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as follows:
Section 1. That the Mayor and City Clerk of the City
of Port Angeles be, and they are now hereby authorized and directed
to issue local improvement bonds for Local Improvement District No.
ORDINANCE NO.
AN ORDINANCE authorizing the issuance and sale of
local improvement bonds for Local Improvement District No. 161 of
the City of Port Angeles to pay the cost and expense of the
improvements in said district as ordered and provided for in
Ordinance No. 1288 of the City of Port Angeles; providing for the
term of such bonds and fixing interest rates and repealing Ordinance
.No. 1291 of the City of Port Angeles.
THE CITY COUNCIL OF THE CITY OF PORT ANGELES DO ORDAIN
161 of the City of Port Angeles, created under Ordinance No. 1288,
approved October 2, 1952 and in accordance with the Laws of the
State of Washington and the ordinances of the City of Port Angeles
in the sum of Thirty Three Thousand, Four Hundred Eighty -Eight
li Dollars and Thirty -Six Cents 033,488.36).
Section 2. That the said bonds be made payable on or
before twelve (12) years from the date of issuance thereof and
shall bear interest at the rate of four and one half (42) per cent
per annum, payable annually for said term unless sooner called.
Said bonds shall be issued in the denomination of Five Hundred
Dollars ($500.00) each except Bond No. 1 which shall be in the
denomination of Four Hundred Eighty -Eight Dollars and Thirty -Six
Cents ($488.36), and they shall be numbered consecutively from one
(1) upward, and each of said bonds shall have attached thereto
interest coupons for each interest payment, and each such bond and
the coupon shall be signed by the Mayor and attested by the City
Clerk who shall affix the seal of the City of Port Angeles to each
of said bonds; provided that said coupons in lieu so signed may
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have printed thereon the facsimile of the signature of the Mayor
and the Clerk. Each of said bonds shall refer to the improvement
and ordinance ordering such improvement to pay for which said
bonds shall be issued, and each of said bonds shall provide and
state that the principal sum therein named and interest thereon
shall be payable only out of the special fund created for the pay-
ment of the cost and expense of such improvement, and that no other
fund of the City of Port Angeles shall ever be liable therefore,
except so far as the City is liable by virtue of the statutes of
the State of Washington and particularly the statutes providing
that the City of Port Angeles shall create a local improvement
guarantee fund 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 3. That the form and mode of issuance and
execution of said bonds shall be as provided by the laws of the
State of Washington and the ordinances of the City of Port Angeles
as in such cases made and provided, and said bonds when so law-
fully executed and issued shall be placed in the custody of the
City Treasurer and by her delivered to the purchaser or purchasers .
thereof upon receipt by her of the amount contracted to be paid
for the same, which shall in all cases be not less than their par
value and accrued interest.
Section 4. Said bonds or any part of them may be sold
or exchanged for the warrants issued in payment for the improve-
ment for which they shall be issued, or may be sold to any pur-
chaser for cash at not less than the par value thereof and accrued
interest and the proceeds thereof shall be applied to the payment
of the cost and expenses of said improvement.
Section 5. That said'bonds shall be dated the 20th
day of June, 1953.
Section 6. That Ordinance No. 1291, approved and signed
by the Mayor December 18, 1952, and published on the 23rd day of
December, 1952 be, and the same is hereby repealed,
Section 7. This Ordinance shall be in full force and
effect five days after passage, approval and publication in the
manner provided by law.
INTRODUCED June 4, 1953.
PASSED by unanimous vote n� , 1953.
APPROVED and SIGNED by the Mayor 11 , 1953.
Attest:
2'
City Clerk
Approved as to form:
PUBLISHED: 9 175 0.
Mayor