All bonds, unless otherwise specially ordered by the council, issued in pursuance of the provisions of this chapter may be in substantially the following form:
No. ______ | | $_________ |
UNITED STATES OF AMERICA STATE OF WASHINGTON LOCAL IMPROVEMENT BOND TOWN OF SNOQUALMIE LOCAL IMPROVEMENT DISTRICT NO. ______ |
N.B. This bond is issued by virtue of the provisions of RCW 35.45.0101 et seq., Section 35.45.070 of which reads as follows: |
Neither the holder nor the owner of any bond or warrant issued under the provisions of this act shall have any claim therefor against the city or town by which the same is issued, except for payment from the special assessments made for the improvement for which the bond or warrant was issued, and except as against the local improvement guaranty fund of such city or town, and the city or town shall not be liable to any holder or owner of such bond or warrant for any loss to the guaranty fund occurring in the lawful operation thereof by the city or town. The remedy of the holder or owner of a bond or warrant in case of nonpayment, shall be confined to the enforcement of the assessment and to the guaranty fund. |
The Town of Snoqualmie, a municipal corporation of the State of Washington, hereby promises to pay to ___________ or bearer ___________ ($_____) Dollars, in 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 said Town and known as "Local Improvement Fund, District No. _____" and not otherwise, except from the guaranty fund, as herein provided. Both principal of and interest on this bond are payable at the office of the Town Treasurer of said Town. |
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 Town Treasurer. |
This bond is payable on or before the _____ day of ___________, 19___, and is subject to call by the Town Treasurer of said Town whenever there shall be sufficient money in said 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 call for payment of this bond, or of any bond of the series of which this is one, shall be made by the Town Treasurer by publishing the same once in the official newspaper of said Town, and when such call is made for the payment of this bond it will be paid on the day the next interest coupon thereon shall become due after said call and upon said day interest upon this bond shall cease and any remaining coupons shall be void. |
The Town Council of said Town as the agent of said Local Improvement District No. ___ established by Ordinance No. ____, has caused this bond to be issued in the name of said Town 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 of _________________ under said Ordinance No. _____ as is levied and assessed against the property included in said Local Improvement District No. ____ and benefited by said improvement and the said Local Improvement Fund has been established by ordinance for said purpose; and the holder or holders of this bond shall look only to said fund and to the Local Improvement Guaranty Fund of the Town of Snoqualmie for the payment of either the principal of or interest on this bond. |
This bond is one of a series of ______ bonds aggregating in all the principal sum of ____________ ($____) dollars, all of which bonds are subject to the same terms and conditions as herein expressed. |
IN WITNESS WHEREOF, the Town of Snoqualmie has caused these presents to be signed by its Mayor and attested by its Town Clerk and sealed with its corporate seal this ______ day of ____________, 19___. |
TOWN OF SNOQUALMIE, WASHINGTON |
By: |
_________________ Mayor |
Attest: |
_________________ Town Clerk |
There shall be attached to each bond such a number of coupons as shall be required to represent the interest thereon payable either annually or semiannually, as the case may be, for the term of the bonds, which coupons shall be substantially in the following form:
On the _____ day of _____________, 19___, the TOWN OF SNOQUALMIE, STATE OF WASHINGTON promises to pay to the bearer at the office of the Town Treasurer __________ ($____) Dollars, being (six) (twelve) months' interest due that day on Bond No. _____ of the bonds of Local Improvement District No. _____, and not otherwise, provided that this coupon is subject to all the terms and conditions contained in the bond to which it is annexed, and if said bond shall be called for payment before maturity hereof, then this coupon shall be void. |
TOWN OF SNOQUALMIE, WASHINGTON |
By: |
_________________ Mayor |
Attest: |
_________________ Town Clerk |
The city treasurer shall keep in his office a register of all such bonds in which he shall enter the local improvement district for which the same are issued and the date, amount and number of each bond and the terms of payment.
(Ord. 271 § 12, 1953)