HomeMy WebLinkAbout08-71
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RESOLUTION NO. r -71
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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. 193.
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. 193 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
Daylight Time, at the Council Chambers in the City Hall in Port
Angeles, Washington, on ~~~jxl;'l97l.
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 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 necessary and advisable.
ADOPTED by the Council of the City of Port Angeles,
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Washington, and approved by its Mayor at a regular meeting of said
Council held on May ~, 1971.
. CITY OF PORT ANGELES, WASHINGTON
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C~ty Clerk ' /
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NOTICE OF SALE
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CITY OF PORT ANGELES, WASHINGTON
LOCAL IMPROVEMENT DISTRICT NO. 193
WARRANTScAND BONDS
NOTICE IS HEREBY GIVEN that the City of Port Angeles,
Washington, proposes to issue during the period of construction,
warrants drawn upon Local Improvement District No. 193 Fund of the
City in the principal amount of approximately $760,000.00.
Said warrants will be redeemed by bonds of said Local
Improvement District in the aggregate amount of approximately $570,000.00
,and which will mature in twelve years from date of issue, which will
be issued upon completion of such construction and confirmation of
the assessment which is expected to occur during December If 1972.
NOTICE IS HEREBY FURTHER GIVEN that sealed bids for the
purcha~e of said warrants and bonds will be received at the office
of the City Clerk at the City Hall until 7:30 o'clock r.M. on
.15th June,
the~ day of ~~X~, 1971, at which time said bonds 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 warrants and bonds, and must be for par for said warrants,
and par or par and a premium fQr said bonds. The same interest
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rate, at not more than eight percent per annum, must be specified
for both the bonds and warrants. Solely for the purpose of computing
the best bid, it will be assumed by the city that the principal
amount of the bonds to be issued will be $570,000 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 warrants to be issued and the total amount
of the interest to become due thereon.
EXI.::DiT /\
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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. 193 Fund in the amount
of $15,000 J which check will be returned if the bid is not accepted.
Said good :4ith deposit will be credited in payment or part payment
of the first Local Improvement District No. 193 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
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of such successful bidder.
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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, Starin, Ellis &
Holman, bond counsel of Seattle, Washington, approving the legality
of the issuance of all of the warrants drawn on said local improvement
district will be furnished by the City.
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DATED at Port Angeles, Washington, this /t~ day of
May, 1971.
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I, B. B. McNEECE, the duly qualified and acting City
~ Clerk of the City of Port Angeles, Washington, DO HEREBY CERTIFY
~at t~ foreging ordinance is a true and correct copy of
f(f..d-~~c.;v
'-erll.i.uCl.ul,;e No. %'-7 f of said city, duly adopted by its Council
and approved by its Mayor at a regular meeting of said Council
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held on the /1- day of May, 1971.
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