HomeMy WebLinkAbout1285ORDINANCE NO. /2 SQ
AN ORDINANCE of the City of Port Angeles amending Section
6 of Ordinance No. 1281 of the City of Port Angeles, providing
for tax levies for the payment of interest and the retirement of
principal of general obligation bonds, pledging certain funds of
the City of Port Angeles, creating a special fund and declaring
an emergency.
THE CITY COUNCIL OF THE CITY OF PORT ANGELES DO ORDAIN as
follows:
Section 1. That Section 6 of Ordinance No. 1281 of the
City of Port Angeles entitled, "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 Bonds in
i the amount of $67,500.00 in payment of such loan, fixing the matur-
' ities 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" passed _ 2_ , 1952,
be, and the same is hereby, amended to read as follows: Section 6.
There shall be levied each year by the corporate authorities of the
City of Port Angeles and included in each annual tax levy upon
all the property within the City subject to taxation in an amount
sufficient to pay the principal and interest of the bonds authorized
herein as the same shall become due. All of such taxes so
collected shall be paid into a special fund of the City, which is
hereby created and established in the office of the City Treasurer,
to be known as "1952 General Obligation Jail Bond Redemption Fund ",
and no part of such fund shall be used for any other purpose than
the payment of the principal and interest of said bonds.
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The City of Port Angeles hereby pledges that the annual
. tax provided for herein to be levied for the payment of the prin-
cipal and interest of said bonds shall be within and as a part of
the tax millage levy permitted to cities without a vote of the
people, and that a sufficient portion of each annual levy to be
made by the City prior to the full payment of the principal and
interest of said bonds will be, and is hereby, irrevocably set
aside, appropriated and pledged for the payment of the principal
and interest of said bonds as aforesaid.
The full faith, credit and resources of said City are
hereby also irrevocably pledged for the annual levy and collection
of said tax and the prompt payment of the principal and interest
of said bonds as the same shall become due.
Section 2. 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.
INTRODUCED ' , 1952.
PASSED
Atte• st:
▪ 1a
0.4.4- •
-- .City, clerk
Approved as to form:
410Fr
PUBLISHED: � ! //
City Attorney
, 1952.
Mayor