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ORDINANCE NO. ll ( 7
An Ordinance of the City of Kent
authorizing the Mayor and City Clerk
to issue bonds against Enlarged Local Improve-
ment District No. 243 of said City, providing;
the rate of interest the said bonds shall bear,
the date of their issue and the date of their
maturity, and authorizing their sale or de-
livery to the contractor making the improvement 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
dent be and they are hereby authorized and directed to execute
ind issue local improvement bonds against Enlarged Local Improve-
nent District No. 243 of said City, and the property included
therein, which district was created by Ordinance No. 1101, passed
and approved on the '7th day of August, 1961, as provided b; law a
the ordinances of said city, in the aggregate sum of $48,21'7.18.
Section 2. Said bonds shall be in denominations as follows:
and No. 1 shall be for the sum of $21'7.18 and Bonds numbered
from 2 to 9'r, inclusive, shall be for the sum of $500.00 each.
Said bonds shall be issued on or after the 1st day of
bruary, 1963, and shall be payable on or before ten (10) years
fter the date of their issue.
They shall bear interest at the rate of 4-6 per annum from
the date of their issue until called for payment by the Treasurer
of said City, which interest shall be payable annually and
shall be evidenced by interest coupons attached to each of
said bonds, one coupon for each year's interest, all of which
coupons shall be subject to the terms and conditions of the bonds
to which the same are attached and if any bonds shall be called
for payment before maturity of any coupon that may be attached
thereto, the said coupons shall become void.
Section 3. The bonds issued under the provisions of this
ordinance may be sold for cash at not less than their par value,
or may, at the election of the City, be issued directly to the
contractor or contractors making the improvement in said district,
or to the owner or owners of said Enlarge d Local Improvement
istrict No. 243 fund warrants in redemption of the same,
and if
uch election is made by the City, the said bonds shall be delivere
o the persons entitled thereto by the City Clerk immediately upon
heir isDue .
days
Section 4. This ordinance shall be in force five
,fter its passage, approval and publication as provided by law.
-
Mayor
At�$st:
Approved as to form:y,%,g rrw�
City ttorney
Passed 7th day of January, 1953
pproved the 8th day of January, 1953
,ublished the 9th day of January,1953-
2.