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HomeMy WebLinkAbout0708r ORDINANCE NO. 7e d . AN ORDINANCE authorizing the issuance and sale of local improve- ment bonds for local improvement district No. 88, to pay the costs and expenses of the improvements in said district as ordered and provided for in and .jby.ordinance_No.699, approved July 20th, 1921, entitled "An ordinance ordering aid providing for tie improvement of Laurel'Street 10 in the City of Port Angeles, Washington, from the North Margin of Front Street to a point 12 feet North of the South Margin of Railroad Avenue; all in accordance with Resolution No. 88,and plans and specifications adopted by the City Commission of the City of Port Angeles; Creating a. Local Improvement District therefor, and providing for the payment 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 FOLLOWS �" == Sect on -l: --- That -the• Mayor and -City Clerk -be- and - -they. are hereby..... authorized and directed to issue local improvement bonds for local im- iprovement district No. 88 of the City of Port Angeles, created under ordinance No. 699, approved July 20th, 1921, and in accordance with the laws of the state of Washington and the ordinances of the city of Port Angeles, in the sum of sixteen thousand ninety -five and 31/100 ($16,095.31) dollars. 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 shall bear interest at the rate ofAseven per cent per annum, payable annually. Said bonds shall be issued in . the denomination of one hundred dollars ($100.00) each, except bond No. 1, which shall be of the denomination of ninety -five and 31/100 a' dollars ($95.31) and they shall be each numbered consecutively from 1 upward, 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, who 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 - similie 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 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 laws of 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 sh 11 -be`= placed -in the custody- of 'the'Cit5r'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 therefor shall be applied to the payment of the cost and expense of said improvement. Section 5. That said bonds shall be dated the 12th_day_of February,.- .. 1922. 'r s 4_ Section 6. This ordinance shall be in full force and effect when , -) it shall have been passed by the City Commission, approved and signed lip 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. 1. -2 -- • Passed first reading by_the City Commission 4'v-, ..;?3,11P, 1922; passed mcond reading by the City Commission c-- P.2-4--; 1922; -\ passed third reading and adopted by the City Commission �� `1-y4ti4 1922. - -- y, Approved and signed by the Mayor ', 1922; Attest: City Clerk. Approved as to form: • 644.4i:-. . City Attorney. Date of publication _ __, 1922• ayor. N elk -"" f • L C - . . 1 • • •