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HomeMy WebLinkAbout14731 RT /mk 5 -26 -61 (8) ORDINANCE NO. N73 AN ORDINANCE of the City of Port Angeles, Washington, providing for the issuance and sale of general obligation bonds of the city in the principal sum of $300,000 for the purpose of providing the money necessary to construct certain capital improvements within the city as provided in Ordinance No. 1460 passed and approved September 15, 1960, and approved by the qualified electors of the city at a special election held therein on November 8, 1960; creating a Bond Redemption Fund for the payment of the principal of and interest on said bonds; providing the date, form, terms and maturities thereof, and for unlimited tax levies to pay the principal thereof and interest thereon. WHEREAS, at a special election held in the City of.Port Angeles, Washington, an November 8, 1960, the number and pro- portion of the qualified electors of the city required by law for the adoption thereof voted in favor of a proposition authoriz- ing the issuance of unlimited tax levy general obligation bonds in the principal sum of $300,000 to provide the money necessary to construct a swimming pool within the city with dressing rooms, heating and all other necessary facilities and utilities on property either now owned or to be acquired by the city as provided in Ordinance No. 1460 of the city passed and approved September 15, 1960; and WHEREAS, it is now found necessary and to the best interests of the city and its inhabitants that it sell and issue all of said bonds so authorized in order to provide the money necessary for said purposes; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of Port Angeles, Washington, as follows: -1- • Section 1. There shall now be sold and issued the $300,000 par value of general obligation bonds of the city authorized by the qualified electors thereof at a special election held therein on November 8, 1960, for the purpose of providing the money necessary to construct a swimming pool within the city with dressing rooms, heating and all other necessary facilities and utilities on property now owned or to be acquired by the city as provided in Ordinance No. 1460 passed and approved September 15, 1960. Said bonds shall be dated July 1, 1961, shall be in denomina- tions of $1,000 each, and shall bear interest at a rate of not to exceed 6% per annum payable on the first days of January and July of each year from date of issue as evidenced by coupons to be attached thereto. Both principal of and interest on said bonds shall be payable in lawful money of the United States of America at the office of the City Treasurer in Port Angeles, Washington. Said bonds shall be numbered and mature in order of their number as follows: Bond Nos. Maturity Date Amount 1 -11 July 1, 1963 11,000 12 -22 July 1, 1964 11,000 23 -34 July 1, 1965 12,000 35 -46 July 1, 1966 12,000 47 -59 July 1, 1967 13,000 60 -72 July 1, 1968 13,000 73 -86 July 1, 1969 14,000 87 -100 July 1, 1970 14,000 101 -115 July 1, 1971 15,000 116 -130 July 1, 1972 15,000 131 -146 July 1, 1973 16,000 147 -162 July 1, 1974 16,000 163 -179 July 1, 1975 17,000 -2- • Bond Nos. Maturity Date Amount 180 -197 July 1, 1976 18,000 198 -216 July 1, 1977 19,000 217 -235 July 1, 1978 19,000 236 -255 July 1, 1979 20,000 256 -277 July 1, 1980 22,000 278 -300 July 1, 1981 23,000 Section 2. The City of Port Angeles hereby reserves the right to redeem any or all of the bonds of this issue at par in inverse numerical order on any interest payment date on and after ten years from date of issue. Notice of any such intended redemp- tion shall be given by one publication thereof in the official city newspaper not more than forty nor less than thirty days prior to said redemption date, and by mailing a like notice at the same time to the purchaser of said bonds at their sale by the city, or to the business successor, if any, of said purchaser, at its main office or principal place of business in the State of Wash- ington. Interest on any bond or bonds so called for redemption shall cease on such redemption date unless the same are not redeemed upon presentation made pursuant to such call. Section 3. Said bonds shall be in substantially the follow- ing form: UNITED STATES OF AMERICA NO. $1,000 STATE OF WASHINGTON CITY OF PORT ANGELES GENERAL OBLIGATION BOND, 1961 KNOW ALL MEN BY THESE PRESENTS: That the City of Port Angeles, a municipal corporation of the State of Washington, acknowledges itself to owe and for value received hereby promises to pay to bearer on the first day of July, 19 , the principal sum of ONE THOUSAND DOLLARS together with interest thereon at the rate of % per annum payable semiannually on the first days of January and July of each year from date of issue upon presentation and surrender of the attached interest coupons as they severally become due. Both principal of and interest on this bond are payable in lawful money of the United States of America at the office of the City Treasurer in Port Angeles, Washington. The City of Port Angeles has reserved the right to redeem any or all of the outstanding bonds of this issue at par in inverse numerical order on any interest payment date on and after ten years from date hereof. Notice of any such intended redemption shall be given by one publication thereof in the official city newspaper not more than forty nor less than thirty days prior to said redemption date, and by mailing a like notice at the same time to This bond is one of an issue of general obligation bonds of the City of Port Angeles of like amount, date and tenor except as to number in the aggregate principal sum of $300,000, and is issued pursuant to a vote of the qualified electors of the city • and Ordinances No. 1460 and No. , for the purpose of providing money to construct a swimming pool within the city with all necessary facilities and utilities, all as provided by said Ordinance No. 1460. The City of Port Angeles has irrevocably covenanted by said Ordinance No. that it will levy taxes annually upon all of the taxable property within the city without limitation as to rate or amount in amounts sufficient to pay the principal of and interest on said bonds as the same shall become due. For the annual levy and collection of such taxes and the prompt payment of said principal and interest the full faith, credit and resources of the city are hereby irrevocably pledged. It is hereby certified and declared that all acts, conditions and things required to be done precedent to and in the issuance of this bond have happened, been done and performed, and that the total indebtedness of the city, including this bond, does not exceed any constitutional or statutory limitation. IN WITNESS WHEREOF, the City of Port Angeles, Washington, has caused this bond to be signed by its Mayor, to be attested by its Clerk, the official seal of the city to be impressed hereon, and the attached interest coupons to be signed with the facsimile signatures of said officials, this first day of July, 1961. ATTEST: CITY OF PORT ANGELES, WASHINGTON By Mayor City Clerk T The interest coupons to be attached to said bonds shall be in substantially the following form: NO. $ On the first day of , 19 , the City of Port Angeles, Washington, will pay to bearer at the office of the City Treasurer in Port Angeles, the sum of DOLLARS in lawful money of the United States of America, said sum being the semiannual interest due that date on its general obligation bond dated July 1, 1961, and numbered CITY OF PORT ANGELES, WASHINGTON By ATTEST: Mayor City Clerk Section 4. Said bonds shall be signed on behalf of the city by its Mayor, shall be attested by its Clerk, and shall have the corporate seal of the city impressed thereon. Each of the inter- est coupons attached thereto shall be signed with the facsimile signatures of said officials. Section 5. All moneys derived from the sale of the bonds authorized herein (except for accrued interest, which shall be paid into the Bond Redemption Fund hereinafter created) shall be used solely for the capital purposes provided in Ordinance No. 1460 and this ordinance, and none of said moneys shall be used for the replacement of equipment or for any other than a capital purpose. Section 6. There is hereby created a special fund of the city in the office of the City Treasurer, to be known as the "Port Angeles 1961 General Obligation Bond Redemption Fund." The city hereby irrevocably covenants that it will make annual levies of taxes upon all the taxable property within the city without limitation as to rate or amount in amounts sufficient to pay the principal of and interest on the bonds authorized herein as the same shall become due. The city further irrevocably covenants that all of such taxes so collected shall be paid into such Bond Redemption Fund in amounts sufficient to pay such principal and interest at least thirty days prior to the dates upon which any such interest or principal and interest shall become due and payable, and that no part of such Fund shall be used for any other purpose than the payment of the principal of and interest on said bonds. The full faith, credit and resources of the city are hereby irrevocably pledged for the annual levy and collection of such taxes and the prompt payment of such principal and interest as aforesaid. Section 7. These bonds shall be sold at public sale, and bids therefor shall be publicly opened, read and considered at the regular meeting of the City Council to be held in the City Hall at o'clock, P.D.S.T. p.m. on the (?/2 day of (AI)' , 1961. The City Clerk is hereby authorized and directed to ad- vertise these bonds for sale in the manner required by law, and upon the sale of said bonds the proper city officials are hereby f authorized and directed to do everything necessary for the prompt execution, issuance and delivery of said bonds and for the proper use and application of the proceeds of such sale. PASSED by the City Council of the City of Port Angeles, Washington, and approved by its Mayor at a regular meeting of said Council held this /--- day of T4 ' ATTEST: ' -, k,._a- City Clerk APPRO D AS TO FORM: Ci y` CIS By , 1961. OF PORT ANGELES, WASHINGTON Mayor