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HomeMy WebLinkAbout1711ORDINANCE NO. P7// // AN ORDINANCE of the City of Port Angeles, Washington, providing for the issuance of bonds of Local Improvement District No. 191 in the principal sum of $66,000. WHEREAS, by Ordinance No. 1687 passed and approved June 2, 1970, Local Improvement District No. 191 of the city was duly created; and WHEREAS, the .improvements provided by said ordinance to be constructed in Local Improvement District No. 191 have been completed; and WHEREAS, the assessment roll in said district has been confirmed by Ordinance No. 1706 in the total amount of $76,614.67 of which $11,249.98 was paid during the 30 -day period permitted by law for the payment of assessments without penalty or interest; and WHEREAS, it will be necessary for the city to now issue bonds of said local improvement district in the principal sum of $66,000.00 and to deliver said bonds together with cash on hand in the Local Improvement District No. 191 Fund to the holder of the outstanding Local Improvement District No. 191 Fund warrants in exchange therefor; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of Port Angeles, Washington, as follows: Section 1. That in order to redeem the outstanding warrants which have been drawn on the Local Improvement District No. 191 Fund of the city and issued for the payment of the costs of the improvements constructed in said local improvement district, the city shall now issue bonds of Local Improvement District No. 191 in the principal sum of $66,000. Said bonds shall be dated February 24, 1971, shall be in the denomination of $1,000 each, shall be numbered from 1 to 66, inclusive, shall bear interest at the F rate of 8.25 percent per annum payable annually on February 24 of each year and shall mature February 24, 1983. All of said bonds shall be payable in lawful money of the United States of America at the office of the City Treasurer of Port Angeles, Washington. Said bonds shall be redeemable at par, in numerical order, on any interest payment date whenever there shall be sufficient money in the Local Improvement District No. 191 Fund to pay the same and all unpaid bonds of this local improvement district which are prior in numerical order to the last bond to be redeemed over and above an amount sufficient for the payment of the interest next accruing on all the unpaid bonds of this local improvement district. Notice of such intended redemption shall be given by one publication thereof in the official city newspaper not more than twenty nor less than ten days prior to such redemption date. Section 2. Said bonds shall be in substantially the following form: UNITED STATES OF AMERICA NO. $1,000 STATE OF WASHINGTON CITY OF PORT ANGELES LOCAL IMPROVEMENT DISTRICT NO. 191 The City of Port Angeles, a municipal corporation of the State of Washington, hereby promises to pay to bearer the sum of ONE THOUSAND DOLLARS in lawful money of the United States of America, with interest thereon from the date hereof until payment of the principal sum has been made or duly provided for at the rate of 8.25% per annum payable annually, upon presentation and surrender to the City Treasurer of this bond and the annexed interest coupons -2- as they severally become due. This bond, both principal and interest, is payable only out of the Local Improvement District No. 191 Fund created by Ordinance No. 1687 of the city, and from the Local Improvement Guaranty Fund of the city created by Ordinance No. 852 of the city pursuant to Chapter 209, Session Laws, 1927. Neither the holder nor the owner of this bond shall have any claim therefor against the City of Port Angeles except for payment from the special assessments made for the improvement for which said bond was issued, and except as against the local improvement guaranty fund of the city and the city shall not be liable to any holder or owner of this bond for any loss to the guaranty fund occurring in the lawful operation thereof by the city. The remedy of the holder or owner of a bond in case of nonpayment, shall be confined to the enforcement of the assessments and to the guaranty fund. This bond is one of an issue aggregating in all the principal sum of $66,000.00 issued to pay part of the cost of certain street improvements and storm drains within Local Improvement District No. 191 created by said Ordinance No. 1687. This bond is payable on or before February 24, 1983, and is subject to call by the Treasurer of the City of Port Angeles on any annual interest payment date whenever there shall be sufficient money in said Local Improvement District No. 191 Fund to pay the same and all unpaid bonds of this local improvement district which are prior in numerical order to this bond, over and above an amount sufficient for the payment of the interest next accruing on the unpaid bonds of this local improvement district. In case this bond is called for payment before its final maturity, each and every interest coupon not accrued at the time of such payment shall be void. Call for payment of this bond shall be made by the City Treasurer by one publication of such call in the official city newspaper not more than twenty nor less than ten days prior to said call date, and when such call is made this bond shall be paid on the day the next interest coupon thereon shall become due after such call. 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 corporate seal of the city and has caused the interest coupons hereto attached to be executed with the facsimile signatures of said officials this 24th day of February, 1971. CITY OF PORT ANGELES, WASHINGTON By Mayor ATTEST: City Clerk The interest coupons to be attached to said bonds shall be in substantially the following form: No. $82.50 On the 24th day of February, 19, the City of Port Angeles, Washington, will pay the bearer at the office of the City Treasurer the sum shown hereon in lawful money of the United States of America out of the Local Improvement District No. 191 Fund of the city, said sum being the interest due that date on bond numbered of Local Improvement District No. 191 of the city. This coupon is subject to all the terms and conditions contained in the bond to which it is attached. CITY OF PORT ANGELES, WASHINGTON by Mayor ATTEST: City Clerk -4- 1 Section 3. The bonds shall be signed by the Mayor and City Clerk under the corporate seal of the city and the interest coupons shall bear the facsimile signatures of said officials. The appropriate city officials are hereby authorized to do everything necessary for the prompt printing, issuance and delivery of said bonds and the proper application of the proceeds thereof. PASSED by the Council of the City of Port Angeles, Washington, and approved by its Mayor at a regular meeting of said Council held on the 2nd day of February, 1971. CITY OF PORT ANGELES, WASHINGTON ATTEST: By ay or te )774%-„/2 City Clerk Pa BL 15/,ED Fab, /71, /97/ -5-