HomeMy WebLinkAbout1189ORDINANCE NO. 0
AN ORDINANCE amending Section 4 of Ordinance No.1170 as
amended by Section 1 of Ordinance No.1182 relating to Local Improvement
District „x148; providing for the payment of the cost of the improve-
ment by the issuance of warrants instead of bonds, and authorizing
the investment of City Funds in said warrants.
THE CITY COMMISSION OF THE CITY OF PORT ANGELES DOES ORDAIN
AS FOLLOAS:
!Section 1. That Section 4 of Ordinance No.1170, adopted by the
City Commission on October 2, 1946, as amended by Section 1 of Ordi-
nance No.1182, adopted by the City Commission on June 4, 1947, be
and the same is amended to read as follows:
Section 4. Warrants bearing interest at the rate of 5%
per annum shall be issued in payment of the cost and expense of said
improvement, which warrants may be redeemed by the collection of
special assessments levied against the property within said district
payable in eight annual installments under the mode of "payment by
warrants" as provided by law. Said warrants shall be payable out
of the special fund of Local Improvement District No.148.
Section 2. That the City Treasurer of the City of Port Angeles be
and she is authorized to invest cash in the amount of 06324.78 from
the Firemen's Pension Fund of the City of Port Angeles in the pur-
chase of said warrants, and the further sum of 49934.87 in cash from
the Local Improvement District Guaranty Fund of the City of Port
Angeles in the purchase of said warrants.
Passed first reading by the City Commission ((,,g.p, 29 ,1947.
Passed second reading by the City Commission T2�/.r- f]-12-4- 2P ,1947.
Passed third reading and finally passed and adopted by the City Com-
mission ;1,4m,44,14 ,1947.
Approved and signed by the Mayor 5- ,1947.
Attest:
7ity Clerk
Approv -as o form:
Li)
Mayor
City Attorney. N1r rj
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