, Washington
has caused this bond to be signed by its Mayor and attested
by its Clerk under the official seal of the city, and the
attached interest coupons to be signed with the facsimile
signatures of said officials this 1st day of April, 1953.
CITY OF PORT ANGELES, WASHINGTON
By _ //
Mayor
ATTEST:
cx,ta --
City Clerk
The interest coupons attached to said bonds shall be in
substantially the following form:
NO.
On the first day of
of Port Angeles, Washington,
office of the City Treasurer
the sum of
, 19_, the City
will pay to bearer at the
in Port Angeles, Washington,
DOLLARS in
lawful money of the United States of America, said suzn being
the semiannual interest due that day on its General Obligation
Street Improvement Bond dated April 1, 1953, and numbered
CITY OF PORT ANGELES, WASHINGTON
By
Mayor
ATTEST:
City Clerk
SECTION 2. That in all other respects the provisions of
Ordinance No, 1296 shall remain in full force and effect.
SECTION 3, This Ordinance shall become effective five
days from and after its passage, approval and publication as required
by law.
PASSED by the Council of the City of Port Angeles, Washington,
and approved by its Mayor this /?.4 .4 day of Altgad4 , 1953.
APPROVED AS TO FORM:
`rlry
City4 Attorney
CITY OF PORT ANGELES, WASHINGTON
0 FuA1ished /11.cik_ch 24, /453