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,