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RESOLUTION NO. .:17-1.5'
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. 186.
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'\ BE IT RESOLVED BY THE COUNCIL OF THE CITY OF PORT ANGELES,
I: WASHINGTON, AS FOLLOWS:
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. District No. 186 of the City of Port Angeles I Washington created by Ordinance
Section 1. All of the interim revenue warrants of Local Improvement
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INO. 1568 of the city shall be and are hereby sold to and purchased by the Firemen';s
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, 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
;Iof sale of said warrants shall be deposited in the Local Improvement District
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I'No, 186 Fund created by said Ordinance No, 1568.
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Section 2. It is contemplated that upon completion of the improve-
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ment in Local Improvement District No. 186 and after the expiration of the 3D-day
assessment prepayment period, an Installment Note of Local Improvement District
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':No. 186 may be issued for the redemption of the outstanding revenue warrants as
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Iprovided by Ordinance No, 1568 of the City. Said Installment Note will be pur-
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,ichased as an investment by the Firemen's Pension Fund at an interest rate of
'~4 3/4% per annum at a price of par plus accrued interest to date of Note.
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
7'2tw . '(
, 1965.
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\ City Clerk
as to Form
CITY OF PORT ANGELES, WASHINGTON
By (!~A7' /29;;At~~(1~d
Mayor .
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