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HomeMy WebLinkAbout257 (17)ORDINANCE NO. 284 An ordinance of the City of Kent, authorizing the Mayor and City Clerk to issue local improvement bonds against local improvement District No._,(Z±, created by ordinance No. J, i, of the said City, as a latera sewer district, providing the rate of interest which the said bons shall bear, the date of their issue and of their maturity, authorizing their delivery to the contractor ming the improvement in said district. THE CITY COUNCIL 07 THE CITY OF KENT DO ORDAIN AS FOLLOWS: Section I. That the Mayor and Oity 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./ of the said City of Kent, and the property included therein, which district was created by Ordinance No.VYZI?� of said City, as pro- vided by law and the ordinance of the said C ty in the aggregate SUM of�,`-G4*.J.w Section 2. The said bonds shall be in denominations as follows: bonds numbered from I to 4yr shall be for the :sum of one hundred dollars each, and bond numbered ZV._snall be for the sum of /P e ---Dollars . sail bonde'silail be issued on ar after the 4th. day of December A.D.19II, and shall be payable on or before Five years after the date they bear. They shall bear interest at the rate of eight per cent. per annuill from the date of their issue until called for payment by the .Treas- urer of the said city, which interest shall be 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 shall be subject to the terms and conditions of the bonds to which the surae axe attached, ;and if ary bond be called for payitient before the maturity of any coupon which roar, be attached thereto, the said coupon shall become void. Section 3, The bonds issued undered the provisions of this ordinance shall be either sold for cash at not less than their par value, or issued directly to the contractor doing the work on the said irrra.rove- ment , and shall be deltvered to hire by the r.iayor and clerk of the city,immediately upon their execution and issue. Passed the Council November 2Ct L. 191I. Approved by the Mayor November.2/ I911. r ,r �a Attests �✓ - �. City -Clerk.