HomeMy WebLinkAbout0685ORDII1TF210E NO,
AN ORDINANCE authorizing the issuance and sale of Local
Improvement Bonds for Local Improvement District No. 77 to pay
the costs and expenses of the improvements in said District as
ordered and provided for in and by Ordinance No. 636, approved
June 2nd, 1920, entitled:
"AN ORDINANCE ordering and providing for the improvement
of Front Street from the Bost Margin of Lincoln Street to the
Westerly Margin of Oak Street; and Laurel Street from the South
Margin of Front Street to the North Margin of First Street, in
the City of Port Angeles, Washington, all in accordance with
Resolution No. 77, 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 01
said improvement by Special Assessments upon the property in said
District, payable by mode of *Payment by Bonds' ",
fixing the date of issua.nce_of said bonds and -the rate of
interest thereon,
THE CITY COMAMISSION 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 Bonde
for Local Improvement District No 77 of the City of Port Angeles,
created under Ordinance No, 636, approved June 2nd, 1920, and
in accordance with the laws of the State of Washington �ndthe
Or nances of t-h9 Cit of Port Angeles i the sum of � C..
kr".. dap 'r6'72e2.
g .t ^Dollars and cents ($5,62).
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 T - and .flo ro 0
tzo ,Dollars andtvo Cents ($8,02),
a
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 Clerk 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 therein named with the interest thereon shall be
payable only out of the speciat_ 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
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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 Bold to any purchaser for
cash at not lees 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,
Section 5. That said bonds shall be dated the 4th day of
April, 1921.
Section 6. This Ordinance shall be in Lull force and effect
when it shall have been passed by the City Commission, 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 is
hereby directed to cause the eame to be published,
Passed First Reading by thd.City Commission,April / J X-4 192i,
Passed Second Reading by the City Commission,April -24-4\1921,
Passed Third Reading by the City Commission, April 0 1921,
Approved and signed by the Mayor, April °Z b 1921,
Mayor:
Date of Publication; P& T-' 1921,
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