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ORDINANCE ]O. I.D a .
AN ORDINANCE authorizing the issuance and sale of local improve-
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ment bonds for local improvement district No. 76, to pay the costs and
*expenses of the-improvements in said district as ordered. and provided
for in and by ordinanom No, 637, approved June 2, 1920, entitled An
Ordinance ordering and providing for the inpro vement of Lincoln street
in the city of Port Angeles, Washington, from the south end of-the bride
• between Fourth street and Fifth street, to the south margin of Front
street; all in accordance with resolution No. 76, and plane and specifi-
cations adopted.by the City Council of the city of Port Angeles; cre-
ating a local improvement district therefor, and providing for the pay-
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ment of said improvement by special assessments upon the property in
said district, payable by mode of'payment by bonds' ".
THE CITY COMMISSION OF THE CITY OF PORT ANGELES DO ORDAIN AS YOLIDIE
Section 1. That the Mayor and City Clerk be and they are hereby
authorized and directed to issue local improvement bonds for local im-
provement district No. 76 of the City'of Port .Angeles, created under
ordinanc No: 637; approved June'.2 ;"'1920; and in-accordance. with :the
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laws of the state of Washington and the ordinance of the city of Port
Angeles, in the sum of sixty -two thousand seven hundred ninety -two
and 63/100 dollars ($62, 792.63) .
Section 2. That said bonds shall be made payable on or before
twelve years from the date of issuance thereof, inrten °equallannual
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payments or installments, and shall bear intetest.at, the rate of seven
per cent per annum, payable annually. Said bonds shall be- issued in
the denomination of one hundred dollars ($100.00) each, exaept_bond
No. 1, which shall be of the denomination of ninety -two & 63/100 dol-
lars ($92.63), and they shall be each numbered consecutively from 1 up-
", ward, and each of said bonds shall have attached thereto interest cou-
pons-for each interest payment, and each such bond and coupon shall be
signed by the Mayor and attested by the City-Clerk, Kio shall affix the
seal of the city to each of said bonds: provided, that said coupons,
in lieu of being so signed, may have the fac- eimilie of the signatures
of the Mayor and Clerk printed thereon, and each such bond shall 'refer
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to the improvement and the ordinance ordering such improvement to pay
for which said bonds shall be issued, and each of said bonds shall pro-
vide 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 issuance and -the•- execution
of said bonds shall be as prescribed by the 1.awssof• the state of Wash-
ington 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 ectchanged
for the warrants issued in payment for the improvement for which they
were `issued,' ormay`ber sold to any= purchaser, for .cash : at -not -l-ess than -
their par value with accrued interest, and the proceeds therefor shall
be applied to the payment of the cost and expense of.said_ improvement.
Section 5. That said bonds shall be dated the 27th day of July,
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 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 so published.
Passed first reading by the City Commission o4 44/--,. 1921;
passed second reading by the City Commission LL,/61e- �IJi { , 1921;
passed third reading and adopted by the City Commission 6,7) c-4-- V
1921.
Approved and signed by the Mayor ;T , 1921.
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s Mayor.
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Attest:
City Clerk.
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Approved as to form:
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City Attorney.
Date of' publication
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1921. v�y