Chapter 3.08
FORM OF LID BONDS*
Sections:
* For statutory provisions regarding the form of LID bonds, see RCW 35.45.030.
3.08.010 Form of bonds.
All local improvement bonds issued by the city shall be in the following form:
STATE OF WASHINGTON
No. ___________ $ ___________
LOCAL IMPROVEMENT BOND, DISTRICT NO. ___________
OF THE CITY OF CLARKSTON,
STATE OF WASHINGTON.
N. B. – This bond issued by virtue of the provisions of an act of the Legislature of the state of Washington, entitled: An Act relating to Local Improvements in cities and towns and repealing certain acts and parts of acts. Approved March 17, 1911, Section 52 of which act reads as follows:
“Section 52. Neither the holder, nor owner of any bond issued under the authority of this act shall have any claim therefor against the city by which the same is issued, except from the special assessment made for the improvement for which such bond is issued, but his remedy in case of nonpayment shall be confined to the enforcement of such assessment. A copy of this section shall be plainly written, printed or engraved on each bond so issued.”
The city of Clarkston, a municipal corporation of the state of Washington, hereby promises to pay to the bearer
___________ hundred dollars
lawful money of the United States, with interest thereon at the rate of ___________ percent per annum, payable annually, out of the fund established by ordinance No. ___________ of the city, and known as “Local Improvement Fund, District No. ___________, and not otherwise, both principal and interest payable at the office of the city treasurer of the city, or at the National Park Bank, New York City, at option of bearer.
A coupon is hereto attached for each installment of interest to accrue hereon and said interest shall be paid only on presentation and surrender of such coupon to the city treasurer, but in case this bond is called for payment before its maturity, each and every coupon representing interest not accrued at the time this bond is payable under such call shall be void. This bond is payable on or before the ___________ day of ___________ A. D., 20___________, and is subject to call by the city treasurer of the city whenever there shall be sufficient money in the Local Improvement Fund to pay the same and all unpaid bonds of the series of which this bond is one, which are prior to this bond in numerical order, over and above sufficient for the payment of interest on all unpaid bonds of said series. The city council of the city as agent for said Local Improvement District No. ___________, established by ordinance No. ___________ has caused this bond to be issued in the name of said city, as the bond of said Local Improvement District, the bond or the proceeds thereof to be applied in part payment of so much of the cost and expense of the improvement provided for under said ordinance No. ___________, as is levied and assessed against the property included in said local improvement district and benefited by said improvement and the said “Local Improvement Fund,” District No. ___________, has been established by Ordinance No. ___________ for such purpose and the holder or holders of this bond shall look only to the fund for the payment of either the principal or the interest of this bond.
The call for payment of this bond, or of any bond of the series of which this is one shall be made by the city treasurer by publishing the same in the city official newspaper of the city, and such call is made for the payment of this bond, it will be paid on the day the next interest coupon hereon shall become due, after said call, and upon said day interest upon this bond shall cease, and any remaining coupons shall be void.
This bond is one of a series of ___________ bonds aggregating in all the principal sum of ___________ dollars issued for said local improvement district, all of which bonds are subject to the same terms and conditions herein expressed.
The city of Clarkston, as agent of the said improvement district No. ___________ hereby recites and certifies that all proceedings, acts and things requisite to the issuance hereof have been duly and regularly performed: that this bond is duly and regularly issued; that an assessment sufficient to pay the total issue of bonds of the district, including this bond (and the interest on all the bonds of the district) has been duly, regularly and legally made and that the city has by ordinance No. ___________ created Local Improvement District Fund No. ___________ for the payment of said bonds and interest.
In witness thereof the city of Clarkston has caused these presents to be signed by its Mayor and attested by its clerk and sealed with the corporate seal this ___________ day of ___________ A. D., 20__________
City of Clarkston,
By _________________________
Mayor
Attest _________________________
City Clerk
[Ord. 124 § 1, 1913.]
3.08.020 Interest coupon.
Each bond shall have attached thereto an interest coupon for each interest payment in the following form:
No. ___________ $ ___________
On the ___________ day of ___________ 20___________ the city of Clarkston, Washington promises to pay the bearer, at the office of the city treasurer or at the National Park Bank, New York City, New York, ___________ dollars, being one year’s interest due that day on Bond No. ___________ of the bonds of Local Improvement District No. ___________. This coupon is subject to all the terms and conditions contained in the bond to which it is annexed.
City of Clarkston
By _________________________
Mayor
Attest _________________________
City Clerk
[Ord. 124 § 2, 1913.]