HomeMy WebLinkAbout1279ORDINANCE NO. l
AN ORDINANCE amending Section 5 of Ordinance No. 1258 of the
City of Port Angeles relating to Local Improvement District No. 159;
providing for the payment of the cost of such improvement by the
,issuance of warrants instead of bonds, and authorizing the invest -
'ment of City funds in such warrants.
THE CITY COMMISSION OF THE CITY OF PORT ANGELES DOES ORDAIN
„ AS FOLLOWS:.
Section...l. That Section 5 of Ordinance No. 1258 of the City
of Port Angeles passed August 27, 1951 be, and the same is hereby,
,amended to read as follows: Section 5: Warrants bearing interest
'at the rate of four and one -half per cent (42 %) 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 assess-
1
ments levied against the property within said district, payable in
ten (10) 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. 159. That the
,Mayor and City Clerk of the City of Port Angeles are hereby author-
ized to draw, execute and deliver and the City Treasurer to pay
such warrants as herein provided.
Section 2. That the City Treasurer of the City of Port
9Angeles is hereby authorized to invest cash in the amount of
.2c355 from the Firemen's Pension Fund of the City of
Port Angeles in the purchase of said warrants.
Section 3. This ordinance shall become effective immediately
upon its passage, adoption and lawful publication in the manner
1 provided by law.
Passed first reading by the City Commission February
1952.
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1952.
Passed second reading by the City Commission February z
Passed third reading and finally adopted by the City
Commission March c , 1952.
Attest:
Approved and signed by the Mayor March 1, , 1952.
Approved
Ore
II PUBLISHED: O(
-C1erk
as to form:
.'% ity Attorney