HomeMy WebLinkAbout490RESOLUTION NO. ::~:.49L..:.O:::.___
WHEREAS, the City of Kent under Ordinance No. 1178 of
the City, provided for the issuance of $327,000.00 par value
of "viater Revenue Bonds, 1963, Issue No. 1", for the purpose of
refunding the outstanding "Water hevenue bonds, 1959 of the City;
fixing the form, date, maturities, interest rates, covenants
and terms of the bonds; and providing for the exchange thereof
for the outstanding "Water Revenue bonds l959",and
~EEliEAS, thereafter, pursuant to said Ordinance ~o. 1178
and "Viater Revenue Bonds were issued, and
WH:c;F~~AS, on tre 3rd day of !''.!B.y 1963, the City Treasurer
was advised by its bond counsel that there were coupon or
printing errors in said :,vater hevenue Bonds, as follows:
and
l. 4.60% Bond No. 195, due June l, 1984
has coupons 1, 2, and 3, at the rate of
$21.00, instead of the necessary rate of
~?23.00;
2. Bonds No. 204/350, inclusive, at the
rate of 4 5/S% due June 1, 1988 and Ju~e l
1989, have all coupons at the rate of $23.13
instead of paying half.at the rate of $23.12
and t~e other half at ~23.13.
WHEREAS, the City has been advised that the printer of
said bonds and coupons will reimburse the City in the amount
of $40.00 which is adequate to allow for payment of the extra
one cent called for in Item two above, and
the City has also been advised that the printer
of said bonds and coupons will reprint Coupons l through 3 of
Bond No. 195 as set forth in Item l above and arrange with the
bond counsel for the exchange of said bond coupons to rectify
said error, and
WHEREAS, tte City has been further advised that the cost
in rectifying said printing errors would far exceed the
values to be attained by the City, NOW THEREFORE,
BE IT R;~:SOLV.:w BY THE CITY COUNCIL OF THE CITY OF KENT,
' in regular meeting assembled as follows:
I.
The ~ent City Treasurer is authorized and directed
to receive from the printer of the coupons a~d bonds
issued ~ursuant to the City Ordinance No. 1178, the
sum of ~40.00.
II.
The Kent City Treasurer is authorized and directed
to receive from the printer of said coupons and bonds
issued pursuant to City Ordinance No. 1178 the reprinted
coupons numbers 1, 2, and 3 of Bond No. 195 due June l,
1984 artd to thereafter arrange for the exchange of said
coupons l, 2 and 3 with the present holder thereof and
the subsequent destruction of the erroneously printed
coupons.
ITI.
The Kent City treasurer shall deposit said funds
received from the printer in such manner as to allow
them to be used to pay the additional one cent
erroneously called for on Bonds No. 204/350, inclusive,
issued under City Ordinance No. 1178
IV.
The Kent City Treasurer is further authorized and
directed to pav to the holder of Bond ~o. 195, under
coupons Nos. l, 2, and 3, issued pursuant to Kent City
Ordinance No. 1178, the sum of 223.00 rather than the
erroneous sum of $21.00 called for on said coupons.
v .
The Kent City Treasureris herebv authorized and
directed to forward a copy of this Resolution to the
City's bond counsel upon its passage.
Approved as to form
Bereiter, '-'it:' Atty.
Passed the __ap~ dav of May, 1963
Approved the --0,/r.d-day of·~, 1963