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HomeMy WebLinkAbout0864ORDINANCE NO./144 AN ORDINANCE authorizing the issuance and sale of local improve -. ment bonds for Local Improvement District No. 119, to pay the cost and expense of the improvements in said.. district as ordered and provided for in and by Ordinance No. 832, approvedand adopted November 3, 1927, en- titled, "An Ordinance ordering and providing sanitary drainage for the following described real property in the City of Port Angeles ,by the fill- ing in of the said property to approximately elevation plus 11; above mean lower low water to wit: The real property enclosed by the bulkhead, the construction of wilich has been ordered and provided for by Ordinance No. 831, to wit: Lot 1 and the a of Lot 2 in Block 2, Tidelands ":est of Lau- rel Street, Lots 1 to 10 inclusive in Block 1 Tidelands Vest of Laurel Street, Lots 1 to 9 inclusive in Block 1, Tidelands East of Laurel Street; and Lots 8 and 9 in Block•2, Tidelands East of Laurel Street; and the har- bor area lying between the north line of Lot 1 and the Ez of Lot 2, Block 2 Tidelands west of Laurel Street and the C. L. & St. P. mainline tracks. The said filling and all work incidental thereto to be carried on in con- nection with the said project, which may be necessary, to be in accordance with plans, specifications and maps prepared by the City Engineer, adopt- ed by the City Commission, and in accordance with Local Improvement Reso- lution No. 119; and providing for the payment of the cost of said improve- ment by special assesswent upon the property wi yin said district accord- ing to law and by the mode of !payment tent by bonds!". THE CITY CO=I SSION OF THE CITY OF PORT ZGELES DO ORDkIN 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 Li.strict No. 119 of the City of Port Angeles, created under Ordinance No 832, approved November 3, 1927, and in accordance with the laws of the State of :'lashington and the ordinances of the City of Port Angeles in the sum of 0_9,829.18. iY .7 Section 's. ' That the said bends.` be made payable on or before twelve years'from the date of issu iicethe'reof, 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 of w300.00 each, except "band numbered one, Which shall be in the denomina- tion of N329.18, and they shall be each numbered consecutively from one upward, and each of said bonds shall have attached thereto interest cou- pons for each interest payment and each such bond and the coupon shall be signed by the Mayor and attested by the City Clerk, whd.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, shat • 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 ::ashington 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 guaranteeing, to the extent of such fund and in the manner provided by the law the payment of local improvement, • bonds issued to pay for local improvements ordered by the said City. Section III. That the form and mode of issuance and the execu- tionof 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 cases made and provided, and that said bonds, when so lawfully executed and is- sued shall be placed in the custody of the City Treasurer and by her deli- vered 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 ac- crued interest. 1 Section IV. 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 tbe, cast and', expense of said improvement. ber, 1928. Section V. That said bonds shall be dated the 1st day,of Decem- 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 hereb- directed to cause the same to-be so published. Passed first reading by the City Commission, December 12, 1928. Passed second reading by the City Commission, December 19, 1928. Passed third reading and finally passed and adopted by the City Commission December 19, 1928. Approved and signed by the Layor this 1 ` "day of December, 1928. T sr ATTEST: y. w y er • -. * Approved. as to form: Description approved: Published, December$5 , 1928. City Attorney City Engineer. ;.; (01..i t 'TO .1 "KS .. ) r . J CI; JP. 7. c.," 40 • r c .1 -.- ; . Ic f PCAZ 1,', 4 9J Lm' ft-) , ,--74`“f.t, ‘"..t ' ac-1443.-!1:.;. t e 71. 1;;-• 1'.1 .1- .v1; — • (421 - d , I.••• • • • Ts -'—' ••• • ? • J. - r . .1 , 11. 4 k' _ , •1 , •.'61 . L.: • t 1