HomeMy WebLinkAbout1056ORDINANCE NO.
An Ordinance of the City of Kent authorizing
the Mayor and City Clerk to issue bonds against
L. I. D. No. 238 of said City, providing the rate
of interest said bonds shall bear, the date of
their issue and the date of their maturity, and
authorizing their sale or delivery to the con-
tractor making the improvement in said district.
THE CITY COUNCIL OF THE CITY OF KENT DOItORDAIN as follows:
Section 1. That the Mayor and the City Clerk of the City
of Kent be and they are hereby authorized and directed to execute
and issue Local Improvement Bonds against Local Improvement
District No. 2349 of said City and the property included therein,
which district was created by Ordinance No. 1037 of the City
of Kent, passed July 6, 1959, and approved July 7, 1959, as
provided by law and the ordinances of said City, in the aggregate
sum of $3,664.53.
Section 2. Said bonds shall be in denominations as follows:
and No. 1 shall be for the sum of $64.53 and bonds numbered
from No. 2 to 237, inclusive, shall be for the sum of $100.00
.j d
each, said bonds shall be issued on or after the ,ay of
1960 and shall be payable on or before ten
,10) years after the date of their issue.
They shall bear interest at the rate of 4% per annum from the
Late of their issue until called for payment by the Treasurer
if said City, which interest shall be payable annually and shall
ie evidenced by interest coupons attached to each of said bonds,
ne coupon for each year's interest, and all of which coupons
,hall be subject to the terms and conditions of the bonds to which
he same were attached and if any bond shall be called for payment
efore maturity of any coupon that may be attached thereto, the
aid coupon shall become void.
Section 3. The bonds issued under the provisions of this
rdinance may be sold for cash at not less than their par value,
r may, at the election of the City, be issued directly to the
ontractor or contractors making the improvement in said district,
nd delivered to him or them by the City Clark immediately upon
heir issue.
1.
Section 4. This ordinance shall be in force five (5) days
r its passage, approval and puplication as provided by law.
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Approved as to form:
Passed January 4, 1969
Approved January 4, 1960
Published January 6, 1960
2.
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