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HomeMy WebLinkAbout11271 1 OBT :lb 5 -22 -44 5 ORDINANCE NO. AN ORDINANCE providing for the issuance and sale by the City of Port Angeles of its water revenue refunding bonds for the purpose of refunding and retiring all of the unpaid bonds in the total principal sum of $572,000.00 of its Municipal Tater Works Elwha River Extension Bonds dated January 1, 1930, and for the call and payment of said outstanding bonds; creating a special fund for the pay- ment of the principal and interest of the refunding bonds herein authorized, and providing for the terms and con- ditions of said bonds, confirming the sale thereof, and authorizing the City officials to execute and deliver said bonds to the purchasers thereof. WHEREAS the City of Port Angeles has now outstand- ing and unpaid of its Elwha River extension bonds dated - January 1, 1930, the principal &um_of $595,000.00, of which $23,000.00 will mature on 1, 194F. and the remainder thereof will mature serially in varying amounts on January 1, 1940 and thereafter; and WHEREAS said outstanding bonds can all be called for redemption and payment on the first day of January, 1945; and WHEREAS said outstanding bonds bear interest at the rate of 6% per annum, and said City can now issue and sell refunding bonds at an interest rate of 2% per annum to redeem and pay said outstanding bonds, and it is there- fore to the best interest of said City to issue and sell refunding bonds at this time in order to provide bonds to call and pay said outstanding water revenue bonds. NOW, THEREFORE, BE IT ORDAINED by the Mayor and City Com- mission of the City of Port Angeles, Washington, as follows: SECTION 1. That the City of Port Angeles do now issue and sell its special water revenue refunding bonds in the aggregate sum of $572,000.00 for the purpose of providing funds to retire and refund all the outstanding municipal water works Elwha River Extension Bonds dated January 1, 1930, in the principal sum of $572,000.00, maturing on the 1st day of January, 194 and thereafter. Said refunding bonds shall bear interest at 2% per annum, payable semi - annually, shall be dated July 1, 1944, shall be in denominations of $1,000.00 each and be numbered consecutively from 1 to 572, both inclusive, and shall be payable both principal and interest, solely out of the gross revenues of thehwater supply system.of the said City of Port Angeles, at the office of the City Treasurer. Said bonds shall be payable as followft: -1- 31,000 January 1, 1946 39,000 January 1, 1954 32,000 " " 1947 40,000 " ^ 1955 33,000 n " 1948 41,000 K r 1956 34,000 r r 1949 42,000 " " 1957 35,000 r r 1950 43,000 n n 1958 36,000 n n 1951 45,000 n n 1959 37,000 n n 1952 46,000 n " 1960 38,000 " n 1953 The City of Port Angeles hereby reserves the right to redeem any or all of the unmatured, outstanding bonds of this issue in inverse numerical order, on any interest payment date on and after July 1, 1949, by giving thirty days' notice of such intended redemption by publication once a week for three successive weeks in the official newspaper of said City, the first publication to be not less than thirty days prior to the date of call, and inter- est upon such bonds so called for redemption shall cease on the date said bonds are called for payment. SECTION 2. Said bonds shall be signed by the Mayor of the City of Port Angeles, sealed wi h the seal of said City and attested by the signature of the City Clerk of said City, and the interest coupons shall be signed by the facsimilie signatures of the Mayor and City Clerk. SECTION 3. That said refunding bonds hereby authorized shall be in substantially the following form: No. UNITED STATES OF AMERICA $1,000.00 STATE OF WASHINGTON City of Port Angeles. WATER REVENUE REFUNDING BOND OF 1944. KNOW ALL MEN BY THESE PRESENTS, That the City of Port Angeles, a municipal corporation of the State of Washington, ack- nowledges itself to owe, and for value received hereby promises to pay to bearer the sum of $2,000.00 on the 1st day of January, 19, together with interest thereon from date hereof until paid, at the rate of 2% per annum, payable semi- annually, on the 1st day of January and the 1st day of July in each year, as evidenced by and-upon the presentation and surrender of the annexed interest coupons as they severally become due, both prin- cipal and interest payable in lawful money of the United States of America, at the office of the Treasurer of the City of Port Angeles, and the City Treasurer is hereby directed to pay the same as herein provided.. -2- M The City of Port Angeles hereby reserves the right to redeem any or all of the unmatured, outstanding bonds of this issue in inverse numerical order, on any interest payment date on and after. July 1, 1949, by giving thirty days' notice of such intended redemption by publication once a week for three successive weeks in the official newspaper of said City, the first publication to be not less than thirty days prior to the date of call, and interest upon such bonds so called for re- demption shall cease on the date said bonds are called for payment. This bond is one of an issue of water revenue refund- ing bonds in the principal p�,,o s uf $572,000.00, payable solely out of the gross revenues of. td municipal water works system, and is payable only out of to pecial fund called "Port Angeles Water Revenue Refunding Bond her 1944 ", created by Ordinance . No: I2- 7 of said City, which fund is to be drawn: upon for the `sole purpose of paying the principal and interest of said bonds. The City of Port Angeles hereby covenants and agrees with the holder of this bond that it will keep and perform all of the covenants of these bonds and of said Ordinance No. //2-7 to be by it kept and performed, and said City does hereby pledge and bind itself to set aside from the gross revenues of said municipal water works system, and all additions thereto, and pay into said bond fund at least thirty days prior to the respective dates on which the interest or principal and interest of this issue of bonds shall become due and payable, amounts sufficient to make such payments as they respectively become due.. Said amounts so pledged are hereby declared to be a prior lien and charge upon the gross revenues of said municipal water works systemfand all additions thereto, superior to all other charges of any kind or nature, excepting the amount required to pay the Port Angeles water revenue bonds maturing September 1, 1944, in the sum of $55,000.00, and the necessary cost of the maintenance and operation of said water systems The City of Port Angeles hereby irrevocably binds itself not to sell, lease, or in any manner dispose of the said water supply system now belonging to or which may hereafter belong to it, including additions to and extensions thereof, until all of the bonds herein mentioned, both principal and interest, shall have been paid in full; and said City further hereby irrevocably binds itself to maintain said water supply systemain good Condit- ion, and to maintain such rates and charges for water service that the gross revenue of said system shall•be sufficient to pay said bonds as they mature, and the interest thereon as it accrues, after paying the reasonable cost of maintenance and operation of said system It is hereby found and declared that this bond, and all of the bonds of this issue haste been issued pursuant to and in strict compliance with the constitution and statutes of the State of Washington, and with the Ordinances of said City of Port Angeles, and that all acts, things, ordinances, resolut- ions and conditions precedent to the right to issue and deliver this bond as prescribed by said statute and ordinances have happened, been done and performed prior to the issuance thera:of. IN WITNESS WHEREOF the City of Port Angeles has caused -3- this bond to be signed by its Mayor and attested by its City Clerk, and has caused its corporate seal to be affixed and the coupons hereto attached to be signed by the lithographed sig- natures of said officers, all on the 1st day of July, 1944• CITY OF PORT ANGELES BY: Attest: Mayor Clerk. The interest coupons attached to said bonds shall be in substantially the following form, except as to numbers and date of maturity. No. $10.00 On the 1st day of , 19 , the City of Port Angeles, Washington, shall pay to bearer, at the office of the City Treasurer of the City of Port Angeles, the sum of $10.00 in lawful money of the United States of America, solely from the special fund of said City known as "Port Angeles Water Revenue Refunding Bond Fund of 1944 ", the same being the inter- est due on said date on its special water revenue bond dated July 1, 1944, No - . CITY OF PORT ANGELES BY: Mayor Attest: Clerk. SECTION 4. That there be and is hereby created a special fund to be known as "Port Angeles Water Revenue Refunding Bond Fund of 1944 ", and which fund shall be drawn upon for the sole purpose of paying the interest and principal of these water revenue bonds. From and after the date of said bonds, and as long as any of the same are outstanding and unpaid, the City Treasurer shall set aside and pay into said fund at least thirty days prior to the respective dates on which the interest, or principal and interest, of said bonds shalkAdoor payable, certain amounts out of the gross revenues of ae44 eater system, -4- including all additions and extensions thereof, equal to the respective amounts of interest, or principal and interest as the case may be, so falling due upon any and all bonds issued here- under and then outstanding. It is hereby declared that in the creation of the special fund provided for in this ordinance, the corporate authorities of the City of Port Angeles have exercised due regard for the cost of operation 'and maintenance of the municipal water works syste .and in the judgment of the corporate authorities of said City the revenues to be derived from the said system will be sufficient to meet all the expenses of operation and maintenance, and to set aside into said special fund the amounts herein specified.. The City of Port Angeles covenants and agrees to and with the holders of each and every one of said bonds to maintain in good condition and operate said waterworks system4 and to establish and maintain such rates for water as will provide sufficient revenues to produce the gross revenues required to meet the obligations of said City as herein set forth. SECTION 5. The sale of the said refunding bonds to the First National Bank of Port Angeles and Blyth & Co., Inc., evid- enced by the offer from the said purchasers, dated May 16, 1944, and accepted by the Resolution of the City Commissioners of Port Angeles, on the 17th day of May, 1944, and all the terms and pro - visions of the said Resolution and offer, are hereby ratified and confirmed.. SECTION 6. The money received from the sale of the bonds, authorized by the provisions hereof, shall be paid into the Port Angeles ',Municipal Water Works Elwha River Extension Bond Fund 1929' and shall be used only for the purpose of redeeming the water revenue 6% bonds dated January 1, 1930, now outstanding and -5- unpaid excepting those maturing 1, 191 SECTION 7. The City officials are hereby authorized and directed to duly call for payment and redemption on January 1, 1945, all of the outstanding unpaid bonds of said Municipal Water Works Elwha River Extension Bonds dated January 1, 1930, and to duly pay and retire said bonds on or before said date and to do all things necessary in order to pay and retire said bonds on or before said date. - SECTION 8. The Ctty of Port Angeles hereby covenants that from funds other than the proceeds of the sale of the said refunding bonds, it will cause to be paid and fully satisfied at maturity the said bonds maturing on the lst day of September, 1944, in the principal sum of $55,000.00, and all of the inter- est accruing on the lst day of July, 1944, and on the lst day of January, 1945, upon the said "Municipal Water Works Elwha River Extension Bonds ", and also all of the principal of the said last mentioned bond issue maturing 1944 and that there is no outstanding indebtedness, charge or claim other than current operation and maintenance charges against the revenues of said water supply system except those hereinabove describe.. SECTION 9. That an emergency exists making the passage of this Ordinance necessary for the general welfare of the City of Port Angeles and its inhabitants and for the economical and successful maintenance of al4water supply system, and for the preservation of the public peace, health and safety of said city and its inhabitants, and the same shall take effect immediately after its final passage and publication as provided by law. Unanimously passed by the Mayor and City Commission of the City of Port Angeles at the regular meeting of said Commission, held on this 3/ day of Attest: Clerk. Approve • as to for 1944. CITY OF PORT ANGELES BY: V.�JlM n.a d p- L/ Its .ayo Attorney.