HomeMy WebLinkAboutMinutes 04/22/1954
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Proceedings of the City Commission of the City of Port Angeles, Washington
April 22
SPECIAL
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The City Council met in special 'session at 7'30 P ,M, and was called to order by Ms,yor Smith. Officers
present were MaYor Slnith, COW1cilmen Brown, Neer, Sandison, Powell, Wolfe and McFadden, City Manager
Vergeer, Attorney Seyeryns a.nd Clerk Lew.
Manager Vergeer explained that the meeting was called for the purp'ose 01' approving and adopting Resolution
providing for issuance of bonds of Local Improvement District No. 163 to compJ.i wi th request of Attorney
Thorgrimson.
The following Resolution was then introduced and read i~ full for coneid'eration by the douncil'
RESOLUTIO'N NO.2-54
A RESOLUTION 01' the City of Port Angeles, Washington, providing for the issuance 01' bonds of Local
Improvement, District No. 163 of the City in the principal sum of $186,442.43.
WHEREAS, the improvements provided for in Ordinance No. 1295 of the City in Local Improvement
District No, 163 have been completed; and
WHEREAS, the assessment roll in said district has been confinned by Ordinance No. 1321 in the manner
required' by law; and
WHEREAS, the total principal amount of warrant s drawn on Local Improvement District No. 163 Fund for
the purpose of paying that portion of the cost 01' said improvements anthorized in said Ordinance No.
1295 to be borne by assessments and all expenses incidental thereto was $270,5ll.61 and the accrued
interest from the date of each warrant to MaY 1, 1954 3ill be $8,026.62, thus making a total cost of
said local improvement district of $278,538.23; and
WHEREAS, the total amount of the assessment roll in said district was $265,098.21 and there is due
the Local Improvement District No. 163 Fund from the 1953 Street Construction Fund the sum of $5,413.40;
and. '
WHEREAS, $78,655.78 of the assessments on said assessment roll was paid during the 30-day period
permitted by law for the payment of assessments without penalty, interest or costs; and
WHEREAS, after all costs incidental to the creation of this local improvement district, the construct-
, ion of the improvements therein and the issuance of the bonds thereof have been paid it appears that the
sum of approximately $17 500 will be left in the Fixed Estimate Fund of the district, 'Which sum shall
be transferred to Local ii;;provement District No. 163 Fund and used with said prepaid assessments and
said money transferred from said Construction Fund in ,redemption of outstanding Local Improvement District
No. 163 Fund warrants; and
WHEREAS, it appears that the city must now issue its bonds 01' this Local Improvement District No.
163 in the total principal sum of $186,442.43 in order to redeem all of said warrant s; and.
WHEREAS, it is now necessary that the date, form, terms and maturity of said bonds be fixed;
NCM, T/IER.EFORE, BE IT RESOLVED by the Council of .the City of Port Angeles, Washington, as follows:
Section 1. That immediately upon the passage of this resolution the sum of $5,4l.3.40 shall be trans-
ferred from the 1953 Street Construction Fund to Local ImProvement District No. 163 Fund, and shall be
us ed with the assessments heretofore paid in said. local improvement ~district for the redemption of
warrants drawn on said Fund.
After all expenses incidental to this Local ImprOVEment District No. 163 have been paid out of the
monies remaining in said Fixed Estimate Fund (now $19,251.99), the balance of such money shall be trans-
ferred to Local Improvement District No. .163 Fund, and so much thereof as may be necessary shall be used
in paying the accrued interest due on the warrants dral'm on said Funi and the balance thereof shall
be used at the first opportunity in the redemption of bonds of said local improvement district.
Section 2. That for the purpose of redeeming the outstanding warrants drawn on Local Improvement
District No. 163 Fund which were issued for the payment of the cost of the improvements constructed and
installed in said Local Improvement District No. 163 and all expenses incidental thereto, the City shall
. issue bonds of such local improvement district in the total principal sum of $Hl6,442.43.
Said bonds shall be dated l{a.y 1, 1954, shall be in"denominations of $1,000 each except for Bond No.1,
which shall be in the denomination of lil,W.43, shall be numbered from 1 to 186 inclusive, shall bear
interest at the rate of 4 l//$, per annum payable annually on the first day of 'MaY of each year, and
shall mature on May 1, 1966. Said bonds shall be payable at the office of the City Treasurer in Port
Angeles in lawful money of th e United States of America.
Notice of any intended redemption of arv such bonds shall be given ilf: the City Treasurer by one
publication thereof in the official city newspaper not more than twenty nor less than ten dsys prior to
said redemption date.
Section 3. Said bonds shall be in substantially the following form:
UNITED STATES OF AMERICA
NO.
(NO~
$L,ooo
($1,442.43)
STATE OF WASHINGTON
cm OF PORT mGELES
LOCAL IMPROVEMmT DlSTRICT NO. 163
N. B. Neither the holder nor the owner of any bond or warrant issued under the provisions of this
act shall have any claim therefor against the city or town ~ which the same is issued, except
for payment from the special assessments made for the improvement for which said bond or warrant
was issued, and except as against the local improvement guaranty fund of such city or town, and the
city or town shall not be liable to any holder or owner of such bond or warrant for any loss to
the guaranty funi occuring in the lawful operation thereof ~ the city or town. The remedy' of the
holder or owner of Ii boni or warrant in case of rionpayment, shall be confined to the enforcement
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Proceedings of the City Commission of the City of Port Angeles, Washington
ArM 1 ::>? ,..^n+i'J:p'~d
19_54-
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of the assessment and to the guaranty fund.
THE CITY OF PORT ANGELES, a municipal corporation of the State of 'lashington, hereby promises to pa,y
to bearer th~ sum of
ONE THOUSAND DOLLARS
lin la,rl'ul money of 'l'he United States of America with interest thereon from the date hereof at the rate of
, 4 1/ Wf, per annum p~able annually, upon presentation and surrender to the Oity Treasurer of thiS bond and
I the annexed interest coupons as they severally beoome due.
I This bond, both ~rinCiPal and int~rest, is p~abl~ only out of Local Improvement District No. 163
Fund' created by Ordinance No. 1295 and from the Local Improvement Guaranty Fund of the ~Ci ty created by
Chapter 209, , Session La~s 1927.
This bond is one of an issue of bongs aggregating in all the' sum of $186,442.43, is payable on or
before ~ 1, 1966, and is subject to ca 1 by the Treasurer of said city on any annual interest pa,yment
date whenever there shall be sufficient ;honey in said Local Improvement District No. 163 Fund to pay the
same and all unpaid bonds of th1D issue which are' prior in numerical order to this bond over and above an
amount sufficient for' the PBJ>lll.t of the interest next coming due on the unpaid bon:ls 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 far pa.ym.;nt.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 1'.tlen
: such call is made this bond shall be paid on the d~ the next interest ooupon thereon shall become due
lafter such call.
, IN WITNESS 'lHEREXlF, the City of Part ~geles, Washington, has caused this bond to be signed by its
Mayor and attested by its Clerk wi th the corporate seal of the city impressed hereon, and has .caused the
'interest coupons hereto attached to be executed with the facsimile signatures of said officiaJ.,s this 1st
iday of M~, 1954.
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'ATTEST,
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CITY <F PaRT ANlELES2INGIDN
By ~ ,-g~ 7t
~or
:f!.o.w-
City Clerk
T'ne interest coupons to be attached to said bonds shall be in substantially the following form:
NO.
(No.1)
&42.50
($61.30)
I On the 1st day of May, 19 -' the City of Port Angeles, 1'Iashingto~, will pay to bearer
at the office of the Oity Treasurer the sum of FaRt'J-'lWO AND 50/100 DOLLARS in lawful money of the United
'States of America out of Local Lnprovement District No. 163 Fund, said sum being the annual interest
due that date on bond numbered _ of Local Improvement District No. 163 ~fdhe City; provided, that
',this couporl is subject to all the iernis and oondi tiol!" contained in the bond to ~h ich .it .is attached.
Gm OF FoRT',wGELE3, ~HIlhT<iN
By 1h ,-i~~
Ma;yor
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ATTEST:
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~ 8. ;t0MJ".
. City Clerk
It was moved by Councilman Brown that the foregoing Resolution be approved and adopted, Seconied by
Councilman Mcfadden and unanimously 'carried.' .
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Four claim vouchers were presented for approval as Tollows:
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From 1953 Street Improvelnent Construction Fund, To City Treasurer, Transfer of Funds, tl9,235.24
I From 1953 Street Improvement Construction FW1d, Fixed Estimate~
To City Treasurer, Interest on L.I.D. No. 163 Warrants, $8,026.62
To City Treasurer, Adjustment in allocation of funds, L.I.D. No. 163, $5,413.40
To City Treasurer, Stamps, envelopes, $80.16
! It waw Inoved by Councilman Mcfadden that the claime be approved and warrants issued in p~ment 01' same.
I' Motion seconded by CoW1cilman Sandison. All voted~. Motion carried.. .
On motion by Cauncilman Brown, seconded by Miss Po>rell, the meeting was adjourned.
yf~6
Mayor
<to
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G.
;ta-ur.
Clerk
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