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CITY OF KENT, WASHINGTON
ORDINANCE NO. 126 Sr
AN ORDINANCE ordering the carrying out of a
portion of the system or plan of additions to and
betterments and extensions of the sewage col-
lection and disposal system of the City as
adopted by Ordinance No. 1226; providing for
the issuance and sale of $325,000.00 par value
of "Sewer Revenue Bonds, 1964, Series A," for
the purpose of providing the funds with which
to carry out said portion of the system or plan
of additions to and betterments and extensions
of the sewage collection and disposal system
of the City; fixing the date, form, maturities ,
interest rates , terms and covenants of such
bonds; providing for the sale thereof to McLean
& Company, Inc. , Tacoma, Washington; and
declaring an emergency.
WHEREAS, the City of Kent, Washington, by Ordinance No.
1226, passed by the City Council and approved by the Mayor on the 6th
day of January, 1964, specified and adopted a system or plan of additions
to and betterments and extensions of the sewage collection and disposal
system of the City and authorized the issuance and sale of not to exceed
$850,000.00 par value of sewer revenue bonds in one or more series to
obtain funds with which to pay the cost of said system or plan; and
WHEREAS, the City Council has determined to proceed with
the carrying out of a portion of said system or plan and it is necessary to
issue and sell $325,000.00 par value as a first series of the total authorized
not to exceed $850,000.00 par value of sewer revenue bonds to provide the
funds required to pay the cost of carrying out such portion of said system or
plan; and
WHEREAS, the City of Kent has heretofore issued, pursuant
to Ordinance No. 871, passed and approved February 1, 1954, under
date of April 1, 1954, $270,000.00 par value of "Sewer Revenue Bonds,
1954," and pursuant to Ordinance No. 932, passed and approved October 1,
1956, $120,000.00 par value of "Sewer Revenue Bonds, 1956," and pursuant
to Ordinance No. 1033, passed and approved June 15, 1959, $300,000.00 par
value of "Sewer Revenue Bonds, 1959, " on a parity of lien with said "Sewer
Revenue Bonds, 1954, " and by Section 8 of said Ordinance No. 871 , the
City of Kent reserved the right to issue additional or refunding revenue bonds
and to create a special fund for the payment of the principal and interest
thereof, into which fund or funds payments may be made from the "Sewer
Revenue Fund, " created by Ordinance No. 871 (or any Water and Sewer
Revenue Fund which may later be created) , sufficient to pay the principal
of and interest on such additional or refunding bonds, and to maintain
adequate reserves therefor, if required, which such payments may rank
equally with the payments out of the "Sewer Revenue Fund" (or such Water
and Sewer Revenue Fund) into the "Kent 1954 Sewer Revenue Bond Redemption
Fund, " created by Ordinance No. 871, for the payment of said "Sewer Revenue
Bonds, 1954, " (which include payments into the "Kent 1956 Sewer Revenue
Bond Redemption Fund," created by Ordinance No. 932 for payment of the
outstanding "Sewer Revenue Bonds, 1956, " and into the "Sewer Revenue
Bond Fund, 1959, " created by Ordinance No. 1022 for payment of outstanding
"Sewer Revenue Bonds, 1959, " issued on a parity with the "Sewer Revenue Bonds ,
1954, ") upon compliance with the following conditions:
"First, that at the time of the issuance of such
additional or refunding bonds there is no deficiency
in the Bond Redemption Fund or the Reserve Account
created herein, or in any bond redemption fund or
reserve account which may have been created for
the payment of the principal of and interest on any
revenue bonds issued on a parity with the bonds
authorized herein and prior to the issuance of such
additional or refunding bonds.
"Second, that the ordinance providing for the
issuance of such additional or refunding bonds
and providing for the payment of the principal and
interest thereof out of a bond redemption fund shall
create a reserve account in such bond redemption
fund for the purpose of making up anydeficiency
therein, and such ordinance shall provide for the
payment into such reserve account within five years
from the date of the issuance of such additional
or refunding bonds , of a sum at least equal to the
average annual amount required for debt service
on such additional or refunding bonds.
"Third, that at the time of the issuance of
such additional or refunding bonds the city
shall have on file a certified audit from a certi-
fied public accountant showing that the net income
of the sewage disposal system (or the combined
water and sewerage system) for a period of any
- 2-
and
twelve consecutive months out of the fifteen
months immediately preceding the month of de-
livery of such additional or refunding bonds
shall have been at least 1.3 times the average
annual debt service required for the outstanding
bonds of this issue , for any revenue bonds which
may have been issued on a parity therewith, and
for such additional or refunding bonds.
"The words 'net income' as used in subparagraph
Third immediately preceding shall be construed
as the gross revenue of the entire sewage disposal
system (or such combined water and sewerage system) ,
including all additions and improvements thereto
and extensions thereof less expenses of mainten-
ance and operation of such system but before
depreciation. Or,
"Fourth, in the event that the certified audit re-
quired in subparagraph Third immediately above may
not be obtained, such additional or refunding bonds
may still be issued on a parity with these bonds
and other outstanding parity bonds if, at the time
of the issuance of such additional or refunding bonds ,
the city shall have on file a certificate from an
independent licensed professional engineer or engin-
eering firm not then employed by the city except for
the purpose of giving such certificate, showing
that in his or its professional opinion the net
income of the sewage disposal system (or combined
water and sewerage system) for each future calendar
year will equal at least 1 . 3 times the average annual
debt service required for the outstanding bonds
of this issue, for any revenue bonds which may have
been issued on a parity therewith, and for such
additional or refunding bonds.
"The words 'net income' as used in subparagraph
Fourth immediately preceding shall be construed
as the gross revenue of the entire sewage disposal
system (or such combined water and sewerage
system) , including all additions and improvements
thereto and extensions thereof, to be constructed or
installed out of the proceeds of the sale of such
additional bonds, less expenses of maintenance
and operation of such system but before depreciation,
and such 'net income' may include any increase
in revenues to be derived by any increase in rates
authorized by the Council up to the time of delivery
of such additional or refunding bonds. " ;
WHEREAS, the City Council hereby finds and declares that
all payments required by said Ordinance No. 871 pertaining to the "Sewer
Revenue Bonds, 1954, " have been made into the "Kent 1954 Sewer Revenue
Bond Redemption Fund," and that all payments required by said Ordinance No. 932
Mc
pertaining to the "Sewer Revenue Bonds, 1956," have been made into the
"Kent 1956 Sewer Revenue Bond Redemption Fund," and that all payments
required by Ordinance No. 1033 pertaining to the "Sewer Revenue Bonds,
1959, " have been made into the "Sewer Revenue Bond Fund, 1959, " including
the Reserve Accounts created in such funds, and that provision is herein-
after made for the creation of a Reserve Account for the additional sewer
revenue bonds herein authorized to be issued, into which account shall be
paid, within five years from the date of the issuance of the additional bonds
herein authorized to be issued, a sum at least equal to the average annual
amount required for debt service on such additional bonds , and that
CAA �,� d �yK d a certified public accountant,
has filed with the City Clerk a certified audit showing that the net income of
the sewage disposal system for the required period was sufficient to meet
the 1.3 coverage requirement above set forth, NOW, THEREFORE,
THE CITY COUNCIL OF THE CITY OF KENT, WASHINGTON,
DO ORDAIN, as follows:
Section 1. The following portion of the system or plan of
additions to and betterments and extensions of the sewage collection
and disposal system of the City (hereinafter called "system of sewerage), as
adopted by Ordinance No. 1226 is hereby ordered to be .carried out:
1. The following described property shall be
acquired as a new treatment plan site in the North Kent
Area
The west half of the SE 1/4 of Section 11, Township
22 north, range 4 east W.M. , less right-of-way for
drainage ditch; and less that portion thereof lying
southerly of a line running from a point on the east line
of said subdivision 500 feet north of the southeast
corner thereof to a point of the west line thereof
280 feet north of the southwest corner thereof.
2. The existing sewage treatment plant shall be
expanded located at the following site:
That portion of Section 23, Township 22 north, range
4 east W. M. , described as follows:
Beginning 2001.9 ft. west of the NE corner of Section
23, Township 22 North, range 4 E. , W.M.; thence west
1517.36 ft.; thence south 9°58' east along the County
Road 247.11 ft.; thence south 20°35'
east along the east line of the County Road 1154.7 ft.;
thence east to a point which point is 500 ft. west of a
line drawn south from the point of beginning; thence north
224 ft.; thence east 500 ft.; thence north to the point of be-
ginning;
the estimated cost of which is $325,000.00.
Section 2. For the purpose of obtaining the funds necessary
to carry out the portion of the system or plan for making additions to and
betterments and extensions of the existing system of sewerage of the City
as ordered in Section 1 above there shall be issued and sold $325 , 000.00 of
"Sewer Revenue Bonds, 1964, Series A," (hereinafter called the "Bonds") .
The Bonds shall be in denominations of $1,000.00 each; shall be numbered
from 1 to 325, inclusive; shall be dated November 1, 1964; and shall bear
interest at the rates hereinafter set forth, payable semiannually on April 1
and October 1 of each year, with the first interest coupon being payable
on April 1, 1965, covering the five months period from November 1, 1964,
through NkKh 31 , 1965 , interest to maturity to be evidenced by coupons to be
attached to the Bonds , with full obligation on the part of the City to pay
interest at the same rate or rates from and after the bond maturity dates
until the Bonds , with interest, are paid in full. Both principal of and
interest on the Bonds shall be payable in lawful money of the United States
of America at the office of the City Treasurer of the City of Kent, Washington,
solely out of the "Sewer Revenue Bond Fund, 1964," (hereinafter called the
"Bond Fund") created and established by Ordinance No. 1226. The Bonds
shall mature serially and shall bear interest in accordance with the following
schedule, to -wit:
Bond Numbers
Interest
(Inclusive)
Amounts
Rates
Maturities
1 to
8
$ 8,000
3
1/4
October
1,
1966
9 to
17
$ 9,000
3
1/4
October
1,
1967
18 to
26
$ 9,000
3
1/4
October
1,
1968
27 to
36
$10,000
3
1/4
October
1,
1969
37 to
46
$10,000
3
1/2
October
1,
1970
47 to
56
$10,000
3
1/2
October
1,
1971
57 to
67
$11,000
3
1/2
October
1,
1972
68 to
78
$11,000
3
1/2
October
1,
1973
79 to
90
$12,000
3
1/2
October
1,
1974
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91 to
102
$12,000
3 3/4%
October
1 ,
1975
103 to
114
$12,000
3 3/4%
October
1,
1976
115 to
126
$12,000
3 3/4%
October
1,
1977
127 to
140
$14,000
3 3/4%
October
1,
1978
141 to
154
$14,000
3 3/4%
October
1,
1979
155 to
168"
$14,000
3.90 %
October
1,
1980
169 to
183
$15,000
3.90 %
October
1,
1981
184 to
198
$15,000
3.90 %
October
1,
1982
199 to
214
$16,000
3.90 %
October
1,
1983
215 to
231
$17,000
3.90 %
October
1,
1984
232 to
248
$17,000
3.90 %
October
1,
1985
249 to
26C
$18,000
4 %
October
1,
1986
267 to
285
$19,000
4 %
October
1,
1987
286 to
305
$20,000
4 %
October
1,
1988
306 to
325
$20,000
4 %
October
1,
1989
Section 3. The
City of Kent reserves
the right to redeem the
Bonds as a whole, or in part in inverse numerical order, on October 1, 1974, or
on any subsequent interest payment date at the following redemption prices ,
if redeemed on the following dates, plus accrued interest to date of redemption
in each case, to -wit:
October 1 , 1974 , or April 1 , 1975, at $102.50 per
each $100
par value thereof,
October 1, 1975,
or April 1 , 1976, at $102.00 per
each $100
par value thereof,
October 1, 1976,
or April 1 , 1977, at $101.50 per
each $100
par value thereof,
October 1, 1977,
or April 1, 1978, at $101-00 per
each $100
par value thereof,
October 1, 1978,
or April 1, 1979, at $100.50 per
each $100
par value thereof,
October 1, 1979,
and thereafter, at par.
Notice of any call for redemption of any of the Bonds prior to
their stated maturity dates shall be published at least once in the official
newspaper of the City not less than thirty nor more than forty-five days
prior to the call date. Notice of said intended redemption shall also be
mailed to McLean & Company, Inc. , at its principal place of business in
Tacoma, Washington, or its successor, not less than thirty nor more than
forty-five days prior to the call date. Interest on any Bonds so called for
redemption shall cease on the date fixed for such redemption upon payment
of the redemption price into the Bond Fund.
Section 4. The Bond Fund is hereby divided into two accounts,
namely, a "Principal and Interest Account" and a "Reserve Account." So long
as any Bonds are outstanding against the Bond Fund, the City Treasurer
of the City of Kent shall set aside and pay into the Bond Fund out of the
"Sewer Revenue Fund," created and established by Ordinance No. 871 (or
possibly the Water and Sewer Revenue Fund) , into which fund shall be paid
as collected all of the gross earnings and revenue of the system of sewerage
of the City and all additions and improvements thereto and extensions thereof,
a fixed amount without regard to any fixed proportion, as follows:
(a) Into the "Principal and Interest Account,"
monthly, on or before the 20th day of each month,
beginning with the month of November, 1964, one-
fifth of the amount of interest becoming payable on
the Bonds on April 1, 1965, and beginning with the
month of April, 1965, and continuing thereafter,
one-sixth of the next ensuing six months' interest
requirements, and in addition thereto beginning with
the month of October, 1965, and continuing thereafter
one -twelfth of the next ensuing twelve months' re-
quirements for principal; and
(b) Into the "Reserve Account," by November 1,
1969, a sum at least equal to the average annual
amount required for debt service on the Bonds ,
said amount to be accumulated by paying therein
each month, commencing with the month of December,
1964 , one -sixtieth of such amount.
The'Reserve Account" may be accumulated from any other
moneys which the City of Kent may have available for such purpose, in
addition to using the revenues in the "Sewer Revenue Fund" therefor. After
the total required reserve amount shall have been accumulated in the "Reserve
Account, " such amount shall be maintained therein, except for withdrawals
therefrom, as authorized herein, at all times so long as any of the Bonds
are outstanding, provided, that when the total amount in the Bond Fund shall
equal the total amount of principal and interest for all outstanding Bonds to the
last maturity thereof, no further payment need be made into the Bond Fund.
In the event that there shall be a deficiency in the Bond
Fund to meet maturing installments of either principal or interest, as
the case may be, on Bonds payable out of the Bond Fund, such deficiency
shall be made up from the "Reserve Account" by the withdrawal of cash
therefrom for that purpose. Any deficiency created in the "Reserve Account"
by reason of any such withdrawal shall then be made up from the moneys from
the revenues of the system of sewerage of the City first available after
making necessary provision for the required payments into the Bond Fund.
-7-
The money in the "Reserve Account" shall otherwise be held intact and may
be applied against the last outstanding Bonds .
All money in the "Reserve Account" above provided for may
be kept on deposit in the official bank depository of the City of Kent or
may be invested in direct obligations of the United States Government having
a guaranteed redemption price prior to maturity or maturing not later than
twelve years from date of purchase and, in no event, maturing later than the
last maturity of the Bonds outstanding at the time of such purchase. Interest
earned on any such investment or on such bank deposit shall be deposited in
and become a part of the "Reserve Account" until the total required reserve
amount shall have been accumulated therein, after which such interest shall
be deposited in the "Principal and Interest Account" in the Bond Fund.
The gross revenues from said system of sewerage are hereby
pledged to such payments, and the Bonds shall constitute a charge or lien
upon such gross revenues and the money in the Sewer Revenue Fund prior and
superior to any other charges whatsoever, exluding necessary charges for
maintenance and operation of the system of sewerage, and equal in
rank with the charge or lien upon said gross revenues and the money in
said Sewer Revenue Fund for the payment of the principal of and interest
on the outstanding "Sewer Revenue Bonds, 1954, " the outstanding "Sewer
Revenue Bonds, 1956, " the outstanding "Sewer Revenue Bonds, 1959, " issued
on a parity therewith, and any additional or refunding sewer revenue bonds
hereafter issued on a parity therewith in accordance with the provisions of
Section 8 of Ordinance No. 871.
Section S. The City hereby covenants and agrees with the
owner and holder of each Bond at any time outstanding, as follows:
(a) That it will establish, maintain and collect
such rates and charges for sanitary sewage disposal
service (plus rates for water if the sewerage system is
combined with the water system) for so long as any of
said Bonds are outstanding, including the outstanding
"Sewer Revenue Bonds, 1954, " the outstanding "Sewer
Revenue Bonds, 1956, the outstanding "Sewer Revenue
Bonds , 1959, " and any additional or refunding revenue
bonds hereafter issued on a parity therewith as may
be outstanding, that will make available for the pay-
ment of the principal and interest of such bonds as the same
shall become due an amount equal to at least 1.3
times the average annual amount required to pay all
of such principal and interest as the same become
due.
The amount "available for the payment of the prin-
cipal and interest of all of said bonds as the same
shall become due" is hereby defined as "the gross
revenues of the sewage disposal system of the City
and all additions and improvements thereto and ex-
tensions thereof (or the gross revenues of the combined
water and sewerage system of the City and all additions
and improvements thereto and extensions thereof) , less
expenses of maintenance and operation of such system
(or combined system) , but before depreciation. "
(b) That it will at all times maintain and keep
the system of sewerage and all additions thereto and
betterments, replacements and extensions thereof in good
repair, working order and condition, and also, will at
all times operate such system and the business in connection
therewith in an efficient manner and at a reasonable
cost.
(c) That it will not sell, lease, mortgage or in
any manner encumber or dispose of all the property
of the system of sewerage unless provision is made
for payment into the Bond Fund of a sum sufficient
to pay the principal of and interest on all Bonds at any
time outstanding, and that it will not sell, lease, mortgage
or in any manner encumber or dispose of any part of the
property of said system that is used, useful and
material to the operation thereof unless provision
is made for replacement thereof or for payment into the
Bond Fund of the total amount of revenue received,
which shall not be less than an amount which shall bear
the same ratio to the amount of outstanding Bonds as
the revenue available for debt service for such outstanding
Bonds for the twelve months preceding such sale, lease,
encumbrance or disposal from the portion of the system
sold, leased, encumbered or disposed of bears to the
revenue available for debt service for such Bonds from the
entire system for the same period. Any such money so
paid into the Bond Fund shall be used to retire such out-
standing Bonds at the earliest possible date .
(d) That it will while any of the Bonds remain
outstanding keep proper and separate accounts and
records in which complete and separate entries shall
be made of all transactions relating to its said system
and it will furnish the original purchaser or purchasers
of the Bonds or any subsequent holder or holders thereof,
at the written request of such holder or holders , com-
plete operating and income statements of said system
form:
in reasonable detail covering any calendar year not more
than ninety (90) days after the close of such calendar
year, and it will grant any holder or holders of at least
twenty-five percent (25%) of the outstanding Bonds the right
at all reasonable times to inspect the entire system and
all records, accounts and data of the City relating thereto.
Upon request of any holder of any of said Bonds, it also
will furnish such holder a copy of the most recently com-
pleted audit of the City's accounts by the State Auditor
of Washington.
(e) That it will not furnish sanitary sewage disposal
service to any customer whatsoever free of charge , and
it will promptly take legal action to enforce collection
of delinquent accounts .
(f) That it will carry the types of insurance on
its system of sewerage properties in the amounts normally
carried by private sewer companies engaged in the opera-
tion of sewer systems, and the cost of such insurance
shall be considered a part of operating and maintaining
said system. If, as and when, the United States of
America or some agency thereof shall provide for war risk
insurance, the City further agrees to take out and maintain
such insurance on all or such portions of said system on
which such war risk insurance may be written in an amount
or amounts to cover adequately the value thereof.
(g) That it will pay all costs of maintenance
and operation of the said system of sewerage and the
debt service requirements for the outstanding "Sewer
Revenue Bonds, 1954, " "Sewer Revenue Bonds, 1956, "
and "Sewer Revenue Bonds, 1959, " and otherwise meet
the obligations of the City, as herein set forth.
Section 6. The Bonds shall be in substantially the following
No.
$1,000.00
UNITED STATES OF AMERICA
STATE OF WASHINGTON
CITY OF KENT
SEWER REVENUE BOND, 1964, SERIES A
o�
0
KNOW ALL MEN BY THESE PRESENTS: That the
City of Kent, a municipal corporation of the
State of Washington, for value received, promises
to pay to the bearer on the FIRST DAY OF OCTOBER,
19 , the principal sum of
ONE THOUSAND DOLLARS
together with interest thereon at the rate of
-10-
PERCENT
( %) per annum, payable semiannually on
the first days of April and October of each year,
upon the presentation and surrender of the attached
interest coupons as they severally mature up to
the bond maturity date until this bond, with in-
terest is paid in full. Both principal and interest
are payable in lawful money of the United States
of America at the office of the City Treasurer of
Kent, Washington, solely out of the special fund
created by Ordinance No. 1226 and known as
"Sewer Revenue Bond Fund, 1964 ," (hereinafter
called the "Bond Fund") .
This bond is one of a total authorized issue of
not to exceed $850,000 .00 par value of bonds ,
none of which have heretofore been issued. The
bonds of this series are designated "Series A;'
are in the total principal sum of $325,000.00
and are all of like date, tenor and effect, except
as to maturities and interest rates, all payable
from the Bond Fund and all issued by the City of
Kent under and pursuant to the laws of the State
of Washington and Ordinances Nos. 1226 and
of the City, for the purpose of providing the funds
to pay the cost of carrying out a portion of the
system or plan for making additions to and better-
ments and extensions of the existing system of
sewerage of the City, as adopted by Ordinance
No. 1226 and ordered to be carried out by
Ordinance No. . Reference is made to
Ordinances Nos. 1226 and as more fully
describing the covenants with and rights of
holders of bonds of this series and issue.
The City of Kent has reserved the right to
redeem the bonds of this series as a whole, or
in part in inverse numerical order, on October 1,
19 74 , or on any subsequent interest payment date
at the following redemption prices, if redeemed
on the following dates, plus accrued interest
to date of redemption in each case, to -wit:
October 1, 1974, or April 1, 1975, at $102.50
per each $100 par value thereof,
October 1, 1975, or April 1, 1976, at $102.00
per each $100 par value thereof,
October 1, 1976, or April 1, 1977, at $101.50
per each $100 par value thereof,
October 1, 1977, or April 1, 1978, at $101 .00
per each $100 par value thereof,
October 1, 1978, or April 1, 1979, at $100.50
per each $100 par value thereof,
October 1, 1979, and thereafter, at par.
Notice of any call for redemption of any of the
bonds of this series prior to their stated maturity
dates shall be published at least once in the
official newspaper of the City not less than
thirty nor more than forty-five days prior to the
call date. Notice of said intended redemption
-11-
shall also be mailed to McLean & Company, Inc. ,
at its principal place of business in Tacoma,
Washington, or its successor, not less than thirty
nor more than forty-five days prior to the call date .
Interest on any bonds so called for redemption
shall cease on the date fixed for such redemption
upon payment of the redemption price into the Bond
Fund.
The bonds of this series constitute a lien and
charge upon the gross revenues from the system
of sewerage of the City, including the money in
its "Sewer Revenue Fund" created by Ordinance
No. 871, prior and superior to any other charges
whatsoever, excluding charges for maintenance
and operation, except that the lien and charge
upon said gross revenues and the moneys in said
"Sewer Revenue Fund" shall be on a parity with,
and equal in rank with, the lien and charge upon
such gross revenues and the money in said "Sewer
Revenue Fund" for the payment of the principal
of and interest on the outstanding "Sewer Revenue
Bonds, 1954, " the outstanding "Sewer Revenue
Bonds , 1956 , " the outstanding Sewer Revenue
Bonds, 1959, " and for any additional or refunding
bonds hereafter issued on a parity of lien with said
outstanding bonds in accordance with the provi-
sions of Section 8 of Ordinance No. 871.
The City of Kent has covenanted to establish,
maintain and collect such rates and charges for
sanitary sewage disposal service for so long as
any bonds of this series are outstanding that will
provide revenue equal to at least 1.3 times the
average annual amount required to pay the prin-
cipal of and interest on the outstanding "Sewer
Revenue Bonds, 1954, " the outstanding "Sewer
Revenue Bonds, 1956," the outstanding "Sewer
Revenue Bonds, 1959 , " the bonds of this series
and any revenue bonds which may later be issued
on a parity therewith, as aforesaid, after necessary
costs of maintenance and operation of said system
have been paid, but before depreciation.
The City further covenants and agrees to maintain
in good condition and to operate the system of
sewerage and all additions thereto and betterments ,
replacements and extensions thereof, and to establish,
maintain and collect such rates for sanitary sewage
disposal service as will produce gross revenues
from the system of sewerage sufficient to permit
payment into the Bond Fund of the amounts required
for the payment of the principal of and interest on
the bonds of this series as they become due and
the amounts to be paid into the "Reserve Account"
in the Bond Fund, and in addition thereto to pay
all costs of maintenance and operation of said
system and the debt service requirements of the
outstanding Sewer Revenue Bonds, 1954," the
outstanding "Sewer Revenue Bonds, 1956, " and
the outstanding "Sewer Revenue Bonds, 1959,"
-12-
and otherwise to meet the obligations of the City
as herein set forth.
It is hereby certified and declared that the bonds
of this issue are issued pursuant to and in strict
compliance with the Constitution and laws of the
State of Washington and the ordinances of the
City of Kent, and that all acts, conditions and
things required to be done precedent to and in
the issuance of this bond have happened, have
been done and have been performed as required
by law.
IN WITNESS WHEREOF the City of Kent, Wash-
ington, has caused this bond to be signed by its
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 first day of November, 1964.
CITY. OF KE ,�� HINGT' ON
Mayor
ATTEST
Clerk
The interest coupons attached to the Bonds shall be in
substantially the following form:
Coupon No.
On the first day of (April) (October) , 19 ,
the CITY OF KENT, WASHINGTON, upon presenta-
tion and surrender of this coupon, will pay to
bearer at the office of the City Treasurer, the sum
of DOLLARS
($ ) in lawful money of the United
States of America from the special fund of the City
known as the "Sewer Revenue Bond Fund, 1964, "
said sum being six months' interest then due
on its "Sewer Revenue Bond, 1964, " dated
November 1, 1964, and numbered
($ on
Coupon No. 1 cover-
ing the five months'
period from November
1, 1964, to March 31,
1965)
CITY 9F- KENT, , 2e,
�TON
.. � �7
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ATTEST:i By-..,,
i Mayor
Clerk
The Bonds shall be printed on lithographed forms, shall
be signed by the Mayor and attested by the Clerk, and shall have
the seal of the City of Kent affixed thereto, and the coupons shall bear
the facsimile signatures of the Mayor and the Clerk.
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Section 7. McLean & Company, Inc. , of Tacoma, Washington,
h a s submitted an offer to purchase the Bonds at a price of $97 .00 for each
$100.00 principal amount thereof, together with accrued interest from the
date of issuance to the date of delivery of the Bonds to the purchaser, the City to furnish,
at its expense , the Bonds , together with approving legal opinion of Roberts ,
Shefelman , Lawrence, Gay & Moch , municipal bond counsel of Seattle,
Washington. The City Council, being of the opinion that no better offer
could be received for the Bonds and that it is in the best interest of the
City to accept said offer,hereby accepts the same. The proper City officers
are hereby directed to issue and deliver the Bonds to McLean & Company, Inc. ,
in accordance with its offer, upon payment therefor as stated. The accrued
interest received shall be deposited in the Bond Fund, and the principal
proceeds received shall be deposited in the "Sewer Construction Fund" of
the City.
Section 8. This Ordinance is declared to be one necessary
for the immediate preservation of the public peace, property, health and
safety of the people of the City of Kent, Washington, An emergency is
hereby declared to exist, and this Ordinance is hereby declared to be in
full force and effect from and after its passage, approval and publication,
as provided by law.
PASSED by the City Council of the City of Kent, Washington,
and APPROVED by its Mayor, at a regular meeting held on the 5th day of
October, 1964.
ATTEST
�.�.A
City Clerk Jr
APP OVED AS TO /FORM:
�eG1vu
City Attorney
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Mayor