HomeMy WebLinkAbout2650ORDINANCE NO. 2650
AN ORDINANCE of the City Council of Port Angeles
amending Ordinance No. 2647 to change the principal
maturity amounts for the Local Improvement District
No. 211 Bonds.
WHEREAS, the City Council passed Ordinance No. 2647 on
August 20, 1991 authorizing the issuance and sale of Local
Improvement District No. 211 Bonds (the "Bonds ") in the principal
amount of $1,020,927.63; and
WHEREAS, the purchaser of the Bonds has requested that the
principal maturity amounts for the Bonds be revised;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
OF PORT ANGELES, WASHINGTON, AS FOLLOWS:
Section 2 of Ordinance No. 2647 is hereby amended to read as
follows:
Section 2. Authorization of Bonds. After payment in
full of the Notes previously issued to provide funds for the
making of improvements in the District, all money received by
the City in payment of, penalties, if any, and interest on the
Assessments levied in the District shall be paid into the LID
Fund and used to pay the principal of and interest on the
Bonds, and as security for such payment the LID Fund is hereby
pledged.
For the purpose of repaying the Notes and paying the
costs of the Improvements, the City shall issue its Local
Improvement District No. 211 Bonds, 1991 (the "Bonds ") in the
aggregate principal amount of $1,020,927.63. The Bonds shall
be dated as of September 1, 1991, shall be numbered in such
manner and with any additional designation as the Bond
Registrar deems necessary for the purpose of identification
and control, shall be in the denomination of $5,000 each or
any integral multiple thereof except for Bond No. 1, which
shall be in the denomination of $5,927.63, and shall bear
interest from their date at the rates set forth on the offer
to purchase the Bonds that is attached to this ordinance and
incorporated herein by reference. Interest shall be payable
annually beginning September 1, 1992, and annually thereafter
on the 1st day of September of each year, and shall mature
September 1 in the years and amounts set forth below:
Due Amounts
1992 $ 30,927.63
1993 25,000.00
1994 25,000.00
1995 25,000.00
1996 25,000.00
2003 890,000.00
The Bonds shall be obligations only of the LID Fund and
the Guaranty Fund of the City and shall not be general
obligations of the City.
Both the principal of and interest on the Bonds shall be
payable in lawful money of the United States of America.
Interest on the Bonds shall be paid by check or draft mailed
to registered owners or assigns at the addresses appearing on
the Bond Register as of the fifteenth day of the month
preceding the interest payment date. Principal of the Bonds
shall be payable upon presentation and surrender of the Bonds
by the registered owners at the principal offices of the Bond
Registrar.
All other provisions of Ordinance No. 2647 are hereby ratified
and affirmed.
Passed by the City Council at a regular meeting held this
3rd day of September, 1991.
ATTEST:
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Publish; September 8, 1991
(By Summary)
PORT ANGELES, WASHINGTON
Summary of Ordinance Adopted by the
Port Angeles City Council
on September 3, 1991
Ordinance No. 2650
This Ordinance of the City of Port Angeles amends Ordinance No. 2647 to
change the principal maturity amounts for the Local Improvement District No. 211
Bonds.
The full text of the Ordinance is available at City Hall in the City Clerk's office or will be
mailed upon request. Office hours are Monday through Friday from 8:00 a.m. to 5:00 p.m.
This Ordinance will take effect five (5) days after publication of this summary.
Becky J. Upton
City Clerk
Publish: September 8, 1991