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HomeMy WebLinkAbout1961ORDINANCE NO. /96/ AN ORDINANCE of the City of Port Angeles, Washington, providing for the issuance and sale of unlimited tax levy general obligation bonds of the city in the principal amount of $2,000,000 for the purpose of providing funds to develop a municipal pier within the city authorized by the qualified electors of the city at a special election held therein on November 8, 1977; providing the date, form, terms, maturities and covenants of said bonds to be issued; creating a construction fund; creating a bond redemption fund, and providing for annual levies of taxes without limitation as to rate or amount to pay the principal of and interest on said bonds. WHEREAS, at an election held in the City of Port Angeles, Washington (hereinafter called the "City "), on the 8th day of November, 1977, the number and proportion of the qualified electors of the City required by law for the adoption thereof voted in favor of a proposition authorizing the issuance of unlimited tax levy general obligation bonds of the City in the principal amount of $2,000,000 for the purpose of providing funds to provide a municipal pier within the City, together with all necessary appurtenances, as authorized by Ordinance No. 1944 of the City adopted September 28, 1977; and WHEREAS, it is deemed necessary and advisable that the City now issue and sell such bonds so authorized for the purpose of providing funds for the purposes specified in said Ordinance No. 1944; NOW, THEREFORE, BE IT ORDAINED BY THE CITY OF PORT ANGELES, WASHINGTON as follows: Section 1. For the purpose of providing funds to pay the cost of certain capital improvements as specified in Ordinance No. 1944 of the City, the City shall now issue and sell $2,000,000 principal amount of bonds authorized by the qualified electors of the City at a special election held therein on November 8, 1977. Said bonds (hereinafter called the "Bonds ") shall be dated May 1, 1978, shall be in the denomination of $5,000 each, shall bear interest at a rate of not to exceed 6.50% per annum payable semiannually on the first days of May and November of each year from date of issue (commencing May 1, 1979) as evidenced by coupons to be attached thereto and shall be numbered and mature in order of their number on May 1 of the following years in the following amounts: Bond Nos. Years Amounts 1 -12 13 -25 26 -39 40 -53 54 -68 69 -84 85 -101 102 -119 120 -138 139 -158 159 -179 180 -202 203 -226 227 -251 252 -278 279 -306 307 -336 337 -367 368 -400 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 $ 60,000 65,000 70,000 70,000 75,000 80,000 85,000 90,000 95,000 100,000 105,000 115,000 120,000 125,000 135,000 140,000 150,000 155,000 165,000 (The above schedule computed on an assumed interest rate of 5.70 %.) Both principal of and interest on the bonds shall be payable in lawful money of the United States of America at the office of the Treasurer of the City in the City Hall in Port Angeles, Washington, or, at the option of the holder, at either of the fiscal agencies of the State of Washington in the Cities of Seattle, Washington, or New York. Section 2. The City hereby reserves the right to redeem any or all of the bonds outstanding 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 redemption shall be given by one publication thereof in a financial newspaper of general circulation in each of the cities of Seattle, Washington and Port Angeles, Washington, with each such publication to be 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 Standard & Poor's Corporation and Moody's Investors Service, Inc., New York, New York, or to their successors, if any, and to the purchaser or account manager of the purchasers of the bonds at their sale by the City at its main office, or to the successor in business, if any, of such purchaser or account manager, at its main office. 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. The bonds shall be in substantially the following form: UNITED STATES OF AMERICA NO. $5,000 STATE OF WASHINGTON CITY OF PORT ANGELES GENERAL OBLIGATION BOND, 1978 The City of Port Angeles, Washington (hereinafter called the "City ") is justly indebted and for value received hereby promises to pay to bearer on the first day of May, 19 , the principal amount of FIVE THOUSAND DOLLARS together with interest thereon at the rate of % per annum payable semiannually on the first days of May and November of each year from date hereof (commencing May 1, 1979) upon presentation and surrender of the attached interest coupons as they severally become due or until such principal amount shall have been paid or duly provided for. Both principal of and interest on this bond are payable in lawful money of the United States of America at the -3- office of the Treasurer of the City in the City Hall in Port Angeles, Washington, or, at the option of the holder,, at either of the fiscal agencies of the State of Washington in the Cities of Seattle, Washington, or New York, New York. The City 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 a financial newspaper of general circulation in each of the cities of Seattle, Washington and Port Angeles, Washington, with each such publication to be 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 like amount, date and tenor except as to number, rate of interest and date of maturity in the aggregate principal amount of $2,000,000 and is issued for certain capital purposes pursuant to an election authorizing the same, under and in accordance with the provisions of the Constitution and laws of the State of Washington, and under and pursuant to Ordinance No. of the City. The City hereby irrevocably covenants that it will levy taxes annually upon all of the taxable property within the City without limitation as to rate or amount and in amounts sufficient, together with other available funds, to pay the principal of and interest on the bonds of this issue as the same shall become due. 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. -4- The above pledge of tax levies may be discharged at or prior to the maturity or redemption of the bonds of this issue upon the making of provision for the payment thereof on the terms and conditions set forth in the ordinance authorizing the issuance and sale of these bonds. 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 and the bonds of this issue, 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 the facsimile signature of its Mayor, to be attested by its Clerk, the official seal of the City to be impressed hereon and the interest coupons to be attached hereto to be signed with the facsimile signatures of said officials this first day of May, 1978. CITY OF PORT ANGELES, WASHINGTON By Mayor ATTEST: City Clerk The interest coupons to be attached to said bonds shall be in substantially the following form: NO. $5,000 On the first day of , 19_, the City of Port Angeles, Washington, will pay to bearer at the office of the Treasurer of the City in the City Hall in Port Angeles, or, at the option of the holder, at either of the fiscal -5- agencies of the State of Washington in the Cities of Seattle, Washington, or New York, New York, the amount shown hereon in lawful money of the United States of America, said amount being the semiannual interest due that date on its General Obligation Bond, 1978, dated May 1, 1978 and numbered CITY OF PORT ANGELES, WASHINGTON By Mayor ATTEST: City Clerk Section 4. The Bonds shall be signed on behalf of the City by the facsimile signature of its Mayor, shall be attested by the City Clerk and shall have the corporate seal of the City impressed thereon. Each of the interest coupons attached thereto shall be signed with the facsimile signatures of said officials. Section 5. There is hereby established a special fund of the City to be known as the "Municipal Pier Construction Fund." All moneys received from the sale of the bonds (except for accrued interest which shall be paid into the Bond Redemption Fund here- inafter created) and any moneys which the City may now have on hand or may later receive which are to be used for the purpose of paying part of the cost of making the capital improvements provided for herein shall be paid into such Construction Fund. None of the proceeds of sale of the bonds shall be used for the replacement of equipment or for other than a capital purpose. All proceeds of in- vestment of bond proceeds shall remain in the Construction Fund. The moneys in such fund shall be used solely for the purposes provided in this ordinance. If not so used, such surplus moneys shall be paid into such Bond Redemption Fund for the uses and purposes herein provided. -6- Section 6. There is hereby established another special fund of the City to be known as the "1978 General Obligation Bond Redemption Fund," which fund shall be drawn upon for the sole purpose of paying the principal of and interest on the Bonds. The City hereby covenants and agrees that, unless the principal of and interest on the bonds of this issue are paid from other sources, each year it will include in its budget and levy annually a tax upon all the property in the City subject to taxation in an amount sufficient to pay the principal of and interest on the Bonds as the same shall become due. All of such taxes so collected shall be paid into such Bond Redemption Fund, and none of the moneys in such fund shall be used for any other purpose than the payment of the principal of and interest on the Bonds. The City hereby irrevocably pledges that the annual tax provided for herein to be levied for the payment of such principal and interest shall be without limitation as to rate or amount. The full faith, credit and resources of the City are hereby pledged for the annual levy and collection of such tax and the prompt payment of the principal of and interest on the Bonds as the same shall become due. Section 7. In the event that money and /or "Government Obligations," as such Obligations are defined in Ch. 39.53 RCW, as now or hereafter amended, maturing at such time or times and bearing interest to be earned thereon in amounts (together with such money, if necessary) sufficient to pay, redeem and retire the bonds in accordance with their terms, are set aside in a special account to effect such payment, redemption and retirement, and such moneys and the principal of and interest on such Govern- ment Obligations are irrevocably set aside and pledged for such purpose, then no further payments need be made into the 1978 General Obligation Bond Redemption Fund for the payment of the principal -7- 1 of and interest on the bonds, and the bonds and the coupons appurtenant thereto shall cease to be entitled to any lien, benefit or security of this ordinance except the right to receive the moneys so set aside and pledged, and the bonds and such coupons shall be deemed not to be outstanding hereunder. Section 8. The City Clerk is hereby authorized and directed to advertise the Bonds for sale in the manner required by law, and bids for the same shall be received by the City Manager at his office in the City Hall until 11:00 o'clock A.M. Pacific Standard Time, on April 18 , 1978, at which time said bids will be publicly opened and read. Said bids will be considered and acted upon by the City Council at its regular meeting to be held in the Council Chambers in the City Hall at 7:30 o'clock P.M. , Pacific Standard Time, on said date. Upon the sale of the Bonds, the proper City officials are hereby authorized and directed to do everything necessary for the prompt issuance, execution and delivery thereof and for the proper application and use of the proceeds of such sale. Section 9. This ordinance shall go into effect five days after its publication. PASSED BY THE CITY COUNCIL of the City of Port Angeles, Washington, this Ala. day of t%G I , 1978. City Clerk PUBLISHED: tfrG����LQ�[� 04 /9 %g r