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ORDI
NANCE NO. An Ordinance of the city of Kent authorizing the Mayor
and City Clerk to issue bonds against Local Improvement
District No. 241 of said city providing the rate Of
interest the bonds shall bear, the date of their issue
and the date of their maturity, and authorizing; their
sale or delivery to the contractor making the, improve-
ment in said district.
THE CITY COUNCIL OF THE CITY OF KENT DO ORDAIN 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. 241 of said city, and the property included therein,
which district was created by Ordinance No. 1087 , passed and
approved on February 20, 1961, as provided by law and the
ordinances of said city, in the a6Sre�-ate sum of $8,883.42.
Section 2. Said bonds shall be in denominations as follows:
Bond No. 1 shall be for the sum of $83.42 and Bonds numbered
from 2 to 8J, inclusive, shall be for the sum of $100.00 (One
Hundred Dollars) each.
Said bonds shall be issued on or after the lst day of June,
1962, and shall be payable on or before seven (7) years after
the date of their issue.
They shall bear interest at the rate oft per annum from
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the date of their issue until called for payment by the
Treasurer of said City, which interest shall be payable annually
and shall be evidenced by interest coupons attached to each of
said bonds, one coupon for each year's interest, all of which
coupons shall be subject to the terms and conditions of the
bonds to which the same are attached and if any bonds shall be
called for prjyment before maturity of any coupon that may
be attached thereto, the said coupons shall become void.
Section 3. The bonds issued under the provisions of this
.,ordinance may be sold for cash at not less than their par value,
1.
or may, at the election of the City, be issued directly to the
contractor or contractors making the improvement In said district,!
or to the owner or owners of said Local Improvement District No.
241 fund warrants in redemption of the same, and if such elec-
tion is made by the City, the said bonds shall be delivered to
the persons entitled thereto by the City Clerk immediately upon
their issue.
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Section 4. This ordinance shall be in force five (,. days
after its passage, approval and publication as provided by law.
Mayor
Approved as to form:
Y
Passed the (th day of May, 1902
Approved the 7th day of May, 19kD2
Published the 9th day of May, 19,-,2.
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