HomeMy WebLinkAbout1234CITY OF KENT, WASHINGTON
ORDINANCE NO.
AN ORDINANCE of the City of Kent, Washington,
providing for the issuance, specifying the maturities
and maximum interest rate and fixing the form of
$200,000.00 par value of "General Obligation Fire
Stations and Apparatus Bonds, 19 64, " of the City to
provide the funds necessary to construct three new
fire stations on sites to be acquired therefor, in-
cluding the necessary furnishings and equipment
therefor, and to purchase additional new fire trucks, as
authorized by the qualified voters of the City at a
special election held in conjunction with the regular
municipal election held on March 10, 1964; creating
and establishing certain special funds; and providing
for the public sale of such bonds.
THE CITY COUNCIL OF THE CITY OF KENT, WASHINGTON, DO
ORDAIN, as follows:
Section 1. The City of Kent shall presently issue and sell
the total not to exceed $200,000.00 par value of negotiable general obligation
bonds authorized by the qualified voters of the City at a special election
held in conjunction with the regular municipal election held on March 10,
1964, pursuant to Ordinance No. 1229, in order to finance the construction
of three new fire stations on sites to be acquired therefor, including the
necessary furnishings and equipment therefor, to purchase additional new
fire trucks and to pay the cost of the issuance of such general obligation
bonds. The bonds shall be designated "General Obligation Fire Stations
and Apparatus Bonds, 1964," shall be dated June 1, 1964, shall be in the denomina-
tion of $1,000.00 each, shall be numbered from 1 to 200, inclusive, and shall
bear interest at a rate or rates not exceeding 6% per annum, payable semiannually
on June 1 and December 1 of each year, as evidenced by interest coupons to be
attached to the bonds representing interest to maturity with full obligation on the
part of the City to pay interest at the same rate or rates from and after maturity
until those bonds, both principal and interest, are paid in full. Both principal and
interest are to be paid in lawful money of the United States of America at the office of
the City Treasurer of the City of Kent, Washington, and the bonds shall be
payable serially in order of their numbers, as follows:
Bond Numbers
(Inclusive)
Amounts
Maturitie s
1 to
7
$ 7,000
June
1,
1966
8 to
15
$ 8,000
June
1,
1967
16 to
23
$ 8,000
$ 8,000
June
June
1,
1,
1968
1969
24 to
32 to
31
40
$ $,000
June
1,
1970
41 to
49
$ 9,000
$ 9,000
June
June
1,
1,
1971
1972
50 to
59 to
58
68
$10,000
June
1,
1973
69 to
78
$10,000
June
1,
1974
79 to
88
$10,000
June
1,
1975
89 to
99
$11,000
June
1,
1976
100 to
110
$11,000
June
1,
1977
111 to
122
$12,000
June
June
1,
1,
1978
1979
123 to
135 to
134
146
$12,000
$12,000
June
1,
1980
147 to
159
$13,000
June
June
1,
1,
1981
1982
160 to
173 to
172
186
$13,000
$14,000
June
1,
1983
187 to
200
$14,000
June
1,
1984
Section 2. The City of Kent reserves the right to redeem
any or all of the outstanding bonds of said issue at par, plus accrued
interest, on any semiannual interest payment date, on or after June 1,
1972, in inverse numerical order, highest numbers first, by publishing notice
of said intended redemption in the official newspaper of the City at least
once not less than thirty nor more than forty-five days prior to the call date.
Notice of such intended redemption shall also be mailed to the successful
bidder on the bonds not more than forty-five nor less than thirty days prior
to the call date. Interest on any bonds so called for redemption shall cease
on dates fixed for such redemption.
Section 3. The City of Kent hereby irrevocably pledges itself
to levy taxes annually, without limitation on rate or amount, upon all property
in the City subject to taxation in an amount sufficient to pay the principal of
and interest upon the said bonds as the same shall accrue, and the full faith,
credit and resources of said City are hereby irrevocably pledged for the
payment of the principal of and interest on said bonds.
Section 4. The bonds herein authorized to be issued shall be
in substantially the following form:
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No. $1,000.00
UNITED STATES OF AMERICA
STATE OF WASHINGTON
CITY OF KENT
GENERAL OBLIGATION FIRE STATIONS AND
APPARATUS BOND , 1964
o�
0
KNOW ALL MEN BY THESE PRESENTS: That the
City of Kent, State of Washington, is justly in-
debted to., and for value received promises to
pay to bearer on the FIRST DAY OF JUNE, 19 ,
the principal sum of
ONE THOUSAND DOLLARS
together with interest thereon at the rate of
PERCENT
per annum, payable semiannually on the 1st days
of June and December of each year, the interest
to maturity being evidenced by and payable upon
the presentation and surrender of the attached
interest coupons as they severally become due,
with full obligation on the part of the City to pay
interest at the same rate from and after the
maturity date, in the absence of coupons, until
this bond with interest is paid in full. This bond
is payable, both principal and interest, in lawful
money of the United States of America at the
office of the Treasurer of the City of Kent, Washington.
This bond is one of an issue of $200,000.00 of
bonds of like date, tenor and effect, except as to
maturities (and interest rates if more than one
interest rate is bid) , and is issued by the City
of Kent for strictly municipal purposes, to -wit,
for the purpose of providing the funds necessary
to construct three new fire stations on sites to
be acquired therefor, including the necessary
furnishings and equipment therefor, and to pur-
chase additional new fire trucks, all as provided
in Ordinances Nos. 1229 and
The City of Kent has reserved the right to redeem
any or all of the outstanding bonds of this issue
at par, plus accrued interest, on any semiannual
interest payment date, on or after June 1, 1972,
in inverse numerical order, highest numbers first,
by publishing notice of said intended redemption
in the official newspaper of the City at least once
not less than thirty nor more than forty-five days
prior to the call date. Notice of such intended
redemption shall also be mailed to[the successful
bidder on the bonds] not more than forty-five nor
less than thirty days prior to the call date. Interest
on any bonds so called for redemption shall cease
on such call date.
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a s follows:
The City of Kent hereby irrevocably pledges itself
to levy taxes annually, without limitation on rate
or amount, upon all property in the City subject
to taxation in an amount sufficient to pay the principal
of and interest upon the bonds of this issue as the
same shall accrue, and the full faith, credit and
resources of the City are hereby irrevocably pledged
for the payment of principal of and interest on
said bonds.
It is hereby certified that all acts, conditions
and things required to be done precedent to and
in the issuance of this bond have been done, have
happened and have been performed as required by
law, and that the total indebtedness of the City,
including this bond issue, does not exceed any
constitutional or statutory limitation.
IN WITNESS WHEREOF,, the City of Kent,
Washington, has caused this bond to be signed by
its Mayor and attested by its City Clerk and its
corporate seal to be hereto affixed and the interest
coupons attached to be signed with the facsimile
signatures of said officials this 1st day of June,
1964.
CITY OF KENT, WASHINGTON
By
Mayor
ATTEST:
City Clerk
The form of the interest coupons shall be substantially
Coupon No.
On the 1st day of (June) (December) , 19 , the
CITY OF KENT,: WASHINGTON, upon presentation
and surrender of this coupon, will pay to the bearer
at the office of the City Treasurer the sum of
DOLLARS
in lawful money of the United States of
America, said sum being the semiannual interest due
that date upon its "General Obligation Fire Stations
and Apparatus Bond, 1964," dated June 1, 1964, and
numbered
CITY OF KENT, WASHINGTON
By
Mayor
ATTEST:
City Clerk
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Section 5. The bonds shall be printed or lithographed on
good bond paper and shall be signed by the Mayor and attested by the
Clerk of the City of Kent, Washington, under the seal of the City
and the coupons shall bear the facsimile signatures of the Mayor and
the Clerk.
Section 6. There is hereby created and established in
the office of the City Treasurer a fund to be named and designated as
the "Fire Stations Construction and Appartus Acquisition Fund" into which
fund shall be deposited the principal proceeds received from the sale of
the bonds and out of which fund shall be paid the cost of constructing
the fire stations and acquiring the apparatus, all in accordance with
Ordinance No. 1229.
Section 7. There is hereby created and established in
the office of the City Treasurer a fund to be named and designated as
the "General Obligation Fire Stations and Apparatus Bond Fund, 1964,"
into which fund shall be paid all taxes hereafter levied and collected
without limitation as to rate or amount on all property in the City
subject to taxation in amounts sufficient to pay the principal of and interest
on the "General Obligation Fire Stations and Apparatus Bonds, 1964." The
principal of and interest on such bonds as the same shall become due shall
hereafter be paid out of said "General Obligation Fire Stations and Apparatus
Bond Fund, 1964. "
Section 8. The bonds shall be sold for cash at public sale
for not less than par, plus accrued interest, upon sealed bids to be received
at the office of the City Clerk up to the day and hour stated in the Notice of
Bond Sale hereinafter directed to be given.
Notice calling for bids to purchase said bonds shall be given
by publication thereof once a week for five consecutive weeks in the official
newspaper of the City of Kent and such other notice shall be given as the
City Council may hereafter direct. Said notice shall specify that bids for the
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purchase of the bonds shall be received by the City Clerk of the City of
Kent up to 8:00 o'clock p.m. Pty , on May 18, 1964, and that said bids
will be publicly opened and considered by the City Council at a meeting to be
held at such time in the Council Chambers in the City Hall, Kent, Washington.
A copy of the notice shall, at least three weeks prior to the
date fixed for the sale, be mailed to the State Finance Committee, Olympia,
Washington.
Bids shall be invited for the purchase of the bonds with fixed
maturities according to the schedule specified in Section 1 hereof.
The notice shall specify the maximum rate of interest the bonds
may bear, to -wit, 6% per annum, and shall require bidders to submit a bid
specifying:
(a) The lowest rate or rates of interest and premium, if any,
above par, at which such bidder will purchase the bonds; or
(b) The lowest rate or rates of interest at which the bidder will
purchase the bonds at par.
Each bidder shall state the total amount of interest to be, paid
over the life of the bonds and the net effective interest rate of such bid.
Coupon rates shall be in multiples of 1/8 or 1/10 of 1%, or
both. No more than one rate of interest may be fixed for any one maturity of
any one issue. Only one coupon will be attached to each bond for each
installment of interest thereon, and bids providing for additional or supplemental
coupons will be rejected. The maximum differential between the lowest and
highest coupon rates named in any bid for any one issue shall not exceed 2%.
The bonds shall be sold to the bidder making the best bid,
subject to the right of the City Council of the City of Kent to reject any and
all bids and to readvertise; and no bid for less than the entire issue shall be
considered.
The bids shall be sealed and, except the bid of the State of
WIM
Washington if one is received, shall be accompanied by a deposit of 5%..
either in cash or by certified or cashier's check, of the amount of the bid, which
shall be returned if the bid is not accepted. If the successful bidder shall fail
or neglect to complete the purchase of the bonds within forty days following
the acceptance of his bid, and the bonds are ready for such delivery, the
amount of his deposit shall be forfeited to the City of Kent, and, in that
event, the City Council may accept the bid of the one making the next
best bid, or, if all bids be rejected, the City Council shall readvertise
the bonds for sale in the manner herein provided. If there be two or more
equal bids for not less than par, plus accrued interest, and such bids are
the best bids received, the City Council shall determine by lot which bid will
be accepted. The bonds will be delivered to the successful bidder at the
office of the City Treasurer of Kent, or at such other place as the City
Treasurer and the successful bidder may mutually agree upon.
The City Clerk shall be and is hereby authorized and directed
to publish Notice of Sale of the bonds in the manner required by law in
accordance with the provisions of this Section. The City of Kent, Washington:,
wi-IL furnish the bonds, together with the approving legal opinion of Messrs.
Roberts, Shefelman, Lawrence, Gay & Moch, municipal bond counsel of
Seattle, Washington, without cost to the purchaser, which opinion will be
printed on each bond. A no -litigation certificate in the usual form will be
included in the closing papers.
PASSED by the City Council of the City of Kent, Washington,
at a regular meeting thereof, and APPROVED by the Mayor, this 6th day of
April, 1964.
CITY OF KENT, WAS NGZON
ATTEST: By
i Mayor
f,r,C
City Clerk
FORM APPROVED:
�Y
City Attorney
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NOTICE OF BOND SALE
CITY OF KENT,, WASHINGTON
GENERAL OBLIGATION FIRE STATIONS AND
APPARATUS BONDS, 1964
$200,000.00
SEALED PROPOSALS will be received at the office of t pos7—
City Clerk of the City of Kent, Washington, until 8:00 o'clock p.m.
on May 18, 1964, at which time said bids will be publicly opened and
considered by the City Council at a meeting to be held at such time in the
Council Chambers in the City Hall, Kent, Washington, for the purchase of
$200,000.00 par value of "General Obligation Fire Stations and Apparatus
Bonds, 1964," of the City of Kent, authorized to be issued by Ordinances
Nos. 1229 andfor strictly municipal capital purposes, to -wit, for the
purpose of providing the funds necessary to pay the cost of constructing three new
fire stations on sites to be acquired therefor, including the necessary
furnishings and equipment therefor, and purchasing additional new fire trucks.
The bonds will be dated June 1, 1964; will be numbered from
1 to 200, inclusive g will have coupons attached thereto and made a part
thereof, payable semiannually on the lst days of June and December of
each year, representing interest to maturity; will be payable, both principal
and interest, at the office of the Treasurer of Kent, Washington; will bear
interest at a rate or rates not to exceed 6% per annum; and will mature in
accordance with the following scheduler to -wit:
Bond Numbers
(Inclusive)
A
m___ounts
Maturitie s
I
to
T'
$ 7,000
June
1,
1966
8
to
15
$ 8,000
June
I,
1967
16
to
23
$ 8,000
June
1,
1968
24
to
31
$ 8,000
June
1,
1969
32
to
40
$ 9,000
June
1,
1970
41
to
49
$ 9,000
$ 9,000
June
June
1,
1,
1971
1972
50
59
to
to
58
68
$10,000
June
1,
1973
69
to
78
$10x000
June
1,
1974
79
to
88
$10,000
June
1,
1975
89
to
99
$11,000
June
1,
1976
100
to
110
$11,000
$12,000
June
June
1,
1,
1977
1978
111
123
to
to
122
134
$12,000
June
1,
1979
135
to
146
$12,000
June
1,
1980
147
to
159
$13,000
$13,000
June
June
1,
1,
1981
1982
160
173
to
to
172
186
$14,000
June
I,
1983
187
to
200
$14,000
June
1,
1984
The City of Kent has reserved the right to redeem any or all of
the outstanding bonds of said issue at par, plus accrued interest, on any
semiannual interest payment date, on or after June 1, 1972, in inverse numerical
order, highest numbers first, by publishing notice of said intended redemption
in the official newspaper of the City at least once not less than thirty nor more
than forty-five days prior to the call date. Notice of such intended redemption
shall also be mailed to the successful bidder on the bonds not more than forty-
five or less than thirty days prior to the call date. Interest on any bonds so
called for redemption shall cease on dates fixed for such redemption.
The interest rate or rates for the bonds shall be fixed by
ordinance after the bonds have been sold.
The City of Kent has, by Ordinance No /—�_', irrevocably
pledged itself to levy taxes annually, without limitation on rate or amount,
upon all property in the City subject to taxation in an amount sufficient to pay
the principal of and interest upon the said bonds as the same shall accrue,
and the full faith, credit and resources of said City hae been irrevocably
pledged for the payment of the principal of and interest on said bonds.
Bidders are invited to name the rate or rates of interest which
the bonds are to bear not exceeding 6% per annum. Bidders shall submit a
bid specifying:
(a) The lowest rate or rates of interest and premium, if any,
above par, at which such bidder will purchase the bonds; or
(b) The lowest rate or rates of interest at which the bidder
will purchase the bonds at par.
Each bidder shall state the total amount of interest to be paid
over the life of the bonds and the net effective interest rate of such bid.
No. bid will be considered for the bonds for less than par
and accrued interest or for less than the entire issue. The purchaser must
pay accrued interest to date of delivery of the bonds.
The bonds shall be sold to the bidder making the best bid,
subject to the right of the City Council of the City of Kent to reject any and all
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bids and to readvertise the bonds for sale in the manner provided by law.
Coupon rates shall be in multiples of 1/8 or 1/10 of M,
,
or both. Nor more than one rate of interest may be fixed for any one maturity
of any one issue. Only one coupon will be attached to each bond for each
installment of interest thereon, and bids providing for additional or supplemental
coupons will be rejected. The maximum differential between the lowest and
highest coupon rates named in any bid for any one issue shall not exceed
2%.
All bids shall be sealed and, except the bid of the State of
Washington, if one is received, shall be accompanied by a deposit of 5%,
either in cash or certified or cashier's check, of the amount of the bid, which
shall be returned if the bid is not accepted. If the successful bidder shall
fail or neglect to complete the purchase of the bonds within forty days following
the acceptance of his bid, and the bonds are ready for such delivery, the amount
of his deposit shall be forfeited to the City of Kent, and, in that event, the
City Council may accept the bid of the one making next best bid, or, if all bids
be rejected, the City Council shall readvertise the bonds for sale in the manner
provided by law. If there be two or more equal bids for not less than par,
plus accrued interest, and such bids are the best bids received, the City
Council shall determine by lot which bid will be accepted. The bonds will be
delivered to the successful bidder at the office of the City Treasurer of Kent or at
such other place as the City Treasurer and the successful bidder may mutually
agree upon.
The City of Kent will furnish the bonds, together with the approving
legal opinion of Messrs. Roberts, Shefelman, Lawrence, Gay & Moch, municipal
bond counsel of Seattle, Washington, without cost to the purchaser, which opinion
will be printed on each bond. A no -litigation certificate in the usual form will
be included in the closing papers.
DATED at Kent,, Washington, this 3 day of April, 1964.
PUBLICATION DATES: City Clerk of Kent, Washington
April 15, 1964
April 22, 1964
April 29, 1964
May 6, 1964
May 13, 1964
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