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HomeMy WebLinkAbout0654ORDINANCE NO. AN ORDINANCE authorizing the issuance and sale of Local Improvement Bonds for Local Improvement District No 56 to pay the coat and expenses of the improvements in said District as 411 ordered and provided for in and by Ordinance No 623 approved November 25th, 1919, entitled; "A1 ORDINaCE providing for the construction of a lateral sewer beginning at the intersection of the Lincoln Street Trunk Sewer and the Alley between Fourth and Fifth Streets, Block 169, thence following said Alley through Blocks 169 and 170 to and including Lot 18 in Block 171, from the Lincoln Street Trunk Sewer to the break of Peabody Gulch crossing Chase and Peabody Streets, a total dimtance of 1481 lineal feet, in the City of Port Angeles, Washington; creating a Local Improvement District No, 66; and providing for the payment of the cost and expense • thereof by special assessments upon the.property within said district according to law and by the "]lode of Payment by Bonds ", all in accordance withaResolution No. 66 of the City Council of said City, and in accordance with maps, plans and specifications prepared by the City Engineer and herein approved and adopted "; fixing the date of issuance of said bonds and rate of interest thereon, BE IT ORDAINED By the City Council of Port Angeles: Section 1, That the Mayor and City Clerk be and they are hereby authorized and directed to issue Local Improvement Bonds - -- for Local Improvement- :District.:No, -66 •of the City of Port Angeles created by Ordinance No, 623 approved November 25th, 1919, and in accordance with the laws of the State of Washing- ton and the ordinances of the City of Port Angeles in the sum of Two Thousand, Five Hundred Six and 14/100 Dollars 02506,14), Section 2, That said bonds shall be made payable on or before twelve years from the date of issuance thereof in ten equal annual payments or installmetts and shall bear interest at the rate of seven per cent payable annually, Said bonds shall be issued in the denomination of One Hundred Dollars ($100) each except Bond No. 1 thereof which shall be of the denomination of Six and 14/100 Dollars ($6,14); and they shall be each numbered consecutively from 1 upwards and each of tne said bonds shall have attached thereto interest coupons for each interest payment, and each said bond and coupon shall oe signed by the Mayor and attested by the Clerk, who shall affix the seal of the City to each of the said bonds; provided that said coupons in mieu of being so signed may have the fac- simile of the signatures of the Mayor and Clerk printed thereon and each such bond shall refer to the improvement, and the Ordinance ordering said improvement, to pay for which said bonds shall be issued and each of said bonds shall provide and state that the principal sum therein named with the interest thereon shall oe payable only out of the special fund created for the payment or the cost and expense of said improvement, and that no other fund of the City of Port Angeles shall ever be liable therefor. Section 3. That the form and mode of the issuance of the execution of said bonds shall be as prescribed by the laws os the State of Washington and of the Ordinances of the City of Port Angeles, as in such case made and provided, and that said bonds when so lawfully executed and issued, shall be placed in the custody of the City Treasurer and by him delivered to tne purchaser or purchasers, upon receipt by him of the amount contracted to be paid for the same, not less than their par value and_accrued. interest.__. .__ _ _ . Section 4, Said bonds or any part of them may be solo or exchanged for the warrants issued, in payments for the improve- ments for which they were issued or may be sold to any purchaser for cash at not less than their par value with accrued interest and the proceeds thereof shall be applied to the payment'o± the cost and expense of said improvement,. Section 5. That said bonds shall be dated the 15th aay of October, 1920, Section 6, - This-Ordinance shall be in full force and effect when it shall have been passed by the City Council, approved by the Mayor, attested by the City Clerk, approved by the City Attorney, and from and after five (5) days from its publication once in the official newspaper of the City of Port Angeles, and the Clerk 1b hereby directed to cause she same to be so published, pJ Passed the City Cogncil..the / / day of November, 1920, Approved and signed by the Mayor on the / day of November, 1920, • Attest,- Approved: Published November 1920, Mayor,