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RESOLUTION NO./..3-&:2J
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. 184.
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. 184 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 o'clock P.M.,
Pacific Daylight Time, at the Council Chambers in the Police
Station in Port Angeles, Washington 'on August 16, 1962.
Section 2.
Notice of such sale in the form attached
hereto, marked "Exhibit A" 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 he 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 August 2, 1962.
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CITY OF PORT ANGELES, WASHINGTON
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EXHIBIT "A"
NOT ICE OF SALE
CITY OF PORT ANGELES
LOCAL IMPROVEMENT DISTRICT NO. 184
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. 184 Fund of the
city in the principal amount of approximately $200,000.
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 assessmeht roll on
approximately November, 1963, 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
August 16, 1962,
at which time said bids 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, at not more than 6% per annum, ~ust be specified for both
the bonds and warrants. In computing the best bid, it will be
assumed by the city that the principal amount of the bonds to be
issued will be $175,000 with a five-year average life, and the
best bid for all warrants and bonds will be determined solely
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on this computation ~ithout regard to the principal amount
of the warrants to be issued and the total amount of the
interest to become due thereon.
All bids shall be sealed, and shall be accompanied
by a good faith deposit in the form of a certified or cashierls
check made payable to the Treasurer of the City of Port Angeles
for the account of the Local Improvement District No. 184
Construction Fund in the amount of $2500, which check will be
returned if the bid is not accepted. Said good faith deposit
will be credited in payment of the first local Improvement
District No. 184 Fund warrant to be issued in a like principal
amountl which warrant will be retained by the city. If such
successful bidder shall fail or neglect to complete the purchase
of all of said warrants following the acceptance of his bid,
such first warrant with the accrued interest due thereon shall be
forfeited to the city. If such successful bidder completes the
purchase of all of said warrants and exchanges same with the
city for cash and the bonds of this local improvement district I
said first warrant and ~he accrued interest earned thereon shall
become the property of such successful bidder.
The city reserves 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, Horowitz, Starin
& Ellis, bond counsel of Seattle, Washingtonl approving the
legality of the issuance of all of the warrants drawn on said
Local Improvement District will be furnished by the city.
DATED at Port Angeles, Washington, this
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1962.
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City Clerk
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