HomeMy WebLinkAbout0800ORDINANCE No. De) O.
AN ORDINANCE authorizing the issuance and sale of Local
Improvement Bonds for Local Improvement District No.111 to pay the
• cost and expense of the improvements in said district as ordered and
provided for in and by Ordinance No. 783, approved and adopted June 24,
1925, entitled " An Ordinance ordering and providing for the construction
of trunk and lateral sewers in and along the following described portions
of streets in the City of Port Angeles, Washington, to -wit: A trunk sewer
beginning at the alley- between 'Twelfth Streett and Thirteenth Street on
Pine Street, and running thence northerly along Pine Street to Third Street;
thence easterly along Third Street to Valley Street; thence northerly along
Walley Street to a point approximately in the southerly margin of Front
Street, being the point of discharge into Port Angeles harbor, together
with lateral sewers adjoining the said trunk sewer in the following des-
cribed portions of alleys in tee City of Port Angeles, to -wit: In the
alleys between Third and Fourth Streets, between Fourth and Fifth Streets,
• between Fifth and Sixth Streets, between Sixth and Seventh Streets, and
between Seventh and Eighth Streets, from the break of Tumwater Gulch to
the break of Valley Gulch, together with the manholes, flush tanks, catch
basins, wyes and other equipment necessary and suitable to complete the
said improvement, creating Local Improvement District No.111; and providing
for the payment of the cost and expense thereof by special assessments
upon the property within the said district according to law and by the
mode of "payment by bonds ", all in accordance with Improvement Resolution
No.111 of the City of Port Angeles, and in accordance with maps, plans
and specifications prepared by the City Engineer and approved and adopted
by the City Commission ", as amended by Ordinance No.789, approved and
adopted October 14, 1925 entitled "An ordinance amending Section III of
Ordinance No.783 of the City of Pot Angeles etc."
THE CITY COMMISSION OF THE CITY OF PORT ANGELES DO ORDAIN
AS FOLLOWS:
Section I. That the Mayor and City Clerk be and they are now
hereby authorized and directed to issue Local Improvement Bonds for
Local Improvement District No.111 of the City of Port Angeles created
under Ordinance No.783,approved June 24, 1925, as amended by Ordinance
No.789, approved October 14, 1925, and in accordance with the laws of
the State of Vashington and the ordinances of the City of Port Angeles
in the sum of Sixteen Thousand, Three Hundred Fifty -eight Dollars and
Nine Cents (S16,358.09).
Section II. That the said bonds be made payable on or before
twelve years from the date of issuance thereof ' - a1
and shall bear interest at thg rate of seven A'
w...51 -ois.n moo.- tno..QQ•,
per centum (7 %) per annum payable annuallyx Said bonds, shall be issued
in the denomination of Five Hundred Dol.lars($500.00).each, except bond
numbered one which shall be in the denomination of Three Hundred Fifty -
eight Dollars and Nine Cents ($358.09, and they shall be each numbered
consecutively from one upward, and each of said bonds shall have attached
thereto interest coupons for each interest payment, and each such bond
and the coupon shall be signed by the Mayor and attested by the City
Clerk, who shall affix the seal of the City td each of said bonds;
provided, that said coupons, in lieu of being so signed, may have printed
thereon the facsimile of the signatures of the Mayor and Clerk; and each
of said bonds 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,
and 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 III. 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 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 her
delivered to the purchaser or purchasers upon receipt by her of the
amount contracted to be paid for the same, not less than their par
value and accrued interest.
Section IV. Said bonds or any part of them may be sold or
exchanged for the warrants Issued in payment for the improvement for
which they shall be issued, or may be sold to any purchaser for cash
at not less than their par value and accrued interest, and the proceeds
therefor shall be applied to the payment of the cost and expense of said
improvement.
Section V. That said bonds shall be dated the 8th day of
February, 1926.
Section VI. This ordinance shall be in full force and effect
after its passage and approval, and from and after five days after its
lawful publication; and the City Clerk is hereby directed to cause the
same to be so published.
Passed first reading by the City Commission,
February , 1926.
Passed second reading by the City Commission,
' February 10 , 1926.
Passed third reading and finally passed and adopted by
the City Commission,February 10M, 1926.
Approved and signed by the Mayor, this l0 day of February, 1926.
Attest:
f��_
City Clerk
Approved as to orm:
64ity Attorne7.
Date of Publication:
Mayor