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ORDINANCE NO, 1322
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 improvements of said District as ordered and pro-
vided for in Ordinance No. 1306 of the City of Port Angeles, providing for the
term of such bonds and fixing the interest rates thereon, and repealing Ordinance
No. 1320.
THE CITY COiiNCIL OF THE CITY OF PORT MU TES DO ORDAIN 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 ordinance of the City of Port Angeles in the sum of
$25,982.60.
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 (4) per annum, payable annually for said terms 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 $482.60, and they shall
be numbered consecutively from one 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 of being so signed, may have printed thereon the
'facsimile of the Mayor and the Clerk. Each of said bonds shall refer to the im-
provement 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 prim
cipal 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 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 guaranty fund for the purpose
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of guarantying 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 or-
dinances 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 purchasets, 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 ex-
changed for the warrants issued in payment for the improvement 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 15th day of February,
1954.
Section 6. That Ordinance No. 1320 entitled "An Ordinance Authorizing
the Issuance and Sale of Local Improvement Bonds for Local Improvement District
No. 164" etc., passed by the City Council on February 5, 1954 be and is hereby
repealed.
Section 7. This ordinance dlall be in full force and effect five (5)
,days after passage, approval and publication in the manner provided by law.
INTRODUCED February 18, 1954.
PASSED by unanimous vote February 18, 1954.
APPROVED and signed by the Mayor February 18, 1954.
;ATTEST:
APPROVED AS TO FORM:
MAYOR