HomeMy WebLinkAboutO-0228 - Bond issue for water department (Special)235
oRDINAlJCE No.228.
"WATER SYSTEM ...BONDS:
AN ORDINANCE providing for the issuance of $41,000.00 in general
negotiable coupon water bonds,and ~43,000.00 in special revenue
waterbond!3,in accordance witn the proposi tion,submitted by
Ordinance No .226.of the'J:own of Marysville,Washington,passed
April 11th,1921,to the voters of said i'own at a special elect-
ion held therein on the lOth day of May,1921,and adopted by
said voters at said election;pr-ov rd Lng for the form and tenor of
such bonds,the date thereof and the order of retiring the same
and the payment of the principal and interest thereof and estab-
lishing a fund for the payment of the principal and interest of
such bonds.
WHEREAS,at a special election,held in the TOwn of Marysville,
Washington;on the lOth day of May,1921,under and pursuant to
Ordinance No.226.of said ~own,passed April 11th,1921,more than
three'::fifths of the qualified voters of said 'J:own voting at said
electieu,voted in favor of the proposition,as provided for by said
Ordinance;now,therefore,
bElT ORDAINED BY THE COUNCIL OF THE TOWN OF MARYSVILLE,WASHING'I'ON,
as follows:
SECTION 1.That the Mayor and Clerk of said 'I'own of Marysville be
and they are hereby authorized and directed to issue general negoti-
able coupon water bonds of the said .rown in the sum of :jp41,000.00,
bearing interest at the rate of 6%Per cent,per annum,payable semi-
annually,evmdenced by interest coupons,said bonds to be o~the de-
nomination of i500.00 each and to be numbered consecwtively from one
(1)to (82)inclusive,and to be dated July 1st,1921,which said
bonds shall mature seri)fally in the order of their numbers,lowest
numbers first,as follows:
$5,000.00 Bonds numbered,1 to 10,inclusive,shall be payable,July 1,-32.
4,000.00 Bonds numbered,ll to 18,inclusive,shall be payable,July 1,-33.
4,000.00 Bonds numbered,19 to 26,inclusive,shall be payable,July 1,-34.
4,000.00 bonds numbered,27to34 inclusive,shall be payable,July 1,-35.
4,000.00 Bonds numbered,35 to 42,inclusive,shall be payable,July 1,-36.
4,000.00 bonds numbered,43,tb 50,inclusive,shall be payable,July 1,-37 •
4,000.00 Bonds numbered,51 to 58,inclusive,shall be payable,July 1,-38.
4,000.00 Bonds numbered,59 to 66,inclusive,shall be payable,July 1,.,.39.
4,000.00 Bonds numbered,67 to 74,inclusive,shall be payable,July 1,-40.
4,000.00 Bonds numbered,,75to 82,inclusive,shall be payable,July 1,...41.
shall be payable,both principal and interest,at the fiscal agency of
the dtate of Washington in ~ew York City,and to be payable from the
proceeds of an annual tax lev'ied each year upon the taxable property
of said ~own of Marysville within the limits of said ~own,as follows:
,There Shall be levied each year a tax upon'the taxable property of
",the '.town of Marysville,wi thin the limits of said 'l'own,which shall,be
,sUffici~nt to pay the interest on said bonds as the same accrues;and
before seven l7)years prior to the several maturities of the said bonds
there shall be levied annually a tax sufficient to create a sinking
fund for the payment of the principal of said bonds at maturity thereof,
respectively;which taxes shall become due and collectible as other
taxes.
SECTION 2.~hat the said general bonds hereby authorized to be
issued shall be in substantially the following form:
No.
UNITED STA'I1ES,of AMERICA
STATE of WASHINGTON
COUNTY of ;:;NOHOMISH
TOVr.N of WUffiYSVILLE
GENERAL WATER SUPPLY BOND.
$500.00
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KNOW ALL MEN BY THESE PRESENTS,that the 'town ,of lilarysville,a municipal
coriboration organized and existing under and bY,viture Of the,Laws of
the state of Washington,acknowledges itself indebted,and for value
received,promises no pay to bearer,the sum of .lrive Hundred ($500.00)
Dollars on,the first day of July,, wi thinterest thereon from
date at the rate of six per cent,(6%)per annum,payable semi-annually
on the first days of January and Jy:ly in each year ,as eyiden(:ed by and
upon the presentation arid surrender of the annexed interest coupons
as they severally become due;both principal and interest payable
in gold coin of the United states of America,of the,present standard
of weight and fineness,at the fiscal agency of the state of,Washing-
ton in the City ,and State of ~ew York.
This bond is one of a series of eighty-two (82)bondEiof like
date,tenor and amount,numbered respectively from one ll)to eighty-
tVfo (82)both inclusive"aggregating the sum of forty-orw 'J,'housand
($41,000.00),issued for the purpose of constructing a supply pipe
line and obtaining a supply of water from what are ,called .and known
as the Lakewood Or ~dwards Springs and conveying the same by gravity
for the use of said ~own and its inhabitants,together with ,the
acquisition and construction of all gates,,houses,struetures,bridges
connections,pipe lines,dams,headworks,tanks,towers,appliances
and equipments necessary in connection therewith~:under and by vitue
of the power in saidJlown vested and under and pursuant to and in
strict conformity with the vonstitution and statutes of the state
of washington,and the general law of the said state appli~able to the
incorporation of Cities or TOwns of the fourth class,and under
authori ty of and pursuant to the vote of three-fifths of the
qualif'ied vo t er-sot'said 'l',own voting at a special election held Jl1ay··
10th,1921,and pursuant to urdinance 1~0.226 of said 'l'own,a full
copy Of said Ordinance being printed on the back ner-ecr ,andjsa Id
:J.'own of MarYsvil,lefor the tturther assurance of the purchaser,of
this bond,and of each suc ce as ree holder thereof,hereby finds,
declares,and covenants that the same is issued in strict compliance
with the Laws of the state of Washington,authoriZing towns of the
fourth class to become indebted,printed on the back of thisb.ond
with the general law of said state under,which sa Ld vrown is Lncor-por-a t~
ed,and saId Ordinance fiO.226,and that all acts,things,ele()t(ions,
orders',ordinances,resolutions and conditions precedent to th:e>right
of the said J'own of MarySVille to issue and deliver this.bond,as pre-
scribed by said Laws and Urdinances,have happened,existedandbeend
done and performed prior to the issu.ancehereof;that this bon~)is .."
issued for the stri()t:ly municipal purposes of said rown ,and th~t..~ts
issue does nCltviolate ailycondition,provision or limitation in the
uons td bution or Laws of the State of u1ashington,and that this:bond
represents a legal,valid and binding obligation of said Town.~he
full faith,credit,and resources of said 'J:own of Marysville are hereby
pledged ,for the prompt and punctual payment of the principal ,and inter-
est of this bond.
IN WITNESS WHEREOF,the Town Qf Marysville has caused this bond
to be signed,by,the Mayor of said,1,'own andatj;eJii1;eiiieby the Clerk
thereof unae r the seal of said TOwn and the coupons hereto a t1;acped
to b<;lsigned with the lithographed signatures of said officers and
the seal of said 'Fown"in fac-si1ll'llilie;and this bond to be dated
the first day of July,1921;
(S E A L )
Town of MarYSVille,Washington,
By.John hilton,Mayor.
ATTEST:W.S.Myers,~ownClerk.
The interest coupons attached to said bonds shall be in>sub_
stantially the following form,except as to dates of payment:
No.$15.00
On the first day of ,19 ,the Town of Marysville,a
municipal corporation in the State of Washington,will pay to the
bearer at the Fiscal Agency of the State of Washington,in the City
and State of New York,the sum of Fifteen ($15.00)Dollars,in gold
coin of,the United States of America,being the semi_annual interest
then due on its General Water Supply Bond,dated July lst,192l,No._
Town of MarYSVille.
(SS A L )
~~~~~~~~~~~~~--~~~~~._._-----_.~-~._~..~~~~~.~~~~~~~
237
ORDINANCE No.228.(Cont'd).
By.John Hilton -Mayor.
ATTEST:W.S.Myers~Town Clerk.
SECTION 3.That the Mayor and Town.Clerk'of the Town of Marysville
be and they are hereby authorized and directed to 'issue special water
revenue fund bonds of said 'll'own of Marysville ,in the sum of $43 ,000.
bearing interest at the rate.of six per cent,(6%)per annum,pay-'
ablesemi-a=ually,evidenced by interest coupons,said bonds to be
of the denomination of $500.00each,and to be numbered consecutively
from.lto 86 both Lnc Luat ve ,and to be dated July,1921;(1st);said
bonds,both p r Lnc LpaL and interest,to be payable out of the
"MAl'ysvilleSpecial Waterworks Fund,"into which fund said Town
hereby irrevocably binds and obligates itself to.set aside from
the gross revenue of said wa,terworks from time to time,as r,e-.
qui.r-ed,certain fixed amounts,without regard to any fixed propor-
tion·of·such revenues,sufficient to pay the principal and interest
of said bonds as the same become due,which amounts so pledged are
hereby made and shall continue to be a first and prior lien and
charge upon the gross revenues of such waterworks,and all additions,
enlargements,and extensions hereafter made.fhe principal of said
bonds to be payable as follows:
$l,OOO.bonds numbered 1 to 2,inclusiv:e,shall be payable July 1st,-24.
1;000 bonds numbered 3 to 4,inclusive,shall be payable July 1st,-25.
2,000 bonds numbered 5 to 8,inclusive,shall be payable July 1st;-26.
2,000 bonds numbered 9 to 12 inclusive,shall be payable July 1st,-27.
2,000 bonds numbered13 to 16 inclusive,shall be payable July 1st,..,28.
2,000 bonds numbered17to 20 inclusive,shall be payable July 1st,-29.
2,000 bonds numbered21 to 24 inclusive,shall be payable July 1st,-30.
2,000 bonds numbered25 to 28 inclusive,shall be payable July 1st,-31.
2,000 bonds nUillbered29t 0 32 inclusive,shall be payable July 1st,-32.
3,000 bonds numbered3l3 to 38 inclusive,shall be payable July 1st,-33.
3,.000 bonds numbered39 to 44 inclusive,shall be payable July 1st,-34.
3,000 bonds numbered45to 50 inclusive,shall be payable July 1st,-35.
3,000 bonds numbered5l to 56 inclusive,shall be payable July 1st,-36.
3,000 bonds numbered57to 62 inclusive,shall be payable July 1st,-37.
*3,'000 bonds numbered 63to 68 inclusive,shall be payable July 1st,-38.
3,000 bonds numbered69 to 74 inclusive,shall be payable July 1st,-39.
3,000 bonds numbered75 to 80 inclusive,shall be payable JUly 1st,-40.
3,000 bonds numbered81 to 86 inclusive,shall be payable July 1st,,.41.
both.principal and interest of said bonds to be payable at the fiscal
agency of the'State of Washington,in the City and state of New York.
*{Note:.Bond No. 66 for Five HUndred $500.00 Dollars withdrawn,
December 4th,1929,ffom investments and marked paid by Albert
Helander,State Examiner.}.
SECTION 4.That said Marysville Special Water Revenue Fund Bonds
hereby authorized to be issued shall be in substantially the follow-
1 ingform except as to dates'of payment;.
!
UNITED STATES of AMERICA
STATE of WASHINGTON
COUNTY of SNOHOMISH
SPECIAL WATER REVENUE FUND BOND
TOWN of MARYSVILLE,WASHINGTON
KNOW ALL MEN BY THESE PRESENTS,That the 'l'own of Marysville,a mun-
icipal corporation organized and existing under and by viruue of the
Laws of the State of Washington,acknowledges itself indebted,and
for value received,promises to pay to the bearer the sum of Five
Hundred ($500.00)Dollars on the first day of July,19 .'.,together
with interest thereon,until paid,at the rate of six per centum,
per annum,payable semi-annually,on the first day of January and
J~ly,in each year,as evidenced by mnd upon the presentation and
surrender of the annexed interest coupons as they severally become
fI
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No.•$500.00
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due,both principal and interest payab~e in gold .cotnof the United
states of America,of the present standard of weight and fineness,
at the fiscal agency of the state of Washington,in the City of
New York,both.principal and interest payable out of the revenues
of the water supply system of the said Town of Marysville,as pro-
vided in Ordinance No. 226 of said 'l'own,passed,Aprilllth,1921,
and Ordinance No.228 of said'l'own,passed,August 15th,1921,a.nd
the Town Treasurer of said Town is hereby directed to pay the same
as herein provide~.'.
.This bond is.one of a series.of bonds aggregating the sum of
Forty-three Thousand ($4~,000.O,O)Dolla,rs,nUlllbe~ed respectively
from One (1).to Eighty-six (86),of like date,tenor and amount,
which issue was authorized by the voters of said :I.'own ata special
election,held IvIaylOth,1921,pursuant to Ordinance No.226,of
Said Town,and is issued pursuant to Orqinance NO.228 of.SAid
Town, a full copy of said Ordinance No. 226 being printed on the
back hereof:issued~the purpose of constructing a supply pipe
line arid ob~iwDngm supply of water from what are called and known
as the Lake~.or Edwar.ds Springs and conveying the same by grallety
for the use of said Town.and its inhabitants,together .with the
acquirsition and construction of.all gates,houses,bridges,connect-
ions,pipe line,dams,~eadworks,tanks,towers,appliances and equip-
ments necessary in connection therewith.
This bond is payable only out of the special fund called,"Marys-
ville Special Waterworks Fund,"created by said Ordinance No. 226,.which
fund is to be drawn upon for the sole pnnpose of paying the principal
and interest of said bonds....<
. The said Town of Marysville hereby irrlilvocably binds.and obligates
itself to set aside from.the gross revenue of said waterworks from time
to tllle,as required,certain fixed amounts,without regard to any fixed
proportion of such revenues,suffi()ent to pay the principal.and interest
of said bonds as the same become due,which amounts so pledged are here-
by made and shall continue to be a first and prior lien and charge upon
the gross revenues of such ~aterworks,and all additions,enlargements
and extensions hereafter made,and.it$is further expressly .coltenanted by
the said Town of·Marysvilletha t any future indebtedness which may be
created and payable out of the revenues of said water system.shall con-
stitute a junior lien to that of this issue of !:londs.I ncree.t~ng
such fund.the Town Council .afsaid 'rown of Marysville hez-eby declares i.t
has exercised due regard to .the cost of operation and maintenance .or said
waterworks;that no portion of the revenues of the same have been previously
pledgeq.for the payment of any other bonds,warrants or other indebted-
ness,and that it has not hereby,bound and obligated said ~own to set
aside into such special fund a greater amount of the revenues and proceeds
of such waterworks than in their jUdgement will be ava i Lab Le.,over and
above such cost of maintenance and operation.
Said Town hereby irrevocably binds .and obligates itself ,i not ito
sell,lease or in any manner dispose of said waterworks.,including any
additions,extensions,or betterments herea,fter made thereto.until a,ll
such bonds,with interest thereon,shall havebwen paid in full,hereby
covenanting and agreeing to and with the holders of said b,ondsto main-
..t ai n in good condition and operate said waterworks,and to establish
and maintain rates and charges for water sui'ficient to produce the gross
required to meet the obligations of said Town as herein set forth.
It is he,reby declared that said bonds are issued pursuant to,and
in strict compliance with Uhapter:150 of the Laws of the state of
Washington for the year 1909 and the acts amendatory thereof,and of
the Ordinance of said 'l.'own of Marysville,referred to in this bond and
printed hereon and that all acts,things,elections,'ordinances,
resolutions a,nd conditions precedent,precedent to the right to deliver
and issue this bond as prescribed by said Statutes and Ordinance have
pappened,existed and been done and performed prior to the issuance
hereof •.
IN WITNESS WHEREOF,the.~ownofmarysville has caused this Hond
to be signed by its Mayor and.attested by its ~own Clerk and has
caused its.coppprlilte seal to be hereunto M'fi~@d and the coupons hereto
a tta()hed to be signed and sea Led with the 11 tho graphed signatures of
said officers and the seal of this '~'own,infac-similie,this;lst day of
.July,1921.
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(SEA 1 )
ORDINANCE No.228,(Co~t'.<l)e ,
TOWN OF ~lliRYSVI11E
By John Hilton
Mayor
ATTEST:.
W.S.Myers,Town .CLERK
The interest coupons attached to said bonds shall be in sub-
stantially the following form,except as to dates of payment.
INTEREST COUPON.
No.$15.00.
On the first day of ,19,the ~own of Marysville a
municipal corporation of the State of Washington,will pay to
bearer,at the fiscal agency of the State of Washington,in the
City aftd State of New York,the sum of $15.00 in gold coin of the
United States,the same being the semi~annual interest due that
day on its special water Revenue ]'und Bond,dated,July 1st,1921,
~.!
Mayor
ATTEST:
'fOWN OF IvlARYSVI11EBY.",."..._/
(SEA L )
_____~Town Clerk.
SECTION 5.The signatures of the Mayor and Town Clerk attached
to said interest coupons may be lithographed or engraved fac-
similie signatures of said officers and the corporate seal of
said Town of Marysville on said interest coupons may be litho-
graphed or engraved fac-similfe of said seal and such li5tho-
graphed or engraved fac-similie signatures and seal shall be valid
and binding,to all intents~nd purposes upon said TOwn of Marysville.
SECTION 6.The Town Council of the Town of Marysville will provide
annually by Ordinance or Hesolution for the levy and extension on the
tax rolls of said Town,and for the collection thereof,of a direct
tax upon all the taxable property within the limits of such Town,in
addition to all other County,state or Town taxes,to be levied
according to law,which shall be sufficient to meet the interest on
all of said general bonds prolllptly,as the same matures,and before
seven years prior to the maturity of any such bonds,an annual sink-
ing fund sufficient for the payment of said bonds at maturity,and
the said Ordinance or Resolution shall not be repealed until the levy
herein provided for shall be fully paid,or the bonds,both principal
and interest,shall be pa id and cancelled and no part of the monies
or fund derived from the levy and collection of such.taz:as specified
in this section shall be diverted to any other purpose than the pay-
ment of the principal and interest on said bonds,and the faith,
credit and property of said Town of Marysvilleare hereby pledged for
the amnual levy and collection of such taxes and the regular payment
of the semi-annual interest on said bonds and the payment of the
principal of said bond atthe maturity thereof.
SECTION 7.That the Town Treasurer shall keep a register of all
said Bonds,which register shall show the number,date,amount,int~
terest,to whom delivered and when and where payable,of each and
every bond executed,issued,delivered,or sold under the provisions
of this Ordinance.
SECTION 8.There is hereby created a special fund.to be called
the "Marysville General Water B miD Fund,"into which said fund
shall be paid the proceeds of the tax herein above mentioned in
Section 6,and whi ch said fund is to be drawn upon for the sale pur-
pose of paying the principal and interest of the general bonds
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authorized by said Ordinance No.22.6.,.by the voters of said 'I'own
of Marysville at said special election oflliay lOth,1921.
SECTION 9.THIS Ordinance shall take effect from and after
its passage,approval and.due publication in the manner and at
the time provided by law.
John·Hilton,
Mayor
ATTEST:
W.S.Myers,
Town Clerk
PASSED,August 15th,1921,
Approved,August 15th,1921.
Published in the Town Official Newspaper,August 19th,1921,
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