HomeMy WebLinkAbout257 (7)ORDINANCE N0. r,/ 9' .
An ordinance of the City of hent providing a form for bonds issued
against Loal Improvement Districts and the coupons to be attched to
the Bald representing interest paymentsoalso providing for the prepa.
ration and registry of the sauce.
THE, CITY COUNCIL OF THIP, CITY OF KENT DO ORDAIN AS FOLLOWS;
Section 1. All bonds hereafter issued by the City of Kentoin payment
of the costs and expense of local improvements shall be as nearly as
practicable in the following form,towit:
Rin''
r �'
100.000
�or,,i.iration of the t!A:td alas
of that ..tate of "�`inr�Yd3xcs;ton,h�reliy proiaiuee to pay to
or bearer, t'r►e suit of one h.ir.: re.i l:,llt�.rsi, (: 1CG.U0. } �
l:►.�rful rsioeieji� of
Unite i .,ta s.+asa of �.� �rrlo►x, pita irAerest thereon at the rate of
eight i)aar ce�r±t.par ririrum,); rxY►1e rtiinuaa:ly,out of tile fund estarblis�ahed
by ordii;wloe ;o. of said aity,ksisown as �,ocarl iriprovaa�ierrt .i�und
1o. ,and not ptNerwiseoboth pri,;c:ix�al and interest pay�sble at tl�es
office cf tize pity 'i'reaasurer ui' ssasi+i ity if ;,erYt. t to aao�►
A coupes: is hereto €atLtache�i for each ir:sitaallrueLlt Of interee:i
crud hereon, wiA said interekl' a3�:as.i.l lie r;�si:.i arlly uii )iretd8r:c:atipn !z►ti
surrender of assc,ia couE:on to t1:E ►sr,i.a city Lrearaurer ref said. 'Aty of
i ent,bur ii; C:Ei,ae thio bored iay .. lw l :ir arty feat,}it i`ore its �:iratu:rity
gaaoh and every coupon repr eaenti ,fir iritere;►it riot ac:zraed at the time
of s:.ch i :y.:.jaat sah6ll be rui3. lfi
This bon(i is pr�jat.le on or before t; e i i.cia-Y of ° /E.-
7A1"al. iii iU�r C`�:f�r0 j4t:� i::y'L L �i: Cl (: �:."::f�:1rl:'1•i�
of Ll'ie:j,)jj 0j Ly, -,,,,hen -
ever t),ere fdiia+.11 be saufficierit y inarcic; local i .�,ixUVe.::,erlt fund
to pay tlx ra.rid ::Z1 u.ijpa,..id bonass of t,h+ zeries. of xhici". this is one
which are prior to tici s bririd Jul auaieri cal order, over and above suf-
ficient for the p yricnA of irzter,",A or► "1 urrut-,iJ:f bonds of enid ae-
ries,
city cuueicil of aiid ci Ljo e: w ,Agrerlt for s ed l:i4a1 i�:j x'avcr.rgrst
distriot t o..established by oc•dirr;arrcec o.,r_,,#has crkuged this bond
to be i ras,�ed in the r�ai.:,ter of t .0 .;a:i d ci ty, a z and- the bond of that
said local ital-P •ovetten) disatrict,the b:)nd to be i ,.liei in part aar�y-
;,;�spt of the; cost and expease of tile. ij;ipr•:)vci.:iesnt in s3aaid disatrict
under said ordinance i o.,,,,_�„ ,which hFau hoed, levie a r,r:d asseaes sed
ak, ainet t), �,r;iperty SaiuludeJ iii �;a+: local i.:,�i: r�vc :,er:t di:►4,rict,anrllx
ben*fitted by said is;lpr. ovemeu t; r-jIid the holder or holders of this band
shall look to La10c;al icniia•cvE-;:crit funid only for the pay ient of 'the
principal &ad interest on this borsd.
The call for the pzr,y: Writ of t): i �, t,cara:i is i;.t:ti ") rude bytt�o i, t,yT 'rads-•
urer by publishing tl�e sa:.le ill tine city (;,fficial 1 e bpaper,aii+i whorl
squash crall is rciaade tsar fila pi;y,.lellt of t:`.iu boiid it .ill be i,azid the slay
the next interest coupon tahaal l bq..eo:s.e slue of ter the is acid, e rill, and upon
saidessay inter.etst on this roti:; a;iic.11 c r.sie3.
This bond is one of ae, series of borldb sagg!re gating"
ey' tau:a of
uullara, }, isiaucd fojrsa.iei. IC)ca�l iarv*
provement districts all of, �rtisiciii bou:is are :aubjeaoL 4cr; the Eaa:i: ic: eras'}
and condiLiuns, fila ht:rei:i L4Xt 'e:
s.jt.Thie bond is isuued by virtue of the provioions of aari xct Of the
legislature of ttae srtutea of W'as:iiingtori, a sti Lled:".'Ln act relating to
local 1c•Aprovlo.,ients3 ire (;itiasa arra'd towna, and rend alinr'.- aertnin nuts and
parts of acts", approved jwarch 17th.1Sil1, aeetion b2 of which act
rends as follows:
"Seotion b,,,,eit;her t1ju holder nor uai'ser of uay bond is;raued under the
authority ofthis raot shall hove ajay ulkira t'nercfor ;4;cainst the city
by which the strrio 15 is,-ued, ex"I't from the) special assess Merit made
for tiao improve-ifient for ahich sucii liurYd wad is oued,but hiss remedy in
ease of noripa yiaerit, ol,talt i,e3 0014fir►e(i to Lsie eliforeuei!iont of such a,assesas-
msrsts, it copy of tY:isa saectioll 13'riall b�:: iile.irlly gcx#xa t writtsq,prin-
ted or engraved on eaaca bond 80 isasued".
IN the said city oausa=si t1tes3e presents to be sign-
ed by its wuyor and attestedt,y .its city clerk rand saeaaled with its cor-
porate seal this 9th.day of ;.,eceyiiber , .D.1911.
t C.S.) 6 p Y
The coupons attached,to the said bond &iall be in the following
formas nearly as practicable:
No.
:INTI!,';t!AoT COUPUIJ
On the day of
9 the of
bearer hereof at e office ofthe�CityCTreasurerrthelsum of t4
the thll
the same being for interest due on that dayoupon abond ]4o . of the
bonds of local Improvement District !:o. ,of the said City, of Kent
from Local Improvement lFund No. , and riot otherwise;Provided,
that tiii s coupon i s :;ub j act to all the terms and condi tions contain.
ed the bond to which it is attached,and if said bond be ca.11ed for
payrnE.t:t before the,ninturity hereof then this coupon shall be void.
S
L.S• Pfa.yor of the City of vent.
Clerk of the City of Kent.
Section 2. The city clerk, sh;117. keep a regi eter of such borids is
which s"rtrall be enterert the narie of the. local iwprovement district,,
the date, amount, number and maturity of each bond, the rate of inter-
est, when payable, and the d ;ate of r ademption.
Section 3. The said bonds shall be printed, lithographed or engrav-
ed upon z ood quality of bond f)aper, and the city cleric bhi ll have
the s a:ne prepared for the signatures of the proper of icers when-
ever directed to do so by the city council.
Passed the council tioveriber 20thd911.
Approved by the mayor November Atia.1911
Attest: C 1 city Clerk.