HomeMy WebLinkAbout3140 ORDINANCE NO. ? ~
AN ORDINANCE amending Section 6 of Ordinance
Number 2981 regarding the improvement of East
Phinney Bay Drive area and Ford Avenue area,
and declaring an emergency.
THE CITY OF BREMERTON DOES ORDAIN:
Section 1. Section 6 of Ordinance No. 2981 is
hereby amended to read as follows:
Section 6. That bonds, warrants, or install-
ment notes, bearing interest at a rate of not more than 7 1/2
per cent per annum, payable on or before /~i~ years from the
date of issuance, shall be issued in payment of the cost and
expense of said improvement assessed against the property included
in the district hereinabove described which bonds, warrants, or
installment notes shall be redeemed by a collection of special
assessment levied and assessed against the property within said
district, payable in equal annual installments, with interest
at the rate of not to exceed eight percent per annum under the
mode of payment by bonds, warrants, or installment notes as
required by law and the ordinances of the City of Bremerton. These
bonds, warrants, or installment notes shall be delivered to the
contractor in redemption of warrants on the Local Improvement
District funds issued on the estimate of the City Engineer, or the
City of Bremerton may, at its option, sell said bonds, warrants,
or installment notes and make such redemption in cash.
Section 2. There exists, and is hereby deClared to
exist, an emergency; and this ordinance is necessary for the
immediate preservation of the public peace, health and safety of the
citizens of Bremerton, and shall be in full force and effect
immediately upon passage and publication.
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PASflED on first reading by the City Council of the
City of Bremerton, signed by the Mayor and attested by the City
Clerk in authentication of such passage this ~ day of June,
1974.
ATTEST:
G. C. YEADON, SR., ~-~ty Clerk
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