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HomeMy WebLinkAbout13371 • • ORDINANCE NO. /337 ii AN ORDINANCE authorizing the issuance and sale of Local Improvement Bonds for Local Improvement District No. 165 of the City of Port Angeles to pay the cost and expense of improvements in said district as ordered and provided for in Ordinance No. 11324 of the City of Port Angeles; providing for the term of said bonds and fixing interest rates.. THE CITY COUNCIL OF THE CITY OF PORT ANGELES DO ORDAIN as follows: 1 Section. 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. 165 of the City of Port Angeles, created under Ordinance No. 1324 approved March 4th, 1954 and in accordance with the laws of the state of Washington and the Ordinances of the City of Port Angeles Alin the sum of Six Thousand Forty Seven Dollars and Ninety Eight 'Cents ($6,047.98). Section 2. That said bonds be made payable on or before twelve (12) years of the date of issuance thereof and shall bear interest at the rate of four per cent (4 %) per annum payable annually for said term unless sooner called. Said bonds shall be issued in the denomination of One hundred Dollars ($100.00) each except bond number one (1) which shall be in the sum of Forty Seven Dollars and Ninety Eight Cents ($47.98) 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 interest coupon shall be signed by the mayor land 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 have printed thereon the facsimile of the signature of the Mayor and the Clerk. Each of said bonds. A shall refer to the improvement and ordinance ordering such improve- ment 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 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 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 improve -' ments 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 eases 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- ichaser for cash at not leas 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 1st day of November , 1954. • • I affect manner P ti ATTEST: Section 6. This Ordinance shall be in full force and five days after passage, approval and publication in the provided by law. INTRODUCED October 21, 1954. PASSED by unanimous vote (J�c 9.41., rte/ ,1954. APPROVED and SIGNED by the Mayor cp i4I ;It/ , 1954. ;I Approved as to form: • City Attorney 4 PUBLISHED: 0,47 ( /fFY