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HomeMy WebLinkAbout0839ORDINANCE No. AN ORDINANCE authorizing the issuance and sale of local im- provement bonds for Local Improvement District No. 115, to pay the cost and expense of the improvements in said district as ordered and provid- ed for in and by Ordinance No. 823, approved and adopted June 8, 1927, entit.ed "An ordinance ordering and providing for the improvement of Lincoln Street in the City of Port Angeles from the north margin of the alley between Furth and Fifth Streets to the north margin of Eighth Streetaby removing old sidewalks; grading, constructing a roadway fifty feet wide between curbs, constructing a concrete curb and gutter; con- structing concrete sidewalks five feet wide on each side of said street; paving the approaches to all alleys opening on that portion of Lincoln Street to be improved; gravelling the said roadway and spreading thereon, "Calcium Chloride," excepting that on the East side of Lincoln Street be- tween the south margin of the alley between Fifth and Sixth Streets and the north margin of the alley between Fourth and Fifth Streets, no curb and gutter or concrete sidewalks shall be constructed, and the present wooden sidewalks shall be left intact; also to improve Eighth Street in said City from the East margin of Lincoln Street to the East end of the Valley Creek bridge, by removing old sidewalks; grading; constructing a roadway fifty feet wide between curbs; constructing a concrete curb and gutter and concrete sidewalks five feet :wide on each side of said street; laying an eight inch Storm sewer with all necessary inlets, catch basins, manholes, etc.; gravelling the said roadway, and spreading "Calcium Chlo- ride" on said roadway; creating Focal Improvement District No. 115, and providing for the payment of the cost and expense thereof by said spec- ial assessments upon the property within the said district according to law and by the mode of payment by bonds, all in accordance with Improve- ment Resolution No. 115 of the City of Port Angeles, and in accordance with maps, plans and specifications prepared by the City Engineer and ap- proved and adopted by the City Commission." • THE CITY COMMISSION OF THE CITY OF PORT ANGELES DO ORDAIN AS FO LLOW S : 0 Section 1. That the.Mayor and City Clerk be and they are now hereby aut{hor1z.ed and - df.reCted to issue ;Local Improvement bands for Lo- I' cal Improvement District No. 115 of the City of Port, Angeles created un- der Ordinance No. 823, approved June 8, 1927, and in accordance with the laws of the State of Washington and the ordinances of the City of Port Angeles in the sum of $2113°1131 . Section 2'. That the said bonds be made payable on or before twelve years from the date of issuance thereof, and shall bear interest at the rate of seven per centum per annum payable annually for said term unless sooner called. Said bonds shall be issued in the denomination or $100.00 each, except bond numbered one which shall be in the denomination of et ry , and they shall be each numbered consecutively from one up- ward, and each of said bonds shall have attached thereto interest coupons for each interest payment, and each such bond and the coupon shall be sig ed by tine Mayor and attested by the City Clerk, who shall affix the iseal 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 pro- vide 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, except so far as the said City is made liable by virtue of the statutes of the State of Washington in such'cases made and provided and particularly those statutes providing and directing that the city of Port Angeles create a local improvement guarantee fund for the purpose of guarantee- ing, to the extent of such fiend and in the manner provided by the law, i rage two. the payment of local improvements bonds issued to pay for local improve- ments ordered by the said City. . Section 3. That the form and mode of issuance and the execu- tion of said bonds shall be as prescribed by the laws of the State oz Washington and the ordinances of the City of Port Angeles, as in such cases 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 4. Said bonds or any part of them may be sold or ex- changed 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 5. That said bonds shall be dated the A- 5 --day of , 1928. Section 6. 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, January 18, 1928. Passed second reading by the City Commission, January 25, 1928. Passed third reading and finally passed and adopted by the City Commis- sion January 25, 1928. liii Approved and signed by the Mayor, this 25th day of January, 1928. ATTEST: City Clerk. Approved as to forni: PUBLISHED City ttorneya.„ 14k , 1928.