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HomeMy WebLinkAbout1452- ORI~INANCE NO. 1452 AN ORDINANCE fixing and establishing the interest rate on assessments and the interest rate on, and the form of, bonds to be issued in Local Improve- ment District No. 212, and declaring an emergency. THE CITY COMMISSION OF THE CITY OF BREMERTON DOES ORDAIN AS FOLLOWS: Section 1. That the interest rate to be charged to the property benefited by the improvements in Local Improvement District No. 212, shall be six per cent per annum. Section 2. That the interest rate to be charged on Local Improvement District bonds, to be issued in Local Improvement District No. 212, shall be four per cent per annum. Section 3. That honds to be issued as of the 10th day of February, 1942, for the pa~yment of the costs and expenses of the improvements in Local Improve- ment District No. 212, shall be in the following foEn: "No. $ CITY OF BREMERTON LOCAL IMPROVEMENT BOND N.B.-This bond is issued under the provisions of Chap. 27 Title 60, Remington's Revised Statutes of Washington, 1922, as amended, and under the provisions of Chap. 141, Washingtoh Laws, 1923, as amended, Section 5 of which reads as follows: "Section 5. Neither the holder nor the owner of any bond issued under the provisions of this act shall have any claim therefor against the city or town by which the same is issued, 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 such city or town, and the city or town shall not be liable to any holder or owner of such bond or warrant for any loss to the guaranty fund occuring in the lawful operation thereof by the city of town. The remedy of the holder or owner of a bond, in case of non-payment, shall be confined to the enforcement of the assessment and to the guaranty fund. A copy of the foregoing part of this section shall be plainly written, printed or engraved on each bond issued gnd guaranteed hereunder, and the writing, printing or engraving shall be deemed sufficient compliance with the requirements of Section 9405 of Remington's Compiled Statutes." THE CITY OF BREMERTON, a municipal corporation of the State of Washington, hereby promises to pay to bearer HUNDRED DOLLARS lawful money of the United States, with interest thereon at the rate of four per cent per annum, payable annually, upon presenta- tion and surrender of the annexed interest coupons as they severally mature. This bond is payable, both principal and interest, at the office of the City Treasurer out of the fund established by Ordinance No. 1429 of said city and known as "Local Improvement Fund. District No. 212." Payment of this bond is guaranteed by the f'Local Improvement Guaranty Fund" of said city, created and established pursuant to Chap. 141, Washington Laws, 1923, as amended. This bond is payable on or before February 10, 1952, and is subject to call by the City Treasurer of said city whenever there shall be sufficient money in said Local Improvement Fund to pay the same and all unpaid bonds of the series of which this is one, which are prior to this bond in numerical order, over and above sufficient for the payment of interest on all unpaid bonds of said series. In case this bond is called for payment before its maturity, each and every interest coupon representing interest not accrued at the time this bond is payable under such call, shall be void. The City Commission of said city, as the agent of said Local Improvement District No. 212, established by Ordinance No. has caused this bond to be issued in the name of said city as the bonds of said district, and this bond, or the proceeds thereof, to be applied in part payment or so much of the cost and expense Ordinance Nol 1452 ~cont) of the improvements made in said district under said Ordinance No. 1340, as is levied and assessed against the property included in said Local Improvement District and benefited by said improvements, and said "Local Improvement Fund, District No. 212" has been established by ordinance for said pnrpose, and the holder of this bond shall look only to said fund, and to the said "Local Improvement Guaranty Fund" for the payment of the principal and interest of this bond. Call for payment of this bond, or of any bond of the series of which this is one, shall be made by the City Treasurer by pub- lishing the same in the official newspaper of said city, and when such call is made, this bond will be paid on the day the next interest coupon thereon shall become due after said call. This bond is one of a series of 68 bonds, aggregating in all the principal sum of Thirteen Thousand Five Hundred Seventy-Five and 52/100 Dollars, issued for said Local Improvement District, all of which bonds are subject to the same terms and conditions as herein expressed. IN WITNESS WHEREOF, the City of Bremerton has caused these presents to be signed by its Mayor, attested by its Clerk, and sealed with its corporate seal this lOth day of February, 1942. CITY OF BREMERTON Attest: Mayor City Clerk There shall be attached to each bond ten coupons numbered consecuDively from 1 to 10, payable reppectively, on the 10th day of February, 1943, and · annually thereafter, which coupons shall be in the following form, providing however, that upon issuance each bond shall be signed by the Mayor and City Clerk of the City of Bremerton and shall be impressed with the seal of the City of Bremerton, but each coupon shall be signed with the printed or rubber stamp facsimile signature of the Mayor and City Clerk and shall not bear the seal of the City of Bremerton: INTEREST COUPON "No. __ $ On the 10th day of February, 1943, the City of Bremerton . will pay to the bearer hereof, at the office of the City Treasurer, the sum of Dollars ($ ), the same being interest due that day on Bond No. of said City, from the "Local Improvement Fund, District No. "provided that this coupon is subject to all of the terms and conditions contained in the bond to which it is attached. If said bond be called for payment before the maturity thereof, then this coupon shall be void. H. A. Bruenn, Mayor Attest: E. J. McCall, City Clerk. Section 4. The said bonds of Local Improvement District No. 212 of the City of Bremerton shall be in denominations of $200.00 each, except Bond No. 1, which will be in the denomination of $190.05, said bonds shall be numbered from one to sixty-two. Section 5. That an emergency exists which affects the public peace, health and safety of the City of Bremerton, and this ordinance shall take effec' immediately following passage and publication. PASSED by the City Commission of the City of Bremerton, signed by the Mayor, and attested by the City Clerk in authentication of such passage, this 4th day of March, 1942. Attest: Mayor