HomeMy WebLinkAbout1811ORDINANCE NO. /iV
AN ORDINANCE of the City of Port Angeles,
Washington, providing for the issuance
of bonds of Local Improvement District"
No. 196 in the principal sum of
$38,713.29.
WHEREAS, by Ordinance No. 1794 passed and approved August 7,
1973, Local Improvement District No. 196 of the city was duly created;
and
WHEREAS, the improvements provided by said ordinance to by
constructed in Local Improvement District No. 196 have been completed;
and
WHEREAS, the assessment roll in said district has been
confirmed by Ordinance No 1801 passed and approved November 6, 1973,
in the total amount of $58,655.82 of which $19,942.53 was paid prior
to the e:epiratien or the 3G-day period permitted by law for the pay-
ment 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
$58,655.x,2 and to deliver said bonds together with cash on hand in
the Local Improvement District No. 196 Fund to the holder of the out-
standing Local Improvement District No. 196 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 warrants
which have been drawn on the Local Improvement District No. 196 Fund
of the city and issued for the payment of the costs of the improve-
ments constructed in said local improvement district, the city shall
now issue bonds of Local Improvement District No. 196 in the principal
sum of $38.713.29. Said bonds shall be dated February 1, 1974, shall
be in the denomination of $1,000 each, (except for Bond No. 1 in
the denomination of $713.29) shall be numbered from 1 to 39
inclusive, shall bear interest at the rate of 6.50% percent per annum
payable annually on February 1 of each year and shall mature
February 1, 1986.
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. 196 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, and
by mailing a copy of said notice, at the same time, to First
National Bank in Port Angeles at its main place of business in
Port Angeles, Washington, or to its business successor, if any.
Section 2. Said bonds shall be in substantially the
following form:
UNITED STATES OF AMERICA
(No. 1 - $713.29)
NO. $1,000
STATE OF WASHINGTON
CITY OF PORT ANGELES
LOCAL IMPROVEMENT DISTRICT NO. 196
The City of Port Angeles, a municipal 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
-2-
thereon from the date hereof until payment of the principal sum
has been made or duly provided for at the rate of 6.50% 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. 196 Fund created by
Ordinance No. 1794 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 be 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 this bond is case of
nonpayment, shall be confined to the enforcement of the assess-
ments and to the guaranty fund.
This bond is one of an issue aggregating in all the
principal sum of $38,713.29, is payable on or before February 1,
1986, 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. 196 Fund to pay the same and all unpaid bonds of this local
improvement district which are prior 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 improve-
ment district.
In case this bond is called for payment before its final
maturity, each and every interest coupon not accrued at the
-3-
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 by mailing
a like notice at the same time to First National Bank in Port
Angeles, Port Angeles, Washington, 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 WHEREOF, the City of Port Angeles, Washington
has caused this bond to be signed by the facsimile signature
of 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 1st day of February, 1974.
CITY OF PORT ANGELES, WASHINGTON
By
Mayor
ATTEST:
City Clerk
The interest coupons to be attached to said bonds shall be
in substantially the following form:
(No. 1 - $46.36)
NO. $65.00
On the 1st day of February, 19 , the City of Port
Angeles, Washington, will pay the bearer at the office of
the City Treasurer the sum shown hereon in lawful money
of the United States of America out of the Local Improve-
ment District No. 196 Fund of the city, said sum being
the interest due that date on bond numbered of Local
-4-
1
Improvement District No. 196 of the city. This coupon is
subject to all the terms and conditions contained in the
bond to which it is attached.
CITY OF PORT ANGELES,-WASHINGTON
By
Mayor
ATTEST:
City Clerk
Section 3. The bonds shall be signed with the facsimile
signature of the Mayor and the manual signature of the 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 everything necessary
for the 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 / Wday of January, 1974.
CITY OF PORT ANGELES, WASHINGTON
f. _y ∎ -.
ATTEST: 4t4"-
.a5 +"
By
l [� h ! /s .J JIB; / d,
- 5-
Mayor
•
I, B. B. McNEECE, the duly selected, qualified and acting City
Clerk of the City of Port Angeles, Washington, DO HEREBY
CERTIFY that the foregoing is a true and correct copy of
Ordinance No. A/ passed by the City Council at a regular
meeting thereof held on the /day of January, 1974.
DATED at Port Angeles, Washington, this day of
January, 1974.