Loading...
HomeMy WebLinkAbout1329RT HF 6- 30--54 6 ORDINANCE NO. X32 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 $65,000 for the purpose of providing funds to pay the cost of acquisition of certain real properties, providing the date, form, terms and maturities of said bonds, for annual tax levies to pay the principal and interest thereof, creating a fund for the payment of such principal and interest, and a Real Property Acquisition Fund. WHEREAS, the City of Port Angeles is contemplating the clearing, draining, grading, ballasting and paving of a highway up Tumwater Canyon between Cedar and Tumwater Streets from Marine Drive to Lauridsen Boulevard and "A" Street, thence westerly on Lauridsen Boulevard to "C" Street, with a 24' wide asphaltic concrete pavement, and the grading, draining, ballasting and paving of Marine Drive from a point 200 feet east of its intersection with "A" Street to Ediz Hook Road with 8" cement concrete pavement 20 feet to 24 feet wide, with cement concrete curbs and gutters where necessary, with a 9' wide asphaltic parking strip on the southerly side of said paving, and with the construction of a precast concrete bridge 28 feet wide with a 4' wide walk across the lagoon waterway, and the filling, draining, grading and ballasting of West Front Street produced westerly from Oak Street to its intersection with Valley Street, Valley Street from West First Street to West Front Street as produced, and Cherry Street from West 41/0 First Street to West Front Street as produced with 50' wide asphalt pavement; and WHEREAS, the city is further contemplating the creation of a local improvement district to pay the cost of constructing and in- stalling said improvements; and WHEREAS, certain parcels of real property must be acquired by the city in order to enable the city to construct said highway and improve said streets as above described; and WHEREAS, it is deemed necessary and advisable that the city issue its limited tax levy general obligation bonds in the principal sum of $65,000 to provide the funds necessary to acquire such parcels of property; and WHEREAS, said bonds may be issued without a vote of the people under the laws of the State of Washington governing the limitation of indebtedness of cities; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of Port Angeles, Washington, as follows: Section 1. That for the strictly municipal purpose of con- structing the highway up Tumwater Canyon and improving Marine Drive and West Front Street produced as above stated, the city shall issue and sell its general obligation bonds in the principal sum of *65,000 to provude funds to acquire by purchase or condemnation properties lying between Cedar and Tumwater Streets from Marine Drive to Lauridsen Boulevard, properties and rights -of -way along Marine Drive commencing at a point 200 feet east of its intersection with 'tAw Street to the Crown - Zellerbach Corporation properties,and such lot or lots which may be necessary in the extension of Front Street produced westerly from. Oak Street to its intersection with Valley Street at such a radius, angle or location as may be determined by the city engineers and not necessarily confined in whole to public rights -of -way. Said bonds shall be dated August 1, 1954, shall be in de- nominations of $1,000 each, shall be numbered from 1 to 65 inclusive, and shall bear interest at a rate of not to exceed 6% per annum payable 2. semiannually on the first days of February and August 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, and said bonds shall mature in order of their number as follows: August 1, 1956 $6,o00 August 1, 1961 $7,000 August 1, 1957 7,000 August 1, 1962 8,000 August 1, 1958 7,000 August 1, 1963 8,000 August 1, 1959 7,000 August 1, 1964 8,000 August 1, 1960 7,000 The city hereby reserves the right to redeem bonds numbered 42 to 65 inclusive at par in inverse numerical order on any interest payment date up to and including August 1, 1957. Thereafter, none of said bonds shall be subject to redemption ahead of their fixed maturi- ties. Notice of any such intended redemption shall be given by one publication thereof in the official city newspaper 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 their sale by the city or to the business successor of said purchaser if any. Interest on any bond or bonds so called for redemption shall cease on such redemption date unless said bonds are not paid in full upon pre- sentation made pursuant to such call. 41/0 form: Section 2. Said bonds shall be in substantially the following UNITED STATES OF AMERICA NO. 41,000 STATE OF WASHINGTON CITY OF PORT ANGELES GENERAL OBLIGATION STREET IMPROVEMENT BOND 195+ KNOW ALL MEN BY THESE PRESENTS: 3. That the City of Port Angeles, a municipal corporation of the State of Washington, is justly indebted and for value received hereby promises to pay to bearer on the first day of August, 19, the principal sum of ONE THOUSAND DOLLARS together with interest thereon at the rate of p per annum payable semiannually on the first days of February and August of each year as evidenced by and 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, and for the prompt payment of the principal and interest of this bond as the same shall become due the full faith, credit and resources of the city are hereby irrevocably pledged. The city has reserved the right to redeem bonds numbered 42 to 65 inclusive at par in inverse numerical order on any interest payment date up to and including August 1, 1957. Notice of any such intended redemption shall be given by one pub- lication thereof in the official city newspaper 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 their sale by the city or to the business suc- cessor of said purchaser if any. This bond is one of an issue of sixty -five bonds of like amount, date and tenor aggregating $65,000 in amount, and is issued to provide funds to acquire certain real property and rights -of -way for street improvements within the city, and under the authority of and in strict compliance with the Con- stitution and statutes of the State of Washington and duly adopted ordinances of the city. The City of Port Angeles hereby irrevocably pledges itself to include in its budget and levy taxes annually within and as a part o' the tax millage levy permitted to cities without a vote or t.e people in an amount sufficient to pay the prin- cipal of and interest on said bonds as the same shall become due It is hereby certified and declared that all acts and things required to be done precedent to and in the of this bond have happened, been done and performed as by law, and that the total indebtedness of the City of Angeles, including this bond and all the bonds of this does not exceed any constitutional or statutory limita has its and IN WITNESS WHEREOF, the City caused this bond to be signed Clerk with the corporate seal the interest coupons attached , conditions issuance required Port issue, tion. of Port Angeles, Washington, by its Mayor and attested by of the city impressed hereon, hereto to be signed with the • facsimile signatures of said officials, this first day of August, 1954. ATTEST: CITY OF PORT ANGELE , WASHINGTON By City Clerk Mayor. The interest coupons to be attached to said bonds shall be in substantially the following form: NO. On the first day of , 19, the City of Port Angeles, Washington, will pay to bearer in lawful money of the United States of America at the office of the City Treasurer in Port Angeles the sum of DOLLARS, said sum being the semiannual interest due that day on its General Obligation Street Improvement Bond dated August 1, 1954, and numbered ATTEST: City Clerk CITY OF PORT ANGELES WASHINGTON % By l / , --�-` .�L,.. Mayor Section 3. Said bonds shall be signed on behalf of the city by its Mayor and attested by the City Clerk, and shall have the corporate seal of the city impressed thereon. The interest coupons attached thereto shall be signed with the facsimile signatures of said officials. Section 4. That there be and is hereby created a special fund of the city to be known as the "Real Property Acquisition Rind." The proceeds of the sale of these bonds, except for accrued interest if any (which shall be paid into the Bond Redemption Fund hereinafter created), shall be paid into said Fund and shall be used solely for the purposes provided in this ordinance. Any moneys left in said Fund 5 after all of the necessary parcels of property and rights -of -way have been acquired to construct and install said highway and street im- provements shall be transferred to the Bond Redemption Fund, and shall be used at the first opportunity to redeem bonds of this issue as au- thorized herein. Any money derived by the city from the sale of such prop- erties or parts thereof or from houses or buildings constructed thereon, after expenses of moving such houses and sale of the same and such parts of property have been deducted therefrom, shall be paid into said Bond Redemption Fund and shall be used at the earliest op- portunity to redeem bonds of this issue as authorized herein. Section 5. That there be and is hereby created a special fund of the city to be known as "Port Angeles 1954 Street Improvement Bond Redemption Fund', and each year the corporate authorities of the City of Port Angeles shall include in its budget and levy a tax upon all the property in the city subject to taxation in an amount sufficient to pay the principal of and interest on the bonds authorized herein as the same shall become due and payable. All of such taxes so collected shall be paid into said Bond Redemption Fund, and no part of such Fund shall be used for any other purpose than the payment of the principal of and interest on said bonds. The City of Port Angeles hereby pledges that the annual tax provided for herein to be levied for the payment of the principal of and interest on said bonds shall be within and as a part of the tax r 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 of and interest on said bonds will be and is hereby irrevocably set aside, pledged and appro- priated for the payment of the principal of and interest on said bonds as aforesaid. 6. The full faith, credit and resources of the city are hereby 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 6. The City Clerk is hereby authorized and directed to advertise these bonds for sale in the manner required by law, and the proper city officials are hereby authorized and directed to do everything necessary for the prompt execution and delivery of said bonds upon their sale and for the proper application and use of the proceeds of such sale. Section 7. This ordinance shall go into effect immediately upon its passage, approval and publication as provided by law. PASSED by the Council of the City of Port Angeles, Washing- ton, and approved by its Mayor at a regular meeting thereof held on the first day of July, 1954. CITY OF PORT ANGELES WASHyNGTON r By ATTEST: f PRESTON, THO:' RIMSON & HOROWITZ Special Counsel for the City 111, Pfd 9, /95Y 7. Mayor