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ORDINANCE NO. /21%
AN ORDINANCE of the City of Port Angeles providing for
the borrowing of $67,500.00 upon the general credit of said City,
the issuance of General Obligation Ponds in the amount of
$67,500.00 in payment of such loan, fixing the maturities of and
providing for the sale of such bonds, and providing for tax levies
for the retirement of such bonds, finding the assessed valuation
'of the City of Port Angeles and declaring an emergency.
THE CITY COMMISSION OF THE CITY OF PORT ANGELES DOES
':ORDAIN as follows:
Section 1. That pursuant to a resolution of the City
Commission of the City of Port Angeles heretofore made and passed,
the City of Port Angeles shall borrow the sum of $67,500.00 upon
the general credit of said City and to provide for the repayment
of such loan shall issue general indebtedness and obligation bonds
of said City in the sum of $67,500.00. That said bonds shall be
issued in denominations of $1,000.00 each and shall bear interest
at not to exceed 6% per annum and shall be matured and paid in not
to exceed ten years according to a maturity schedule hereinafter
set forth.
Section 2. That said bonds shall mature and be paid, to-
gether with the accrued interest thereon, according to the follow-
ing schedule:
Year Amount
1954 $7,500.00
1955 7,000.00
1956 7,000.00
1957 7,000.00
1958 7,000.00
1959 8,000.00
1960 8,000.00
1961 8,000.00
1962 8,000.00
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Section 3. That the proceeds of such borrowing and the
sale of the bonds herein provided to be issued and sold shall be
used only for a municipal purpose, to wit: the payment of a p or-
tion of the cost and expense of constructing, erecting and
equipping a jail and police station, together with suitable and
pertinent facilities and equipment for and within the City of
Port Angeles.
Section 4. That the bonds herein provided for to be
issued and sold shall be sold to the highest and best bidder for
cash and at the lowest obtainable rate of interest, and the City
Clerk is hereby directed to have suitable bonds prepared and
printed in accord herewith, and to offer the same for sale by
advertising and calling for bids thereon, such bonds shall be
consecutively numbered one to sixty - eight, inclusive, and shall
be in the denomination of $1,000.00 each, except for Bond No. 1,
which shall be in the denomination of $500.00.
Section 5. That the assessed valuation of all the tax-
able property within the City of Port Angeles, according to the
last assessment for City purposes is the sum of $9,859,234.00.
That the City of Port Angeles has no general obligation indebted-
ness other than the sum of $67,500.00 hereby ordained to be
borrowed. t, _A �. /� e.
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Section 6, That there shall be included in the budget
of the City of Port Angeles for the year 1954 and succeeding years
funds in an amount sufficient to pay'_the principal sum of all such
bonds maturing in any such year, together with all accrued inter-
est ofAuch bonds so maturing and upon all such bonds remaining
outstanding. That such funds shall be provided by annual tax ]e vied
to be made upon all of the taxable property within the City of Port
Angeles.
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Section 7, That this ordinance is necessary for the
preservation of the public health, safety and peace of the people
of the City of Port Angeles. That an emergency exists, and that
this ordinance shall be effective immediately upon its passage,
and publication in the manner provided by law.
)�,,/ PASSED first reading by the City Commission
/ , 1952.
PASSED second reading by the City Commission
/1/ , 1952.
PASSED third reading and finally passed and adopted by
the City Commission 0 2/ , 1952.
1952.
Attest:
APPROVED and signed by the Mayor
s Qt,
I• -City Clerk
Approved as to form: