HomeMy WebLinkAbout1133ORDINANCE N0. 1133 I t :2.)3
1 An ordinance relating to certain delin.uent local improvement
2 tends, creating a special revolving fund, pursuant to Chapter 214
3 of the Dews of Washington, 1943, for the purchase of any such bonds,
4 upon tender et not more than ten (10) per cent of the face value of
5 the erincipal thereof, and repealing any ordinance in conflict there -
6 with.
7 WHEREAS, the City has issued certain bonds payable exclusively
8 from rsseszments in certain local improvement districts, none of which
9 bonds are protected by the local improvement guarantee fund law, and
10 many of which are delinquent end unpaid; has issued also, certain old {
11 '!revolving; fund +arrant^ for the purchase of certain of said bonds,
12 which warrants are unpaid for lack of funds, and
13 ',`F P1AS, there le little l.ikel' hood that any substantial portion
14 Of such bonds will be paid bec.use the special assessments levied to
15 ,gay the same from, and in most cases may not be acid, -.nd beoauee,
16 imong other thinge, the terms for eoyment thereof are inferior to
17 liens for general taxes, and
18 WHYREAS, it is deemed for the best interests of the City to
19 p.rrbe e from time totim e as fund: hereunder r ry be nv,,11a��l lable such
20 bonds within the purview of said act as may be tendeet not more than
21 such figure.
22 ';0W, THr':r''TORE, be it ordained by the Mayor and City Commib.ien
23 o*' the City of Port Angeles, Yeshington, es follows:
24 Section 1. That there is hereby created, pursuant to Chapter
25 244,
1943 cession Laws of weehiniyton, a special revolving fund for
26 the purchase by the City, of any of the above mentioned bonds within
27 the purview of said act, et not more than ten (10) cents on the dollar
28 of the principal fade value thereof, without interest, and the City
29 is hereby authorized to draw end deliver, and the City Treasurer to
30 honor and pay, warrants on said special revolving fund, for such
31 purchase upon such tender from time to time as there pray be monies
1 'availahl:e in said fund for such purposes, provided that no warrants
2 shall be issued payable from such fund unless there is sufficient
3 cash therein available for any such purpose.
4 Section 2. The purchase of any such bonds hereunder, shall not ,
5 relieve the local improvement district from which the same are pay -
6 able from liability for payment, but the City shall, upon purchase
7 thereof, become subrogated to ell the rights of the former owners
8 .thereof and may proceed to the enforcement of payment of said bonds
9 as any owner thereof might do, and may sell any property acquired
10 by it in such proceedings upon such tarns and prices as it shall fix.
11 Any proceeds from the sale of such property shell he placed in the
12 revolving fund hereby created, and may be used as euthorized herein.
13 Jection 3. Whenever there are funds in any local improvement
14 district fund sufficient to pay or retire any bond issued and payable ,
15 from said fund rind the City shall have purchased and is the owner and
16 holder of the bond or warrant next nayable from said fund, the City
17 Treasurer shall from the ponies in the local improvement fund, place
18 in the special revolving fund hereby created, a sum of money eiuivi-
19 lent to the amount paid by the City for such bond, end shall thereupon'
20 cancel, mark paid and remove from such revolving fund, such bond.
21 Section 4. There shall be placed in the special revolving fund,,
22 which is hereby created, pursuant to Chapter 244, Laws of Washington,
23 1943, the following; monies, to -wit:
24 1. Such money as may be appropriated from time to time into the
25 special revolving fund hereby created.
26 2. Proceeds from the sale of property arising under this ordi-
27 trance.
28 Section 5. That all ordinances in conflict herewith are hereby
29 repealed.
30 Section 6. That this ordinance shall take effect ani be in force
31 thirty days after and from its final passage, approval and lawful
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1 publication.
2 Passed first reading by the City Commission l 11 ! 4
3 Passed second rending by the City Commission CQ, // I I » `f ■
4 Passed third rending and finally passed and adopted 041-/S /.9 ��c
Approved and aign.ed by Mayor �]r/� 1 r
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10 ' City Clerk
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