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HomeMy WebLinkAbout1582CITY OF KENT, WASHINGTON ORDINANCE NO. �oZ AN ORDINANCE fixing the amount, form, date, interest rate, maturity and denominations of Local Improvement District No. 255 Bonds and directing the issuance and sale thereof to McLean & Company, Inc., Tacoma, Washington. 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. 255 in the City of Kent, Washington, created under Ordinance No. 1498, was $73,145.82. The thirty -day period for making cash payments of assessments without interest in the District expired on October 4, 1968, and the total amount of assessments paid in cash was $39,049.04, leaving a balance of assess- ments unpaid on the assessment roll in the sum of $41,096.78. Local improvement district bonds of Local Improvement District No. 255 shall, therefore, be issued in the total principal sum of $41,096.78. Bond No. 1 shall be in the denomination of $1,096.78, and the remaining bonds numbered 2 to 41, inclusive, shall be in the denomination of $1,000.00 each. The bonds shall all be dated February 1, 1969, and shall be payable on February 1, 1981, with the right reserved to the City to redeem the 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. 255," created by Ordinance No. 1498, passed on March 4, 1968, 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 6% per annum, payable annually, beginning February 1, 1970, 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. $1,000.00 ($1,096.78 on Bond No. 1) UNITED STATES OF AMERICA STATE OF WASHINGTON LOCAL IMPROVEMENT BOND OF CITY OF KENT LOCAL IMPROVEMENT DISTRICT NO. 255 6% 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 guar- anty 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 improvement 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 ($1,096.78 on Bond No. 1) in lawful money of the United States of America, with interest thereon at the rate of SIX PERCENT (6%) per annum, payable annually out of the fund established by Ordinance No. 1498 of the City and known as "Local Improvement Fund, District No. 255," and not otherwise, except from the guaranty -2- 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. 255, established by Ordinance No. 1498, has caused this bond to be issued in the name of the City as the bond of such local improvement district, the bonds or the proceeds thereof to be used to pay so much of the cost and expense of the improvement of South 228th Street from the West Valley Highway to the East Valley Highway by constructing and installing asphaltic concrete pavement of a variable width from 44 to 58 feet with concrete curbs and gutters and drainage facilities, as provided by Ordinance No. 1498, as is levied and assessed against the property included in the local improvement dis- trict and benefited by that improvement, and the "Local Improvement Fund, District No. 255," has been established by ordinance for that purpose. The holder or holders of this bond shall look only to that fund and to the Local Improvement 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 41 bonds ag- gregating in all the principal sum of $41,096.78, issued for Local Improvement District No. 255, all of which bonds are subject to the same terms and conditions as herein expressed. This bond is payable on February 1, 1981, but is subject to call by the City Treasurer for prior redemption whenever there shall be sufficient money in the "Local Improvement Fund, District No. 255," to pay the same and all unpaid bonds of the issue of which this bond is one, which are prior to this bond, in numerical order, over and above amounts sufficient 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 of which this is one, shall be made by the City Treasurer by publishing the same once in the official news- paper of the City not less than ten nor more than twenty days prior to the call date, and 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 and upon that day interest upon this bond shall cease and any remain- ing 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 such special taxes or assessments and the issuing of these bonds have been properly done, have hap- pened and have been performed in regular and due -3- form, as required by law; and that these bonds have not been issued in an amount in excess of the cost of the improvement. IN WITNESS WHEREOF, the City of Kent, Washington, has caused this bond to be signed by the Mayor and attested by the City Clerk and its corporate seal to be hereto affixed, and the interest coupons at- tached to be signed with the facsimile signatures of those officials this lst day of February, 1969. ATTEST: City Clerk CITY OF KENT, WASHINGTON By Mayor COUPON FORM Coupon No. $60.00 ($65.81 on Bond No. 1) On the FIRST DAY OF FEBRUARY, 19 , the CITY OF KENT, WASHINGTON, promises to pay to bearer at the office of the City Treasurer the sum shown hereon, this sum being twelve months' interest due that day on Bond No. of the bonds of Local Improve- ment District No. 255 and not otherwise, provided that this coupon is subject to all terms and condi- tions contained in the bond to which it is annexed and, if that 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 Mayor and attested by the City 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 City Clerk. Section 4. McLean & Company, Inc., Tacoma, Washington, has offered to purchase all of the local improvement bonds of Local -4- Improvement District No. 255 at a price of par, plus accrued inter- est from the date of issuance to the date of delivery of the bonds to the purchaser, the City to furnish the printed bonds and the ap- proving legal opinion of Roberts, Shefelman, Lawrence, Gay & Moch, municipal bond counsel of Seattle, Washington, at the City's expense. The City Council deems it to be in the best interests of the City that such offer be accepted and hereby accepts 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 20th day of January, 1969. ATTEST: City F2,,6rk FO APPROVED: City Attorney t. WE May