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Home My WebLink About13-75 / ' ;;. . e . - ~ RESOLUTION NO. 13-75 A RESOLUTION of the City of Port Angeles, Hashington, 'providing for the issuance of bonds of Local Improvement District No. 197 in the principal sum of $115,774.40. r~~REAS, by Ordin~~ce No. 1828 passed and approved July 2, 1974, Local Improvement District No. 197 of the city was duly created and the issuance of bonds was authorized; and WHEREAS, the improvements provided by said ordinance to be constructed in Local Improvement District No. 197 have been com- pleted; and WHEREAS, the assessment roll in said district has been confirmed by Ordinance i/o. 1846 in the total amount of $146,065.08 qf which $30,290.68 was paid during the thirty (30) day period permitted by law for the payment of assessments without penalty or interest; and ~~1EREAS, it will be necessary for the city to now issue bo~ds of said local improvement district in the principal sum of $115.774.40 in order to pay for the cost and expense of said improve- ments; NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Port ~~gelesf Washington, as follows: Section 1. That in order to pay for the cost and expense of the improvements ordered by Ordinance No. 1828 of the city and constructed in Local Improvement District No. 197, the city shall now issue bonds of Local Improvement District No. 197 in the princi- pal sum of $115)774.40. Said bonds will be dated May 1, 1975, shall be in the denomination of $1,000 each, except Bond No.1, which shall be in the amount of $774.~Ot shall be numbered from 1 to 116 inclusive, shall bear interest at the rate of 8.25 per cent per ! annum payable annually on May 1 of each year (commencing May 1, 1976) and shall mature May 1, 1987. All of said bonds shall be payable in lawful money of the United States of America at the office of the City Treasurer of Port Angeles, WaShington. Said bonds shall be redeemable at par, in numerical order, on any interest payment date whenever ~ there shall be sufficient'money in the Local Improvement District No. 197 Fund to pay the same and all unpaid bonds of this local e improvement district which are prior in numerical order to the ,last bond to be redeemed over and above an amount sufficient for the payment of the interest next accruing on all the unpaid bonds of this local imf.'rovement district. Notice of such intended redemption shall be given by mail to the original purchasers of the bonds, and by one publica- tion thereof in the Seattle Daily Journal of Commerce and in the . city official newspaper not more than twenty (20) nor less than ten (10) days prior to such redemption date. Section 2. Said bonds shall be in substantially the following form: m~ITED STATES OF AbffiRICA NO. $1,000 STATE OF WASHINGTON CITY OF PORT ANGELES LOCAL IMPROVE~ffiNT DISTRICT NO. 197 Laws of WaShington 1965, Chapter 7, ~35.45. 070 provides, in part, as follows: "Neither the holder nor owner of any bond, interest Coupon, or warrant issued against a local improvement fund shall have any claim therefor against the city or town by which it is issued, except for payment from the special assessments made for the improvement for which the bond or warrant was issued and except also for payment from the local improvement guaranty fund of the city or town as to bonds issued after the creation of a local improvement guaranty fund of that city or town. The city or town shall not be liable to the holder or owner of any bond, interest coupon, or warrant for any loss to the local improve- -2- ment guaranty fund occurring in the lawful operation thereof." The City of Port Angeles, a municipal corporation, hereby promises to pay to bearer the sum of ONE T~OUSAND DOLLARS ". in lawful money of the United States of America, with interest thereon from the date hereof until payment of the principal SQm has been made or duly provided for at the rate of 8.25 per cent per annum payable annually on May 1 of each, year (commencing May I, 1976), upon pre- sentation and surrender to the City Treasurer of this bond and the annexed interest coupons as they severally become due. This bond, both principal and interest, is payable only out of the Local Improvement District No. 197 Fund created by Ordinance No. 1828 of the city, and from the local improvement guaranty fund of the city created by Ordinance No. 852 of the city pursuant to Chapter 209, Session Laws, 1927. Neither the holder nor the Owner of this bond shall have any claim therefor against the City of Port Angeles except for payment from the special assessments made for the improvement for which said bond was issued, and except as against the local improvement guaranty fund of the city and the city shall not be liable to any holder or owner of this bond for any loss to the guaranty fund occurring in the lawful operation thereof by the city. The remedy of the holder or owner of a bond in case of nonpayment, shall be confined to the enforcement of the assessments and to the guaranty fund. , This bond is one of an issue aggregating in all the principal sum of $115,774.40 issued to pay part of the cost of certain street improvements within Local Improvement District No. 197 created by said Ordi- nance No. 1828. This bond is payable on or before May 1, 1987, and is subject to call by the Treasurer of the City of Port Angeles on any interest payment date whenever there shall be sufficient money in said Local Imnrovement District No. 197 Fund to pay the sa~e ~nd all unpaid bonds of this local im- provement district which are ,prior in numerical order to this bond, over and above an amount suffi- cient for the payment of the interest next accruing 'on the unpaid bonds of this local improvement dis- trict. In case this bond is called for payment before its final maturity, each and every interest coupon not accrued at the time of such payment shall be void. Call for payment of this bond shall be made by the City Treasurer by mailing notice of such call to the original purchaser of the bonds and by one publication of such call in the Seattle Daily Journal of Commerce and the city official newspaper not more than twenty (20) nor less than ten (lO) days prior to said call date, and when such call is made this bond shall be paid on the date the next interest coupon thereof -3- . e , - shall become due after such call. IN WITNESS \~EREOF, the City of Port Angeles, Washington has caused this bond to be signed by its Mayor.?nd attested by its Clerk under the corporate seal of the city and has caused the interest COupons hereto attached to be executed with the facsimile sig- natUres of said officials this 1st day of May, 1975. CITY OF PORT Al~GELES, WASHINGTON By ~2J~ ~~ Mayor ATTEST: ~~e.~ City Clerk The interest coupons to be attached to said Donds shall be in substantially the following form: No. $82.50 On the 1st day of May, 19 , the City of Port Angeles, Washington, will pay the bearer at the office of the City Treasurer the sum shmm herein in lawful money of the United States of America out of the Local Improvement District No. 197 Fund of the city, said sum being the interest due that date on bond numbered of Local Improvement District No. 19,7 of the city. This coupon is subject to all the terms and conditions contained in the bond to which it is attached. CITY OF PORT ANGELES, WASHINGTON By ~7L~~ Mayor ATTEST: ~e,~ City Clerk -4- , . Section 3. The bonds shall be signed by the Mayor and City Clerk under the corporate seal of the city and the interest . . coupons shall. bear the facsimile signatures of said officials. The appropriate city officials are hereby author~zed to do everything necessary for the prompt printing, issuance and delivery of said bonds and the proper application of the proceeds thereof. PASSED by the Council of the City of Port Angeles, Washington, and approved by its Mayor at a regular meeting of said Council held on the &, 1X day of M.y , 19 ;7s. CITY OF PORT ANGELES, WASHINGTON By ~z1~~~__ Nayor -.." ...............................-' r- ATTEST~""/ "'. r "<'f-' - -- ....~:.. ~ rl..~ ; ~":-" Ci ty Clerk f~>..:' ......., -............ PUBLISHED: ~ e -5-