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ORDINANCE NO. %,Z76
AN ORDINANCE of the City of Port Angeles, Washington,
providing for the issuance and sale of general
obligation bonds of the city in the principal sum
of $400,000 to provide funds to pay part of the
cost of capital improvements to certain of the
main traveled arterial streets in the city as more
specifically provided in Ordinance No. 1275 of the
city, passed and approved February 11, 1952, and
as authorized by the qualified electors of the city
at a special election held therein on March 11,
1952, providing the date, form, terms and maturities
of said bonds, for annual tax levies to be made
without limitation as to rate or amount to pay the
principal and interest thereof, and creating a
fund for their payment.
WHEREAS, the City of Port Angeles, Washington, by Ordinance
No. 1275, passed and approved February 11, 1952, and a resolution
passed February 18, 1952, provided that a special election should be
held within the city on March 11, 1952, for the submission to the
qualified electors thereof of a proposition of whether or not the
city should issue its unlimited tax levy general obligation bonds
in the principal sum of not to exceed $L00,000 for the purpose of
providing funds to pay part of the cost of improving certain main
traveled arterial streets within the city by the installation of storm
sewers therein and by paving the same; and
WHEREAS, at said election the number and proportion of the
qualified electors of the city required by law voted in favor of said
proposition; and
WHEREAS, it is deemed necessary and to the best interest of
the city and its inhabitants that said bonds be now issued and sold
to provide part of the funds necessary for said purposes;
NOW, THEREFORE, BE IT ORDAINED by the Council of the City
of Port Angeles, Washington, as follows:
Section 1. That for the purpose of providing part of the
funds necessary to install `storm sewers in and pave certain main
traveled arterial streets in the City of Port Angeles as provided
by Ordinance No. 1275, passed and approved February 11, 1952, and
as authorized by the qualified electors of the city at a special
election held therein on March 11, 1952, the city shall now issue
and sell its general obligation bonds in the principal sum of $400,000.
Said bonds shall be dated March 1, 1953, shall be in de-
nominations of $1,000 each, shall be numbered from 1 to 400 inclusive,
and shall bear interest at a rate of not to exceed 6$ per annum pay-
able semiannually on the first days of March and September of each
year as evidenced by coupons to be attached to said bonds. Both
principal and interest of said bonds shall be payable in lawful money
of the United States of America at the office of the City Treasurer
in Port Angeles, Washington. Said bonds shall mature in order of
their number as follows:
March 1, 1955
March 1, 1956
March 1, 1957
March 1, 1958
March 1, 1959
March 1, 1960
March 1, 1961
March 1, 1962
March 1, 1963
March 1, 1964
17,000 March 1, 1965 $21,000
17,000 March 1, 1966 22,000
18,000 March 1, 1967 23,000
18,000 March 1, 1968 23,000
18,000 March 1, 1969 24,000
19,000 March 1, 1970 24,000
19,000 March 1, 1971 25,000
20,000 March 1, 1972 25,000
20,000 March 1, 1973 26,000
21,000
The City of Port Angeles hereby reserves the right to redeem
any or all of said bonds at par in inverse numerical order on any in-
terest payment date on and after ten years from date of issue. Notice
of any such intended redemption shall be given by one publication
thereof in the official city newspaper not more than forty nor less
2.
than thirty days prior to said redemption date and by mailing a like
notice at the same time to the purchaser of said bonds at the sale
thereof by the city to the place of business of such purchaser.
Interest on any bond or bonds so called for redemption shall cease
on such redemption date. A
Section 2. Said bonds shall be in substantially the following
form:
UNITED STATES OF AMERICA
NO.
$1,000
STATE OF WASHINGTON
CITY OF PORT ANGELES
GENERAL OBLIGATION STREET IMPROVEMENT BOND
1953
{
KNOW ALL MEN BY THESE PRESENTS:
That the City of Port Angeles, a municipal corporation of
the State of Washington, acknowledges itself to owe and for
value received promises to pay to bearer on the first day of
March, 19, the'principal'sum of
ONE THOUSAND DOLLARS
together with interest thereon at the rate of .% per annum
payable semiannually on the first days of March and September
of each year upon presentation and surrender of the attached
interest coupons as they severally become due. Both principal
and interest of this bond are payable in lawful money of the
United States of America at the office of the City Treasurer in
Port Angeles, Washington.
The City of Port Angeles has reserved the right to redeem
any or all of the bonds of this issue at par in inverse numeri-
cal order on any interest payment date on and after ten years
from date hereof. Notice of any such intended redemption shall
be given by one publication thereof in the official city news-
paper not more than forty nor less than thirty days prior to
said redemption date and by mailing a like notice at the same
time to the purchaser of said bonds at the sale thereof by the
city to the place of business of such purchaser.
3
a , •
This bond is one of an issue of general obligation
bonds of the city of like date and tenor in the principal
amount of $400,000, and is issued pursuant to a vote of
the qualif e electors of the city and Ordinances Nos.
1275 and )4 Q� , for the purpose of paving and installing
storm sewers in certain main arterial streets within the
city.
The City of Port Angeles has irrevocably covenanted
by said Ordinance No. /Z , that it will levy taxes annu-
ally upon all the taxable property within the city without
limitation as to rate or amount in an amount sufficient to
pay the principal and interest of said bonds as the same
shall become due, and for the prompt payment of such
principal and interest the full faith, credit and re-
sources of the city are hereby irrevocably pledged.
It is hereby certified that all acts, conditions and
things required to be done precedent to and in the issuance
of this bond have happened, been done and performed as
required by law, and that the total indebtedness of the
city, including this bond, does not exceed any constitutional
or statutory limitation.
IN WITNESS WHEREOF, the City of Port Angeles, Washington,
has caused this bond to be signed by its Mayor and attested
by its Clerk under the official seal of the city, and the
attached interest coupons to be signed with the facsimile
signatures of said officials this 1st day of March, 1953.
CITY OF PORT ANGELES, WASHINGTON
By
ATTEST:
Mayor
interest coupons attached to said bonds shall be in sub-
stantially the following form:
NO.
On the first day of , 19_, the City
of Port Angeles, Washington, will pay to bearer at the
office of the City Treasurer in Port Angeles, Washington,
the sum of DOLLARS in
lawful money of the United States of America, said sum being
the semiannual interest due that day on its General Obligation
Street Improvement Bond dated March 1, 1953, and numbered _
r + !CITY OF PORT ANGELES WASHINGTON
_ By
City Clerk
•
Mayor
ow
•
Section 3. Said bonds shall be signed by the Mayor of the
city and attested by the Clerk under the official seal of the city,
and each of the interest coupons attached thereto shall be signed with
the facsimile signatures of said officials.
Section 4. All moneys derived from the sale of the bonds
authorized herein shall be expended solely for the capital purposes
provided in said Ordinance No. 1275 and this ordinance, and none of
said moneys shall be used for the replacement of equipment or for any
other than a capital purpose.
Section 5. That there be and is hereby created a special
fund of the city in the office of the City Treasurer to be known as
"Port Angeles 1953 0-eneral Obligation Street Improvement Bond Re-
demption Fund." The city hereby irrevocably covenants that it will
make annual levies of taxes upon all the taxable property within the
city without limitation as to rate or amount in an amount sufficient
to pay the principal and interest of the bonds authorized herein as
the same shall accrue, that all such taxes so collected shall be
paid into said Bond Redemption Fund in amounts sufficient to pay
such principal and interest at least thirty days prior to the dates
upon which any such interest or principal and interest shall become
due and payable, and that no part of such Fund shall be used for any
other purpose than the payment of the principal and interest of said
bonds. The full faith, credit and resources of the city are hereby
irrevocably.pledged for the annual levy and collection of such taxes
and the prompt payment of such principal and interest as aforesaid.
Section 6. The City Clerk is hereby authorized and
directed to advertise these bonds for sale in the manner required
by law, and the city officials are hereby authorized and directed
to do everything necessary for the prompt issuance, sale and de-
livery of said bonds and for the 'proper application of the proceeds
of such sale.
Section 7. This ordinance shall become effective five
days from and after its passage, approval and publication as required
•
by law.
PASSED by the Council of the City of Port Angeles, Washington,
and approved by its Mayor this /S4day of , l95 •
A.
ATTEST -
-4,-;:-.114 City Clerk
APPRO, D AS TO FORM:
�j7
If City Attorney
Palo ie4 Jdi,u a r 6y. 29 193-3,
CITY OF PORT ANGELES WASHINGTON
By
6.
Mayor