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HomeMy WebLinkAbout0409 0rdin~nce No. 409 AN ORDINANCE providing for bonds, establishing the terms of p~nent of ~ame, the interest thereon and the condition~ of the issue, against the property s~tuated within the limits of local improvement district No. 53. as established by Ordinance No. 408 of the City of Bremerton, such bonds to comer the amount of the award allow- ed by the Court under Eminent Domain Proceeding had ~nder Ordinance No. 309 in the Superior Court of t!~e State of Washington, for Kitsap County. i ~ The City Council of the City cf Bremerton DO ORDAIN as follows: Sec. 1. That upon the approval o~ the assessment roll of local improvement district No. 53, by the Superior Court of the State of Washingto$ for Kitsap County, and after ~hirty 130) days notice has been given to all the p~rties whose property has been encumbered by the assessments~ or any of them, carried on the said ro~_l of bonds of the s~id local improvement district shall be issued and signe~ by the Clerk of the City of Bremerton for the gross amount of the residue of the total of said assessment remaining unpaid for the amGunt of expenses indur~ed by th~ City of Bre~nerton in connection with the said district and as allowed by the s~id SuperiJLr Ccurt~ That it shall be set forth in the s~id bends that the holder of the s~id bonds is secured for the amount of s~me against the 'property included within the said district, according to the assessment roll on file therein , but in no case sh~ll ~ny p~rt of the mmount of any of the said bonds be a charge or lien against t~ e general fund or the co_mmon treasury of the whole of the City of Brem- orion. Sec. 3. That the said bends shall bear interest at the rate of sevem (7) per centum per~nnum from their date of issue and sh~ll hepa~able atany ~ime after their issue by the City of Bremerton out of funds collected on assessments agaist the said district, and sh~ll be called and paid in their numerical order by the City Treasurer of ~he City of Bremerton out of all such funds that may come into his hands. The sai~ interest on the s~td bomds shall be payable annually. Sec. 4. The principal amount of said bonds shall be ~ayable on or before eight (8) years ~fter date, and the assessment leVied ~g~lnst the property within the said district shall be p~i~t in installments om or before he following dates: one-third of same in six (6) years after the d~e of approval of said ~ssess:~ent rollS one-third in seven ~7) years after the approval of said assessment roll, and one-thrid within eight (8) years after the approv I cf said assessment roll. All of said assessments sh~ll be~r interest at the rate of sewen (7) per centum per antrum from the date of approval of said assessment roll and said interest shall be collected annually by the Treasurer of the City of ~remert~n, and upon default of any person charged with the Payment of any assessmeht ~rried on the said roll to pay the said interest annu~lly as herein provided, or to paS any of the install- ment~ herein provided, upon the date the said installments or the said. inter.est shall fall due, in such case all the r m~ining unpaid portion of a~y such assessment shall become due and payable at once and the City'of Bremerton, 'through its qualified officers or holders of any bond which shall become due and payable, or on whic~ any interest may be due ~nd not paid, stall have the right of foreclosing the lien n said assessment again~t the property encumbered thereby and cause the same to e sold, as provided by l~,w for the foreclosure of liens of local improvement bonds in like cases. Sec. 6. The said bo~s provided for by thi~ ordinance are ordere~ t~nder the provision of Section 7814 of Ballinger and Remington's Annotated Codes and Statutes and shall be subject to ~ll the provisions and requirements of statutes applicable the2eto, it being the intent and purpose of this 0rdin~,nce and of the issuance of the said bonds to set over to the holder, or, holders of the s~id bonds, every lien. right and title against the property encumbered by the said assessment which shall or may hereafte be assessed iS order to fully secure payment, propmtly, and in accordance with the terms of this ordinance, and each and every of the said assessments levied in the said proceedings hereinbefore referred to against the property of said local improvement district No. 53. The said bonds when issued in accordance with this ordinance shall be numbered consecutively and be issued in denominations of One Hundred ($10©.00) Dollars, and sh~ll be delivered to the holders of warrants no~.¥ outstamding or that may hereafter be lawfully issued against the said diz~r~t in accor~nce with the n~aber of said warrants and of said bonds, th~.~t is to say the warrants shall be taken up in their order of issue by the bonds, which sh~ll be likewise delivered ~ecutively and in accordance with their number and the order of their issue bonds may be sold under the direction of the City Council, for cash in r consecutive order and said warrants be redeemed in c~sh in their consecutive ~der provided no bonds shall be sold below par. Sec. ?. This o~diance shall be in f~ll force and effect from five (§) days after its passage, approval and publication. Passed by the City Council and approvsd by me this llth day of March. 1912. Attest: Mayor. 0ity Ole'rk ~iled by me this 12th day of March, 1912. 0itY 0lerkj' ~