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HomeMy WebLinkAbout257 (9)01IU IIiARCE iU O . 280 An ordinance of the Cita of Kent, authorizing the livor and city Clerk to issue jucal ivTroveiaent bonds against local improvement District lVo._, created by ordinance No42..�., of the said City, as a lateral sewer district, providing the rate of interest which the said bon©,s shall bear, the date of their issue and of their maturity authorizing their delivery to the contractor iimzing the improvement in said district. THE CITY COUNCIL OF THE CITY OF KENT DO ORDAIN AS FOLLOWS: Section I. That the Mayor and dity Clerk of the City of Kent be and they are hereby authorized and divected to execute and issue local improvement bonds against Local Improvement District No. of the said City of Kent, and the property included therein, whit district was created by Ordinance ho.g„Z, g_ of said City, as pro- vided bZ,,,law d the ordinances of th said ' ty in the t;ra a.te suili of . Doliars( J * ) Section 2. The said bonds shall be in denominations as follows: bonds numbered front I to A.Z_shall be for the Suitt of one hundred. dollars each, and bond numbered fir shall be for the sum of �--Id ✓ t Dollars. said bondo :gall be issued on ar after the 4th. day of Deceicber A.D.19II, and shall be payable on or before five years after the' date they bear. They shall baar interest at the rate of eight per cent. per m- uiuin from the date of their i3sue until called for payment by t' e Treas- urer of the said city, which iiiterest shall lis payable annually, on the 4th. day of.December of each year, and shall be evedenced by interest coupons attached to each of said bends, one coupon for each years interest, all of which coupons sriall be oubject to the terius acid conditions of the bonds to which trio suit,o are attached,and if any bond be called for payment before the maturity of any coupon which ivam be attached tliei,eto , the said cot,ipoii shall become void. 3ectioil 3. The bonde issued undei•ea taia provisions of this ordinance shall be either sold for cash at iiot less than their par value, or issued directly to tyle contractor doily; the work on the said Improve- ment, and shall be delivered to hire by the itiwyor and clerk of the city, iviaediately i1pon their execution and issue. 7la.ssed the council November 20th. I911Za, Approved by the Mayor Novembers_ 191 e I/IP ` . r } Atte;;t 6M, cler] .