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HomeMy WebLinkAbout0841• ormni cs . f4t/ AN ORDINANCE providing for the issuance of general obliga- tion bonds in the principal sum of 0iOO, in accordance with the pro - vtaions of ordinance No. 835 of the City of Port Angeles adopted the 4th day of January,. 1928, providing for the exact maturities and for of said bonds, the establishment of the proper fund for the payment thereof and ratifying the sale of said bonds* WHEREAS, the City Commission of the City of Port Angeles by ordinance unanimously adopted and approved and signed by the Mayor on the 4th day of January, 1928* authorized the City of Fort Angeles to contract indebtedness in the Stun of $15,000•00 to provide funds neces- sary to construct a concrete storm sewer from the northerly margin of • Front Street in Lineoln Street to a point approximately thirty feet Borth of the Northerly margin of Railroad Avenue,, the construction of which said storm sewer Is made necessary by reason of the public im» provomenta to be carried on under the provision of Ordinnuee flo. 831, providing for the bulkheading and filling in of the said Railroad Ave- nue; and WHEREAS, pursuant to the ;paid authority and as provided by the said Ordinance 635, the City Clerk of the City of Port Angeles gave notice of the time and piece of the sale of said bonds and further gave notice to the State Finance Committee, Olympia, Washington' of the time and place of said sales all as provided by law; and WHEREAS, said bonds have been sold and it isnecessaryr to pro- vide the form and exaot maturities of said bonds and the delivery there - of to the purchaser, N()W, THEREPOE , THE CITY COMMISSION OF TEE CITY Op PORT AN.. GULFS Do ORDAIN AS MEOWS' Section l; That the Mayor and City Clerk of the said City of Port Angeles beard they are hereby authorized and directed to is- sue genersi obligation bonds of the City of Port Angeles in the prinei- • 1 pal gum of $15,000•00, to be dated February , x928, atxl to bear inter- est at the rate of 4'f per annum payable son$- ainue1ly on the 1st days of February cued August of each year, said bonds being in the denomina- tion of $500,.00 etch and flustered from one to thirty inelual. ire and to mature serially in order of their number as follawa 1,500.00 on February 1, 1930, 500,00 on February 1, 1931* 1500.00 on February 1, 1939, 1500.00 an. February 1, 1933, 1500.00 on Febrgsry 1, 1934, 1,500,00 on February 1, 1935, 000.00 on February 3,, 1956, .00 on February 1,. 1937, 2000.00 en February 1, 1938. Satiation 1I. That the bonus herein authorized to be issued shall be aeubstantially in the following form exeept as to dates of pays* menu • 5o, m swim OF ABOER3CA STATE OF '7AST iTON — OITY OF ..PORn ANGELES.. $500.00 4PZIENAL OBLIGATION BOND. KNOW ALL M N BY THESE PRESENTS: . That the City of Port Angeles in the County of Claliam, State of Washington, is justly indebted to, and for value received hereby pro- miaes to pay to bearer en the 1st day of February,, 19 ,, the principal sum of Five Itandred Dollars (x,00) with interest at the rate of 4% • per axtxrm parable *emi -anx ally on theist days of February and August in each year upon the presentation and surrender of the annexed interest - coupons, both principal and interest of this bond being payable in Gold coif of the United States of As 3e&oa of the present standard of weight and fineness in the office of the City Treasurer in the said city of Port Angeles.. lbr the prompt payment hereof, both principal and interest,.. as the acme mature, the fall face credit and resouTes of the City of • Port Angeles aro hereby irrevocably pledged. This bond is one of a series aggregating .15,000.00 in amount issued by the City of Port Angeles under the authority of and in full complianee with the laws and constitution of the State of 19asbington for the purpose of providing funds for certain betterments and improve- manta in the City of Port Angeles, and particularly for the construc- tion of a storm surer. in Lincoln Street in the said City of Port Angeles for the purpose of providing for the storm waters and reservoir over- flow rimming into Peabody Creek in the said City, all se provided for and specifically set forth in Ordinance 835# passe: x antmoualy by the Commission and approved by the ?Oyer :dietary 4, 1.928. . It is hereby certified•that all acts, conditions and things re- quired to be done precedent to and in the issuance of this bond have happened, been done and performed, as required by law; that provision has been made for the anxntal levy and collection of a general tax upon IP all the taxable p perty in " fati.d City i'br' air amount sufficient to pay the principal and interest of this bond as the same matures, and that the total indebtedness of the City of Port Angeles, including this bond, does not exceed any .constitutional or statutory lirdtations• IN WITINICS8 WHEREOF, the City of Port Angeles has caused this bond to be sealed with its seal, signed by rte. Mayor and attested by its Clerk, and has caused the interest coupons hereto attached to be signed with the fae- simile of the signatures of said officers, this let day of February, 1928. ATTEST: L' ty CleA. IMTEREST COUPON.. $_+ On the let day of . 19...., the City of Port An- geles, irashtngton, will pay to bearer at the office of the City Treasur- er in the city of Port Angeles, the sum of Dollars in Gold Coin, the same being the semi- annual'interest due that • day on its general obligation bond dated February 1, 1928, and number-. ed • • {Mayor. ATT t y e (Beal) Section III.. Said bond dull be signed by the Fayor and at- tested by the City Clerk under the seal of said City, and each of the interest eollpane attached to said bonds shell be signer by the fflo -aixa- i.le sutures of the said officers. Section IV* There shall be inoluded in the annual tax leery of the City of Port, Angeles a tax upon all the property in said oity subject to . taxation, aufficient in amount to pay the interest on said issue of General Obligation Bonds as the same may become due and suffi- cient to provide-a' fund for the paymcht of the principal of said bonds as the same mature, and there is hereby created aril established a spec- ial fond to be called '"Port Angeles General Obligation Bond Pond for the General Obligation Bonds dated February 1, 1928 ", in which said fund such taxes so levied shall be paid and no part or portion of said Arad shall be used for any other purpose than the payment of the prinoipal and interest of said bonds, and the faith, property and credit of said City ape, hereby irrevocably pledged for the levy and collection of said taxes and payment of the principal and interest of the said bonds as the name mature. Section V. The` bid of 'First rational Bank i,n Port Angeles, a corporation organised and existing under and by virtue of the act of Congress and i.te amendments known as the National Bank Act, of Port An- geles, Washington, for the purchase of said bonds be and the same is hereby adcepted, and the Bayor and the offioials of said City are here- by authorised and directed as monks said bonds are executed to deli- ver the same to said 'First Rational Bank in Port Angeles upon payment of the purchase price thereof. Section VI. This ordinance shall b© in fail force and effect aftor its passage and approval, and from and after five days after its lawful ,publication; and the City Clerk is hereby directed to cause the acme to be so published.. Pa-ased _first reading by the fiity Commission, February/ 1928. 1928. Tressed second riding by the Cite Connission• February 2 3 Passed third reading and finally passed and adopted by the City ConSEission• Febrnar9.J4(1928, 1928. • Approved and signed by the Mayer thisday of February, AAnroved,• an. t fro Publieb+ed .5/-)0i 1928,