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Home My WebLink About14-61 RESOLUT ION NO. 1'-1- /.t; / e A RESOLUTION of the Council of the City of Port Angeles, Washington, providing for the sale of bonds and warrants of Local Improvement District No. 183. 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. 183 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 Standard Time, at the Council chambers in the Police Station in Port Angeles, Washington, on October 19, 1961. 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 October 5, 1961. - "" "" c ,'.r ".,/>-. ...'~ ~..: ~.:;,&.. ~.:. ,:'~ -~.~ ~- ? f;" !'""-i"'ATTEST: .: .!, . f5.l "'''- ,.j) . . ~"-"'"' V/ (p :. ~ {/ City Clerk CITY OF PORT ANGELES, WASHINGTON BY~~'~~ - Mayor ..~ ~~ e e tmICE OF SAW CITY 01' PO~ AUGEI.I:S LOCAL nwnOVEm:!tt' DIS'l'R1Cl' NO. lS3 ~"lr.ZS AUP tOUl):3 l:oTICS IS ~y oIVtu tb:lt. the City of POrt ZUlgolcs, l1l1Dh1n;ton, proposea to ict:uodud.no the period of eonsb:uctl04, Wtlrnnto drawn on Local XJ:proveoont .Dletl'ict .90. 103 Fund of tho city in. th~ principal QCl)unt otD.ppro2C1mt.oly $320,000. Scid \iQn.'llnto \1il1 be red~ by bonda of oll.ld 1oc:ol 1t:prove:C3Dt 41GtJ:tc:t. dli.eh will bo !esued upon eonplctlnn of ouch construot.ion ond coaf1J:r';.3tion o~ the otll:ae:osr:umt roll on npprox~t.ely D~<lr. lS62, an11 \c..hleb ~111 roturo 1ft t't1Olvo yanro f1:O:1 ~to of iecue. ro'l'Ic:n IS mmEnY Ftm'fEnR GIVm:3 that ceale& biii.o for tho purchaoo of said Wlrrc.n~ end banda wl11 bo Z'cco1V<lCl nt ~o otfico of tho City CIon at the C1t~y Imll in Port. Ango1eD, t1.ach1ngton., until 7: 30 P.fl., ~elflc Ctnndnrd Tteo, on october 19 . 1961, at which timo sald biClo "'111 be publicly opened, t'CM and c:ona16crc<l b)' the Clty Council. Sn1(1 ~rJ:'o.ntD an4 bondo \,1111 be soW together to tho bidder submit.ting tho best bid tbJ<rcf'or. each bid CJDt be fOJ: bOth the warrants t\J\d bon(lc, and ClU:lt. be fo~ par for aCid 1Io'7lJ:'X'anto, I1nd par 0%' par and ~ prODium for csid banda. Tho SF.r.:lO 1Dtcrc~ rate, ot=t core than ~ per D.nn-.m, Clot be Bpceifiod for both the bOndD and warranto. %n co:uput1ng the bact bie!, it \1111 be catJur:'t04 by tho clty ~t 'the principnl amunt. of tho bondc ~ be:! 1asued w111 be *250,000 with a fivo-yenr averavo lifo, a;:d tho best bid for all t"arrantD tmd bondo will be doterc1ned &01011' Oft t.his ~t1on without. rcgord t.o the principel Br.:1tIbt of t.ho .""I.r"'~""" w::lrzantn w be issued and' the total amount of tho tnt.oreat t.o bcco:nc duo tbereon. A1;1 bids ahall be 8caled, a.'U1 shall be cecc::;mnlOt1 by Q e ~ faith aopoaf:t 1n tho form of II certified or cMlh1ar'o c:hceh ltSdo paynblo to the !'ronsurcr of tho City o1! Port. Angoleu tor tho account of tho Local Improvement District Co. 183 Construet.1on Fund 1D tho C1'l'.::)UQt. of 0',000, ~ich eheelt Vl11 )x) returned if tho bid 18 not accepted. Said good faith deposit \:Itl1 be cr~tted in payment of tho first toeal ~vc.::ent District lb. 183 t'Und \:Zrrant to bo iscued in a lUto pr1nc.t.pal m:lOUnt, t:hlch \:."3rrant \1111 be rote1ncd by tho city. If oucb cucceasful biddor ehaU fuil or noglOC1: 1:0 eotl91tlto tho purchase of all of mUd ....-arnnt.o follO\1i~ tho Be<:eptaru:o of hiD bid, DUch f1J:ot warrant. with tho ccc:rucd interest duo thereon ohall bo forfeited to tho city. If ouch successful b~or cocplotco tho purchase of all of caid ~rrcnto and exc:banqes SlUIle With tho city for casb and tho 'bon6o of thio local 1cprovemont d1stricil-, auid f1rat warrnnt aQdthe Il.ccruod interest earned thereon shall bec:om:) tho proporty of ouch cuccosotul bidder. 'rho c1~ rcoorves tbo right 1::0 roject any end aU bido I!Nba1tted, nM to mivo Dny 1n:fo~lities thoX'Oin" Tho city tf1l1p3y for the printing of oCltd bondo.. 'i'he opinion of preston, Tho~.1mgon, I!orouitJ:, Dtz1rin ~ nll1D, bon4 CO~nDol of seat.tle, Uash1ngton, approving tho lerplity e of tho iSGUlU1CO of cll of t.Iw ,,"-arrant8 drawn on ocid IDeal J:cprovc=ont oistrict 1:0. 103 Func1 ned the bonds of OQid local. lcprovc=en~ dictr1ct ,",ill bo furniched by the city. n..~ozr;:D I:1t Port 1\ngolco, tl:u:lh1n7tOn, tblc 5'th 4ey of OCtober, 1961. f~. ~. M~~ City Clerk 2 ~~~.. e e II,.....,... n:xntJ\rt .A If CO'1'ICB OF GAUl: ern or Pol\T AinGIt:s t.OCAL IMPROWl~ DtS'1'1UCl' no. 183 t:ARBANl'G Am> Doms UOTlcn IS tmRSBY GIVI:U that tho City of Port Angolco, l1ashll19ton, proposos to 10Due dur1nq tho portod of construction, warranto drtlt:fi on Local ~OVc::QDt D1Gtrtct no. 103 Fun~ of the city 1n 'tho principal ru.::ount of npproxtmatcly $320,000. Said uarrtlntc ",111 be rcdCEr3d~ by bonds of oaid local b':provecont cUatrict which vi11 b9 issued upon completiQn of DUch construction and conflrmt1on of the noeeo~nt roll on npprox1r.:atoly Doccmer, 1962, und \:h1cb \1111 I!l!ltura 1n t~lvo yenro frOM date of lsooo. 't:'OTICtl 18 mmBBY PUllTImR GIVml that Goaled bldo for tho purcbeso of said warrants and bando will be J:oco!vcc1 nt the office of the City Clark at tho <:1ty Ibll in Port Angeles, t1aah1ngton, untl1 1: 30 P.t-1., Pacific: StcC:5ard T1c9, on Octobar 19 . 1961, at .which t1co oa1c1 bids viU be ~ic1y opened, rdld and coDuidoreB by the City Couneil. Said warrants and bOnds \1111 be Gold tOCIothor to the bidder oubmttin.g tho best bid therefor. Each bid must bO for both tho ~rrants and bonds, and oust. be for par for oai4 varrnnts. and par or ptlr and a prcm1uc Lor ea1d bonds. Tho oems 1ntcJ:'ect I'oto, at nOt more \>han 6% por bnnuo, ttlU8t be spcc1fitld for botb tb~ bOndt: ond 'W'3rrentD. In cor:puting the bOot bid" 11: w111 be alu.uma" by tho city 'that tho prineipul lUlt:)unt of the bonae t:o bO 1scu04 tltll be 0;250,000 \1itb t\ flvQ-ycar avor.1g'Q lifo, and tho beat bid for all warrantc and bonda \1ill bo detornined Golely on tbia ~~Qtion without rcgnrG to tbe principal omount of tho ~ ~:.?, '6. ~.w:..~ l\.~rrantD to be iS$ued and thtl total amount. of the ihtorClDt to b<!lcomo due thereon. All bids shell be o~led. and cball be eccompan1ed by & e good faith deposit in tho fora of! a certified or cashior I 0 cheek 1!l3de plI.yub1e to the l'reasur~r of the City of Port Ango1c:J for tho account of the Local Iq>rovemont DUt.rict ~. 103 Conatnetion rund in tho Cllnunt of $5,000, which chock wilt be rotu.rned if tho bit! iD not; accepted. Said good fa1th 4cposit \1111 be credited in payment of the f1ret Local D:lprow~'lient. District lb. 183 Fund warrant to be 1.oBue<! in a like J>,rinC::lpAl cr.:ount... which \1arrant v111 be , retained by the city. If 8ucb ou(:c::38sful biddor ohal1 feil or neg-loet. to complete thepurchas(l of ell of 8014 ~-a"anto follO\'11ng the eccop'b1nce of h1a bid, GltcJl first. warrant with the 2.ccrued interest duo thereon shall be forfoited to tbe city. If such successful bidder completes the purchase of all of Bold warrant.s and exC:hal1ies same with the city for casb ~nd the bonds of tbis local ~vement cSiDtrict, said firat warrant and tho e.ccruod interest earned thereon shall b~come the property ot cucb t:Uc:eossful blader. \'he city reSOrTeS th~ rL~bt to reject any and all bide 8Ubt:\1i;ted, end to waivG nny informalities therein. The city "'111 ~y fo~ the pr1n.ting of sn1(1.bondo. 1be opinion of Preston# t'horgrimSon, Eorow1b, Dtnrln 6 nUts, bond counsel of Soa:ttle, t-:ashington, approving the legal1ty _ of tho 1s1JUIU1Cr;!: of all of tho: W".:1rrant3 drawn on sait! Local D:lprove=ent District Co. 183 ~ and tbe bond:3 of cal(l loc:a1 U1provec.(!n1o d1stri~ will bo furnlshed by the city. DA1'EJ) at JI'ort Angeles, '.!asbington, this 5 t:.h dey of oct.ober, 1961. J. ~ /!vfiAA/ City Clerk 2