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RESOLUT ION NO. t,- /t; I
A RESOLUTION of the Council of the City of Port
AngelesJ WashingtonJ providing for the sale of
bonds and warrants of Local Improvement District
No . .I80~
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. 180 of the City of Port AngelesJ WashingtonJ shall be
sold at public saleJ and bids for the purchase thereof shall be
publicly openedJ read and considered by the City Council at a ~
7:)1)
regular meeting of the Council to be held at ~ P.M.J Pacific
PAI/C"..fi' /;T /I TIP"v
Daylight Time at the Council Chambers in the .t:~~ :F(~ in Port
Angeles J Washington on ~/;/ L )/ wI? ~ . 1961.
.
Section 2.
Notice of such sale in the form attached
hereto marked "Exhibit A" and by this reference made a part hereofJ
shall be published once at least one week prior to the date of sale
in the Daily Journal of Commerce of SeattleJ 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
Jut jI
r
its Mayor at a regular meeting of said
jd
fA 1961.
Council held on
CITY OF PORT ANGELES J WASHINGTON
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BY
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ATTEST:
ttX-QAAf"
City Clerk
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EXHIBIT "A"
NOTICE OF SALE
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CITY OF PORT ANGELES
LOCAL IMPROVEMENl' DISTRICT NO. 180
WARRANTS AND BONDS
NOTICE IS HEREBY GIVEN that the City of Port Angeles,
Washington, proposes to issue during the period of construction,
warrants drawn on Local Improvement District No. 180 Fund of
the city in the principal amount of approximately $ .f"~-1- (JlJtJ7
I
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
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approximately December, , 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,
7;30 . .
until ~ P.M., Pacific Daylight Ti~ on
t /;/L Y NO . 1961,
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 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, at not more than 6% per annum, must be specified for both the
bonds and warrants. In computing the best bid, it will be assumed
by the city that the principal amount of the bonds to be issued
will be sJf if IJtJ{) ~ with a five-year average life, and the
best bid for all warrants and bonds will be determined solely
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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 cashierls
check made payable to the Treasurer of the City of Port Angeles
for the account o~ the Local Improvement District No. 180
construction Fund in the amount of $7,500, 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. 180 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
Improvement District No. 180 Fund and the bonds of said local
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improvement district will be furnished by the city.
fad
of, (-It / L Y
1961.
DATED at Port Angeles, Washington, this
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(J. e Laur
U Ci ty Clerk
3
day
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