HomeMy WebLinkAbout1432ORDINANCE NO. ( /
AN ORDINANCE authorizing the issuance and sale of local
improvement bonds for Local Improvement District No.
178 of the City of Port Angeles to pay the cost and
expense of the improvements of said District as ordered
and provided for in Ordinance No, 1418 of the City of
Port Angeles, providing for the term of such bonds and
fixing the interest rate thereon.
THE CITY COUNCIL OF THE CITY OF PORT ANGELES 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.
178 of the City of Port Angeles created under Ordinance No. 1418,
approved June 3, 1958, and in accordance with the laws of the
State of Washington and the ordinances of the City of Port Angeles
in the sum of $67,072.21.
Section 2. That said bonds be made payable on or before
twelve (12) years from the date of issuance thereof, and shall
bear interest at the rate of four and one - eighth per cent (4 1/8 %)
. per annum, payable annually for said term unless sooner called;
said bonds shall be issued in the denomination of $500.00 each,
except Bond No. 1 which shall be in the denomination of $572.21,
and they shall be numbered consecutively from one upward, and
each of said bonds shall have attached thereto interest coupons
,for each interest payment, and each such bond and the 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:
Provided,that said coupons, in lieu of being so signed, may have
printed thereon the facsimile of the Mayor and the Clerk. Each
of said bonds shall refer to the improvement and ordinance order -
ing such improvement, to pay for which said bonds shall be issued,
and each of said bonds shall provide and state that the principal
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sum therein named and interest thereon shall be payable only out
of the special fund created for the payment of the cost and ex-
pense 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 Washing-
ton, and particularly the statutes providing that the City of Port
Angeles shall create a local improvement guaranty fund for the
purpose of guarantying 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. That the form and mode of issuance and execu-
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 pur, dhaser, 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 L.. That said bonds, or any part of them, may be
I sold or exchanged for the warrants issued in payment for the im-
provement for which they shall be issued, or 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 5. That said bonds shall be dated the 25th day of
March, 1959.
Section 6. This ordinance shall be in full force and
effect five (5) days after passage, approval and publication in
the manner provided by law.
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INTRODUCED �it � 1 l , , 1959.
PASSED by unanimous vote - 1Ulel, /7 , 1959.
APPROVED and SIGNED by the Mayor 774-17e I9 _, 1959.
ATTEST :.,
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City Clerk
APPROVED AS TO FORM:
PUBLISHED: r' eh , 1959.
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Mayor