Loading...
HomeMy WebLinkAbout04-69 ~.... "' e c_ '. .... RESOLUTION NO. t/-(,C; A RESOLUTION of the Council of the City of Port Angeles, Washington, providing for the sale of the bonds and warrants of Local Improvement District No. 190. BE IT RESOLVED by the Council of the City of Port Angeles, Washington, as follows: Section 1. The warrants and bonds of Local Improvement District No. 190 of the City of Port Angeles, Washington, shall be sold at public sale and bids for the purchase thereof shall be publicly opened, read and considered by the City Council at a regular meeting of the Council to be held at 7:30 o'clock P.M., Pacific Standard Time, at the Council Chambers, 140 North Oak, in Port Angeles, Washington on March 6, 1969. Section 2. Notice of such sale in the form attached hereto, marked "Exhibi t A II and by th"is reference made a part hereof, shall be published once, at least one week prior to the date of sale, in the Daily Journal of Commerce of Seattle and the City Clerk shall give such other notice of the sale as he may deem necessary and advisable. 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 March 6, 1969. .~ ::...~",...:,-,.. ,_...'~"" ~$ :f,g ~" ::\~ ,_ A ~ <t-.... ATTEST: CITY OF PORT ANGELES, WASHINGTON ,. .......;...,... ,- ;- ,~ . . ......~ ...... :,...., .- ......~ ....~...... -w.w Mayor A ~ 7l2)~t?L?~ City Clerk "" r.:."'7 .- I, B. B. McNEECE, the duly qualified and acting City Clerk of the City of Port Angeles, Washington, DO HEREBY CERTIFY that the foregoing resolution is a true and correct copy of Resolution No. 1/-69' of said city, dUly adopted by 4It its Council and approved by i~s Mayor at a regular meeting of said Council held on the 6th day of March, 1969. -, - ...... ~- .......... :"':' :-.... .... :; -- - ,^- -. ""- ~ .-- g /&. m J cn~ q "2 ~ City Clerk -. ~... ... . ---;. " " ... '~ ....,.,., . . t EXHIBIT "A" NOTICE OF SALE CITY OF PORT ANGELES LOCAL IMPROVEMENT DISTRICT NO. 190 WARRANTS AND BONDS' NOTICE IS HEREBY GIVEN that the City of Port Ange~es, Washington, proposes to issue during the period of construction, warrants drawn on Local Improvement District No. 190 Fund of the city in the principal amount of approximately $l02,500. Said warrants will be redeemed by bonds of said local improvement district which will be issued upon completion of such construction and confirmation of the assessment roll on approxi- mately July, 1969, and which will mature in twelve years from date of issue. NOTICE IS HEREBY FURTHER GIVEN-that sealed bids for the purchase of said warrants and bonds will be received at the office of the City Clerk at the City Hall in Port Angeles, Washington, until 7:30 p.m., Pacific Standard Time on March 6, 1969 at which time said bids will be publicly opened, read and con- sidered by the City Council. Said warrants and bonds will be sold together to the bidder submitting the best bid therefor. Each bid must be for both the warrants and bonds, and must be for par for said warrants, and par or par and a premium for said bonds. The same interest rate must be specified for both the bonds and warrants. In com- puting the best bid, it will be assumed by the city that the principal amount of the bonds to be issued will be $80,000 with' a five..year average life, and the best bid for all warrants and bonds will be determined solely on this computation without regard to the principal amount of the warrants to be issued and the total amount of the interest to become due thereon. ....- .. . ..,;~~.fi e - All bids shall be sealed, and shall be accompanied by a good faith deposit in the form of a certified or cashier's check made payable to the Treasurer of the CitY,of Port Angeles for the account of the Local Improvement District No. 190 Fund in the I amount of $l,250, which check will be returned if the bid is not accepted. Said good faith deposit wiil be credited in payment of the first Local Improvement District No. 190 Fund warrant to be issued in a like principal amount, which warrant will be retained by the city. If such successful bidder shall fail or neglect to complete the purchase of all of said warrants following the acceptance of his bid, such first warrant with the accrued interest due thereon shall be forfeited to the city. If such successful bidder completes the purchase of all of said warrants and eXchanges same with the city for cash and the bonds of this local improvement district, said first warrant and the accrued interest earned thereon shall become the property of such successful bidder. The city reserves the right to reject any and all bids submitted, and to waive any informalities therein. The city will pay for the printing of said bonds. The opinion of Preston, Thorgrimson, Horowitz, Starin & Ellis, bond counsel of Seattle, Washington, approving the legality of the issuance of all of the warrants drawn on said local improve- ment district will be furnished by the city. DATED at Port Angeles, Washington, this 20th day of February, 1969. ~ ~ 7rlvcy}p~~ B. B. McNeece, City Clerk