HomeMy WebLinkAbout1320ORDINANCE NO.
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AN ORDINANCE authorizing the issuance and sale of local
improvement bonds for Local Improvement District No. 164 of the
City of Port Angeles to pay the cost and expense of the improve-
ments of said District as ordered and provided for in Ordinance
No 1306 of the City of Port Angeles, providing for the term of
such bonds and fixing the interest rates thereon.
THE CITY COUNCIL OF THE CITY OF PORT ANGELES DO ORDAIN
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as follows:
Section 1. That the Mayor and City Clerk of the City of
Port Angeles be, and they are hereby, authorized and directed to
issue local improvement bonds for Local Improvement District No.
164 of the City of Port Angeles created under Ordinance No. 1306,
approved May 21, 1953 and in accordance with the laws of the
State of Washington and the ordinances of the City of Port Angeles
in the sum of $25,075.76.
Section 2. That 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 per cent (42%) per
annum, payable annually for said term unless sooner called; said
bonds shall be issued in the denomination of
500.00 each, except
Bond No. 1 which shall be in the denomination of $75.76, and they
shall be numbered consecutively from one upward, and each of said
bonds shall have attached thereto interest coupons for each inter-
est 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, inlieu of being so signed, may have printed thereon
the facsimile of the Mayor and the Clerk. Each of said bonds
shall refer to the improvement and ordinance ordering such improve-
ment, to pay for which said bonds shall be issued, and each of said
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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 payment of the cost and expense of such improve-
ment, 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 particu-
larly the statutes providing that the City of Port Angeles shall
create a local improvement guaranty fund for the purpose of guaran-.
tying to the extent of such fund and in the manner provided by law
the payment of local improvement bonds issued to pay for local im-
provements ordered by said City.
Section 3. That the form and mode of issuance and execu-
tion 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 lawfully
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. That said bonds, or any part of them, may be
sold or exchanged for the warrants issued in payment for the in-
, provement for which they shall be issued, or may be sold to any
purchaser 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 J$Vday
, 1954.
Section 6. This ordinance shall be in full force and
effect five (5) days after passage, approval and publication in
the manner provided by law.
ATTEST:
INTRODUCED February Jr , 1954.
PASSED by unanimous vote February , 1954.
APPROVED and signed by the Mayor February , 1954.
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City Clerk
APPROVED AS TO FORM:
City Attorney
PUBLI SEi ED: re b
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MAYOR