HomeMy WebLinkAbout1684ORDINANCE NO.
AN ORDINANCE of the City of Port Angeles, Washington
providing for the issuance of bonds of Local
Improvement District No. 189A in the principal
sum of $14,000.
WHEREAS, by Ordinance No. 1654 passed and approved
March'20, 1969, Local Improvement District No. 189A of the city
was duly created; and
WHEREAS, the improvements provided by said ordinance
to be constructed in Local Improvement District No. 189A have
been completed; and
WHEREAS, the assessment roll in said district has been
confirmed by Ordinance No. 1681 passed and approved February 17, 1970,
in the total amount of $18,231.96 of which $4,814.88 was paid during
the 30 -day period permitted by law for the payment of assessments
without penalty or interest; and
WHEREAS, it will be necessary for the city to now issue
bonds of said local improvement district in the principal sum of
$14,000 and to deliver said bonds together with cash on hand in
the Local Improvement District No. 189A Fund to the holder of
the outstanding Local Improvement District No. 189A Fund warrants
in exchange therefor;
NOW, THEREFORE, BE IT ORDAINED by the Council of the
City of Port Angeles, Washington as follows:
Section 1. That in order to redeem the outstanding
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warrants which have been drawn on the Local Improvement District
No. 189A Fund of the city and issued for the payment of the costs
of the improvements constructed in said local improvement district,
the city shall now issue bonds of Local Improvement District No. 189A
in the principal sum of $14,000. Said bonds shall be dated April
20, 1970, shall be in the denomination of $1,000 each, shall
be numbered from 1 to 14 inclusive, shall bear interest at the
rate of 5.75 percent per annum payable annually on April 20 of
each year and shall mature April 20, 1982.
All of said bonds shall be payable in lawful money of
the United States of America at the office of the City Treasurer of
Port Angeles, Washington. Said bonds shall be redeemable at par,
in numerical order, on any interest payment date whenever there shall
be sufficient money in the Local Improvement District No. 189A Fund
to pay the same and all unpaid bonds of this local improvement
district which are prior in numerical order to the last bond to be
redeemed over and above an amount sufficient for the payment of
the interest next accruing on all the unpaid bonds of this local
improvement district.
Notice of such intended redemption shall be given by
one publication thereof in the official city newspaper not more than
twenty nor less than ten days prior to such redemption date.
Section 2. Said bonds shall be in substantially the
following form:
UNITED STATES OF AMERICA
NO. $1,000
STATE OF WASHINGTON
CITY OF PORT ANGELES
LOCAL IMPROVEMENT DISTRICT NO. 189A
The City of Port Angeles, a municival corporation of
the State of Washington, hereby promises to pay to bearer
the sum of
ONE THOUSAND DOLLARS
in lawful money of the United States of America, with interest
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thereon from the date hereof until payment of the principal
sum has been made or duly provided for at the rate of 5.75J
per annum payable annually, upon presentation and surrender to
the City Treasurer of this bond and the annexed interest coupons
as they severally become due.
This bond, both principal and interest, is payable only out
of the Local Improvement District No. 189A Fund created by
Ordinance No. 1654 of the city, and from the Local Improvement
Guaranty Fund of the city created by Ordinance No. 852 of
the city pursuant to Chapter 209, Session Laws, 1927. Neither the
holder nor the owner of this bond shall have any claim therefor
against the City of Port Angeles except for payment from the
special assessments made for the improvement for which said
bond was issued, and except as against the local improvement
guaranty fund of the city and the city shall not he liable to
any holder or owner of this bond for any loss to the guaranty
fund occurring in the lawful operation thereof by the city.
The remedy of the holder or owner of a bond in case of non-
payment, shall be confined to the enforcement of the assessments
and to the guaranty -fund.
This bond is one of an issue aggregating in all the
principal sum of $14,000, is payable on or before April 20, 1982,
and is subject to call by the Treasurer of the City of Port
Angeles on any annual interest payment date whenever there
shall be sufficient money in said Local Improvement District
No. 189A Fund to pay the same and all unpaid bonds of this
local improvement district which arc nrior in numerical order
to this bond, over and above an amount sufficient for the
payment of the interest next accruing on the unpaid bonds of this
local improvement district.
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In case this bond is called for payment before its final
maturity, each and every interest coupon not accrued at the
time of such payment shall be void. Call for payment
of this bond shall be made by the City Treasurer by one
publication of such call in the official city newspaper not
more than twenty nor less than ten days prior to said call
date, and when such call is made this bond shall be paid on
the day the next interest coupon thereon shall become due
after such call.
IN WITNESS WIIEREOF, the City of Port Angeles, Washington
has caused this bond to be signed by its Mayor and attested
by its Clerk under the corporate seal of the city and has
caused the interest coupons hereto attached to be executed
with the facsimile signatures of said officials this 20th day
of April, 1970.
ATTEST:
CITY OF PORT ANGELES, WASIIINGTON
/cam 572 J
City Cler
The interest coupons to be attached to said bonds shall
be in substantially the following form:
NO. .$57.50
On the 20th day of April, 19, the City of Port
Angeles, Washington, will pay the hearer at the office
of the City Treasurer the sum shown hereon in lawful
money of the United States of America out of the Local
Improvement District No. 189A Fund of the city, said
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sum being the interest due that date on bond numbered
of Local Improvement District No. 189A of the city. This
coupon is subject to all the terms and conditions contained
in the bond to which it is attached.
ATTEST:
n)
City C1 -rk
CITY OF PORT ANGELES, WASHINGTON
Section 3..The bonds shall be signed by the Mayor and
City Clerk under the corporate seal of the city and the interest
coupons shall bear the facsimile signatures of said officials.
The appropriate city officials are hereby authorized to do every-
thing necessary for prompt printing, issuance and delivery of
said bonds and the proper application of the proceeds thereof.
PASSED by the Council of the City of Port Angeles,
Washington, and approved by its Mayor at a regular meeting of
said Council held on the '7,6 day of April, 1970.
ATTEST:
JAJJ
City C crk
PUBLISHED: April 9, 1970
CITY OF PORT ANGELES, WASHINGTON
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