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HomeMy WebLinkAbout07-69 ,. ~ . ~ ._') , ~- RESOLUTION NO. '7- ~ 7 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. l89-A. BE IT RESOLVED by the Council of the City of Port Angeles, Washington, as follows: Section 1. The warrants and bonds of Local Improve- ment District No. l89-A of the City of Port Angeles, Washington, shall be sold at public sale and bids for the purchase therof shall be publicly opened, read. and considered by the City Council at a regular meeting pf the Council to be held at 7:30 o'clock p.m., Pacific Standard Time, at the Council Chambers, 134 West Front Street in Port Angeles, Washington on April 17, 1969. Section 2. Notice of such sale in the form attached hereto, marked "Exhibit A" and by this reference made a part hereof, shall be published once during the calendar week prior to the date of sale in the Peninsula Herald of Port Angeles and the City Clerk shall give such other notice of the sale as she 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 April 3, 1969. CITY OF PORT ANGELES, WASHINGTON , . -" - ..... . By ~ cJ.W,J-f- o .yor -. ~< \ " '"' ATTEST: Adm~92~o~ City Clerk ~". ....-:;:- ". NOTICE OF SALE CITY OF PORT ANGELES; WASHINGTON LOCAL IMPROVEMENT DISTRICT NO. 189-A WARRANTS AND BONDS - NOTICE IS HEREBY GIVEN that the City of Port AnReles, Washington, proposes to issue during the period of construction, warrants drawn upon the Local Improvement District No. 189-A Fund of the City in the principal amount of approximately $17,000.00. Said warrants will be redeemed by bonds of .said Local Improvement District in the aggregate amount of approximately $14,000.00, which will mature in twelve years from date of " issue and which wilt be issued upon completion of such construction . and confirmation of the assessment roll during or before December of 1969. 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 in the City Hall at 140 West FrontStreet, Port Angeles, Washington until 7:30 p.m, o'clock on the 17th day of April, 1969, at which time said bids will be publicly opened, read and considered by the City Council in the Council Chambers at 134 West Front Street, Port Angeles, Washington. Said warrants and bonds will be sold together, to the bidder submittin~ the best bid therefor. Each bid must be for both warrants and bonds and must be for said warrants at par or par ~ and a premium for said bonds. The same interest rate at not more . than 6.5% per annum must be specified for both the bonds and warrants, In computin~ the best bid, it will be assumed by the City that the principal amount of the bonds to be issued will be $111,000.00 with a five-year avera~e life, and the best bid for all warrants and bonds will be determined solely on this computation without re~ard to the principal amount of the warrant3 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 payable to the Treasurer of the City of Port An~eles for the account or the Port Anf,cles Local Improvement District No. 189-A Fund in the amount of $500.00 which .check will be returned if the bid ~ is not accepted. The good faith deposit of the successful bidder will be credited in payment of the first Local Improvement District No. 189-A Fund warrant to be issued in a like principal amount, which warrant will be retained by the City. If the successful bidder shall fail or neglect to complete the purchase of all of said warrants following the acceptance of his bid, such good faith deposit or such first warrant with the accrued interest due thereon shall be forfeited ~o the Ci~Y. If such successful bidder com- , pletes the purchase of all of said warrants and the same are exchanged with the Ci ty for cash and the bonds of this' local improvement district, said first warrant and the accrued interest "thereon earned shall become the property of such successful . bidder. The City reserves the right to reject any and all bids submitted and to waive any irregularities therein. The City will pay for the printing of the bonds. The opinion of Preston, Thorgrimson, Horowitz, Starin & Ellis, bond counsel of Seattle, Washington, approving the .1 legality of the issuance of all of the warrants drawn on said Local Improvement District No. l89-A Fund and the bonds of said local improvement district will be furnished by the City. DATED at Port Angeles, Washington, this ~day of April, 1969. ~J4~ Beulah B. McNeece Ci ty Clerl{ "Exhlbi t A II e I I, B. B. McNEECE, 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. of said city, duly passed by its Council and approved by its Mayor at a regular meeting of said Council held on the 3rd day of April, 1969. tj t? ~JJu.-~) -...... . - . '"