Loading...
HomeMy WebLinkAbout08010 ORDINANCE No. O 0 1 AN ORDINANCE authorising the issuance and sale of Local Improvement Bonds for Local Improvement District No.112 to pay the cost and expense of the improvements in said district as ordered and provided for in and by Ordinance No.784, approved and adopted June 24, 1025, entitled " An Ordinance ordering and providing for the improvement of the following described streets and alleys in the City of Port Angeles, and in the manner following, to -wit: Cedar Street from the northerly margin of Eighth Street to the northerly margin of Sixth Street; the east one - half of Cedar Street from the northerly margin of Sixth Street to the northerly margin of Fourth Street; Seventh Street from the break of Tumwater Gulch to the break of Valley Gulch; Sixth Street from the break of Tumwater Gulcn to the break of Valli' Gulch; Fifth Street from the easterly margin of Cedar Street to the break of Valley gulch; Fourth Street from the easterly margin of Cedar Street to the break of Valley gulch; 'Third Street from the easterly margin of Cedar Street to the easterly margin of Pine Street; and all alleys running between the said portions of said streets; by clearing, grubbing, and surface grading the said portions of streets for a forty foot roadway extending for twenty feet on each side of the center line of said portions of streets, and by gravelling the said portions of streets for a width of thirty feet extending fifteen feet on each side of the center line of said portions of said streets, except the east one -half of Cedar Street from the nor- therly margin of Sixth Street to the northerly margin of Fourth Street, which portion of Cedar Street shall be improved as aforesaid as to the east one -half only; and by clearing, grubbing, surface grading and gravelling said portions of said alleys for the full width thereof; and such other work in connection therewith as may be necessary to properly carry out the construction and make the said improvement; all of which improvement to be done and made in accordance with maps, plans and 1 4 specifications prepared by the City Engineer and adopted by the O�q • ifr r Commission and in accordance with Local Improvement Resolution No.112 of the City of Port Angeles; and providing for payment of the cost and expense thereof by special assessment upon the property within the district herein created, according to law and by the mode of payment by bonds; and creating Local Improvement District No.112 ". 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.112 of the City of Port Angeles created under Ordinance No.784, approved June 24, 1925, and in accordance with the laws of the State of Washington and the ordinances of the City of Port Angeles in the sum of Twelve Thousand, Eight Hundred Seventeen and sixty-five one - hundredths Dollars ($12,817.65). Section II. That the -eaih` bends be made payable on or before twelve years from the date of issuance thereof r ,P.= 4 -k and shall bear interest at the rate of seven per centum (7 %) per annum payable annually Said bonds shall be issued in the denomination of One Hundred Dollars ($,100.00) each, except bond numbered one which shall be in the denomination of Seventeen Dollars and Sixty -five cents ($17.65), and they shall be each numbered consecutively from one upward, and each of said bonds shall have attached thereto interest ha 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 to 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 therefce a Section III. That the form and mode of issuance and the execu- tion or said bonds shall he as prescribed by the laws of the State of Washington 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 acc1.ued interest. Section IV. Said bonds or any part of them may be sold or 4 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 3, 1926. Passed second reading by the City lommission- February )()A-, 1926. Passed third reading and finally passed and adopted by the City Commission- February /C-A, 1926. Approved and signed by the Vayor, this /0-0- O day of February, 1926. Attest: ,e4-7_,P_c_ 6-7 h,■„G--tx,f-a--A City Clerk ApprOed as to for l City Attorney Date of Publication: �r ', ayor , 1926.