HomeMy WebLinkAbout1234•
•
ORDINANCE NO. /.g �f
AN ORDINANCE authorizing the issuance and sale of Local
Improvement bonds for Local Improvement District No. 152 of the
City of Fort Angeles to pay the cost and expense of the improve-
ments in said district as ordered and provided for in Ordinance
q No. 1219 of the City of Port Angeles; providing for the term of
such bonds and fixing interest rates.
THE CITY COMLJS;�IO OF THE CITY OF POtiT ANGELEb DOES ORDAINv
as follows:
Section 1. That the T.ayor and City Clerk of the City of
Port Angeles be and they are authorized and directed to issue local
improvement bonds for local improvement District No. 152 of the
City of Fort Angeles as created' by Ordinance No. 1219 of the City
of Fort Angeles, to pay the cost of the improvements created in
said district as provided in said ordinance No. 1219, said bonds
to be in the total amount of $7,312.02.
Section 2. Sucn bonds shall be made payable on or before
12 years from the Gate of issue, and shall bear interest at the
rate of five per cent per annum payable annually for said term
unless such bonds be s -.oner called. ouch bonds shall be issued in
the denomination-of 5100.00 each, except bond numbered No. 1 which
shall be issued in the denomination of 0112.02. Such bonds shall
� 3
be numbered one (1) to seventy -tWo (72,$) consecutively, and shall
have attached thereto interest coupons for each interest payment
and each bond and each interest coupon shall be signed by the
Mayor and attested bj the City Clerk who shall affix the seal of
the City of .ort Angeles to each of said bonds: Provided that such
interest coupons may have printea thereon the facsimile of the
signature of the ILayor and City Clerk in lieu of being so signed:
' Each of said ponds shall refer to the improvement for the payment
•
' of which said bonds shall be issued and the ordinance ordering
such improvement: .ach of said bonds shall provide and state that .
the principal sum therein named and interest thereon shall be pay-
able 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 tort Angeles shall ever be liable therefore except so
far as the City is liable by virtue of the Statutes of the State of
vashington and particularly the Statutes providing that the City
of Port Angeles create a Local Improvement Guarantee Fand for the
purpose of guaranteeing to the extent of such fund and in the
manner provided by law, the payment of Local Improvement Bonds
issued to pay for local improvements ordered by said city.
Section b. such bonds or any number thereof may be sold
1 or exchanged for warrants issued in payment for the improvement
made in such district for which they shall be issued, and may
be sold to any purchaser for cash at not less than the par value
ttieeof and acruued interest, and the proceeds thereof shall be
applied to the payment of the cost and expenses of said improve-
ment..
Section 4. That the form and Mode of issuance an < the
execution of said bonds shall be as provided by the laws of the
State of Vashington and the ordinances of the City of fort Angeles
as in such cases made and provided, and said bonds when so law-
fully executed and issued snail be placed in the custody of the
City Treasurer and by her aeliverea to the ;.urc.iaser or purchasers
thereof upon receipt by :ter o. tne amount contracted to be paid
I for the same, whl.ch shall in all cases be not less than their
par value and acruued interest.
Section b. Such bonds shall be dated tne os day of
1 , 195.
•
Section 6. Tnis ordinance shall be in full force and
effect upon its passa8e, approval ana publication in the manner
provided by law.
_7)24.4L____
Passed first reading by the City Commission
cV , 1950.
Passed second reading by the City Commission
44__
1950 v
Passed third reading and finally passed by the City
Commission
, 1950.
Approved and signed tine Mayor, July ,1950.
ATTEST
h r
ff L%ity` Clerk
ity Attorney
i.:ayor
a,rP 7 � /? s o