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HomeMy WebLinkAbout1033CITY OF KENT, WASHINGTON ORDINANCE NO. / (D,33 AN ORDINANCE providing for the issuance and sale of $300,000.00 par value of "Sewer Revenue Bonds,. 1959," for the purpose of providing the funds with which to pay the cost of carrying out a system or plan for making additions to and betterments and extensions of the existing.system of sewerage of the City, as adopted by Ordinance No. 1022; fixing the date, form, maturities, interest rates, terms and covenants of said bonds; providing for the sale thereof to McLean & Company, Inc., of Tacoma, Washington; and declaring an emergency. WHEREAS, the City of Kent, Washington, by Ordinance No. 1022, passed by the City Council and approved by the Mayor on the 20_t4 day of April, 1959, specified and adopted a system or plan for making additions to and betterments and extensions of the existing system of sewerage of the City, and authorized the issuance and.sale of not to exceed $300,000.00 par value of "Sewer Revenue.Bonds, 1959.." to provide the funds required to pay the cost thereof; and WHEREAS, the City Council deems it to be in the best interest of the City that the total authorized issue of "Sewer Revenue Bonds, 1959," be issued and sold to provide the proceeds necessary to carry out 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, 195+, $270,000.00 par value of "Sewer Revenue Bonds, 195+," and pursuant to Ordinance No. 932, passed and approved F October 1, 1.956, $120,000.00 par value of "Sewer Revenue Bonds, 1956," on a parity of lien with said "Sewer Revenue Bonds, 1954,n and by.Secton 8 of said Ordinance No. 871, the City of Kent i 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 said 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 195+ 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,".issued on a parity with the "Sewer Revenue. Bonds, 195+,") 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 preate a reserve account in such bond redemption fund for the purpose of making up any deficiency 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 certified public accountant showing that the net income of the sewage disposal system (or the combined water and sewerage system) for a period of any twelve. aecutive months out of the fifteen months imme- ely preceding the month of delivery 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. -2- 7 "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 maintenance and operation of such system but before depreciation. Or, "Fourth, in the event that the certified audit reg4ired 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 V/ , 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 incomet 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 Inet incomet 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."; and WHEREAS, the City Council hereby finds and declares that all payments required by said Ordinance No. 871 pertaining to the "Sewer Revenue Bonds, 195+," have been made into the "Kent 195+ Sewer Revenue Bond Redemption Fund," and that all payments required by said Ordinance No. 932 pertaining to the "Sewer Revenue Bonds, 1956,0#'have been made into the "Kent 1956 Sewer Revenue Bond Redempt- ion Fund," including the Reserve Accounts created in such funds, and that provision is hereinafter made for the creation of a Reserve -3- i Account for the additional sewer revenue bonds herein authorized to be issued, into which account shall be paid, within five years from the dateot the issuance of the additional bonds herein auth- orized to be``issued, a sum at least equal to the average annual amount required for debt service on such additional bonds, and that All ' en E. Hill of Hi 1 11 & Ingman, an independent licensed profe ssional engineer,not .employed by the City, except for the purpose of giving such certificate, has certified that said revenues are sufficient to meet I the ti�-3 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 better- ments and extensions of the existing system of sewerage of t I he City, a� adopted by ordinance No. 1022, there shall be issued and sold $300,000.00 par value of "Sewer Revenue Bonds, 1959" (hereinafter called the "Bonds"). The Bonds shall be in denominations of $1,000.00 each; shall be numbered from 1 to 300; shall be dated June 1, 1959; and shall bear . interest at the rates hereinafter set forth.9 payable semiannually on April lot and October lot 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 0. office of the City Treasurer of the City of Kent, Washington, solely out of the "Sewer Revenue Bond Fund, 1959." (here-' inafter called the "Bond Fund") created and established by Ordinance No. 1022. The Bonds shall mature serially, and shall bear interest,, -4- in accordance with the following schedule, to wit: Bond Numbers 1 to 4, inclusive 5 to 8, n 9 to 12, n 13 to 169 tt 17 to 20, ' 21 to 24, 4 .25 to 28, n 29 to 33, October October 34 to 38, n 39 to 43, n 44 to 48, October 49 to 53, 4.40 54 to 58, n 59 to 63, n 64 to 5,000 n 76 to 769, n 7 4.40_ 4.40 82' October 83 to 89, 4.40 90 to 96, 1971E 97 to 104, n 105 to 113, " 114 to 122, 1977 123 to 132, 't 133 to 15 n 154 to 174, " 1?5 to 197, n 198 to 230; n 231 to 264, 1981 265 to 300;. October Section 2. Amounts_ Interest Rates Maturities 4000 14E % October 1, 1961 .4;;000 4,o6o 4 4 % % October October 11 1, 1962 1963 000 % % % October 1, 1961E 4;000 4 October 1, 1965 4"000 4 1/4 % October October 1, 1, 1966 1967 5,000 4 1/4 % October 1, 1968 5,000 4 1/4.% October 1, 1969 5, 000 4.40 % Oobober 1, 1970 5,000 4.40 % October 1, 1971 5,000 4.40% October 1, 1972 5,•000 5,000 4.40_ 4.40 % October 1, 1973 6,000 4.40 % % October 1, 1971E 6,000 4.40 % October October 1, 1, 1975 1976 7,000 4.40 % October 1, 1977 > 7,000 4.40 % October 1, 1978 Z,000 4.40 % October 1, 1979 .1000 4.40 % October 1, 1980 > 9,000 4.40 % October 1, 1981 9,000 4.40 % October 1, 1982 .10,000 4.40 % October 10 1983 .21,000 4.40 % October 1 1984 21,000 4.40 % October 1, 1985 ,23;000 4.40 % October 1, 1986 33,000 34,000 4.40 4.40 October October 1, 11 1987 1988 36,000 .4.40 % October 11 1989 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 October 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: October 1, 1969, or April 1, 1970, at $102.50 per each $100 par value thereof October 1, 1970, or April 1, 1971, at $102.00 per each $100 par value thereof October 1, 1971, or April 1, 1972, at $101.50 per each $100.par value thereof October 1, 1972, or April 1, 1973, at $101.00 per each $100 par value theroo October 1 973, or April 1, 1974, at $100.50 per each $100 par value t:;. thereof October 1, 1974, and thereafter, at par. The City of Kent reserves the right to redeem the Bonds solely from surplus earnings of the system of sewerage of the City, -5- in inverse numerical order, on October 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 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., 722 Com- merce Street, Tacoma 2, 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 3. 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". evenue Fund), into which fund shall be paid as collected all of the gross earnings and revenue of the sanitary sewage disposal system 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 June, 1959, one-fourth of the amount of interest to be paid on the Bonds on October 1, 1959, and beginning with the month of October, 1959, one-sixt4 of the next ensuing six monthst interest requirements, and beginning with k, t1t0tonth of October, 1960, one -twelfth of the next ensuing twelve months' requirements for both principal and interest; and by,, (b) Into the "Reserve Account,,/June 1, 1964, a sum.at least Oqual to the average annual amount re' quired for debt service on the Bonds, said amount to be accumulated by paying therein each month, commenc- ing with the month of June, 1959, 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" there- for. Afterthb 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 with- drawal 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 sewer- age of the City first available after making necessary provision for the required payments into the Bond Fund. 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 Gove-rnment having a guaranteed redemption price prior to maturity or maturing not later than twelve years from date of purchase and, r , �w 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 _7 _ 4 become apart 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 Fuhd prior and..,.superior to any other charges whatsoever, excluding necessary charges for maintenance and operation of the system of sewerage, and equal in rank with the charge or lien upon said gross revenuee 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,"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 4. 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 outstand- ing "Sewer Revenue Bonds, 1954J." the outstanding ."Sewer Revenue Bonds, 1950," and any additional or refunding revenue bonds hereafter issued on a parity therewith as may be outstanding,that will make available for the payment 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- cip&l. and interest of all of said bonds as the same w1_81fdgk 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'systez of sewerage and all additions there- to 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 avail- able for vail- able-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, complete operating and income statements 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 holder or holders of at least twenty-five per cent - (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 completed audit of theti.;Cityts accounts by the State Auditor of Washington. (e) That it will not furnish sanitary sewage dis- posal_service to any customer whatsoever free of charge, ah�dit 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 operation of sewer systems, and the cost of such insurance shall be considered a part of oper- ating and maintaining said system. If, as, and when, MC 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 port.ions"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," and "Sewer Revenue Bonds, 1956," and otherwise meet the obligations of the City, as herein set forth. Section 5. The Bonds shall be in substantially the following form: No. $1,000.00 UNITED STATES OF AMERICA. STATE OF WASHINGTON CITY OF KENT SEWER REVENUE BOND, 1959 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 IST DAY OF OCTOBER, 19_, the principal sum of ONE THOUSAND DOLLARS together with interest thereon at the rate of PER CENT (___%) per annum, payable semiannually on the lot days Or 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 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 created by OrdinanceNo. 1022 and known as "Sewer Revenue Bond Fund, 1959" (hereinafter called the "Bond Fund"). This bond is,one of a total issue of $300,000.00 par value of bonds, all of like date, tenor and effectt, ex cept as to maturities and interest rates, all payable f�p:the Bond Fund and all issued by the City of Kent under and pursuant to the laws of the State of Washington and'0rdinances Nos. 1022 and of the City, for the purpose of providing the funds-io pay the cost of carry- ing out the system or plan for making additions to and betterments and extensions of the existing system of sewerage of the City, as adopted by Ordinance No. 1022. Reference is made to Ordinances Nos. 1022 and 1o33 as more fully describing the covenants with and rl—gl s of -10- holders of bonds of this issue. The City -of Kent reserves the right to redeee the bonds -of this is_que solely for refunding purposes, as a whole or in -part, in inverse numerical order, on October 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: October 1, 1969, or April 1, 1970, -at $102.50 per each $100. par value thereof October 1, 1970, -or April 1, 1971, at $102.00 per each $100 par value thereof October 1, 1971, or April 1, 1972, at $101.50 per each $100 par value thereof October 1, 1972, or April 1, 1973, at $101.00per each $100 par value thereof October 1, 19?3, or April 1, 1974, at $100.50 per each Ii. $100 par value thereof October 1, 197+, and thereafter, at par. The City,af Kent reserves the right to redeem the bonds of this issue solely from surplus earnings'of the system of sewerage of the City, in inverse numerical order, on October 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 published at least once in the 9fficial 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., 772 Commerce Street, Tacoma 21 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 redemp- tion upon payment of the red *ption price into the Bond Fund. The bonds of this issue constitute a charge or lien 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 a#y , other charges whatsoever, excluding charges for maintenance and operation,' except that the charge or lien upon said gross revenues and the moneys in said "Sewer Revenue Fund" shall be on a parity with, and equal in rank with, the charge or lien 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," and for any additional or refunding bonds hereafter issued on`a parity of lien with said outstanding„bonds in accord- ance with the provisions 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 issue are outstanding that will provide revenue equal to at -11- least 1.3 times the average annual amount required to�, ay the principal of and interest on the outstand- ing•"Sewer Revenue Bonds, 1954," the outstanding "Sewer.Revenue Bonds, 1956," the bonds of this issue, 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 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 issue 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," and the outstanding "Sewer Revenue Bonds, 1956," 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 ,,,,,this 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, Washington,'. -has caused this bond to be signed by its Mayor and attested,. by its Clerk and its corporate seal to be hereto affited, and the interest coupons attached to be'signed with the facsimile signatures of;said officials this lst _ day of ,June, 1959. CITY OF -KEN-T WASH TON. ATTEST: The.interest coupons attached to the Bonds shall be in substantially the following form: Coupon No. On the lst day of .(,April)(October), 19 , the CITY OF KENT, WASHINGTON, upon presentation and i surrender of this coupon, will pay to bearer at the office of the City Treasurer, the sum of DOLLARS .. ($ ) n lawful money of the_Uhlted.�+tate—s-­-o-rAmerica from the special fund.of the City known as the -12- "Sewer Revenue Bond Fund fix months � 1 959," said sum being interest .'then due on its "Sewer Revenue Bond, 1959," dated June 1, 1959, and numbered- CITY OF KENT, VASHINa N ATTEST: A 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 facsile ,signatures of the Mayor and the Clerk. Section 6. McLean & Company, Inc., of Tacoma, Washington,, heretofore submitted an offer to purchase the Bonds at a price of $97.00 for each $100.00 principal amount thereof, to .with accrued interest from the date of issuance to the date of delivery of the Bonds to the purchaser, the City to furnish, at its expense, the Bonds, together with approving legal opinion of Weter, Roberts & Shefelman, municipal bond counsel of Seattle, Washington.- The City Council, being of the opinion that no better offer could be received for the Bonds and that it was in the best interest of the City to accept said offer, duly accepted the same on June 1, 1959, and said acceptance is hereby ratified and confirmed. The proper City officers are hereby directed to issue and deliver the Bonds'to McLean & Company, Inc., in accordance with its offer, upon payment therefor as stated. The accrued interest received shall be deposited in the Bond Fund, and the principal proceeds received shall be deposited in the "Sewer Construction'Fund" of the City. Section 7. This Ordinance is declared to be one necessary for the immediate preservation of the public peace, property, health ,.._ and safety of the people of the City of Kent, Washington. An emergency -13- is hereby'declared to exist, and this Ordinance is hereby declared' to be in full ''force and effect from and after its passage, approval and publication, as provided by law. 4 PASSED by the City Council of the City of Kent, Washington; and APPROVED by its Mayor, at a regular meeting held on the 15th day of June$ 1959. r d# MAYOR ATTEST :/"1 -14-