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Ordinance No. 0241
ORDINANCENO241ANORDINANCEoftheCityofMedinaWashingtonprovidingfortheissuanceofbondsofLocalImprovementDistrictNo2inthetotalprincipalsumof2378319WHEREAStheimprovementsprovidedforinOrdinanceNo218oftheCityandLocalImprovementDistrictNo2havebeencompletedandacceptedbytheCityandWHEREASthetotalcostattributabletothepropertyownersinthelocalimprovementdistrictofacquiringconstructingandinstallingsaidimprovementsplusallcostsincidentaltheretoinsaidlocalimprovementdistrictis2451835andtheassessmentrollinsaiddistrictinsuchtotalprincipalsumof2451835hasbeenconfirmedbyOrdinanceNo232inthemannerrequiredbylawandWHEREAS73516oftheassessmentsonsaidassessmentrollwaspaidduringthe30dayperiodpermittedbylawforthepaymentofassessmentswithoutpenaltyinterestorcostsandWHEREASafterapplyingsaidamountofprepaidassessmentstothepaymentofthecostandexpenseofsaidimprovementsandtothepaymentofallexpensesincidentaltheretoitwillbenecessarythatthecityissuebondsofsaidlocalimprovementdistrictinthetotalprincipalsumof2378319topaythebalanceofthecostsofsaidlocalimprovementdistrictandWHEREASitIsnecessarythatthedateformtermsandmaturitiesofsaidbondsnowbefixedNOWTHEREFOREBEITORDAINEDBytheCounciloftheCityofMedinaWashintolasfollowsSection1ThatforthepurposeofpayingthecostsattributabletothepropertyownersinthelocalimprovementdistrictofacquiringconstructingandinstallingimprovementsinsaidLocalImprovementDistrictNo2plusallcostsinciderltalthereto theCityshallissuebondsofsaidlocalimprovementdistrictintheprincipalsumof2378319SaidbondsshallbedatedMarch11969shallbeindenominationsof1000eachexceptforbondNoj1whichshallbeinthedenominationOf78319shallbenumberedfrom1to24inclusiveshallbearinterestattherateof6perannumpayableannuallyonthefirstdayofMarchofeachyearandshallmatureonMarch11981SaidbondsshallbepayableattheofficeoftheCityTreasurerinMedlnaWashingtoninlawfulmoneyoftheUnitedStatesofAmericaNoticeofanyintendedredemptionofanyofsuchbondspriortomaturityshallbegivenbytheCityTreasurerbyonepublicationthereofintheoffiCIalCitynewspaperifonehasbeenselectedbutifonehasnotbeenselectedthenbyonepublicationthereofinanynewspaperofgeneralcirculationintheCitynotmorethan20norlessthan10dayspriortosaidredemptiondateSection2followingformNOSaidbondsshallbeinsubstantiallytheUNITEDSTATESOFAMERICA1000STATEOFWASHINGTONCITYOFMEDINALOCALIMPROVEMENTDISTRICTN02NBNeithertheholdernortheownerofthisbondshallhaveanyclaimthereforagainsttheCityofMedinaexceptforpaymentfromthespecialassessmentsmadefortheimprovementforwhichthisbondWasissuedandexceptasaMainstthelocalimprovementguarantyfundofthecityandthecityshallnotbeliabletotheownerorholderofthisbondforanylosstotheguarantyfundoccurringinthelawfuloperationthereofbythecityTheremedyoftheholderorownerofthisbondineaseofnonpaymentshallbeconfinedtotheenforcementoftheassessmentsandtotheguarantyfundTHECITyOFMEDINAamunicipalcorporationoftheStateofWashingtonherebypromisestopaytobearer2 thesumofONETHOUSANDDOLLARSinlawfulmoneyoftheUnitedStatesofAmericawithinterestthereonfromthedatehereofattherateof6perannumpayableannuallyuponpresentationandsurrendertotheCityTreasurerofthisbondandtheannexedinterestcouponsastheyseverallybecomedueThisbondbothprincipalandinterestispayableonlyoutofLocalimprovementDistrictNo2FundcreatedbyaresolutionoftheCityCounciladoptedJuly101967andfromtheLocalimprovementGuarantyFundofthcitycreatedbyChapter209SessionLaws1927Thisbondisoneofanissueofbondsaggregatinginprincipalamountthesumof2378319ispayableonorbeforeMarch11981andissubjecttocallbytheTreasurerofsaidcityonanyannualinterestpaymentdatewheneverthereshallbesufficientmoneyinsaidLocalImprovementDistrictNo2FundtopaythesameandallunpaidbondsofthisissuewhicharepriorinhumericalordertothisbondoverandaboveanamountsufficientforthepaymentoftheinterestnextcomingdueontheunpaidbondsofthislocalimprovementdistrictIncasethisbondiscalledforpaymentbeforeitsfinalmaturityeachandeveryinterestcouponnotaccruedatthetimeofsuchpaymentshallbevoidCallforpaymentofthisbondshallbemadebytheCityTreasurerbyonepublicationofsuchcallintheofficialcitynewspaperifonehasbeenselectedorifnotinanewspaperofgeneralcirculationinthecitynotmorethan20norlessthan10dayspriortosaidcalldateandwhensuchcallismadethisbond3 shallbepaidonthedaythenextinterestcouponthereonshallbecomedueaftersuchcallINWITNESSWHEHEOFtheCityofMedfnaWashingtonhascausedthisbondtobesignedbyitsMayorandattestedbyitsClerkwiththecorporatesealofthecityimpressedhereonandhascausedtheinterestcouponsheretoattachedtobeexecutedwiththefacsimilesignaturesofsaidofficialsthis1stdayofMarch1969ATTESTCITYOFMEDINAWASHINGTONCityClerkTheinterestcouponstobeattachedtosaidbondsshallbeinsubstantiallythefollowingformNO1000Onthe1stdayofMarch19theCityofMedinaWashingtonwillpaytobearerattheofficeoftheCityTreasurerthesumofinlawfulmoneyoftheUnitedStatesofAmericaoutofLocalImprovementDistrictNo2FundsaidsumbeingtheannualinterestduethatdateonbondnumberedofLocalImprovementDistrictNo2ofthecityprovidedthatthiscouponissubjecttoallthetermsandconditionscontainedinthebondtowhichitisattachedATTESTCITYOFMEDINAWASHINGTONyorCityClerk4 Section3AnymoneysleftintheMedinaLocalImprovementDistrictConstructionFundforthepurposeofpayingthecostsofthislocalimprovementdistrictafterallexpensesofsaidlocalimprovementdistricthavebeenpaidshallbetransferredtoLocalIprovementDistrictNo2FundcreatedbyResolutionoftheCityCounciladoptedJuly101967PASSEDBYTHECOUNCILoftheCityofMedinaWashingtonandapprovedbyitsMayorataregularmeetingofsaidCouncilheldthisdayof1969ATTESTltylerkCITYOFMEDINAWASHINGTONBYayorj5