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
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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.
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"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
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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,,
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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,
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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
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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
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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
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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
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"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 $100.00 principal amount thereof, to .with
accrued interest from the date of issuance to the date of delivery
of the Bonds to the purchaser, the City to furnish, at its expense, the
Bonds, together with approving legal opinion of Weter, Roberts &
Shefelman, municipal bond counsel of Seattle, Washington.- The City
Council, being of the opinion that no better offer could be received
for the Bonds and that it was in the best interest of the City to
accept said offer, duly accepted the same on June 1, 1959, and said
acceptance is hereby ratified and confirmed. The proper City officers
are hereby directed to issue and deliver the Bonds'to McLean &
Company, Inc., in accordance with its offer, upon payment therefor
as stated. The accrued interest received shall be deposited in the
Bond Fund, and the principal proceeds received shall be deposited in
the "Sewer Construction'Fund" of the City.
Section 7. This Ordinance is declared to be one necessary
for the immediate preservation of the public peace, property, health ,.._
and safety of the people of the City of Kent, Washington. An emergency
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is hereby'declared to exist, and this Ordinance is hereby declared'
to be in full ''force and effect from and after its passage, approval
and publication, as provided by law.
4
PASSED by the City Council of the City of Kent, Washington;
and APPROVED by its Mayor, at a regular meeting held on the 15th
day of June$ 1959. r d#
MAYOR
ATTEST :/"1
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