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HomeMy WebLinkAbout129ORDINANCE # 129. AN ORDINANCE providing for the issuance of Refund Bonds for the purpose of refunding bonds to the amount of $23,500. ''+itue in the year 1892. MEREAS the Town of Kent did in the year 1892 issue bonds to the amount of $23,500. which bonds were issued for twenty yearns; and iEREAS, the pxovi si ons of the Law of 1890, under which these bonds were issued required that a sinking fund be established at least seven years before their maturity, which provision involves a loss of interest, .there being no authority for the use of the money accumulating in said sinking fund meantime; and Wf3&E&S, under the act entitled "An act to authorize Counties, Cities and Towns to issue bonds to fund their out- standing indebtedness, and to provide for the levy and collection of a specific tax to pay the principal and interest on such bonds, and declaring an emergency", approved March 22, 1895; and the amendment thereto approved March 6, 1901, a more convenient method of funding and refunding bonds is authorized; and i�HERLAS,it is to the best interest of the Town of Kent to take advantage of the method therein provided, and to refund said bonds; now therefore BE IT ORDAIN7D r'Y THE COUNCIL OF THE TOWN OF KENT. Section 1, The Town Clerk of the Town of Kent is hereby authorized and directed to cause a notice to be given by publication in a weekly newspaper of general circulation published in King County, in which County said Town of Kent is situated, once a week for four consecutive weeks stating that it is the intention of the Common Council of said Town to issue refunding bonds to the amount of $23,600., to be issued in ten series of $2350. each, payable one in 1912 and one in each of the succeeding years until all are paid and in denominations of not less than $100. each; and ask- ing that bidders name the price and rate of interest at which they will purchase all or any of said bonds, naming a price and rate for each series, but which price must not be less than par and the rate of interest not to exceed six per cent per annum payable semi-annually; and giving notice that 1. at 12 of clock noon on the 2nd da'r of February, 1903, the Common Council will meet with the Treasurer of the Town of Kent at his office, to open any bids offered, and will then sell said bonds to the person or persons making the most advantageous offer therefor, the said Common Council reserving the right to refect any and all bids; provided that if ani of holders of bonds it is now proposed to refund shall before the date herein named have agreed to accept any of said Refunding Bonds at not less than their par value in exchange for those they now hold then the Common Council re- serves the right to deduct the amount of said bonds so ex- changed from the amount of the bonds to be sold as herein provided. Section 2, The Common Council of the Town of Kent small pro- vide annually by Ordinance or resolution for the levy and extension on the tax rolls of said Town, and for the collection thereof, of a direct annual tex, in addition to all other Town taxes to be levied according to lair, which shall be sufficient to meet the interest on all of said bonds promptly as the same matures; provided that such Ordinance or resolution shall not be repealed until the levy therein pro- vided for shall be fully paid or the bonds both principal and interest shall be paid or cancelled. Section 3, The Common Council of the Town of Kent shall pro- vide annually, beginning with the levy for the expenses of the year 1912, by Ordinance or resolution for the levy and extension on the tax rolls of said Town for the collection thereof, of a direct annual tax, in addition to all other Town taxes to be levied according to law, which shall be sufficient to fully pay said bonds as the same matures, to wit: the sum of $2350. in each of the years beginning; 2. with 1912 -.end succeeding years until all of said Refund Bonds are paid; provided that such Ordinance or resolution shall not be repealed tuitil the levy therein provided for Shall be fully paid or the bonds both principal and interest shall be paid or cancelled. Passed by the Common Council of the Town of Kent, Nov. 17,1902. Approved,Noyember 19, 1902. 3.