HomeMy WebLinkAbout320Authorizing Bond Issue.
Ordinance No`a
An Ordinance of the City of Kent, authorizing the Mayor and City Clerk to issue bonds against
Local Improvement District No ----- .1}.. ! -. ---.-.-._---..-----, 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.
THECITY COtiNCIL 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 cit and the
Y, property included therein, which district was created by
Ordinance No--..- _-.-_of sai city, as provided))y la`�and t r�nances of the said city, in the
aggregate sum of - � -- - ---'-Dollars a
Section 2. Said bonds shall be in denominations a follows:
Bonds numbered from .1 t:�, Ia_----...shall be for the sum of One Hundred Dollars each and bond
nmbered..-..-1----------- shall be for the sum of_ ...._ 7.,
------ Dollars-'.
Said bonds shall be issued on or after the--..- -_...-._. ------------------
------------------1-s.t-•---------------------------- ----------- --------day of
------------- --- � k�i -ez'-----------------------191 - and shall be payable on or before ------ fiv-e------ --------------
years after the date of their issue.
- They shall bear interest at the rate of ----- E ---------------- Per cent. per annum from the date of their issue
111itil called for payment by the Treasurer of said city, vhieh 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-
tached 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 may 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, of
Section 4. This Ordinance shall take effect five- days after its publication as by lays* provided.
Passed the council.-.----;.�.;;...],;
Approved by the Mayor------�.�...? r;_i::_L �1..='---- _._-.1N.
Mayor.
Attest: � '" 1
4 -.
z.
City Clerk.