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HomeMy WebLinkAbout1410CITY OF KENT, WASHINGTON ORDINANCE NO. �P AN ORDINANCE fixing the amount, form, date, interest rate, maturity and denominations of Local Improvement District No. 249 Bonds and directing the issuance and sale thereof to McLean & Company, Inc. THE CITY COUNCIL OF THE CITY OF KENT, WASHINGTON, DO ORDAIN as follows: Section 1. The total amount of the assessment roll in Local Improvement District No. 249 in the City of Kent, Washington, created under Ordinance No. 1297, was $193,686.63. The 30 -day period for making cash payments of assessments without interest in said District expired on October 21, 1966, and the total amount of assessments paid in cash was $29,467.98, leaving a balance of assessments unpaid on the assessment roll in the sum of $164,218.65. Local improvement district bonds of Local Improvement District No. 249 shall, therefore, be issued in the total prin- cipal sum of $164,218.65. Bond No. 1 of said issue shall be in the denomina- tion of $218.65 and the remaining bonds numbered 2 to 165, inclusive, shall be in the denomination of $1 , 000 each. The bonds shall all be dated December 1, 1966, and shall be payable on the first dayof December, 1978, with the right reserved to the City to redeem said bonds prior to maturity on any interest payment date, in numerical order, lowest numbers first, whenever there shall be sufficient money in the "Local Improvement Fund, District No. 249," created by Ordinance No. 1297, passed on the 17th day of May, 1965, to pay the bonds so called and all earlier numbered bonds over and above the amount required for the payment of the interest on all unpaid bonds, by publishing notice of such call once in the official newspaper of the City not less than ten nor more than twenty days prior to the call date, and upon such date the interest on bonds so called shall cease and each and every coupon representing interest not accrued on such date shall be void. The bonds shall bear interest at the rate of 5.70% per annum, payable annually, beginning on the first day of December, 1967, to be represented by interest coupons to maturity attached to each bond. Section 2. Each of the bonds and interest coupons attached thereto shall be in substantially the following form: No. $1,000 ($218.65 on Bond No. 1) UNITED STATES OF AMERICA STATE OF WASHINGTON LOCAL IMPROVEMENT BOND OF CITY OF KENT LOCAL IMPROVEMENT DISTRICT NO. 249 5.70% N.B. The laws of the State of Washington, under which this bond is issued, contain the following section (RCW 35.45.070): "Neither the holder nor owner of any bond, interest coupon, or warrant issued against a local improvement fund shall have any claim therefor against the city or town by which it is issued, except for payment from the special assessments made for the improvement for which the bond or warrant was issued and except also for payment from the local improvement guaranty fund of the city or town as to bonds issued after the creation of a local improvement guaranty fund of that city or town. The city or town shall not be liable to the holder or owner of any bond, interest coupon, or warrant for any loss to the local im- provement guaranty fund occurring in the lawful operation thereof. A copy of the foregoing part of this section shall be plainly written, printed or engraved on each bond. " THE CITY OF KENT, WASHINGTON, a municipal corporation of the State of Washington, hereby promises to pay to McLean & Company, Inc. , Tacoma, Washington, or bearer, the sum of ONE THOUSAND DOLLARS ($218.65 on Bond No. 1) in lawful money of the United States of America, with interest thereon at the rate of FIVE AND SEVENTY ONE -HUNDREDTHS PERCENT (5.70%) per annum, payable annually out of the fund established by Ordinance No. 1297 of the City and known as "Local -2- Improvement Fund, District No. 249," 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 Treasurer of the City. Coupons are hereto attached for each install- ment of interest to accrue hereon, and interest shall be paid only on presentation and surrender of such coupons to the City Treasurer. The City Council of the City, as agent of such Local Improvement District No. 249, established by Ordinance No. 249, has caused this bond to be issued in the name of the City as the bond of such local improvement district. The bonds of the issue of which this bond is one or the proceeds thereof are to be used to pay so much of the cost and expense of making additions to and betterments and extensions of the existing system of sewage of the City as adopted by Ordinance No. 1295 and as ordered to be carried out by Ordinance No. 1297, as is levied and assessed against the property included in that local improvement district and benefited by that improvement. The holder of this bond shall look only to the "Local Improvement Fund, District No. 249, " and to the Local Improve- ment Guaranty Fund of the City for the payment of either the principal of or the interest on this bond. This bond is one of an issue of 165 bonds aggre- gating in all the principal sum of $164,218.65, issued for Local Improvement District No. 249, all of which bonds are subject to the same terms and conditions as herein expressed. This bond is payable on the first day of December, 1978, but is subject to call by the City Treasurer for prior redemption whenever there shall be suffi- cient money in the "Local Improvement Fund, District No. 249" to pay the same and all unpaid bonds of this issue which are prior to this bond, in numerical order, over and above amounts suffi- cient for the payment of the interest on all unpaid bonds of this issue. The call for payment of this bond, or any bond of this issue, shall be made by the City Treasurer by publishing the same once in the official newspaper of the City not less than ten nor more than twenty days prior to the call date. 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 that call. Upon that date interest upon this bond shall cease and any remaining coupons shall be void. IT IS HEREBY CERTIFIED, Recited and Declared that all acts , conditions and things required to be done precedent to and in the levying of said special taxes or assessments and the issuing of these bonds have been properly done, have happened and have been performed in regular and due form, as required by law; and that these bonds have not been issued -3- in an amount in excess of the cost of the im- provement. IN WITNESS WHEREOF the City of Kent, Wash- ington, has caused this bond to be signed by the facsimile signature of its Mayor and attested by the manual signature of its City Clerk and its corporate seal to be hereto affixed, and the interest coupons attached to be signed with the facsimile signatures of those officials this first day of December, 1966. CITY OF KENT, WASHINGTON By (facsimile signature) Mayor ATTEST: City Clerk COUPON FORM Coupon No. $57.00 ($12.46 on Bond No. 1) On the FIRST DAY OF DECEMBER, 19_, the CITY OF KENT, WASHINGTON, promises to pay to bearer at the office of the City Treasurer the amount shown hereon, this sum being twelve months' interest due that day on Bond No. of the bonds of Local Improvement District No. 249 and not otherwise, provided that this coupon is subject to all terms and conditions contained in the bond to which it is annexed and, if the bond shall be called for payment before maturity hereof, this coupon shall be void. CITY OF KENT, WASHINGTON By (facsimile signature) Mayor ATTEST: _(facsimile signature) City Clerk Section 3. The bonds shall be printed on lithographed forms, shall be signed by the facsimile signature of the Mayor and attested by the manual signature of 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. -4- Section 4. McLean & Company, Inc., of Tacoma, Washington, has offered to purchase all of the local improvement bonds of Local Improve- ment District No. 249 at a price of par, plus accrued interest from the date of issuance to the date of delivery of the bonds to said purchaser, the City to furnish the printed bonds and the approving legal opinion of Roberts, Shefelman, Lawrence, Gay & Moch, municipal bond counsel of Seattle, Washington, at the City's expense. The City Council, deeming that no better offer could be received for the bonds , and that it is in the best interests of the City to accept said offer, hereby accept the same. The bonds shall, therefore, immediately upon their execution, be delivered to McLean & Company, Inc. , Tacoma, Washington, upon payment therefor in accordance with said offer. PASSED by the City Council of the City of Kent, Washington, and APPROVED by the Mayor at a regular meeting thereof this 5th day of December, 1966. F' Mayor ATTEST: Clerk FORM APPROVED: City Attorney -5-