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RESOLUTION NO. /'1 ~S7
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A RFBOLUTION of the City of Port Angeles creating a
Construction Fund for Local Improvement District No.
175 of the Oi ty of Port Angeles for the purpose of
paying all of the costs of the improvements to be
constructed and installed in said local improvement
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 ani regularly taken and by
Ordinance No. 1386 passed and approved on the 7th day of March, 1957
Local Improvement District No. 175 of the City was created and the
construction and installation of certain improvements therein was
authorized; and,
WHEREAS, bids hav.e been called and contracts let in the
manner required by law for the construction and installation of
said improvements; and,
WHEREAS, said Ordinance No. 1386 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 D1strict No. 174 Fund created
by said ordinance to pay the cost and expense of smh improvements
and all costs incidental thereto; and,
WHEREAS, it is necessary the. t said bonds and warrnnts be
sold to provide the funds for such improvement; and,
WHEREAS, it is necessary that the money received by the
City from the sale of aal d warrants be placed in a special construc-
~ tion fund of said local improvement district and used to pay the
cost of said improvements and costs incide'ntal thereto.
NOW, THEREFORE, BE IT RESOLVED by the City of Port Angeles,
Washington as follows:
Section 1: That there be and is hereby created a special
fund of the City of Port AIlS el as known as Loc a1 Improvement District
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No. 175 Construction Fund. That all monies received from the sale
of warrants drawn onsaid Local Improvement District No. 175 Fund
created by Ordinance No. 1386 of the City shall be placed in said
Construction Fund and shall be used solely for the purpose of paying
the cos ts of construction and install ation of the improvements
e authorized for Local ImprovEment District No. 175 of the City,
including all costs incidental thereto.
Section 2: That the warrants and bonds of said Local
.
Improvement District No. 175 ma~ 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. 175 shall be issued for
the redemption of such warrants and said bonds shall be sold by
the Meyor and City Clerk for the redemption of said warrants. It
being the intention by this resolution that said bonds may be sold
to and purchased by the reserves of the Firerr.en's Pension Fund
but said bands shall not bear interest in excess of ~ per cent,
PASSED by the Council of the City of Port Angeles at a
re.gular me eting of sai d City Council hel d this 2nd day of May,
1957 and approved by its Mayor on said date.
CITY OF PORT AN GELES, WASH[ NGTON
By
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Hayor
ATTEST:
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City Clerk
Approved as to form:
City Attorney