Loading...
HomeMy WebLinkAbout0899ORDINANCE NO. 79/ . AN ORDINANCE authorizing the issuance and sale of local im- provement bonds for Local Improvement District No. 127, to pay the cost and expense of the improvements in said district as ordered and provid- ed for in and by Ordinance No. 869, approved and adopted March 6, 1929, entitled, "An Ordinance ordering and providing for the following describ- ed improvements in the following described portions of streets in the City of Port. Angeles, to wit: The installation of an ornamental street lighting system, consisting of approximately ninety -six light standards of the approximate height of sixteen feet each, with all the necessary transformers, cable, wire, switches and approximately 4,375 linear feet of conduit, et cetera, to complete the system upon the following describ- ed portions of the following named streets, to wit: On both sides of Front Street from the westerly margin of Oak Street to the easterly mar- • gin of Lincoln Street; on both sides of First Street from the westerly mar- gin of Oak Street to the easterly margin of Lincoln Street; on the East side of Oak Street from the northerly margin of First Street to the Sou- therly margin of Front Street; on both sides of Laurel Street from the northerly margin of First Street to the Southerly margin of Railroad Avenue; and on both sides of Lincoln Street from the northerly margin of TL�� -First Street to the southerly margin of Front Street. The said lighting . system to be of multiple type, divided into eight circuits; the light ilk standards to be of the design shown on the drawings in the office of the City Engineer of the City of Port Angeles, together with all necessary material on each standard, and all conduit, wires, equipment, material and labor necessary and suitable to complete said improvement; creating Local Improvement District No. 127, 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. 127 of the City of Port Angeles, and in accordance with maps, plans and specifications pre- pared by the City Engineer and the city Electrician and on file in the office of the said Engineer and approved and adopted by the City Commis- • sion." 6 FOLLOWS : THE CITY COMMISSION OF THE CITY OF PORT ANGELES DO ORDAIN AS Section 1. 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. 127 of the City of Port Angeles, created under Ordinance No. 869, approved March 6, 1929, and in accordance with the laws of the State of Washington and the ordinances of the City of Port Angeles in the sum of $14,635.28. 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 century per annum, payable annually for said term unless sooner called. Said bonds shall be issued in the denomination of • $100.00 each, except bond numbered one, which shall be in the denomina- tion of 035.28, 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 coupons 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 iSsu,ed;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, except so far as the said City is made liable by virtue of the statutes of the State of Wash- ington in such cases made and provided and particularly those statutes providing and directing that the City of Port Angeles create a local im- i • } provement 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- tion of said bonds shall be as prescribed by the laws of the State of 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 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, orpg 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 improve- ment. Section V. That said bonds shall be dated the 27th day of Dec- ember, 1929. Section VI. This ordinanee 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 8, 1930. Passed second reading by the City Commission, January 15, 1930. Passed third reading and finally passed and ddopted by the City Commis- sion, January- `. , 1930. Approved and signed by the Mayor, this , day of January, 1930. ATTEST: CiEy Clerk. Approved as to farm: Description approved: / � ayor. C tit y Attorneys. City Engineer. Published: January .ZX, 1930.