HomeMy WebLinkAboutO-0395 - Water revenue bond issue (Special)·---'--------_..-.--~--_._....,......~
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.'ORDINANCE lfO.395 cetiDued..,
(a>Into the ·P!'ine:ipal U1d Interest Ac~-,-thl7,blIpphgasatlebn1ar71,1954,_s1%th of the next eutd.ng su _that reqcd.re-lI.tI
of :interest ad bepnn1ng OIl """""10 I,+972,..twl.tUa of the DIlXt ......
~~ft IIlOntha'1"8qlUreMnttl of both prlneipal ...iJltere,t,.
"(b)lIIto the •....rn Ace_V,-t.hl7,blIC'pa1ng a,of hWU17 1,
19~,at 18ut $56.66 UIltil tile ..of 13,400.00,1D I4ditioa to the ",600~OO
\0 lie lUlCBIIIII1ated for the Sen...&s.d.,bait __aeo.].ted the;nt1,a.~
...Mall be aco.u.ated by ao later tIl_JD1lllI7 1,1'''.Baid ........
loee-t-lII8iT be aocuaulated !'rca urr other -r-liIIl10h the 'f_.ot ~
iIII;;...."aTailable for such }:rorpo"iJl additiOl1 to uiJlc 'aid re.,.I1..,'tM"for.
Said ·Ralle""1000111110·shall be 8iJlta1Jled 1D "'*'fF llIlt at all tiBI''0 10lIl u ..,
of said Seri.,JI bOlld'are oatltand.1PCa ProndM,la.u"r,tIlat ...the total
lIIIIDUIlt iJl s aidllpllc:ial hDd shall e<tuJ.the total &IIOU1lt of priBolpal ..
inten,t on all Gilltatand:ing lloDd'of said Seri.,A lUId IIrle8 11 to \lie 1aat
II&turi.ty thenof,DO further lNQI'MJ1ta DMcI be IIIIIode into H1c1 ,peo1al r.a.
In the eTet that then shall be a defioieaq ill the ·Principal ad.
Interest Ace01l1lt·:in said special f'tmd to _t ut\1riDg iJlatlllJ -llts of 1tt..r
principal or iJlterest,as the can JIlIq be,such defioi_07 sltall be ..lIP
f!'Oll the ·Ra..rn AccoUllt 8 by the withdrawal of eulI theref!'Gll tor tIlat plI1']MI'.'
JIq deficienll1'created in the 8BeHrn Ace_V by reuCIA 'of _nob."'~aVa1
ehall theD.be JIlIde up froa the -78 f!'Gll thereftJlUlls of said vat.ervorb
1ltil1t7 first aftilable after lIlak'ng _0888817 prorlaioa tor the ri8qv.iNd
pll1Mats into the ·Principal U1d Interest Acc_t.-'fhe _1'1 ill the ....ne
Account 8 shall othervi..be held iJltact ad lII8iT be appl1efl apin,t the lan
outstanding'bonds of this Serie,B.
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All -78 in the "ll.esem Acc_tW abonI prorld'ed tor lIII,f be apt
em deposit in the official bank d.podtorT of the 'l'CIlm of "rts~or 111
fI:q _ticm.al bank or mq be invested in UlUted States Gaft:l'DlllllPt obliptiClllll
_turiJli not later thIIP twebo "&1'S frca date or i.-.Interest GIl 8"IJ.7
Iueh 1nvestlllsnt or em such bank aecOll'at.hall be depoelted ill IIPd.blI_a
pert of the 8Besem Acoount8 unti1 there ,hall be.total reeern or t1,,~.OO
iJl Illfd ....rft AccounV as afore,aicl tor said Serle,.&llIId Serl..•1oD4a.
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Q!letiSIB 6.The Town of Jfar;rsrllle ,hall e.taW.h,8iJltlWa _
collect .-rate.and charge.tor water ..m.oe,as l_g ..II1l7 of .aaicI Ve..e.r
Be......Boad.,1952 Series A aDd Seri.,B are out8ts!ICJ1ag,..will ..&ftlla1l1At
tor tM PI:JIIMlt of the prillcipal of ad iIltere,t ClIIl all nob.1IoDd.'u 'tile ,_
.hall aco1W,u _t 8CJ.lUvalent to at lout 1.4 tiBI'tbI an""nfl ~
debt ten'1.of both prillclpal IIPd.iJltsnst or 'aid llrie.;4 lUld Seri••,._.after WUCt!ag the ooet of 8iJl'tenu08,operatica IIPd.taxes t!'Oll the ft.....
ot wit vatervorltl utility.'
Sectis 7.'l'bo bands prlIMlltl1 to be islll8d 8Dd.lIolcl ahall b8 ~
as "Water .'99..Bemde,1'52,Seri....ead shall be ill nblta""1)'.
tolloviJlt t01'llI ',
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TOWN OF MARysviLLE
tlNl'l'ED STATES OF .AMERICA
STATE OIP WASHINGTON
WATER REVENUE B01'ID,1952,SIRlES 11
DOlI ALL MEN BY 1DSE PlWlllll'fS that tbI 'fOIi1lIl
of Mar1&Yille,State of i ..~,...~.
ltMU to _IIPd.tor.nl_l'ltOel~lIto"if __
.1111'..to ptq ttl bearer ClIIl tile lat ...,Of lW11;,.1'_,_:Prirt~lpal ..or .'
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t ODTROus.umOOWllS
j Wptbar vitlt iJlterest then•.,t.\IIO rate ..~.
I 'pel'oeat per ...-,.~.eA..'Jn~,t '..~I.t4q or .I.....,"~j""p*\t"t.,r'r\''c ...~~_\t......._,~",,,,,,,.,d '
•..•......'.r.,attlllo.~.".•a....w",_.t.Ii .14PGIlI.d "-"'~d.,•",..•....."':l"_11 .II,.,_._,""~.·:l....Jt~rl.).~,-~!tt}~_o/£i:i~!...·
paid iJa f'I11l.Both principal and iJawre.t are
~1:Ile iJa lavtnl -,of the T1D1 ted State.
at the of1'ioe of the 101m TreuU1'IIr of Mar,rllvill.,
Wallbington,8018lT out of the special tlmd C1'9ated.
by'Ordiunce Jo.384,know ,&I Vater Revenue Bond
Fund,1952",into vhich tlmd the TOIIil of Ifa1'7n'ill.
h.reby'irreYoc.blT bind.its.lf to pq certain
fixed _ts OI1t of the groe.revenues of the
IIUllicipel vaterworke ut111t;"..1M1C11l&'iJl«or
which 'IIq here&1.'ter be1cllla to eaid '1'_,incll1d1Btf
~additione,replaodlnta,exteneiOll8 and better-
_ts 1l0li or at any u..hereafter mad.or conet1'llctecl.,
without regarcl to a:A:1 t.1xed.proportion,~lT,1m
lIlIIDlUlt sufficient to pq the principal of 1m interest
on the "Water ReVenue llaDde,1952·as the;,respectivelT
beo_due end to acC1Dllllate a total ree.1'T8 or
$1.3,000.00,all at the tUlss ad in the lIllIlJler set
forth in Ordinances los.3lU.md_.'l'he gross
revenues frOlll said vaterworlal utility,and all
additiOlUl,exteneione and betwrllIente thereto at
any time lIIItde,are hereb;y pledged to such pqaents
and the "Water Bavenue i17'n il'1952"cOl)stitute a
charge iIPOill such reven_1 prior and superior to
any other charges whatever,excluding charge.for
lIIIIilltenance and operation,except that the Town
mq issue additional water Ravenue bonds or water
and lIlIVer revenue bonds on a parity with ,aid
"Water Ra'Nnue Bmds,1952"under the conditione
set forth in Section 19 or OrdinanCe No.,384.
~"-.ft .ALL _,/1l4 .;;Q;.",*",.w _"",_~__,
f ',ORDINANCE 10.395.
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The TlMl or Marysville shall establish,aain-
tain and collect such rates and oharges for water
service so long as'any "Water Hennue Bonds,1952"
are outstanding all v1ll IIUIkB aWlable for the pq-
mant of the prinoipal and interest on all of such
bonds as the S!Illle shall accrus an 8I1IOunt equiTalent
to at least 1.4 times the average lID11ua.l debt service,
both p-t'incipal and interest,of said bond issue,
af'ter deducting the necesSll.r7 oosts of aaintenenoe,
operation and taxes Jr..the gross revenuas of its
waterworlal utility.
Thill boDd is one of a lIerielS of $100,000.00 par
val1ll!l of bonds of a total authorilMd issue of
$280,000.00 par Talue.All bonds of this s.rios8."'of a l.ik9 date,tenor ad effect,except as to
interest ratee,_'l>'liIri tiel and redolllptiOll richts,
are payable frOB the uid "loIater RaTOnue Bond hnd,_
1952·of the TOWD of Ma.r,raville,and a:reillsued by
said Town,under and in purSU&l1oe of the lawe of the
State of Washington and OrdinUCtlS lioe.384 and
_--:-:-of the Town of Mar,raville,tor the purpose of
prorlding f'tmds to pq the cost of clU'1",Y1ng out a
portion of the s1stea or pllIl1 for m.ak1ng certain
additions to and betterments &lld orl6nsions of the
waterworks utilitT of the 'l'won.Referenoe 11 mad.
to Mid ordinance.as IIOre ~desoribing the
covenants witll and rights of holders or bonds of
this series and issue.
!he Town of Har7sville reserTell the right to 1'1-
deMo aay or all or the outstanding bondll or this
••ries,OIl en,y interest ~nt date \lIIl and after
January,1959,at par plus acc1'll8d interest,in
:ilmlrae ll1IIIIIerical order,highelJt n11lllbere firat,lIT
giTing at least thirtY'dlQ'll JIOt.ioe f3t auerb.intended
redelljltion by pIlbllcaUon thereot in the offioial
nenpaper or the TWA,such notice to be'pulIUshed
once not 181illll than tll1rt1 Bor acre than torty-tiTe
dlQ'll prior ~tJlo call ate,~.D7 ..U'ft8a copy
or sud notice or redelljltiOli t.~J:T,f Thaapeo,
14ll FOIIrth A.,...Bld 1.,...,Seattle,VuhingtoR,
at least thirt;r dqlI pr!,or ~the 0&11 date.
Iatereet ..8lJT bcIItda .o~ll'"f.r r",.,U.
lIhall ~ail the.u.te,t'l,...<~.~l.'"aJ"~~~~;,'i:
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,Ordiuaoo I ••395 oontiDU&d.
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The TCIltU ot IIarynUle here.bUd.itMlt
irreTocabl7 not to IIOrtpge,..11,leaH O!':lalltq_I'eno_ber ar dilpolle of said Blllioi:pal .ater-
warlal utillt,-now be10118ing or vbi.....t litter
be10ns to it,incllXling an'T additlou,repl e .....tt,
bettel'llenta and erlensiou thereof,_til all tbe
boDds or this _ries aDd i...vitil interes.tMreon
sha.1l haft been ~paid,ad the said few.hereb,v
O<n'8Jlallt8 aud ~.s to GId vitil the holders,ol oacb
aDd nert &aid 1xed to IIIldataiJl iJI good conditt_
aDd to operate .aid waten*u nllit,-,aDd alladd1-
tiOll.lll,extensions,repl_ntt and bette1'llltBt8
tllereto,and to IlaiBtaiJl Uld coUect euoh rate.and
char,,1 in OODlleotlon therwith,all will pr<JYide
lurflcient rev&nnel to produ..the grosl rewnues
IIecesslU"T to _.t the obligations or said Tovn as '
herein let forth.
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It it herebT certified and declared that aaid
bonds are iSl118d pursuant to and iJI str:l.ot ecaplleace
with the e-titutiOll ad laws ot the State of
Washington and the Ol'dinan..s of the Tova of MarTnille
and that all actt,CIOIIdi tiOl1s ad things required to
be done precedent to aDd in the itl!l1lll!loe .f thia boII4
have happened,been dcme ad perforlled ..required b.v 1_.
II WITNESS WHElU!Xl1,the Town er 1'IIIi7nille,
Washington,hu call1led this bct1d tlJ be s:lgaed 1I!r its
MqOr ad attested by its Clerk,and its oorpcrate s.al
to be hereto arf1xed,IIZld the interest OOllPOll.lll attaobed
to be si/lD8d bT the facsimile dgnatures or llaid officials
thill lilt dq or Jmuu-r,1954.
'l'OWII OF MARYSVILLE,llASHIlfG'l'Olf
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'1'ONI OP 1JIAR!SVItl.I,WA8llING'l'Olf
'II ?
Attest I
Coupon •••,----
TClWll Clerk.
($)Do11arII"in 1av-':tiii~-IIlO-ne-7-or-:-~the-=Tfn-:i-:-tedState.er .bIarica,1'rOI!l tile
lpecial tund of said 1'0\111 1m0ll!l 811 the Ilifater ilTlImIe
BoIIG had,1952-,said na being six _that inte1'8l!1t
theB due CIlI its t1Vater :Rewnue ~,1952,8eriu B-,
mabered~"~~,,:,,,anddated JilnUll1'7 I,1'54.
Tllie iJlterest,om1pOllil attached to &aid 1lcmds IIha1l be in
sUDstantia1.l1"the follflllfiDr f01'llI
On (Ja1DU8r)')(J~),19..;,.,the !CIltU or *%'18Till.
,Wallington,1IpOll pl'u.tatiClll aad II1Ir%eDdllr or thill
(I 11Iit-,will pq to &tuell',at the erfioe of the TevaTrouurer,the lI\llII or _
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ORDINANCE liO •.395 cont1mled
Section 8.SlLid bonds .hall be printed on llthosrapbecl t~,~
be s1glled br the IfIqor lIIIld at~stec\br tb4 Clerk,aha1l ha.,.tM~at t1aI
TCIIID of JfarTs-Q.lle at't'1Dd thereto,8!ld the ooupona lIhal1 bMr tIaI,t••Ud 1•
s1gaatures ot the Mqor 8Ild the Clerk.
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This 18 to cert.1.1'7 that the toregoinl Ordinance i8 a true an4 0111601.OUR or
Ord1JWtoe '"of the Tow or Marysv1lle,SnGbom1sh CoanV,V~....."
that the ..was pub"Ihed acoo:rdine to 1811 <lD the 18th .-Clt~,1"4•
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(Signed)G.A..llvI:l.47,1II3'or.
Tow or Harrsrille,Wu.Il.
Attelltl :7t'-:5'-:p~
(SigD&d)B.F.p~C~~rk~__
'l'CMl or MarYsville,Wash.
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SectiOll 9.'rbe proceeds trOill the M1e of the "Water BrN~a..ie,
19S2,Serie.III herein author:lIIed shall be W!8d tor ~I!ole JlIU1lo.e qt IlIfi¥lW
out the portiCCl ot slL1d II7lIteIl or]l!ia tor MIr11tC eM1tiCC18 to "'be~trsif"
ud ~CC18 ot tbe _terworka ut1l1V ot the 1_apedlW abote ...t
pq:lns the ooau ad exptUes o_~ted theNlr1thJ _..'1'...."'.~,
ab&1l,tIl70qb ita proper otficers &lld agents,pro.sd wUh the .)1"C.:""
Upro_nts u herein ..t forth...
SeotiOll,lO.Tsrrr Thalllp80n ot SMttls,WUh1 nct aa ,!wi ~ttl!4 ......
otfer to pgrohase the slLid '100,000.00 pv nl,.ot Series B ~at a ~et
$99.50 per eaoh $100.00 principal _t ot:aa1d '-de,topt1alr with .1$4 i,
interest frClII the date ot uWlIllce to the date ot del1vel'7 or the 1IclIIU _'."
parohaaer to famish at hie expeue the neces8a17 heal pro ...Mnp -.4..:
pr1Jlted bGDds readT for eDqution b¥tbe Tow ottidala aDd t1aI TClIlDto .~8,1l
the 'lID!l\llll1t1ed approv1.ng legal opin1011 of 1ieter,Roberta Ie ~,.-1.a.p&l
boDd oOUll.88l of Seattle,Washington,tor which the ptIiI'I9 ,s.shaJ,l pq.2bt,
TCMl Council is of the opinion that DO better price eould be *".....tor ...w
bonds IIlld that it is in the best interests or the TOIII'1 that said otter be
accepted.'the said ofter of Terry ThalllpsOIl is,therefore,.berebr uoeP*e4'~
the proper Tovn ott:!.OOl'll are hereb,y direoted to 1ssne 8Dd del1'nr said 'DoDd.to
Terry ThCillp401l in accordance wi th ~d otter UJlOI'l pe;yment therefor as ,stated.
the Town Treasurer shall deposit the prinoipal 8UIIll received trOill tbe ~et
said bands in the IC«letruotlon Fund'of the TOlID and the acorued interest
l"E!ceived :1Jl the Water Bevanue Bond Fund,1952'
PASSED b,y the Town Counoil at a.gular _ting thereO,t ad 4PP.ilqtiP
b7 the Mqor this 15th dq ot:hbruar;y,1954.
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