HomeMy WebLinkAbout09-73
RESOLUTION NO. ~
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A RESOLUTION of the Council of the City of
Port Angeles, Washington providing for
the sale of the warrants and bonds of
Local Improvement District No. 196 of
the City.
WHEREAS, on June 5, 1973, the Council of the City of Port
Angeles, Washington, passed its Ordinance No. 1794 creating Local
Improvement District No. 196 of the city; and
iiHEREAS, said ordinance provided in Section 6 thereof
that interim revenue warrants should be drawn upon the Local Improve-
ment District No. 196 Fund and should be sold to such purchaser as
might thereafter be provided by resolution of the City Council; and
iiHEREAS, the City has received a proposal from First National
Bank in Port Angeles proposing to purchase the warrants and bonds to
be issued in connection with such local improvement district, and it
is deemed to be in the best interests of the city that such proposal
be accepted;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of Port Angeles, Washington as follows:
Section 1. The proposal of the First National Bank in
Port Angeles, a copy of which is attached hereto and incorporated
by reference herein, to purchase warrants drawn upon the Local
Improvement ,District No. 196 Fund of the city and to purchase
local improvement district bonds to be issued in connection with
~ such local improvement district, is hereby accepted and approved.
Section 2. Interim revenue warrants shall be drawn upon
the Local Improvement District No. 196 Fund and so sold to the First
National Bank in Port Angeles to furnish monies for the payment of
the costs of the construction and installation of the improvements
to be made within Local Improvement District No. 196. The proceeds
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of the sale of such interim revenue warrants shall be deposited in
said fund, and cash warrants drawn thereon in payment of such costs.
Section 3. Upon completion of improvements in Local
~ Improvement District No. 196 and levying of the assessments
therefor, the amount of bonds to be sold to the First National
Bank of Port Angeles, together with their date, form, terms,
maturities and covenants, shall be specified by ordinance.
ADOPTED by the Council of the City of Port Angeles and
approved by its Mayor at a regular meeting of said council, held
this 7~~day of July, 1973.
CITY OF PORT ANGLES, WASHINGTON
By
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Mayor
ATTEST:
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Approved as to form:
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City Atto
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