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RESOLUTION NO. .:{()-6!:J
A RESOLUTION of the Council of the City of
Port ~geles, W~shington providing for the
sale of the bonds and warrants of Local
Improvement District No. 187.
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BE IT RESOLVED BY THE COUNCIL OF THE CITY OF PORT ANGELES,
WASHINGTON, AS FOLLOWS;
Section 1.
All of the interim revenue warrants of
Local Improvement District No. 187 of the City of Port Angeles,
Washington created by Ordinance No. 1564 of the city shall be and
are hereby sold to and purchased by the Firemen's Pension Fund of
the City of Port Angeles at an interest rate of 4 3/4% per annum at
a price of par and for periodic delivery and payment as funds are
required to meet the costs and expense of the improvements to be
constructed. The proceeds of sale of said warrants shall be
deposited in the Local Improvement District No. 187 Fund created by
said Ordinance No. 1564.
Section 2.
It is contemplated that upon completion of
the improvements in Local Improvement District No. 187 and after the
expiration of the 30-day assessment prepayment period, bonds of
Local Improvement District No. 187 may be issued for the redemption
of the outstanding revenue warrants as provided in Ordinance No. 1564
of the city. Said bonds will be offered to the public at an
interest rate of 4 3/4% per annum at a price of par plus accrued
inter~~t'to date of delivery. All of such bonds not,so subscribed
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~ and paid for by the public shall be sold to and purchased by the
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Firemen's Pension Fund of the city at a price of par plus accrued
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interest to date of delivery. The exact date,- form, terms,
maturities and manner of sale of said bonds to the public shall be
as hereafter fixed by resolution of the Council.
ADOPTED by the Council of the City of Port Angeles,
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Washington, and approved by its Mayor at a regular meeting of
said council held on _ ~ J,. .:2.J
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, 1965.
CITY OF PORT ANGELES, WASHINGTON
ByD~~,,~.c;x./f/~
, .~ Mayor
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