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ORDINANCE NO. / Sya
AN ORDINANCE authorizing the issuance and sale of Local
Improvement District warrants for Local Improvement District No.
168 of the City of Port Angeles to pay the cost and expense of
1 the improvements in said District as ordered and provided for in
Ordinance No. I
of the City of Port Angeles and fixing
the interest rate theron.
THE CITY COUNCIL OF THE CITY OF PORT ANGELSS 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 warrants against Local Improvement District No. 168 of the
City.of Port Angeles created and established under Ordinance No.
/344 , passed on the 17th day of March, 1955 and in accordance
with the laws of the btate of '+gashington and the Ordinances of
the City of Port Angeles in the sum of $ /,f drew.
Section 2: That said warrants shall be made payable from
the funds of said Local Improvement District and shall bear
interest at the rate of Four and One -half per cent (0o) per
annum, payable annually from the funds of said District, unless
sooner redeemed. Said warrants shall be issued in such denomi-
nations as may be found most expedient, and shall be numbered
I consecutively from One (1) upward, and shall refer to the improve-
ment and ordinance authorizing such improvement to pay for which
said warrants shall be issued, and each of said warrants and
interest thereon shall be payable only out of the special fund
created for the payment, cost and expense of such improvement, and
that no other fund of the City of Port Angeles shall ever be
liable therefor, excepting in so far as the City is liable by
virtue of the statutes of the State of washington and particularly
the statute providing that the City of Port Angeles shall create
a Local Improvement Guaranty Fund for the purpose of guaranteeing
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to the extent of such fund and in the manner provided by law the
payment of local improvement costs issued to pay for said improve-
ment district ordered by the City.
Section 3: That each of said warrants shall be a claim
and a lien against the Local Improvement Fund, against which they '
are drawn, prior and superior to any right or claim of any surety
upon any bond given by the City of Port Angeles by or for any
contractor to secure the payment of his contract, or to secure the
payment of persons who performed work thereon, furnished work
therefor, or provisions or supplies for carrying on the work.
Section 4: Said warrants may be accepted by the City in
satisfaction of:
1. Assessments levied to supply the fund in due order of
priority of right.
2. Judgments rendered against property owners, who have
become delinquent in the payment of assessments levied to supply
such funds.
3. In payment of certificates of purchase in cases where
the property of delinquency has been sold under execution or
tax sale for failure to pay assessments levied to supply such fund.
Section 5: This ordinance shall be in full force and
effect five (5) days after its passage, approval and publication
in the manner provided by law..
INI.TRODUCED this __y_►- day of _ , 1955.
PASSED by unanimous vote 7,...-
/7, if s�s •
SSIGNED and APPROVED by the Mayor 7147 /? JP*r6- •
ATTEST:
PUBLISHED: 2notia, 2 7 /1-5:5
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