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RESOLUTI ON NO. / 'f;~S7
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A RESOLUTION of the City of Port Angeles creating a
Construction Fund for Local Improvement District No.
174 of the City of Port Angeles for the purpose of
paying all of the costs of the improvements to be
constructed and installed in said local improvemen
district, including all costs incidental thereto,
and authorizing the sale of bonds and warrants of
said local improvement district in accordance with
the statute in such case made and provided.
WHEREAS, by proceedings duly and regularly taken and by
Ordinance No. 1385 passed and approved on the 7th day of March, 1957
Local Improvement District No. 174 of the City was created and the
construction and installation of certain improvements therein was
authorized; and,
~~EREAS, bids have been called and contracts let in the
manner required by law for the construction and installation of said
improvements; and,
WHEREAS, said Ordinance No~ 1385 provided that bonds of
such Local Improvement District payable out of special assessments
to be levied upon the property within the district specially
benefited by the construction and installation of such improvements
would be issued to provide funds to redeem the warrants of the dis-
trict issued on said Local Improvement District No. 174 Fund created
by said ordinance to pay the cost and expense of such improvements
and all costs incidental thereto; and,
WHEREAS, it is necessary that said bonds and warrants be
sold to provide the funds for such improvement; and,
WHEREAS, it is necessary that the money received by the
City fromthe sale of said warrants be placed in a special construc-
e tion fund of said 10 eel improvement dis trict and used to pay the
cost of said improvements and costs incidental thereto.
NCM, THEREFORE, BE IT RESOLVED by the City of Port Angeles,
1'iashington as follows:
Section 1: That there be and is hereby created a special
fund of the City of Port Angeles known as Local Improvement District
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No. 174 Construction Fund. That all monies received from the sale
of warrants drawn on said Local Improvement District No. 174 Fund
created by Ordinance No. 1385 of the City shall be placed in said
Construction Fund and shall be used solely for the purpose of paying
the costs of construction and installation of the improvements
tit authorized for Local Improvement District No. 174 of the City,
including all costs incidental thereto.
Section 2: That the warrants and bonds of said Local
Improvement District No. 174 may be sold by the Mayor and the City
Clerk as provided by statute at not less than par and at interest
not to exceed six per cent (6%) per annum.
Section 3: That at completion of said improvement bonds
under said Local Improvement District No. 174 shall be issued for
the redemption of such warrants and said bonds shall be sold by
the Mayor and City Clerk for the redemption of said warrants.
It being the intention by this resoltuion that said bonds may be
3J ld to and purchased by th e reserves of the Firemen I s Pension Fund
but said bonds shall not bear interest in excess of f,~~ per cent.
PASSED by the Council of the City of Port An8eles at a
regular meeting of said City Council held this 2nd day of May, 1957
and approved by its Mayor on said date.
CITY OF PORT ANGELES, WASHINGTON
G~>>I' ~
Mayor
By
ATTEST:
Q :._~c;uv-
if City~
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Approved as to form:
City Attorney