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HomeMy WebLinkAbout08-68 ~~-::-oI;. 4J e v RESOLUTION NO.~~ A RESOLUTION of the Council of the City of Port Angeles, ~ashington, providin~ for the sale of the bonds and warrants of Local Imnrovement District No. 189. . 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. 189 of the City of Port Angeles, Washington, shall be sol~ 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 a~ 7:30 o'clock P.M., Pacific Daylight Time, at the Council Chambers in the City Hall in Port Angeles, Washington on August 15, 1968. Section 2. Notice of such sale in the form attached hereto, mark:=d HExhibi t A" 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 she may deem, necessarj; 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 h!ld on July 18, 1968. CITY or PORT ANGELES, W^SHINGTO~ (^J~ ATTi::ST: j~1~_~--- City Clerk .;.~- .... e e I, B. B. McNEECE, City Clerk of the City of Port Angeles, Washington, DO HEREBY CERTIFY that the foregoin~ resolution is a true and correct copy of Resolution No. ~t! of said city, duly passed by its Council and approved by its Mayor at a regular meeting of said Council held on the l8th day of July, 1968. g~ 7l2u ~,,;rJ_ City Clerk ......-- .. NOTICE OF SALE CITY OF PORT ANGELES, WASHINGTON LOCAL IMPROVEViliNT DISTRICT NO. l8g WARRANTS AND BONDS e NOTICE IS HEREBY GIVEN that the City of Port Angeles; Washington; proposes to issue during the period of construction. warrants draim upon L,ocal Improvement District No. 189 Fund of the City in the principal amount of approximately $610,000.00. Said warrants will be redeemed by bonds of said Local Improvement District in the aggregate amount of approximately .460,000.00 and which will mature in twelve years from date of issue, which will be issued upon completion of such construction arid confirmation of the assessment roll d~ring September of 1969. NOTICE IS HEREBY FURTHER GIVEi'J that sealed bids for the purchase of said warrants and bonds i'iill be received at the office I)f the City Clerk in the City Hall until 7:30 P.M. o'clock on tile 15th day of August, }968. at which time saj.d bids i1i11 be publicly opened, read and considered by the City Council. Said warrants and bonds wil~ be sold together, to the bidder submitting the best bid therefore. Each bid must be for both warrants and bonds and must be for said warrants at par or par a~d a premium for said bonds. The same interest rate at not more than 8% per annum must be specified for both the bonds ~nd i'larran'.:.s. In computing the best bid, it will be assumed by the City that the principal amount of the bon~s to be issued will be $~60,OOO.OO e l'lith a five-j'ear average life} and the best bid for all v.'arra:1ts and bunds \1ill be deter:ninec1 solely on this COlrlputation I'lithout regard to the principal amount of the warrants to be issued and the total amount of the interest to hecome due thereon. All bids shall be sealed and shall be accompanied by a good faith deposit in t.he form of a certified or cashier's check .,--~ .--.. e - made payable to the Treasurer of the City of Port Angeles for the account of the Port Angeles Local Improvement District No. 18g.Fund in the amount of $10,000.00 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 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 to the City. If such successful bidder completes the purchase of all of said warrants and the same are exchanged with the City 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 legality of the issuance of all of the warrants ~rawn on said Local Improve- ment. District No. 18g Fund and the bonds of said local improvement district will be furnished by the City. Dated at Port A.ngeles, l'Jashington, this j!~day of July, 1968. ~a~~~ Ci ty Cle rk