HomeMy WebLinkAbout0687ORDINANCE No, (9' 7
AN ORDINANCE authorizing the issuance and sale of Local
Improvement Bonds for Local Improvement District No, 86 to pay
the costs and expenses of the improvements in said District as
ordered and provided for in and by Ordinance No, 649, approved
October 6th, 1920, entitled;
"AN ORDINANCE authorizing and providing for the improvement
of Oak Street in the City of Port Angeles, Washington, from the
North Margin of First Street to the South Margin of Front Street,
all in accordance with Resolution No. 86 and the plans and
specifications adopted by the City Council of the City of Port
Angeles; creating a Local Improvement District therefor and pro -
viding for the payment or said improvement by special assessments
upon the property in said District payable by the mode of 'Payment
by Bonds' H,
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, 86 of the City of Port Angeles,
created under Ordinance No, 649, approved October 6th, 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 Twenty
Thousand and Ninety -three Dollars and Sixty -four Cents
(20, 093,64).
Section 2. That said bonds shell be made payable on or before
twelve years from the date of issuance thereof in ten equal annual/
p.tinstallments and shall bear interest at the rate of seven per cent
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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 Ninety -three Dollars and Sixty -four Cents
($93,64), 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
orderilig 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 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 expenee of said improvement,
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Section 5. That said bonds shall be dated the 26th day of
April, 1921,
Section 6, This Ordinance shall be in full force and effect
when it shall have been passed by the City Commission, approved hnd
signed 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__2 1 1921.
Paseed Second Reading by the City Camniseion, May 1921.
Passed Third Reading and adopted by the City Commission,
May 11--A.-_4 1921,
Approved and signed by the Mayor, May 1921,
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Attest:
Approved as to
torney.
Date of Publication: May__ ► 1921,