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HomeMy WebLinkAbout1922ORDINANCE NO. /9 '22. Mb AN ORDINANCE of the City of Port Angeles, Washington, providing for the issuance of bonds of Local Improve- ment District No. 198 in the principal sum of • $1,042,657.88. WHEREAS, by Ordinance No. 1849 passed and approved March 21, 1975, Local Improvement District No. 198 of the city was duly created and the issuance of bonds was authorized; and WHEREAS, the improvements provided by said ordinance to be constructed in Local Improvement District No. 198 have been completed; and WHEREAS, the assessment roll in said district has been confirmed by Ordinance No. 1908 in the total amount of $1,547,715.69 of which $505,057.81 was paid during the thirty (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 $1,042,657.88 in order to pay for the cost and expense of said improvements; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of Port Angeles, Washington, as follows: Section 1. In order to pay for the cost and expense of the improvements ordered by Ordinance No. 1849 of the city and constructed in Local Improvement District No. 198, the city shall now issue bonds of Local Improvement District No. 198 in the IP principal sum of $1,042,657.88. Said bonds shall be dated May 20, 1977, shall be in the denomination of $5,000 each, except Bond No. 1, which shall be in the amount of $2,657.78, shall be numbered from 1 to 209 inclusive, shall bear interest at the rate of 4,g per cent per annum payable annually on May 20 of each year and shall mature May 20, 1989. 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. 198 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 mail to the original purchasers of the bonds, and by one publi- cation thereof in the Seattle Daily Journal of Commerce and in the city official newspaper not more than twenty (20) nor less than ten (10) days prior to such redemption date. Section 2. Said bonds shall be in substantially the following form: UNITED STATES OF AMERICA NO. $5,000 STATE OF WASHINGTON CITY OF PORT ANGELES LOCAL IMPROVEMENT DISTRICT NO. 198 Laws of Washington 1965, Chapter 7 (RCW 35.45.070) pro- vides, in part, as follows: "Neither the holder nor owner of any bond, inter- est coupon, or warrant issued against a local improve- ment fund shall have any claim therefor against the city or town by which it is issued, except for payment from the special assessments made for the improvement for which the bond or warrant was issued and except also for payment from the local improvement guaranty fund of the city or town as to bonds issued after the creation of a local improvement guaranty fund of that city or town. The city or town shall not be liable to the holder or owner of any bond, interest coupon, or warrant for any loss to the local improvement guaranty fund occurring in the lawful operation thereof." The City of Port Angeles, a municipal corporation, hereby promises to pay to bear the sum of FIVE THOUSAND DOLLARS in lawful money of the United States of America, with inter- est thereon from the date hereof until payment of the principal sum has been made or duly provided for at the rate of 6.4r per cent per annum payable annually on May 20 of each year, 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. 198 Fund created by Ordinance No. 1849 of the city, and from the local im- provement guaranty fund of the city created by Ordinance No. 852 of the city pursuant to Chapter 209, Session Laws, 1927. The remedy of the holder or owner of a bond in case of non- payment, shall be confined to the enforcement of the assess- ments levied in Local Improvement District No. 198 and to the guaranty fund. This bond is one of an issue aggregating the principal sum of $1,042,657.88 issued to pay part of the cost of cer- tain street improvements within Local Improvement District No. 198 created by said Ordinance No. 1849. This bond is payable on or before May 20, 1989, and is subject to call by the Treasurer of the City of Port Angeles on any interest payment date whenever there shall be sufficient money in said Local Improvement District No. 198 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 improvement district. 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 mailing notice of such call to the original purchaser of the bonds and by one publication of such call in the Seattle Daily Journal of Commerce and the city official newspaper not more than twenty (20) nor less than ten (10) days prior to said call date, and when such call is made this bond shall be paid on the date the next interest coupon thereof shall become due after such call. -3- 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 the manual signature of 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 May, 1977. CITY OF PORT ANGELES, WASHINGTON By ATTEST: Mayor City Clerk The interest coupons to be attached to said bonds shall be in substantially the following form: NO. $ On the 20th day of May, 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 Improvement District No. 198 Fund of the city, said sum being the interest due that date on bond numbered of Local Improvement District 198 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 ATTEST: Mayor City Clerk Section 3. The bonds shall be signed by 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. Section 4. The action of the City Council heretofore taken in accepting the proposal dated May 11, 1977 of Foster and Marshall, Inc., Seattle, Washington, to purchase the bonds on the terms provided for herein is hereby ratified, confirmed and approved. 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 llth day of May, 1977. ATTEST: �iYfYr. City Clerk -5- CITY OF PORT ANGELES, WASHINGTON /977