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RESOWTION No.3 -7 J
A RESOWTION of the Council of the City of Port
Angeles, Washington providing for the sale of
bonds and warrants of Local Improvement Dis-
trict No. 192.
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF PORT ANGELES,
WASHINGTON, AS FOLLOWS:
Section 1. All of the interim revenue warrants of Local Im-
provement District No. 192 of the City of Port Angeles, Washington
created by Ordinance No. l700 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 6-3/4% 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. 192 Fund created by said Ordinance No. 1700.
Section 2. Upon completion of the improvement in Local Im-
provement District No, 192 and after the expiration of the 3D-day pre-
pa~ent period, an Installment Note of Local ImprGvement District No.
192 shall be issued for the redemption of the outstanding revenue
warrants as provided by Ordinance No. l70D of the City. Said Instal-
lment Note will be purchased as an investment by the Firemen's Pen-
sian Fund at an interest rate of 6-3/4% 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
January 19,
1971.
WASHINGTON
Attest:
MYJlv9?-Pp~o ~
. City Clerk
Approved as to Form:
City Attorney