HomeMy WebLinkAbout09-72
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RESOLUTION NO':
9- 7.:<,
A RESOLUTION of the Council of the City of Port Angeles,
Washington providing for the sale of bonds and warrants
of Local Improvement District No. 194.
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF PORT ANGELES,
WASHINGTON, AS FOLLOWS:
.8..ec.tion 1, All of the interim revenue warrants of Local Improve-
ment District No. 194 of the City of Port Angeles, Washington created
by Ordinance No, 1765 of the city shall be and are hereby sold to and
purchased by the Firemen's Pension Fund of the City of Port Angeles at
an interest rate of 6t% per annum at a price of par and for periodic delivery
and payment as funds are required to meet the costs and expense of the
improvements to be constructed, The proceeds of sale of said warrants
shall be deposited in the Local Improvement District No. 194 Fund created
by said. Ordinance No. 1765.
Section 2, Upon completion of the improvement in Local Improve-
ment District No. 194 and after the expiration of the 30-day pre-payment
period, an Installment Note of Local Improvement District No. 194 shall
be issued for the redemption of the outstanding revenue warrants as
provided by Ordinance No. 1765 of the City. Said Installment Note will
be purchased as an investment by the Firemen's Pension Fund at an interest
rate of 6t% per annum at a price of par plus accrued interest to date of Note.
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
7"/'..("~ /\In VEM A.lR 1972,
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CITY OF PORTlANGELES, WASHINGTON
By ~7J~ ~
Mayor
ATT_EST:
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City Clerk
Approved as to Form:
City Attorney