HomeMy WebLinkAbout1032CITY OF KENT, WASHINGTON
ORDINANCE NO. 10.3 Z
AN ORDINANCE providing for the issuance and sale of
$350,000.00 par value of "Water Revenue Bonds, 1959,"
for the purpose of obtaining the funds with which to pay
the cost of carrying out the system or plan for making
additions to and betterments and extensions of the exist-
ing water supply and distribution system of the City, as
adopted by Ordinance No. 1021; fixing the form, date,
maturities, interest rates, covenants and terms of said
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. 1021, passed
by the City Council and approved by the Mayor on the 20th day of April, 19599
specified and adopted a system or plan for making additions to and betterments
and extensions of the existing water supply and distribution system of the
City and authorized the issuance and sale of water revenue bonds in the amount
of not to exceed $3509000.00 par value to provide the funds with which to pay
the cost of acquiring, constructing and making said additions to and better-
ments and extensions of said water supply and distribution system of the City;
and
WHEREAS, the City Council deems it to be in the best interest of the
City that the entire $350,000.00 par value of authorized water revenue bonds
be issued and sold to provide the proceeds necessary to carry out said system
or plan; and
WHEREAS, the City has heretofore issued, under date of November 11,
1948, its "Water Revenue Bonds, 1948," of which issue there are now outstand-
ing bonds in the total principal sum of $123,000.00 , which bonds are a first
and prior charge and lien upon the gross revenues of the water supply and
distribution system of the City; and
WHEREAS, pursuant to Ordinances Nos. 949-A and 956, the City has
heretofore issued, under date of July 1, 1957, its "Water Revenue Bonds, 1957,"
of which issue there are now outstanding bonds in the total principal sum of
4 $725.000.00 , which bonds are a second charge and lien upon the gross
revenues of the water supply and distribution system of the City, subject only
to the prior charge and lien thereon for the 1948 bonds; and
WHEREAS, pursuant to Ordinance No. 982, the City has heretofore
issued, under date of June 1, 1958, its "Water Revenue Bonds, 1958," in the
total principal sum of $145,000,00 par value,,all of which bonds are presently
outstanding and which bonds are a third charge and lien upon the gross revenues
of the water supply and distribution system of the City, subject only to the
prior charge and lien thereon for the 1948 bonds and the 1957 bonds; and
WHEREAS, pursuant to Section 10 of said Ordinance No. 982, the City
covenanted and agreed that it would not issue any water revenue bonds which
would rank on a parity with the said 1958 bonds, except that the City reserved
the right, for
"First, the purpose of acquiring, constructing and install-
ing additions, betterments and improvements to and extensions
of, acquiring necessary equipment for, or making necessary
replacements of or repairs or capital improvements to the
System, or
"Second, the purpose of refunding, by exchange or purchasing
and retiring at or prior to their maturity, any outstanding
revenue bonds or revenue coupon warrants of the City that may
have a lien upon the gross revenue of the System for the pay-
ment of the principal thereof and interest thereon junior and
inferior to the lien on such gross revenue for the payment of
the principal of and interest on the Bonds,
to issue additional and/or refunding revenue bonds therefor (herein
called *Parity Revenue Bonds: as hereinbefore defined) and to pledge
that payments shall be made out of the gross revenue of the System
into the 1958 Bond Redemption Fund and the Reserve Account to pay
and secure the payment of the principal of and interest on such
Parity Revenue Bonds on a parity with the payments required herein
to be made out of such gross revenue into such Fund and Account to
pay and secure the payment of the principal of and interest on the
Bonds, upon compliance with the following conditions:
"(1) That at the time of -the issuance of such Parity Revenue
Bonds there is no deficiency in -the 1948 and 1957 Bond Redemption
Funds or in the 1958 Bond Redemption Fund or Reserve Account
therein created herein. And
"(2) That the city will covonant in each ordinance authoriz-
ing the issuance of Parity Revenue Bonds that it will establish,
maintain and colleet rates and charges for water (and for sani-
tary sewage disposal service in the event that the sanitary
sewerage system of the city ever becomes a part of the System)
3 for as long as any of the Bonds and any Parity Revenue Bonds are
outstanding that will make available for the payment of the prin-
cipal of and interest on all of such bonds as the same shall
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and
become due, an amount equal to at least 1.5 times the aver-
age annual amount required thereafter, exclusive of any Term
Bond Year, for the payment of all such principal and interest
after necessary costs of maintenance and operation of the
System and amounts necessary to pay the principal of and
interest on the Outstanding Prior Lien Bonds then outstanding
have been paid but before depreciation.
~That the city will also covenant in each such ordinance
authorizing the issuance of Parity Revenue Bonds that it will
pay into and maintain in.the Reserve Account within five years
of the date of the issuance of such Parity Revenue Bonds the
amounts required by the second paragraph of Section 7 of this
ordinance to be paid into and maintained in said Account. The
whole or any part of the money in any other reserve fund or
account of the city created to secure the payment of the
principal of and interest on any revenue bonds or revenue cou-
pon warrants being refunded by any such Parity Revenue Bonds
may be transferred to the Reserve Account at the time such out-
standing bonds or warrants are redeemed, to satisfy the above
requirement. And
w(3) That at the time of the issuance of such Parity
Revenue Bonds the city shall have on file a certificate from
an independent licensed professional engineer showing that in
his professional opinion the net revenue of the System which
will be available in each succeeding year for the payment of
the principal of and interest on the Bonds, any Parity Revenue
Bonds then outstanding, and the Parity Revenue Bonds to be
issued as all of the same shall become due, will equal at least
1.5 times the average annual amount required thereafter, exclu-
sive of any Term Bond Year, for the payment of the principal of
and interest on all of such bonds.
"The words *net revenue of the System which will be available . ,
for the payment of the principal of and interest on all of such bonds*
as used in subparagraph (3) immediately above shall mean the gross.
operating revenues and receipts of the System after deducting there-
from all necessary expenses of maintenance and operation thereof and
amounts necessary to pay the principal of and interest on the Out-
standing Prior Lien Bonds, but before depreciation and annual debt
service on any outstanding revenue bonds or revenue coupon warrants
that may have a lien on the gross revenue of the System junior and
inferior to the lien thereon for the payment of the principal of and
interest on the Bonds. Such net revenue may be based on any increase
in revenues to be derived by an increase in water rates and charges
(and any charges for sanitary sewage disposal service) authorized by
the City Council to be effective by the time of delivery of any such
Parity Revenue Bonds.*;
WHEREAS, the City Council hereby finds and declares that there is no
deficiency in the 1948 and 1957 Bond Redemption Funds or in the 1958 Bond
Redemption Fund or in the Reserve Account -therein, and that there will be no
deficiency in said funds at the time of the issuance of the additional bonds
herein proposed to be issued, and that provision is hereinafter made for the
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required coverage covenant and the required payments into the "Reserve Account"
in the 1958 Bond Redemption Fund, and that Allen E. Hill of Hill 8 Ingman , an
independent licensed professional engineer, has certified that in his profes-
sional opinion the net revenues of the water supply and distribution system of
the City will be sufficient to meet the la5"coverage requirement above set forth,
as evidenced by his certificate to such effect on file with the City Clerk, NOW,
THEREFORE,
THE CITY COUNCIL OF THE CITY OF KENT, WASHINGTON, DO ORDAIN, as
follows:
Section 1. For the purpose of obtaining the funds necessary to carry
out the system or plan for making additions to and betterments and extensions
of the existing water supply and distribution system of the City, as adopted by
Ordinance No. 1021, there shall be issued and sold $350,000.00 par value of
"Water Revenue Bonds, 1959" (hereinafter called the "Bonds"). The Bonds shall
be in denominations of $1,000.00 each; shall be numbered from 1 to 350, inclu-
sive; dill be dated June 1, 1959; and shall bear interest payable semiannually
on June 1 and December 1 of each year, 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 Kent, Washington, solely out of
the "Kent 1958 Water Revenue Bond Redemption Fund" (hereinafter called the
"Bond Fund"), created and established by Ordinance No, 982,
The Bonds shall mature and shall bear interest in accordance with the
following schedule, to wit:
Bond Numbers Amounts Interest Rates Maturities
1_
to
139
inclusive
$139000
4.20
June
1,
1961
14
to
23,
"
$10,000
4.20
June
1,
1962
24
to
34,
"
$112000
4.20
June
1,
1963
35
to
45,
"
$111,000
4,20
June
19
1964
46
to
56,
"
$119000
4.20
June
1,
1965
June
19
1966
57
to
609
"
$ 4,000
4.40
June
1,
1967
61
to
649
$ 49000
4.40
June
19
1968
65
to
74,
"
$109000
4.40
June
10
1969
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Bond
Numbers
(Cont2d)
Amounts
Interest Rates
Maturities
75
to
810
inclusive
$ 73,000
4.40
June
1,
1970
82
to
88,
"
$ 79000
4.60
June
1,
1971
89
to
95,
"
$ 7,000
4.60
June
1,
1972
96
to
1039
"
$ 89000
4.60
June
1,
1973
104
to
1109
"
$ 7,000
4.60
June
1,
1974
111
to
1189
"
$ 8,000
4.60
June
1,
1975
119
to
1269
"
$ 8,000
4.60
June
1,
1976
127
to
1349
"
$ 8,000
4.60
June
1,
1977
135
to
143,
"
$ 9,000
4.60
June
1,
1978
144
to
153,
"
$10,000
4.60
June
1,
1979
154
to
1631,
"
$109000
4.60
June
1,
1980
164
to
172,
"
$ 9,000
4.60
June
1,
1981
173
to
1822
"
$10,000
4.60
June
1,
1982
183
to
193,
„
$11,000
4.60
June
1,
1983
194
to
203,
"
$10,000
4.60
June
1,
1984
___-
___
---
June
1,
1985
___
June
1,
1986
___-
---
---
June
1,
1987
204
to
275,
"
$72,000
4 5/8
June
1,
1988
276
to
350,
"
$75,000
4,58
June
1,
1989
Section 2. The City of Kent reserves the right to redeem the Bonds
solely for refunding purposes, as a whole or in part, in inverse numerical order,
on June 1, 1969, 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:
June 1 or December 1, 19699 at $102.50 per each $100 par value thereof
June 1 or December 1, 1970, at $102.00 per each $100 par value thereof
June 1 or December 1, 1971, at $101.50 per each $100 par value thereof
June 1 or December 1, 1972, at $101.00 per each $100 par value thereof
June 1 or December 1, 1973, at $100.50 per each $100 par value thereof
June 1, 1974, and thereafter, at par.
The City of Kent reserves the right to redeem the Bonds solely from
surplus earnings of the water supply and distribution system of the City, in
inverse numerical order, on June 1, 1969, or on any subsequent interest payment
date, at par, plus accrued interest to date of redemption.
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 30 nor more than 45 days prior to the call date.
Notice of said intended redemption shall also be mailed to McLean 8 Company,
Inc., 772 Commerce Street, Tacoma 2, Washington, or its successor, not less than
30 nor more than 45 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.
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9
Section 3. 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 gross revenues of the water supply and distribution
system of the City, as defined in Ordinance No. 982, a fixed amount without
regard to any fixed proportion, in addition to the amount the City has obli-
gated itself to set aside and pay into said Bond Fund,by Section 6 of Ordinance
No. 982, the following amounts, on or before the 20th day of each month:
(a) Beginning with the month of June, 1959, and continu-
ing as long as any of the Bonds are outstanding and unpaid,
an amount equal to at least one-sixth of the interest to
become due and payable on the next interest.payment date on
all of the Bonds then outstanding, and
(b) Beginning with the month of June, 1960, and continuing
as long as any of the Bonds are outstanding and unpaid, an
amount equal to at least one -twelfth of the principal of the
Bonds to become due and payable on the next principal payment
date.
The City Treasurer of the City of Kent shall further set aside and
pay into the "Reserve Account" created in the Bond Fund by Ordinance No. 982,
out of the gross revenues of the water supply and distribution system of the
City, in addition to the amount the City has obligated itself to set aside and
pay into the said "Reserve Account" by Section 7 of Ordinance No. 982, by no
later than June 1, 1964, an amount which, with the money in the "Reserve
Account," will be at least equal to the next yearns debt service on all out-
standing bonds, the principal of and interest on which are payable out of the
Bond Fund, so that there shall be on deposit in the "Reserve Account" at all
times, except for withdrawals therefrom as authorized herein, after said five-
year period, an amount at least equal to the next succeeding yearts debt
service on all bonds payable out of the Bond Fund.
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 such
revenues therefor.
The City further agrees that when said required amounts have been paid
into the "Reserve Account" it will, at all times, except for withdrawals
therefrom as authorized herein, maintain those amounts therein
until there is a sufficient amount in the Bond Fund and "Reserve Account" to
pay the principal of,premium, if any,and interest on all bonds payable out of
the Bond Fund outstanding, at which time the money in the "Reserve Account"
may be used to pay such principal, premium, if any, and interest.
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 pur-
pose. 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
water supply and distribution system of the City first available after making
necessary provision for the required payments into the Bond Fund.
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 guar-
anteed 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 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 Bond Fund.
Section 4. The gross revenues from the water supply and distribution
system of the City, as defined in Ordinance No. 982, are hereby pledged to such
payments and the Bonds shall constitute a charge or lien upon such revenues
prior and superior to any other charges whatsoever, excluding charges for main-
tenance and operation, except that the charge or lien upon such gross revenues
for the Bonds shall be on a parity with the charge or lien upon such gross
revenues for the outstanding "Water Revenue Bonds, 1958,0 dated June 1, 1958,
any
and/additional and/or refunding revenue bonds hereafter issued on a parity with
said outstanding bonds and the Bonds, in accordance with the provisions of
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Section 10 of Ordinance No. 982, but shall be junior and inferior to the
prior charge or lien upon such gross revenues for the outstanding "Water
Revenue Bonds, 1948", dated November 1, 1948, and the outstanding "Water
Revenue Bonds, 1957", dated July 1, 1957.
Section 5* The City of Kent 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 water (and for sanitary sewage dis-
posal service in the event that the sanitary sewage system
of the City ever becomes a part of the water supply and
distribution system of the City) so long as any "Water Revenue
Bonds, 1948", "Water Revenue Bonds, 1957", "Water Revenue
Bonds, 19580, the Bonds, and any additional and/or refunding
revenue bonds hereafter issued on a parity of lien with said
"Water Revenue Bonds, 1958", and the Bonds, in accordance
with the provisions of Section 10 of Ordinance No. 982,
are outstanding, as will make available for the payment of
the principal of and interest on all of such bonds as the
same shall become due an amount equal to at least 1.3
times the average annual amount required hereafter, exclusive
of any Term Bond Year (as defined in Ordinance No. 982), for
for the payment of all such principal and interest, after
necessary costs of maintenance and operation of the water
supply and distribution system have been paid, but before
depreciation.
(b) That it will, at all times, maintain and keep the
water supply and distribution system and all additions
thereto and betterments and 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 water
supply and distribution► system 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 outstand-
ing, 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 opera-
tion 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
Bends as the revenue available for debt service for such out-
standing 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 suQb Bonds from the entire
system for the same period* Any such money so paid into the
Bond Fund shall be used to retire such outstanding Bonds at
the earliest possible date*
(d) That it will while any of the Bonds remain out-
standing 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 sub-
sequent holder or holders thereof, at the written request of
such holder or holders, complete operating and income state-
ments of said system 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 hQ1der
rout-
holders of at least twenty-five per cent (25%) ofthe
standing 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 completed audit of the City*s accounts by
the State Auditor of Washington.
(e) That it will not furnish any water (or possibly any
sanitary sewage disposal service) to any customer whatsoever
free of charge, and it will promptly take legal action to
enforce collection of all delinquent accounts.
(f) That it will carry the types of insurance on its
system properties in the amounts normally carried by private
water companies engaged in the operation of water 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 and the debt service requirements for the
outstanding "Water Revenue Bonds, 1948," "Water Revenue Bonds,
1957," and "Water Revenue Bonds, 1958," and otherwise meet the
obligations of the City, as herein set forth.
Section 6. The Bonds shall be in substantially the following form:
No.
UNITED STATES OF AMERICA
STATE OF WASHINGTON
CITY OF KENT
WATER REVENUE BOND, 1959
$1,000.00
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 bearer on the IST DAY OF JUNE,
19 , the principal sum of
ONE THOUSAND DOLLARS
together with interest thereon at the rate of _�6 per
annum, payable semiannually on the 1st days of June and
December of each year upon the presentation and surrender
of the attached interest coupons as they severally mature
up to the bond maturity date and with full obligation on
the part of the City to pay interest at the same rate from
and after the bond maturity date until this bond, with
interest, 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 of the City known as "Kent 1958
Water Revenue Bond Redemption Fund," created by Ordinance No.
982 of the City (hereinafter called the "Bond Fund").
This bond is one of a total issue of $350,000.00 par
value of bonds, 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 pur-
suant to the laws of the State of Washington and Ordinances
Nos. 982, 1021, and_g3Apf the City, Reference is made to
said ordinances as more fully describing the covenants with
and rights of holder of bonds of this issue.
The City of Kent reserves the right to redeem the bonds
of this issue solely for refunding purposes, as a whole or
in part, in inverse numerical order, on June 1, 1969, 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:
June 1 or December 13, 1969, at $102.50 per each $100 par value thereof
June 1 or December 1, 1970, at $102.00 per each $100 par value thereof
June 1 or December 19 1971, at $101.50 per each $100 par value thereof
June 1 or December 1, 1972, at $101.00 per each $100 par value thereof
June 1 or December 1, 1973, at $100.50 per each $100 par value thereof
June 1, 1974, and thereafter, at par.
The City of Kent reserves the right to redeem the bonds of
this issue solely from surplus earnings of the water supply and
distribution system of the City, in inverse numerical order,
on June 1, 1969, or on any subsequent interest payment date, at
par, plus accrued interest to date of redemption.
Notice of any call for redemption of any of the bonds of
this issue prior to their stated maturity dates shall be pub-
lished 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 such intended redemption shall also be
mailed to McLean 8 Company, Inc., 772 Commerce Street, Tacoma
2, Washington, or its successor, not less than thirty nor more
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 issue constitute a charge or lien upon the
gross revenues from the water supply and distribution system of
the City prior and superior to any other charges whatsoever,
excluding charges for maintenance and operation of said system,
except that the charge or lien upon such gross revenues for the
bonds of this issue shall be on a parity with the charge or
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lien upon such gross revenues for the outstanding "Water
Revenue Bonds, 1958," dated June 1, 1958, and any additional
and/or refunding revenue bonds hereafter issued on a parity
of lion with said bonds in accordance with the provisions of
Section 10 of Ordinance No. 982, but said charge or lien
shall be junior and inferior to the prior charge or lien
upon such gross revenues for the outstanding "Water Revenue
Bonds, 1948," dated November 1, 1948, and the outstanding
"Water Revenue Bonds, 1957," dated July 1, 1957.
The City of Kent has covenanted to establish, maintain and
collect such rates and charges for water (and for sanitary
sewage disposal service should the sewerage system of the
City ever be combined with the water system) for sa}long as
any bonds of this issue, any "Water Revenue Bonds, 1948",
"Water Revenue Bonds, 1957", "Water Revenue Bonds, 1958",
and any revenue bonds which may be hereafter issued on a
parity with said "Water Revenue Bonds, 1958," and the bonds
of this issue, ares outstanding, as will make available for
the payment of the principal of and interest on such out-
standing bonds as the same shall become due, an amount oqual
to at least 1*3 times the average annual amount required here-
after (exclusive of any year during which any of such bonds
shall mature, which year is a "Term Bond Year" as such words
are defined in Ordinance Noo 982):,for the payment of all of
such principal and interest, after necessary costs of main-
tenance and operation of such system have been paid, but
before depreciation.
The City further covenants and agrees to maintain in good
condition and to operate the said system and all additions
thereto and betterments, replacements and extensions thereof
and to establish, maintain and collect such rates for water as
will produce gross revenues from the said system sufficient to
permit payment into the Bond Fund of the amounts required for
the payment of the principal of and interest on all bonds pay-
able out of the Bond Fund as the same become due and the
amounts required to be paid into the "Reserve Account" in the
Bond Fund, and in addition thereto to pay all costs of main-
tenance and operation and the debt service requirements of all
outstanding water revenue bunds, 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 ordi-
nances of the City of Kent, and 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, Washington, has
caused this bond to be signed by its Mayor and attested by its
Clerk and its corporate seal to be hereto affixed and the
interest coupons attached to be signed with the facsimile sig-
natures of said officials this 1st day of June, 1959,
CITY OF KENT, WASTGT
BY
ATTEST t MAYOR
CLERK -
9
The interest coupons attached to the Bonds shall be in substantially
the following form:
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 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 "Kent 1958
Water Revenue Bond Redemption Fund," said sum being six
months' interest then due on its "Water Revenue Bond, 1959,"
dated June 1, 1959, and numbered
CITY OF KENT, WASHI TON. ��--
BY
MAYOR
ATT EST
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.
Section 7* McLean & Company, Inc., of Tacoma, Washington, hereto-
fore offered to purchase the Bonds at a price of $ 97.00 for each $100.00 par
value thereof, plus accrued interest from the date of the issuance to the
date of delivery of the Bonds, the City to furnish, at its
expense, the Bonds, together with the approving legal opinion of Messrs. Weter,
Roberts & Shefelman, municipal bond counsel of Seattle, Washington. The City
Council, deeming that no better offer could be received for the Bonds and
that it was in the best interest of the City to accept said offer, duly
accepted the same on June 1, 1959, and such acceptance is hereby ratified and
confirmed* The Bonds shall, therefore, immediately upon their execution, be
delivered to McLean & Company, Inc., upon payment therefor in accordance with
said offer. The accrued interest received shall be deposited in the Bond Fund,
and the principal proceeds received shall be deposited in the "Water Construc-
tion Fund" of the City.
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Section B. 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, WashingtL'n. 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 publiratir,n, as provided by law,
PASSED by the City Council of the City of Kent, Washington, and
APPROVED by its Ma,/6r, at a regular meeting held on the 15th day of June,
19590
ATTE
CITY CLERK
tVEDq � •I
ATTORNEYCITY
F
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MAYOR