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HomeMy WebLinkAbout0683ORDINANCE NO. ga AN ORDINANCE authorizing the issuance and sale of Local Improvement Bonds for Local Improvement District No, 68 to pay the costs and expenses of the improvements in said District as ordered and provided for in and by Ordinance No, 630, approved April 27th, 1920, entitled: "An Ordinance ordering and providing for the improvement of First Street in the City of Port Angeles, Washington, from the East Margin of Valley Street to the West Margin of Lincoln Street; all in accordance with Resolution No, 68, and plans and specifications adopted by the City Council of the City of Port Angeles; creating a local improvement district therefor, and providing for the payment of said improvement by special assess- ments upon the property in said district, payable by 'Mode of Payment by Bonds,", • fixing-the date-of issuance of=- said -bonds and the rate of interest thereon, THE CITY COMMISSION of the City of Port Angeles do,ordain as follows; 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, 68 of the City of Port Angeles, created under Ordinance No, 530, approved April 27th, 1920, and in accordance with the laws of the State of Washington, and the Ordinances of the City of Port Angeles, in the sum of Seventy -five Thousand, Five Hundred and Twenty -one Dollars and Seventy -five Cents 476,521,75) Section 2, That said bonds shall be made payable on or before twelve years from the date of issuance thereof in ten equal annual_ installments and shall bear interest at the rate of seven per cent per annum, payable annually. Said bonds shall be issued in the denomination of $100 each, except Bond No. 1 which shall be of the denomination of Twenty -one Dollars and Seventy -five Cents ($21.75), and they shall be each numbered consecutively from 1 upward, and each of the said bonds shall have attached thereto interest coupons for each interest payment and each such bond and coupon shall be signed by the Mayor and attested by the City Cleric who shall affix the seal of the City to each of the said bonds; provided that said coupons in lieu 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 such improvement to,pay for which said bonds shall be issued, and each of said bonds shall provide and state that the • principal sum rherein named with the interest thereon shall be payable only out of the special fund created for the payment of 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 and the execution of the said bonds shall be as prescribed by the laws of 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 the 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 sold or exchanged for the warrants issued, in payment for the improvement 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 of the cost and expense of said improvement. (2) Section 5, That said bonds shall be dated the 30th day of March, 1921, Section 6. This Ordinance shall be in full force and effect when it shall have been passed by the City Commies,on,epprove& 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 is hereby directed to cause the same to be published, ,Passed First Reading by the City Commission, April 1 . 1921, Passed Second Reading by the `ty Con, April /� 1921. ri Passed Third Readfng4by the City Commission, April )374, 1921. Approved and signed by the Mayor, April / 7- 1921, Attest; Approved as to F Date of Publication: April 4' ,V 1921.