HomeMy WebLinkAbout09-58
RESOLUTION NO. '1- S'i
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A REqOLUTION of the City Council of the City of Port
Angeles, Washington creating a. Construction Fund
for Loca.l Improvement District No. 177 of the City
of Port Angeles for the purpose of paying 811 of
the cost of the improvement of said construction
installed under said local improveMent district,
including all costs incidental thereto, and a.uthorizing
the delivery of the warrants and bonds issued against
said Local Improvement District No. 177 to the
Firemen1s Pension Fund as an investment for the
benefi t of' said Fund.
V.lliEREAS, by proceedings duly and regularly ta.ken and by
Ordinance No. 1414 passed on the 20th day of Ma.rch, 1958 Local
Improvement District No. l77 was created, and the construction
and installation of said improvements authorized; and,
WHEREAS, the City Council did heretofore advertise and
have ente~ed into a contract for construction under said Local
Improvwent District No. 177 and for the sale of warrants and bonds
to be drawn on said Local Improvement District No. 177 created
by Ordinance Uo. 1414 to pay the estimates due the contractor
and incidental costs incurred in connection with the construction
and insta.llation of' the improveMents to be made in said Loca.l
Improvement District No. 177; and,
WHEREAS, it is found by the City Council that the invest-
roent in the warrants end bonds to be issued against said dts trict
of funds from the Fireroen1s Pension Fund will be of special
benefit to said fund; and,
\fH~EAS, it is necessa.ry that a. proper record of said fund
be maintained and for tha.t purpose it is necessary tha.t a specia.l
fund be created so tha.t said funds may be used to pay the costs
.
of said improvements;
NOW, THEREFO~E, BE IT RESOLVED by the City Council of
the City of Po~t Angeles as follows:
Section 1: That there be, and is hereby crea.ted, a
special fund of the r.ity known as Local Improvement District No.
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177 Construction Fund. That all monies received from the sale of
warrants or bonds on Local Improvement District No. 177 Fund shall
be placed in said construction fund and it sha.ll be used solely
for the purpose of pa.ying the costs of the construction and
installation of the improvements in said local improvement district,
e including a] 1 costs incidental thereto.
Section 2: Be it further resolved tha.t the funds now stan-
ding under the Firemen's Pension Pund may be invested in the pur-
chase of warrants issued against said Local Improvement District
No. 177 and utilized as an investment of said Firemen's Pension
Fund, and it is further-particularly resolved tha.t the Ma.yor and
Manager, City Clerk or other proper officer may purchase the
warrants against said Local Improvement District No. 177 and funds
of said Firemen's Pension Fund invested in said local improvement
district warrants ~~d therea.fter sa.id funds may be invested in
the bonds of said loca.l improvement district.
PASSED by the City Council of the City of Port Angeles,
Washington and approved by its Mayor at a regular meeting of said
City Council held on the 5th day of June, 1958.
ATTEST:
Q. Go L t:Uff
(J City Clerk
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