Chapter 14.16
FORM OF LOCAL
IMPROVEMENT BONDS*
Sections:
14.16.020 Interest coupons – Form.
14.16.030 Required signatures.
*For the provisions requiring issuance of local improvement bonds pursuant to ordinance, see RCW 35.45.020; for provisions outlining the format of such bonds, see RCW 35.45.030.
14.16.010 Form described.
Local improvement bonds hereafter issued by the city shall be substantially in the following form, except as to dates, numbers and amounts:
UNITED STATES OF AMERICA
NO. _______ ($XXX.XX)
$1,000.00
STATE OF WASHINGTON
LOCAL IMPROVEMENT BOND
DISTRICT NO. _____
OF THE CITY OF LONGVIEW
The City of Longview, a municipal corporation for the State of Washington, hereby promises to pay to bearer on _____________ the sum of $1,000, in lawful money of the United States of America, with interest thereon from the date hereof until payment of the principal sum has been made or duly provided for at the rate of _____% per annum payable annually, upon presentation and surrender to the City Treasurer in Longview, Washington, of this bond and the annexed interest coupons as they severally become due.
This bond, both principal and interest, is payable only out of the Local Improvement District No. ___ Fund created by Ordinance No. ____ of the city created pursuant to Chapter 209, Session Laws, 1927, and acts amendatory thereof. Neither the holder nor the owner of this bond or any interest coupon shall have any claim therefor against the City of Longview except for payment from the special assessments made for the improvement for which said bond was issued, and except as against the Local Improvement Guaranty Fund of the city and the city shall not be liable to any holder of owner of such bond or interest coupon for any loss to the Guaranty Fund occurring in the lawful operation thereof by the City. The remedy of the holder or owner of a bond or a coupon in case of nonpay-
ment shall be confined to the enforcement of the assessments and to the Guaranty Fund.
This bond is one of an issue aggregating in all the principal sum of ________________ issued to pay for the improvement in this Local Improvement District, and is subject to call by the Treasurer of the City of Longview in numerical order on any annual interest payment date whenever there shall be sufficient money in said Local Improvement District _______ Fund to pay the same and all unpaid bonds of this Local Improvement District which are prior in numerical order to this bond, over and above an amount sufficient for the payment of the interest next accruing on the unpaid bonds of this Local Improvement District.
In case this bond is called for payment before its final maturity, each and every interest coupon not accrued at the time of such payment shall be void. Call for payment of this bond shall be made by the City Treasurer by one publication of such call in the official city newspaper not more than 20 nor less than 10 days prior to said call date, and when such call is made this bond shall be paid on the day the next interest coupon thereon shall become due after such call.
IN WITNESS WHEREOF, The City of Longview, Washington, has caused this bond to be signed by its Mayor and attested by its Clerk under the corporate seal of the city and has caused the interest coupons hereto attached to be executed with the facsimile signatures of said officials this ____ day of _____________, 19___.
CITY OF LONGVIEW, WASHINGTON ATTEST:
By_________________
Mayor
_____________________
City Clerk
(Ord. 1486 § 1, 1970).
14.16.020 Interest coupons – Form.
Interest coupons to be attached to local improvement bonds shall be substantially in the following form:
Interest Coupon No. _________
On ________ Interest
THE CITY OF LONGVIEW
will pay to bearer at the office of the City Treasurer the sum of _______ DOLLARS in lawful money of the United States of America out of the Local Improvement District No. ___ Fund of the city, said sum being the interest due that date on bond numbered ____ of Local Improvement District No. ____ of the City. This coupon is subject to all the terms and conditions contained in the bond to which it is annexed.
THE CITY OF LONGVIEW
By ___________
Mayor
ATTEST:
__________________
City Clerk
(Ord. 1486 § 2, 1970).
14.16.030 Required signatures.
Such local improvement bonds shall be signed by the mayor and city clerk under the corporate seal of the city and the interest coupons shall bear the facsimile signatures of said officials. (Ord. 1486 § 3, 1970).