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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:
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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..
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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
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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,
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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
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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.