HomeMy WebLinkAbout01252ORDINP.17CE N0. 1015
An Ordinance of the City of Port Townsend, Stato of Washington, authorizing the
issuance of forty-nine (49) soni-unnuol iutcrest bearing coupons in the sum of twenty-
seven dollars and fifty cents, (427.50) each, payable on the first day of January, 1932,
as evidencing interest duo on said date on forty-nino (49) bonds, numbered twenty-
sovon (27) to seventy-five (75) inclusive, in the principal suns of one thousand dol-
lars ($1000.00) ouch, general and binding obligations of said Oity, issued on the first
day of July, 1911, and paynble on the first day of July, 1931; and authorizing the
Mayor and the City Clerk of said city to issue, execute and sib said coupons with the
Seal of the City thereto affixed.
. 4lhereas, the City of Port 'Townsend, on the first day of July, 1911, issued seventy-
five (75) rofunding bonds, in the sum of one thousand dollars (41000.00) each, bearing
interest at the rate of five and ono -half (5-1/2) per cent per arumm, payable semi-
annually on the first day of January and July of ouch year, euid refunding bonds tieing
numbered one (1) to seventy-five (75) inclusive, and payable on the first day of July,
1931, subject to a certain option therein specified; and that tvienty-six (26) of said
bonds have been paid and liquidated, leaving bonds numbored twenty-soven (27) to seventy-
five (75) inclusive outstanding and unpaid; and
Whereas, the City Council of said City do hereby acknowledge and recognize that
forty-niro thousand dollars ($49,000.00) of said refunding bonds are due, unpaid, and
an existing legal, binding general obligation of said City of Port Townsend, inclu-
ding all interest that may accrue thereon; and that there are nos no coupons attached
to any of said refunding bonds; Now, therefore,
The City Council of the City of Port Townsend, State of Washington, do ordain
as follows:
Section 1. That the City Council of the City og Fort Townsend do hereby author-
ize and direct•, that forty-nine (49) semi-annual interest coupons in the sum of twen-
ty-soven dollars and fifty cents (;27.50) each, be issued, payable January first, 1932,
as evidence of interest due on said date on forty-nino (49) refunding bonds in the
sum of one thousand dollars ($1000.00) ouch, numbered twenty-seven (27) to seventy-
five (75) inclusive, issued on the first day of 'July;:•, 1911, and payable on the
first day July, 1931, and that said coupons be substantially in the following form:
"Coupon No. 41. $27.50
On the First day of January, 1932,
THE CITY OF FORT TO',tl•ISEND, STATE OF ',1ASIiINGTON,
Promises to pay to the bearer the sum of twenty-seven dollars and fifty cents (y27.50)
at the Fiscal Agency of the State of Washington, in New York City, State of New York,
for interest due that day on its Refunding Bond dated July 1st, 1911. Bond No.
Attest:
Mayor
City Clerk.
Section 2. That the Mayor and the City Clerk are hereby authorized and directed
to issue, execute and sign said coupons; that the City Treasurer is hereby directed
to forward, as soon as possible said coupons, together with n certified copy of this
ordinance, to the Fiscal Agency of the State of Washington, at 11ew York City, State of
Now York, and that said fiscal agency is hereby fully authorized, upon the owners and
holders presentation of ouch of said forty-nine (49) refunding bonds to it for proper
identification, to pay and cancel said forty-nine (49) coupons and return same to the
City Treasurer of the City of Port Townsend, ',',ashington.
Section 3. That this ordinance be published once in the Port Townsend Leader,
and to take effect and be in force five days after such publication.
Passed by the City Council December 1st, 1931
Approved by the Mayor December 2nd, 1932.
Attest: /
_ Mayor
City Clerk