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HomeMy WebLinkAbout319Authorizing Bond Issue. Ordinance No—AL __.___-_. An Ordinance of the City of Tient, authorizing the Mayor and City Clerk to issue bonds against Local Improvement District No.__...__ a".4___ ............... of said city, providing the rate of interest the said bonds shall bear, the date of their issue and of their maturity, and authorizing their sale or delivery to the contractor making the improvement in the 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 au- thorized and directed to execute and issue local improvement bonds against Local Improvement Dis- trict No._ 1 -------------- of the said city, and the property included therein, which district was created by f said city, as provided by law and the ordinances o�the said city, in the Ordinance No._ -.-:_J _____-.--.- -of � aggregate sum of�.����s- ollars Section 2. Said bonds shall be in denominations as follows. Bonds numbered from 1 to_-__ -__ ___shall be for the sum of One Hundred Dollars each �a/nd bond :-iimbered_.----- , �r____..._shall be for the sum of -loo. :_ Dollars ($._242._11.. L.__). Said bonds shall be issued on or after the-------------tr-------------------------------------------------------------------- day of - n �'tC. Cer------------------------- 191_02., and shall be payable on or before. ----- j -"'------ --------_----- ,years after the date of their issue. They shall bear interest at the rate of ----- 8 ------- ......--- per cent. per annum from the date of their issue iultil called for payment by the Treasurer of said city, v hick 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 bond to which the -,same are at- tached, and if any bond shall be called for payment before the maturity of any coupon that may be at- lached thereto, the said coupon 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 inay at the election of the city be issued directly to the contractor mak- ing the improvement in said district, and delivered to him by the City Clerk, immediately upon their issue, q` Section 4. This Ordinance shall take effect five days after its publication as by law provided. Passed the council ....... Approved by the -Mayor--- ------- ---------- - ---------------------------------------------------- .------ ----------------------- ------ Mayor. Attest: �X ----------- �.. . ... !7m-- ----- ............... City Clerk.