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HomeMy WebLinkAbout07-59 "'I . ~, e RESOLUTION NO. ? -$ A RESOLUTION of the Council of the City of Port AngelesJ Washington, providing for the sale of bonds and warrants of Local Improvement District No. 179. BE IT RESOLVED by the Council of the City of Port AngelesJ Washington, as follows: Section 1. The warrants and bonds of Local Improvement District No. 179 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 8:00 p. m. Pacific Standard Time at the Council Chambers in the City Hall in Port Angeles) WashingtonJ on July 16, 1959. Section a. Notice of such sale in the form attached hereto marked "Exhibit All and by this 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 meettng of said Council held on JUly 2, 1959. ATTEST: e !).e~ C Y Clerk .~ .. EXHIBIT A NOTICE OF SALE CITY OF PORT ANGELES LOCAL IMPROVEMENT DISTRICT NO. 179 W ARRANTS AND BONDS NOTICE IS HEREBY GIVEN that the City of Port AngelesJ ~ WashingtonJ proposes to issue during the period of constructionJ warrants drawn on Local Improvement District No. 179 Fund of the 6P city in the principal amount of approximately $33~~i7t7.-- Said warrants will be redeemed by bonds of said local im- provement district which will be issued upon completion of such con- ./. struction and confirmation of the assessment roll on approximately ;,. }. ,- ~~~jf~AP , 19~ 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 8:00 P. M. Pacific Standard Time on J1JLY 16 , 1959, at which time said bids will be pUblicly opened, read and considered 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 e warrants and bonds, and must be for par for said warrantsJ and par or par and a premium for said bonds. The same interest rateJ at not more than 6% per annumJ must be specified for both the bonds and warrants. In computing the best bidJ it will be assumed by the city that the principal amount of the bonds to be issued will be $#';'1 t9dP tt' 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. ,\ ;.. 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 pay- able to the Treasurer of the City of Port Angeles for the account of the Local Improvement District No. 179 Construction Fund in the amount e of $lO~OOOJ which check will be returned .if the bid is not accepted. Said good faith deposit will be credited in payment of the first Local , . , Improvement District No. 179 Fund warrant to be issued in a like prin- cipal amount, which warrant will be retained by the cilf. 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 districtJ 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 sub- mitted~ and to waive any informalities therein. The city will pay for the printing of said bonds. The opinion of PrestonJ Thorgrimson & HorowitzJ bond counsel of SeattleJ WashingtonJ approving the legality of the issuance of all of the warrants drawn on said Local Improvement District No. 179 Fund and the bonds of said local improvement district will be furnished by the city. DATED at Port AngelesJ Washington, this SecP~dday of JulYJ 1959. e Q. r;. ~, tJ C! ty Clerk -2-