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RESOLUTION NO. I~- 03
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A RESOLUTION of the City of Port Angeles}
Washington} providing for the issuance
of bonds of Local Improvement District
No. 183 in the principal sum of $259}975.
WHEREAS, by Ordinance No. 1475 passed and approved
September 7} 1961, Local Improvement District No. 183 of the
city was duly created; and
WHEREAS, the improvements provided by said ordinance
to be constructed in Local Improvement District No. 183 have
been completed; and
WHEREAS, the total cost of said improvements as
evidenced by warrants drawn on the Local Improvement District
No. 183 Fund created by said Ordinance No. 1475 plus accrued
interest thereon from the date of each warrant to the date of
the proposed redemption thereof, and after deducting $469.48
of unused Construction Fund moneys is $360,373.80; and
WHEREAS} the assessment roll in said district has
been confirmed by Ordinance No. 1507 passed and approved
March 7, 1963 in the total amount of $360,385.44 of which
$100,398.80 was paid during the 30-day period permitted by law
for the payment of assessments without penalty or interest; and
~iHEREAS} it will be necessary for the city to now
issue bonds of said local improvement district in the principal
tt sum of $259,975.00 and to deliver said bonds together with
$996.60 cash on hand in the Local Improvement District No. 183
Fund and $469.48 cash on hand in the Local Improvement District
No. 183 construction Fund to the holder or holders of the out-
standing Local Improvement District NO. 183 Fund warrants in
exchange therefor;
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NOW, THEREFORE, BE IT RESOLVED by the Council of the
City of Port Angeles, Washington, as follows:
Section 1. That in order to redeem the outstanding
warrants which have been drawn on the Local Improvement
District No. 183 Fund of the city and issued for the payment
of the costs of the improvements constructed in said local
improvement district, the city shall now issue bondS of Local
Improvement District No. 183 in the principal sum of $259,975.00.
Said bonds shall be dated June 3, 1963, shall be in denominations
of $1,000 each, except for Bond No. 1 Which shall be in the
denomination of $975.00, shall be numbered from I to 260 inclusive,
shall bear interest at the rate of 4.6~/o per annum payable
annually on June 3 of each year and shall mature June 3, 1975.
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. 183 Fund to pay the same and all unpaid bonds of this local
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 improvement district.
Notice of such intended redemption shall be given by
one publication thereof in the official city newspaper not more
than twenty nor less than ten days prior to such redemption date.
Section 2. Said bonds shall be in substantially the
following form:
2
UNITED STATES OF AMERICA
NO.
($975.00)
$ 1,000
STATE OF WASHINGTON
CITY OF PORT ANGELES
I
LOCAL IMPROVEMENT DISTRICT NO. 183
The City of Port Angeles, a municipal corporation of
the State of Washington, hereby promises to pay to bearer
the sum of
ONE THOUSAND DOLIARS
in lawful money of the United States of America, with interest
thereon from the date hereof at the rate of 4.60% per annum
payable annually, upon presentation 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. 183 Fund created
by Ordinance No. 1475 of the city, and from the Local Improve-
ment Guaranty Fund of the city created by 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 or warrant was issued,
and except as against the local improvement guaranty fund of
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the city and the city shall not be liable to any holder or owner
of such 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 assessment and to the guaranty fund.
This bond is one of an issue aggregating in all the
principal sum 0~$259,975.00 and is payable on or before
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June 33 1975, and is subject to call by the Treasurer of the
City of Port Angeles on any annual interest payment date
whenever there shall be sufficient money in said Local Improve-
ment District No. 183 Fund to pay the same and all unpaid bonds
of this Local Improvement District which are prior in numerical
order to this bond, over and above an amount sufficient for the
payment of the interest next accruing on the unpaid bonds of
this local improvement district.
In case this bond is called for payment before its
final rnaturitYI 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 one pUblica-
tion of such call in the official city newspaper not more than
twenty nor less than ten days prior to said call datel and
when such call is made this bond shall be paid on the day the
next interest coupon thereon shall become due after such call.
IN WITNESS WHEREOF, the City of Port Angeles, Washington
has caused this bond to be signed by its Mayor and 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 signatures of said officials this 3rd day
of June, 1963.
CITY OF PORT ANGELES I WASHINGTON
(~~L<0 7. /lAayi/u &l
~. Mayor ,. f'
ATTEST:
Ii l' 0~./ T'teu-J
City Clerk
The interest coupons to be attached to said bonds shall
be in substantially the following form:
4
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NO.
($44 . 85 )
$ 46.00
on the 3~~ day of June) 19
, the City of
Port Angeles) Washington, Washington, will pay to bearer
at the office of the City Treasurer the sum of Forty-six
DO~RS in lawful money of the United States of America out
of the Local Improvement District No. 183 Fund of the city)
said sum being the interest due that date on bond numbered
of Local Improvement District No. 183 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
Mayor
ATTEST:
City Clerk
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 authorized to do
everything necessary for the prompt printing, issuance and
delivery of said bonds and the proper application of the ~oceeds
thereof.
Section 4.
Any cash remaining in the Construction
Fund after the redemption of the outstanding Local Improvement
District No. 183 Fund warrants and the payment of all warrants
duly drawn upon said Construction Fund shall be transferred to
the Local Improvement District No. 183 Fund.
PASSED by the council of the City of Port Angeles,
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16th day of May, 1963.
Washington, at a regular meeting of said Council held on the
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-:: ~ ATTEST:
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.~ :.~ )i, //0 / /U-~
City Clerk
CITY OF PORT ANGELES,
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By " L
.' Mayor
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WASHINGTON
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