HomeMy WebLinkAbout3142 ORDINANCE NO. 3/~
AN ORDINANCE amending Section 6 of Ordinance
Number 3006 regarding the improvement of an
area along Shore Drive and Marlow Drive, and
declaring an emergency.
THE CITY OF BREMERTON DOES ORDAIN:
Section 1. Section 6 of Ordinance No. 3006 is
hereby amended to read as follows:
Section 6. That bonds, warrants, or
installment notes bearing interest at a rate of not more than
7 1/2 percent per annum, payable on or before ten 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 ihstallment 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 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
in, mediate preservation of '~he 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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PASSED 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 July, 19 74.
ATTEST:
~ City Clerk
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