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HomeMy WebLinkAbout257 (21)e ORDINANCE ItTO.209. An ordinance providing for the issuance m d e ale of refunding bonds of the. City of Kent, for refunding _and paying bonds of the Town of Kent, Mich will mature July 1A.1912,in the sum of $17000.00.and providing a form thereof.and for `tide levy and collection of taxes ft the pay- mentbof 'the principal and interest:'6f 'thea ame .x4,oreating end.e stab - 1 i shlilct'ape cI al tun ds in - th@ 0 - :c•aseury i� bay `' :he' , depo's11V.` o f moneys colle4ted' from such taxes and -the' -payment of , the said bonds and in- terest. WHERE: Heretofore,on the 3A.day of July A.D •1892 , the Town, (now City) of 144t..Ofor value., issued and elivered, pursuant to the lawn, of the state of 'Washington, an ordinance of the said town duly and legally psswsed ,Ana adopted, and . a vote of more than three fifths of the qualified voters or, `said teem,voting; upon the question of issuing the same, negotiable bonds of the said town in the suer of ;23500.00. , for the purpose of purchAsing, adeiing to sera d constructing a system of wf ter add electric lighting works for the said town,which bonds were styled 'bwrlref Y�.eAt::Y�ater• sande Light Bonds, and VMUS: There are still outstanding of the said issue of bonds, bonds in the sum of $17000,00.,for the payment.of which there ;are no available funds id the treasury of the City of Kent, and there will be no available funds for the payment thereof at the date of the matm- rity of they said bonds, tori t the 1st'. da.y of July 1912, rand ti WH AS:' 1,t is. doemed for the beat interests of the City of ''ent, that­b6ds:be .issued by the said (Aty,for refunding and paying the said outstandix g 'bonds for whose. payment there are no available funds in tl3e a raid City Treasury, in the sum of '17000.00. ; therefore: THE CITY COU'4CIL OF THE' CI'T'Y 09 1011T int) 0111_)AIJd A' J'Q7, Section 1. That for thepurpose of paying sit maturity the principal AM', of the bonds described in the prtlamble of this ordinance,for which no available funds are in the treasury. of the said city, there be and therein hereby authorized to be issued by the City of Kent, the nego- tiable,general,coupon bonds thereof,in the aggregate sum of seventeen Thousapd-AM.`lard, oonsisstiing of : thir-�ty',4.oUr. bonds `of.. five hundred dol- lars each,numbered from one to thirty four,both inclusive; such bonds to be dated July lat.19120sr d to bear interest at the rate of V' per cent�per annum,paysble se.m4annually on the lst.day of January mid July of eadh year,as evidenced by interest coupons to be :attached to said bondss;both principal and interest to be payable in Gold Coin of the United States of the present standard of weight and fine nese, at the Washington Fiscal Agency, In the (;ity of New York. The said bonds. shall mature as follows: Five thousand dbilar8.thereof on July let.1922,five thousand dol- lars thereof on the lst.dsy of July 1,927, and seven thousand dollars thereof on the let.day of July 1932. And all bonds maturing at the same fibai shall conottute a series,and the bonds hereby authorized shall be divided into three aeries as above set forth. Section 2. The form of the said bonds and coupons shall be Aubatan- tially as follows: N01- -KENT " UNITED STATE3 OF AitiiERICA" STATE OY 14ANIIINGTON COUbTY OF KING CITY OF KENT WATER AND LIGHT Rr',Fil,i DIXG BOND OF 1912. li500.00. KNOW ALL 1011 BY TTrt3A PRESENTS: That the City of Kent,in the County of } irlg,State of Washington,is justly indebted and for V,,alue received promises to pay, to the Dearer hereofon the l st.,day of July 19 , the principal sum Of 2IYE HUMIRED DaUkttS,with interest thereon from this date at the rate .Qf.0 .per oeent,per annum,payable semiannually oil they 1st.day of January and Rtly of each year,upon the presentation and surrender of the annexed interest coupono;both Principal and interest of this bond are 'payable my Gold Coin of the United ";tate of the present stand- ard off' w eight and fineness, at the Washington riseal agency in .i ew York City;for the prompt pa,yynent whereof the full fni th, credit and resources of the said City of. Ient,are hereby irr•.voca.bly pledged. This bond is one of a series issued by the City of ILent,under the authority of and in full compliance 'with the laws and constitution of the State of Washington.for the purpose of refunding; axed paying a like amount of valid ,existing indebtedness. of the mid City, evidenced by its duly and legally issued bonds,for the purehase,xa.ddition to and construction of water and a ledtric lightin4 workstnaturing July let. 1912, pursuant to an 'ordinance duly passed and adopted by the council of the Town, (now City),of Kent, and the laws of the 5ta.te of Washington. It is hereby certified and r ecited, that all acts, thiio gs and condi- tions required to•be done or brought abouteprecedent to,and in the i,esuanoe of this bond, have liappesned, been done and performed, asp by ,.Law required; that provision has been wade for the levy and collection of, u direct annual tax upon all of the taxable property of said city sufficient to pa.* the principal and interest of this bond as the same. mature,and that the total indebtedness of the said Town of Trent upon the groatieen of, and including the indebtedness hereby funded did not SX0464-any constitutional or statutory limitation. In.wits,'s; ynhereof the Said City of Kent,by authority of its city eouneil;h s3� caused this bond to be sealed with its seal, signed by its m..yo. ,p4untersuigned by its treasurer and attested by its city clue, and lose c a.used the coupons hereto annexed to be signed by the mayor and dirk of the said city this lst.day of July 1912. Mayor. eas�ure , Attest. City Clerk INTEREST COUPON 140. !12.50. On the let . da:y of 19—, the City of Ken t, Vj a.shingt on, will pay to the bearer hereof, at the Washington Fiscal Agency, in New Fork City, the suan. of dollp.re, in gold coin, for the semiannual interest that day due on its 'later and Light Re- funding band, of July 1st.1912, numbered :Mayor Attest — City Clerk. ******************, Section 3, The bonds in this ordinance provided for., shali be :signed by the idayor, countersigned by the City Treasurer, a.ttented b. -V the Cit, Clork;and an impression of the corporate seal of the City shall be placed upon each of the *aid bonds;and all interest coupons shall be signed by the mayor and city clerk. Section 4. The City Clerk shall, sand he is hereby directed to adver- tise In' the manner prescribed by law for Abaled bids for the said bonds to be submitted prior to the/5th.day of June 1912,the day and hour for receiving the said bids to be stated in such a dver._;;tisement, Section 5. Any premium received upon the sale of the said borids over and above the changes andacpenses of the issue and sale thereof properly ehargable thereto,sha.11 be deposited in and by the treasurer of the city credited to the special fund for the payn►ent of the prin- cipal of the said bonde,provided in section 8 of this ordinance;and all accrued interest received f roar the sale of the s aid bonds shall be deposited in and credited to the special fund for the payment of interest upon the eaid bonds,provided in section 7 of this ordinance. ;lection 6. That in order that the indebtedness of the City of vent may not be increased at any time by the issufance of the bonds provi- ded for in th is ordinance, the same shall be d elivered to the purchaser from time to time or at one time, to the amount but not greater io amount. than the face value 3of tkV wxlAm of the bonds to be refunded, wh:i ch shall be then surrendered to the City,paid and cancelled, so that the issuance of the bonds hereby authorized,and the payment,surrender and cancellation of the like amount of the bonds to be refunded shall be aim++1 4..........,.. simultaneous. 8sotion 7. That there shall be levied by the City Council of the City of Kent,in its annual tax levy,each year during the life of the .said bonds,a tax upo# all ta.xixble property of the City of !Cent,suf- ficient to pay the interest upon se.id bonds, a. s the same accrues and becomes payable, and the :ioneys from such tax,when collected shp.11 be by the proper officers of the eaid City apportioned to and placed in A .�' the special fund of the City Treasury which in hereby created n.nd es- tablished and shall be known as:"Kent iter and Light Refunding bond of 1912 Interest Fund";and no portion of such fund shall be diverted to any purpose other than the payment of the inter�aat on the said bonds, and the full faitY�, credit and resources of' the said City rare hereby pledged for the annual payment of such interest. a.ica tax sh".11 be- come due and be collected as other taxes of the seid City. '.}ection 8. There shall be levied by the City Council of tale City of 1ient, each year during, the lice of said gond$, a. tax upon r -,ll of th(s taxable property in the said City, auf-:"icient to Y)a.y the principal of the said bonds as the sa:ie rinture,a.nd the moneyo Arising from caid tax when collected ,shall be by the proper offeiers of the city,,vpportion- to and placed in the opeci;al fund in the City Treasury hereby created and established which shall be known as : "Kent Vhnter and Ligl t pefund- ing bonds of 1912 .Fund";a.nd no portion of such fund shall. be used for any purpose other than the payment of the principal of the said bonds as the same mature;and the full faith, credit and resources of' the said City are hereby pledged for the annual,levy and collection of such tax, and the payment of the principal of said bonds € n the sa-)e mature; such tax to be due and collectible as other taxer: of the said city. Seotion 9. This ordinance shall take effect and be in force from and after five days after its passage, approval and publication as by law probided. Passed the councilJ<a 6th.1912. Approved by t 7� :say 6th.191P. Yayo r Attest Gam= City Clerk.