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HomeMy WebLinkAbout2048. ,.._ 44. ORDINANCE NO. 0264 AN ORDINANCE of the City of Port Angeles, Wash- ington, providing for the consolidation of Local Improvement Districts 201 and 202 into Consolidated Local Improvement District No. 1979 -1 and the issuance of bonds of Consolidated. Local Improvement District No. 1979 -1 in the principal sum of $ 377,698.12 WHEREAS, by Ordinance 1976, passed and approved May 16, 1978, and Ordinance No. 1979,.passed and approved June 5, 1978, Local Improvement Districts 201 and 202, respectively, of the City of Port Angeles, Washington (the "City ") were duly created and the issuance of bonds was authorized; and WHEREAS, the improvements provided by said ordinances to be constructed in such Local Improvement Districts have been completed; and WHEREAS, the assessment rolls in said districts 201 and 202 have been confirmed by Ordinances 2042 and 2043 in the total amount of $498,933.20, of which $ 121,235.08 was paid during the thirty (30) day period permitted by law for the payment of assessments without penalty or interest; and TTHEREAS, for the purpose of issuing bonds, it is deemed desirable that Local Improvement Districts 201 and 202 be consoli- dated into a single consolidated local improvement district pursuant to RCW 35.45.160. WHEREAS, it will be necessary for the City to now issue bonds of said consolidated local improvement district in the principal sum of $ 377,698.12 in order to pay for the cost and expense of said improvements; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of Port Angeles, Washington, as follows: Section 1. For the purpose of issuing bonds to pay the costs of improvements made in Local Improvement Districts 201 and 202 of the City of Port Angeles such Local Improvement Districts are hereby consolidated into Consolidated Local Improvement District No. 1979 -1. There is hereby created a special fund of the City to be known as the Consolidated Local Improvement District No. 1979 -1 Fund. After full payment of the principal of and interest on all outstanding warrants issued to provide funds for the making of improvements in Local Improvement Districts 201 and 202, all moneys received by the City in payment of principal of and interest and penalties, if any, on the assessments levied in Local Improvement Districts 201 and 202, and all moneys, if any, on hand in the Local Improvement District 201 and 202 Funds of the City, shall be paid into said Consolidated Local Improvement District No. 1979 -1 Fund and used to pay the principal of and interest on the bonds authorized by this ordinance. Section 2. In order to pay for the cost and expense of the' improvements ordered by Ordinances 1976 and 1979 of the City and constructed in Consolidated Local Improvement District No. 1979- 1, the City shall now issue bonds of Consolidated Local Improve- ment District No. 1979 -1 in the principal sum of $ 377,698.12 Said bonds shall be dated December 1, 1979, shall be in the denomination of $5,000 each, except for Bond No. 1 which shall be in the denomination of $ 2,698.12 , shall be numbered from 1 to 76 , inclusive, shall bear interest payable annually on December 1 of each year at the rate of 7.15% per annum and shall mature on December 1, 1991. 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. All Bonds shall be redeemable at par plus accrued interest to the date of redemption, in numerical order, on any interest payment date whenever there shall be suf- ficient money in the Consolidated Local Improvement District No. 1979 -1 Fund to pay the principal thereof and all unpaid bonds of such consolidated local improvement district which are Prior in -2- number to the bonds to be redeemed, over and above an amount sufficient for the payment of all unpaid interest due or to become due on such interest payment date on all unpaid bonds of such consolidated improvement district, including the bonds to be redeemed, on such date. Notice of such intended redemption shall be given by one publication thereof in the City official newspaper not more than twenty (20) nor less than ten (10) days prior to such redemption date. Copies of such notice shall be mailed, at the same time, to the original purchaser of the bonds at their offices in Seattle, Washington. Section 3. Said bonds shall be in substantially the following form: UNITED STATES OF AMERICA NO. 55,000 STATE OF WASHINGTON CITY OF PORT ANGELES CONSOLIDATED LOCAL IMPROVEMENT DISTRICT NO. 1979 -1 Laws of Washington 1965, Chapter 7 (RCW 35.45.070) provides, in part, as follows: "Neither the holder nor owner of any bond, interest coupon, or warrant issued against a local improvement fund shall have any claim therefor against the city or town by which it is issued, except for payment from the special assessments made for the improvement for which the bond or warrant was issued and except also for payment from the local improvement guaranty fund of the city or town as to bonds issued after the creation of a local improvement guaranty fund of that city or town. The city or town shall not be liable to the holder or owner of any bond, interest coupon, or warrant for any loss to the local improvement guaranty fund occurring in the lawful operation thereof." The City of Port Angeles, a municipal corporation, hereby promises to pay to bearer the sum of FIVE THOUSAND DOLLARS on December , , 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 per cent per annum payable annually on December 1 of each year, upon presenta- tion and surrender to the City Treasurer of this bond and the annexed interest coupons as they severally become due. -3- This bond, both principal and interest, is payable only out of the Consolidated Local Improvement District No. 1979 -1 Fund created by Ordinance No. of the city, and from the local improvement guaranty fund of the city created by Ordinance No. of the city pursuant to Chapter 209, Session laws, 1927. The remedy of the holder or owner of a bond in case of nonpayment, shall be confined to the enforce- ment of the assessments levied in Consolidated Local Improve- ment District No. 1979 -1 and to the guaranty fund. This bond is one of an issue aggregating the principal sum of $ issued to pay part of the cost of certain improvements within Consolidated Local Improvement District No. 1979 -1 made pursuant to Ordinances 1976 and 1979 of the City. The bonds of this issue are subject to call by the Treasurer of the City of Port Angeles at par, plus accrued interest to the date of redemption, on any interest payment date whenever there shall be sufficient money in said Consoli- dated Local Improvement District No. 1979 -1 Fund to pay the same and all unpaid bonds of this consolidated local improve- ment district which are prior in number to the last bond to be redeemed, over and above an amount sufficient for the payment of the interest due, or to become due on such date, on all of the unpaid bonds of this consolidated local improve- ment 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 mailing notice of such call to the original purchaser of the bonds and by one publication of such call in the city official newspaper not more than twenty (20) nor less than ten (10) days prior to said call date, and when such call is made this bond shall be paid on the date the next interest coupon thereof shall become due after such call. IN WITNESS WHEREOF, the City of Port Angeles, Washington, has caused this bond to be signed by the facsimile signature of its Mayor and attested by the manual signature of 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 1st day of December, 1979. CITY OF PORT ANGELES, WASHINGTON By t 'ayor ATTEST: City Clerk The interest coupons to be attached to said bonds shall be in substantially the following form: -4- NO. $ On the 1st day of December, 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 Consoli- dated Local Improvement District No. 1979 -1 Fund of the city, said sum being the interest due that date on bond numbered of Consolidated Local Improvement District No. 1979 -1 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 Section 4. The bonds shall be signed by the facsimile signa- ture of the Mayor and the manual signature of the 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. Section 5. The City covenants and agrees that throughout the term of the bonds of this issue no part of the proceeds of such bonds or any other moneys or obligations held in the Consolidated Local Improvement District No. 1979 -1 Fund or the Guaranty Fund shall at any time be used for any purpose, nor shall the City take any other action, which would cause any bond to be (1) an "arbitrage bond" under Section 103(c) of the Internal Revenue Code of 1954, as amended, and the applicable regulations there- under, or (2) an "industrial development bond" under Section 103(b) of the Internal Revenue Code of 1954, as amended, and the applicable regulations thereunder. --5- J • • Section 6. in accepting the Company, Inc„ The action of the City Council heretofore taken proposal dated October 2, 1979 of Grande and Seattle, Washington, to purchase the bonds on the terms provided for therein is hereby ratified, confirmed and approved. Section 7. This ordinance shall become effective five days from and after its passage, approval and publication. PASSED by the Council of the City of Port Angeles, Washing- ton, and approved by its Mayor at a regular _ meeting-of said Council held on the a0 day of November, 1979. ATTEST: 3t Cam. �LGaZfv City Clerk A.. • • 'AveL,sN: 4'OUBMI3ESe 26, /977 CITY OF PORT ANGFLES, WASHINGTON By May X I, MARIAN C. PARRISH, City Clerk of the City of Port Angeles, Washington, DO HEREBY CERTIFY that the foregoing is a true and correct copy of Ordinance No. AQ.¢9 of said City, duly adopted by the City Council of the City of Port Angeles, Washington, and approved by its Mayor, at a regular meeting held on the ao day of November, 1979. Marian C. Parrish, Clerk City of Port Angeles, Washington