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RESOLUTION NO. .2-7'~
A RESOLUTION of the Council of the City of Port Angeles,
Washington providing for the sale of bonds and warrants
of Local Improvement District No. 195.
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BE IT RESOLVED BY THE COUNCIL OF THE CITY OR PORT ANGELES,
WASHINGTON, AS FOLLOWS:
Section 1. All of the interim revenue warrants of Local
Improvement District No. 195 of the City of Port Angeles, washington
created by Ordinance No. 1777 of the city shall be and are hereby sold
to and purchased by the Firemen's Pension Fund of the City of Port
Angeles at an interest rate of 6~% per annum at a price of par and for
periodic delivery and payment as funds are required to meet the costs
and expense of the improvements to be constructed. The proceeds of sale
of said warrants shall be deposited in the Local Improvement District
No. 195 Fund created by said Ordinance No.l?77.
Section 2. Upon completion of the improvement in Local improve-
ment District No. 195 and after the expiration of the 3D-day pre-payment
period, an Installment Note of Local Improvement District No. 195 shall
be issued for the redemption of the outstanding revenue warrants as
provided by Ordinance No. 1777 of the City. Said Installment Note will
be purchased as an investment by the Firemen's Pension Fund at an interest
rate of 6~% per annum at a price of par plus accrued interest to date of
Note.
ADOPTED by the Council of the City of Port Angeles, Washington,
and approved by its Mayor at a regular meeting of said Council held on
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J Adll/J R 'II
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, 1974.
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CITY OF PORT ANGELES, WASHINGTON
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Mayor
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By
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ATTEST: :
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City Clerk
Approved as to Form:
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