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HomeMy WebLinkAbout0690ORDINANCE NO. AN ORDINANCE authorizing the issuance and sale of Local Improvement Bonds for Local Improvement District No. 64 to pay the costs and expenses of the improvements in said District as ordered and provided for in and by Ordinance No 616, approved September 23rd, 1919, entitled: "AN ORDINANCE providing for the improvement of the following named streets in the City of Port Angeles, to -wit: Cherry, Oak and Laurel Streets from the south line of Eighth Street to the north line of Broadway, and Ninth, Tenth, Eleventh, Twelfth, Thirteenth, Fourteenth and Fifteenth Streets, and the alleys running between all of said streets, from the west line of Lincoln Street on the East, and the East Top or Brink of Valley Street Gulch on the West, and from the North line of Broadway on the South, to the South line of Eighth Street on the north; and the improvement of the North 25 feet of Broadway from the center of Laurel Street to the intersection of Broadway and the alley between Fourteenth and Fifteenth Street, by excavating a channel for outlet of waters, and creating a local improvement district therefor and providing for payment of the same by special assessments on abutting property therein by the mode of payment by bonds; and repealing ORDINANCE No. 615, being "AN ORDINANCE providing for the improvement of the following named streets in the City of Port Angeles, to -wit; Cherry, Oak and Laurel Streets from the south line of Eighth Street to the north line of Broadway, and Ninth, Tenth, Eleventh, Twelfth, Thirteenth, Fourteenth, and Fifteenth streets, and the alleys running between all of said streets from the west line of Lincoln Street on the East and the East Top or Brinkfrof Valley Street Gulch on the West, and from the North line of Broadway on the South, to the South line of Eighth t i4' Street on the north, creating a local improvement district therefor and providing for payment of the same by special assess- ments on abutting property therein by the mode of payment by bonds "; and repealing all other ordinances or parte of ordinances in conflict with this ordinance ", 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 64 of the City of Port Angeles, created under Ordinance No 616, approved September 23rd, 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 - Eight Thousand, Five Hundred and Thirty-five Dollars and Thirty- _,...._._.. _�. •_ _ _ _ - -_�_ ,- � _ _ -- � - • - _ nine Cents ( *78,636.39), 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 installments and ehall 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 Thirty -five Dollars and Thirty -nine Cents ($35.39), 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 pity to each of the said bonds; provided that said coupons in lieu of being so signed may have the f ac- 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 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 tarchaser for cash at not less than their par value with accrued interest, and the proceeds the"rebf shall be applied to`the' paynnent of the cost and expense of said improvement, Section 5. That said bonds shall be dated the 30th 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 and 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., May 1921; Passed Second Reading by the City Commission,May� 1921 Passed Third Reading and adopted by the City Comm es on, 1921, May r 1921, Approved and signed by the Mayor, May Ze 1921, Attest: Approved :as to Form: Date of Publication; City Attorney.