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RESOLUTION NO. /.:?-7c?
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. 191.
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. 191 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 P.M. Pacific Daylight Time, at the Council Chambers, 134
W. Front Street, in Port Angeles, Washington, on July 7, 1970.
Section 2. Notice of such sale in the form attached hereto,
marked "Exhibit Air 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, Washington,
and approved by its Mayor at a regular meeting of said Council held on
June 16, 1970.
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ATTEST;
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Mayor
WASHINGTON
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. ,City Cl,erk
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EXHIBIT ItAlI
NOTICE OF SALE
CITY OF PORT ANGELES
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LOCAL IMPROVEf1ENT DISTRICT NO. 191
WARRANTS AND BONDS
NOTICE IS HEREBY GIVEN that the City of Port Angeles,
Washington, proposes to issue during the period of construction,
warrants drawn on Local Improvement District No. 191 Fund of the
city in the principal amount of approximately $76,700.
Said warrants will be redeemed by bonds of said local
improvement district which will be issued upon completion of such
construction and confirmation of the assessment roll estimated
to be approximately March 1, 1971, and which will mature in twelve
years from date of issue.
NOTICE IS HEREBY FURTHER GIVEN that sealed bids for the
purchase of said warrants and bonds will be received at the office
of the City Clerk at the City Hall in Port Angeles, Washington,
until 7:30 P.M. Pacific Daylight Time on July 7, 1970, 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 the
warrants and bonds, and must be for par for said warrants, and
par or par and a premium for said bonds. The same interest rate,
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
$58,000 with a five-year average life, and the best bid for all
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The City r~serves 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, Vlashington, approving the legality of
the issuance of all of the warrants drawn and bonds issued in
said local improvement district will be furnished by the City.
DATED at Port Angeles, Washington, this 16th day of June, 1970.
B. B. McNEECE, City Clerk
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