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HomeMy WebLinkAboutCity Council Meeting - Council - Minutes - 04/23/1935 102 i Kent , Washingtnn, April 23, 1935 Regular adjurned meeting of the City Council; present Mayor Boucher and all of the Councilmen. A RESOLUTION- PROVIDING FOR THE SALE OF CITY OF KENT REFUND- ING WATFiR REVENUE BONDS, TO BE DATED MAY 1 , 1935, was read an adopted as follows: WHEREAS , the City of Kent , by ordinance No. 661 , duly pass- ed and approved April 15, 1935, as amended, has provided for the issuance of its Refunding dater -Revenue Bonds to be dated May 1 , 1935, in the princi al sum of $109 ,000. , said bonds to be in the denomination of 1 ,000. each, nombered from 1 to 109 inclusive , bearing interes at the rate of 41"'o' per annum, payable semi-annually on the first days of May and November of each year , the bonds maturing serially in the order of their numbers as follows: $5,000 on May 1st , 1936 .$$7 ,000,Oon May 1st, 1943 $$5,000 on May 1st , 1937 $8 ,000 on May 1st , 19J4 5,000 on May. 1st , 1938 $$9,000 on May 1st , 19J5 $$$0600 on May 1st , 1939 $$9 ,000 on May 1st , 1946 $$$,000 on May lst , 1940 $$9 ,000 on May 1 s t , 1957 $6,000 on May lst , 1941 $$9 ,000 on May 1st , 1948 $7 ,000 on May 1st , 1942 4$9 ,000 6n May lst , 1949 $$9 ,000 on TvIay lst , 1950 The City of Kent reserving the right to redeem all outstand- ing bonds of said issue on any interest payment date by giving thirty days previous notice of its intention so to do , said bonds , principal and interest , being payable solely out of the special _ fund known known as ref undin water revenue bond fund, 1935 , created by said ordinance No . 961 as amended; * and, WHEREAS , Conrad & Bruce & Co. and Bramhall & Stein of the City of Seattle have offered to pay for said bonds the par ' va ue thereof , plus accrued interest to date of sale , and in addi- tion , to bear all expenses connected with the printing of sai bonds and establishing the legality thereof, securing approv- ing legal openion , and as evidence of good faith have deposited with the City Treasurer their checks in the sum of $$5500 to b applied upon the purchase price in case such bonds are appro- ved as to legality and executed and delivered to said purchas- ers; and , VTMEAS , it is to the interest of said City of Kent to sell said bonds and secure the funds to retire the outstanding wat r revenue bonds of said City of May 1 , 1935, NOW, THEREFORE, BENT RESOLVED by the City Council of the City of Kent that the City of Kent hereby accepts the offer o Conrad Bruce & Co. and Bramhall & Stein for said bonds of the par value thereof plus accrued interest , and the payment by said purchasers of the legal expenses incident to said bond issue , and the cost of printing such bonds , and does hereby s ll said bonds to said purchasers and directw the City Officials of said City to proceed with the execution of said bonds uNam AzXzwxk and to deliver the same to said purchasers upon payme t of the urchase price thereof , applying upon said purchase pri - ce the 95500 heretofore deposited with the City Treasurer by said purchasers as evidence of their good faith. ORDINANCE No 663 , relating to the issue and sale of refund- ing water revenue bonds of the City of Kent in* the sum of $109 ,000 and amending section 1 of Ordinance No. 662 of said City, passed and approved April 15 , 1935, Was read and upon Motion placed upon its final passage and carried by the unani moue vote of all of the Councilmen. No further business appearing the meeting , upon motion, did then adjurn. L. E. Price , City Clerk.