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ORDINANCE NO.
AN ORDINANCE authorizing the issuance and sale of
local improvement bonds for Local Improvement
District No. 175 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. 1386 of the City of Port Angeles
creating said Local Improvement District No. 175
and providing for the payment of the cost and
expense thereof by special assessments on property
within said district according to law and the mode
of payment by bonds; providing for the term of such
bonds and fixing interest rates thereon.
BE IT ORDAINED by the City Council of the City of Port
Angeles 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.
175 of the City of Port Angeles as created by Ordinance No. 1386
of the City of Port Angeles to pay the costs and improvements
created in said district as provided for by said Ordinance No.
1386 and in accordance with the laws of the State of Washington
and the ordinances of the City of Port Angeles in the sum of
$18,721.72.
Section 2: That the bonds shall be made payable on or
before twelve years from the date of issue and shall bear
interest at the rate of 420 per annum, payable annually for said
term unless such bonds by sooner called; said bonds shall be
issued in the denomination of $500.00 each except bond number one
which shall be issued in the denomination of $221.72 and said
bonds shall be numbered 1 - 38 consecutively and shall have
attached thereto interest coupons for each interest payment for
each bond and each interest coupon shall be signed by the Mayor
and attested by the City Clerk, who shall fix the seal of the
City of Port Angeles to each of said bonds; provided, that such
interest coupon may have printed thereon the facsimile of the
signature of the Mayor and Clerk in lieu of being so signed.
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Each of said bonds shall refer to the improvement for the payment
of which said bond shall be issued and the ordinance ordering such
improvement. 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 said improvement and that no other fund of the
'City of Port Angeles shall ever be liable therefor, except so far
as the City is liable by virtue of the statutes of the State of
Washington and particilarly the statutes providing that the City
of Port Angeles shall create a Local Improvement Guaranty Fund
for the purpose of guarantying the extent of such fund and in the
(manner provided by the law. The payment of local improvement
bonds issued to pay for local improvements ordered by said City.
Section 3: Such bond or any number thereof may be sold
(lend exchanged for warrants issued to the payment for the impm ve-
ment made in such district for which they shall be issued and 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 expense of said improvement.
Section 14: 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 case 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 the par
value and accrued interest.
Section 5: Such bonds shall be dated the Pw61' day of
T` y , 1958.
Section 6: This ordinance shall be in full force and
effect five days after its passage, approval and publication as
provided by law.
PASSED by the City Council of the City of Port Angeles,
Washington and approved by its Mayor at a regular meeting of
said Council held on the 16th day of January, 1958.
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ATTEST:
Approved as to form:
Cit ttorney
PUPLISHED:
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Mayor