HomeMy WebLinkAboutO-0414 - Additions to sewer system (Special)Ii'- ..0'·'.••.•~~:.....
TOl-iIi!OF MRYSVILLE ,HASHINGTOIil
ORDIlIJANCE NO •.!t!L.i..-
AN ORDINANCE specifying and adopting a system or
plan of additions to and betterments and extensions
of the sewerage system of the Town of Marysville,and
of additions to and betterments and extensions of the
waterworks utility of the Town of Y~rysville,and pro-
viding that the existing system of sewerage including
all additions,extensions and betterments thereto shall
become a part of the waterworks"utility of the Town;
declaring the estimate,d cost of said system or plan,as
near as may'be;and providing for the issuance and sale
of ~~75,000.00 par value of "Wiater and Sewer Revenue
Bonds,1955"to obtain the funds with ~Ihich to pay the
cost of said system or plan;creating a special fund
to provide for the payment of said bonds;fixing the
date,form,denomination,maturities,interest rate,
and terms and covenants of sa~d bonds;and accepting
the offer of Terry Thompson &,Co.to purchase said
bonds,and authorizing the delivery and sale of said
bonds to said purchaser.
'IIHERKI\B,the 'l'ovm of Narysville,by'Ordinance No.384,passed the
14th day of July,1952,specified and adopted a system or plan of additions to
'"t:,::,~~.----.;;.
and betterments and extensions of the waterworks utility of the Town,and author-
ized the issuance and sale of not to exceed $280,000 par value of "Uater Revenue
Bonds,1952"',of which i~134,000 par value thereof have heretofore been issued as
"Series A",1rlOO,000 par value thereof as "Series B", and $46,000 par value
thereof as "'Series C"·and,
WBERE~B,by Section 19 of said Ordlllance No.384,the To~m of V~rysville
reserved the right to issue additional water revenue bonds or water and sewer
revenue bonds in the event that the Town should thereafter provide by ordinance
for the construction of a system of sewerage or additions,extensions and better-
ments to an existing system and provide that'the system of sewerage,including
all additions,extensions and betterments thereto,shall become a part of the
waterworks utility,which bonds shall constitute a charge and lien upon the revenues
of the waterworks utility,including the sewerage system if the same is made a
i:.:.,.
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part of the waterworks utility,on a parity with the said "Hater Revenue Bonds~
1952",provided the folloldng conditions shall be met and complied with at the
time'of the issuance of such additional bonds:
"(a)That all pa;yments ri3quired by'this ordinance and any
ordinance hereinafter enacted pertaining to the bonds of
this issue shall have been made into the,t'Water Revenue
Bond Fund,1952";and
"(b)That the r~venues of the said waterworks utility,
including the sewerage system in the event that the same
is combined with and becomes a part of the waterworks
utility,together with the anticipated revenues to be
received from the improvement to be undertaken in con-
nection with the issuance of such additional bonds,shall
be and ,be deemed sufficient,after the payment of operation,
maintenance costs and taxes,to equal at least 1.4 times the
average annual principal and interest requirements of the
bonds of this issue then outstanding and of the additional
revenue bonds proposed to be so issued.Such determination of
the sufficiency of the revenues shall be made and certified
to by an engineer experienced ,in municipal utilities and
acceptable to Terry Thompson;"
and
llliEP~AS,the Town Council hereby finds and declares that all payments
required by'said Ordinance No.384 and all ordinances thereafter enacted per-
taining to said "water Revenue Bonds,195211 have been made into the "'\<Jater
Revenue Bond Fund,1952~and t.haf Paul H."i[ssac,of Hammond,Collier&Issac,
Consulting Engineers,a professional engineer,experienced in municipal utilities,
and acceptable to Terry Thompson, has certified that said revenues are sufficient
to meet the said 1.4 coverage requirement,as evidenced by his certificate to
such effect on file with the Town Clerk;and
:lvliEREAS,the Town of MB,ry-sville,by Ordinance No.385,passed September
2,1952,provided that the sewerage system of the Town,with all additions and
improvements thereto)was combined with and should thereafter be considered as a
part of and belonging to the waterworks utility of the Town,the Town Council
deeming that the public health was being endangered by the inadequacy of the
system of sewerage of the Town of Marysville,and that such danger may be abated
by the construction,maintenance and operation of additions,extensions or better-
ments iothe said sewerage system but provided that such construction would be
undertaken at a future date,NOVI,l'HEREFOHE,
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".'
BE IT ORDAlNE,D BY TEE ']'OVJN COUNCIL OF THE '1'01ffN OF HP1i.YSVILLE,WASHINGTON,
as follows:
Section 1.The Town of JVIarysville is operating its own municipal water
system,and in the judgment of the Town Council the public health is being endangered
by the inadeqvacy of the existing system of sewerage in the Town .and the danger to
the public health may be .abated by the construction,maintenance and operation of
the additions to and extensions and betterments of the sewerage system,as herein-
after provided.The existing system of sewerage of the Town,including all additions,
extensions and betterments thereto,now or hereafter provided for,if the same has
not already legally been made a part of the waterworks utility of the Town by Ordin-
ance No.385,shall be considered as a part of and belonging to the waterworks utility
of the Towd,and the cost of construction,maintenance and operation thereof shall
be char-geabl.e to"the waterworks utility.ThepllbJ-icinterest,health,welfare and
convenf.ence of tJ!!e Town of JVIarysville require,and it is advisable)that the additions
to and betterments ~nd extensions of the sewerage system of the ~own,and t~e additions
to and betterments and extensions of the waterworks utility of .the Wo~.hereinafter
provided for be made.
Section 2. The gross r~venues and benefits to be derived from the opera-
tion and maintenance of the waterworks utility of the Town,including the sewerage
system as a part thereof,and the additions,.extensions and betterments thereto
herein provided for,at .the.rates to 'be charged for water and sewerage service
on the entire utility will,in the jUdgment of the Town Council,be more than
suSficient to meet all expenses of operation and maintenance thereof and to per-
mit the setting aside of a special fund out of the gross revenues of the entire
utility of an amount suSficient to pay the interest on the revenue bonds herein
authorized to be issued,as such interest becomes payable,and to pay and redeem
all of such bonds at maturity,and to meet the debt service requirements of all
outstanding "Ifater.Revenue Bonds,1952,Series A",''Vlater Revenue Bonds ,1952,
Series B" and "Water Reyenue Bonds,1952,Series C".
Section 3.The Town of ~~rysville hereby specifies and adopts a system
or plan of additions to and betterments and extensions of the sewerage system of
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the 'I'own ,all to become part of the waterworks utility of the Toom,andof additions
to and betterments and extensions of the oJaterworks utility,to consist of the
follow~ng:
SEl,'ERAGE SYSTEH
1.The existing outfall line shall be extended approximately sixty
feet into the deeper water of Ebby Slough,
~1j\.ll'EmiORfl8 SYSTEJvl
1.The following water mains and laterals shall be constructed and
installed:
APPROXJlV1ATE
IN FRON ~'U SIZE LENGTH
Ash St.5th St 8th St.$"1,050'1;:£1.
Beach St.5th St.8th St.6"1,050
Beach St.8th St.9th (Steele)8 ii 260
Beach St.9th (Steele)Grove St.6"1,760
Cedar St.5th St.Grove St.6i1 .3,070
Delta St.6th St.9th St.6 ii 960
6th St.Ash St.Beach St.6"440
9th (Steele)Beach St.State St.8 1f 1,280
Grove St.Beach St.State St.8,i 1,310
6th St.Sta.te St.Alder St.6"930
Alder St.5th St.7th St.6"630
7th St.State St.Liberty St.6"2,240
8th St.State St.Union S't.,6"1,850
9th St.State St.Alder St.6"920
lOth St.State St.Alder St.6"920
Columbia St.9th St.lOth St.6"640
Alder St.8th St.lOth St.6"980
Liberty St.7th St.9th St.8rf~f;;70
2.Additional land shall be acquired for'the watershed of the 'i:own.
There shall be included in the forego2ngthe acquisition of all necessary
valves,fittings,meters,hydrants,couplings,connections,equipment,appurtenances,
easements and rights-of-way that may be required,and there shall be included the
performance of such work as may be incidental and necessary to the foregoing
construction and installation.
Pipe shall be of cast iron,asbestos cement or other suitable permanent
type material.
The Town Council may modify the details of the foregoing system or plan'
where in its judgment it appears advisable,providing such modifications do not
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sUbstantially alter the purposes hereinbefore set forth.
Section 4.The life of the foregoing system or plan of additions to
and betterments and extensions of the sewerage system,all to become a part of
the wate~lorks utility,and of the waterworks utility,is hereby declared to be
at least twenty-four (24)years.
Section 5.The estimated cost,as near as may be,of the aforesaid
system or plan is declared to b~$75,000.00.,The cost of acquiring,constructing
and completing the foregoing additions to and betterments and extensions of the
sewerage system,all to become a part of the waterworks utility,and of acquiring,
const~~cting and completing the foregoing additions to and betterments and exten-
sions of the waterworks utility of the Town,shall be paid from the proceeds
received from the issuance and sale of Water and Sewer Revenue Bonds in the
amolmt of '$75,000.00 par value,hereby authorized to be issued and sold.The
shall be
bonds shall be entitled "Hater and Sewer Revenue Bonds,1955 u;/dated July 1,1955;
shall beat interest at the rate of ?Z-S %per annum,payable semfannuaLl.y on
January 1st and July 1st of each year,interest to maturity to be evidenced by
coupons to be attached to the bonds,with full obligation on the part of the
Town to pay interest at the 'same rate"after the bond maturity date,.~mtil said
bonds with interest are paid in full;shall be in dehominations of $1,000 each;
and shall be numbered from 1 to 75,both inclusive.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 Town Treasurer of the Town of ~~rysville,Washingtoh.The bonds
shall be payable solely out of the special fund hereinafter created,and shall be
a valid claim of the holder thereof only as against such fund and the fixed amount
of the revenues of the waterworks utility,including the sewerage system as a part
thereof,pledged to such fund,and shall not be a general obligation of the Town
of ]~rysville.The bonds shall mature,~erially,in accordance with the following
schedule:
~turities
July 1,1965
July 1,1966
July 1,1967
Ju'Ly 1,1968
$5000
dt -'"J ,000
$5 000
d\'"p5,000
.tunountsNumbers.~I?,",o~n~(~~=.::.l'Y 1 to 5,Inclusivey6to10n
11 to 15 "
16 to 20 "
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bonds of said issue on July 1,1960,or on any semi-
Town of Varysville reserves the right to redeem any
21 to 25 inclusive
26 to 30 "
31 to 35 '"36 to 40 II
41 to 45 "
46 to 50 II
-51 to 55 "56 to 60 "61 to 65 ;l~
66 to 70 "
71 to 75 J~
Section 6.The
or all of the outstanding
~(,5 ,000
,y,,,000;w-',
~;5 000..,
$5 000..,
4r5,000
~:;5,000
/':e-000~y),
~i5 ,000
~~5 ,000
~'5 ,000
"'5 00~\,O.
July 1,1969
July 1,19'70
July 1,1971
July 1,1972
J'uly 1,1973
July 1,1974
July 1,1975
July 1,1976
July 1,1977
July 1,1978
July 1,1979,
annuzl interest payment date thereafter,at par plus accrued interest,in inverse
numerical order,highest numbers first,by giving at least thirty days notice of
l
such intended redemption by publication thereof in the official/newspaper of the
Town,such notice to be published once not less than thirty nor more than forty
days prior to the call date,and by mailing a copy of said notice of redemption
to Terry Thompson &Co.,Seattle,Washington,at least thirty days prior to the
call date.Interest on any bonds so called for redemption shall cease on the
date fixed for such redemption.
Section 7.There is hereby created and established in the office of
the Town Treasurer a special fund to be knoun as "'Water and Sewer Revenue 'Bond
Fund,1955",which fund is to be drawn upon for the sole purpose of paying the
principal of and interest upon said bonds from and after the date thereof.Such
fund is hereby divided into a "Principal and Ihterest Account.r and a "Reserve
Account";and so long thereafter as bonds are outstanding against such fund,the
Treasurer of the Town of ¥~rysville shall set aside and pay into such fund out
of the gross revenues of the waterworks utility,including the sewerage system
as a part thereof,and including all additions,'extensions and betterments thereof
at any time made,a fixed amount,without regard to any fixed proportion,namely:
(a)Into the "Principal and Interest Account.",monthly,
beginning on August 1,1955,1/6 of the next ensuing
six months'requirements of interest,and begin~ing on
August 1,1964,1/12 of the next ensuing twelve months'
requirement of both principal and Irrt.er-es t ;and
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(b)Into the "Reserve Account Ol ,by no later than July 1,
.1964,a total sum of l~6~?00...
The "Reserve Account nmay be accumulated from any other monies which
the Town of Vhrysville may rillve available for such purpose,in addition to using
said revenues therefor..I'he "Reserve Account"shall,except for withdrawals there-
from as authorized herein,after the said sum of ;f6,500 has been acctmul.ated there-
in,be maintained in such amount;at all times so long 8.S any of said bonds are out-
standing,PROVIDED,HO"~VER,that when the total amount in such special fund shall
equal the total amount of the principal and interest on all outstanding bonds of
said issue to the last maturity thereof,no further payments need be made into such
special fund.
In the event that there shall be a deficiency in the'''I'r~ncipal and Interest
Account"in such special fund to meet maturing installments of either pr-Lnc Lpe.L or
interest as the case may be,such deficiency shall be made up from the "Reserve
Account"by the withdrawal of cash therefrom for that purpose.P~y deficiency created
in the }~Reserve Account"/by reason of any such withdrawal,shall then be made up
from the momies from the revenues of the waterworks utility first available after
making necessary provisions for the reqUired paJ~ent into the "Principal and Interest
Account".The monies in the '~eserve Account"shall otherwise be held intact,and
may be applied against the last outstanding bond of the issue authorized herein.
All monies in the "Reserve Account",IlJ.bove provided for,may be kept on
deposit in the official bankdepos i.tor-y of the Town of Marysville or in any national
bank or may be invested in United States Government obligations maturing not later
than twelve years from date of issue and in no event later than July 1,1979.
Interest on any such investment or on such bank account shall be deposited in and
become a part of the )'Reserve Account"until there shall be a total reserve of
$6,500.00 therein,as aforesaid,after which such interest shall be deposited in
the "Principal and Interest Account".
The gross revenues of said waterworks utilitY,including the sewerage
system as a part thereof,are hereby pledged to such payments,and the bonds
herein authorized to be issued and sold shall constitute a charge or lien upon
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".
such revenues prior and superior to any other charges whatever,excluding charges
for maintenance and operation,except that the charge of lien upon said revenues
for this issue of bonds shall be on a parity with the charge or lien upon said
revenues for the outstanding '''l{ater Revenue Bonds,1952,Series A","Water R.evenue
Bonds,1952,Series Bli and "j-Jater Hevenue Bonds,1952,Series C',',and any water
revenue bonds or/water and sewer revenue bonds hereafter issued on a parity with
said total Ls sue rof'"Ylater Revenue Bonds,1952",in accordance with the provisions
of Section 19 of Ordinance No ,384.
Section 8.The Town Council and corporate authorities of the Town of
Marysville hereby declare that in creating the said special fund and fixing the
amounts to be paid into it,as aforesaid,they have exercised due regard to the
cost of operation and maintenance of the waterworks utility,including the sewer-
age system as a part thereof,and the To,m of Y~rysville has not bound and obli-
gated itself to set aside and pay into said special fund a greater amourrt or
proportion of the revenues of the said utility than in the judgment of the Town
Council will be available over and above such cost of maintenance and operation
and the amounts pledged for payment of the total issue of outstanding "t-later R.evel!lUe
Bonds,1952",and that no portion of the revenues of said utility has been previously
pledged for any other indebtedness,except for the total issue of outstanding
"Water Revenue Bortds,1952"heretofore referred to.
Section 9.The Town of Marysville shall establish,maintain ~~d collect
such rates and charges for water and sewerage service as long as any ",{a.ter Revenue
Bonds,1952"(Series.A,Series B,and Series C;)and "Mater and Sewer Revenue Bonds,
1955",are outstanding,as will make available for the·payment of the principal of
and interest on all such bonds as the same shall accrue,an amount eqUivalent to at
least 1.4 times the average annual debt service above principal and L~terest of said
"l'later Revenue Bonds,1952'"(Series A,Series B, and Series C,)and "liater and Sewer
Revenue Bonds,1955;'after deducting the cost of maintenance,operation and taxes
from the revenues of the waterworkS utility,including the sewerage system as a part
thereof.
Section 10.The Town of l~rYBville hereby binds itself irrevocably not
to mortgage,sell,lease or in any manner encumber or dispose of the waterworks
o-u-
utility,including the sewerage system as a part thereof,a~g including all additions,
betterments and extensions thereof at any time made,until all the bonds herein author-
ized and hereafter issued,with interest,thereon,shall have been ful¥y paid,and
the Town hereby covenants and agrees to maintain in good condition and to operate said
utility,and to establish,maintain and collect such rates as will produce gross
revenues from said waterworks utility,'including the sewera~e system as a part there-
of,sufficient to permit payment into said special fundf 6£the amounts required
for the payment of the principal of and interest on the bonds herein authorized,
as they become due,and in addition thereto to pay all costs of maintenance and
operation,taxes,and the amounts pledged for the payment of the total outstanding
issue of "'VJater Revenue Bonds,1952",and otherwise to meet the obligations of
the Town as herein set forth.
Section ll..The Town of l-furysville will,while any of the bonds herein
authorized remain outstanding,keep proper books of accounts and records (separ~te
and apart from other accounts and records)in which complete and correct entr~es
.lill be made of all transactions relating to the waterworks utility,includil1.g
the sewerage system as a part thereof,and it will furnish the original purchaser
of said bonds,or any subsequent holder or holders thereof,at the written request
of such holder,in reasonable detail,covering any fiscal year,not more than
thirty days after the close of said fiscal year,and it will grant any holder or
holders of at least 25%of the outstanding bonds herein authorized,the right at
all reasonable times to inspect the waterworks utility and all records,a.ccounts
and data of the Town relating thereto.
~lli!L12.Said "Water and Se,Ier Revenue Bonds,1955"shall be in sub-
still1tially the following form:
No._
UNITED STATES OF AJvIERICA
STATE OF 'WASHINGTON
TOWN OF }k\RYSVILLE
WATER AND SEI'iER REVEN1If!,BOND 1955
-;s
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$1,000.00
--_....-.
ENOW ALL NEN BY TBESE PBESEerS:that the Town of
Harysville,State of vlashington,aclmowledges itself to
owe and for value received.hereby promises to pay to bes.rer
on the 1st day of July,19 ,the principal sum of
m:'E THOUSAND DOLLI1PcS
together with interest thereon at the rate of ~~~__
( )per annum,payable semiannually on the Is t days of
January and July of each year upon presentation and surrender
of the attached interest coupons as they severally mature up
to the bond maturity date,and with full obligation on the
part of the To,m .to pay interest at the same rate from and
after the bond ma~urity dateLLntil this bond with interest is
paid in fUll.Both principal and interest are paJ~ble in
lawful money of the United States of "~merica,at the office
of the Town Treasurer of Harysville,Washington,solely out
of the special fund created by Ordinance Do.,and
known as "Water and Sewer Revenue Bond,1955",into which
fund the Town of ~~rysville hereby irrevocably binds itself
to pay certain fixed smolmts out of the gross revenues of
the ,laterworks utility of the Town,inclu.ding the sewerage
systemlas a part thereof,and including all additions,exten-
sions and betterments thereof at any tLme made or constructed,
without regard to any fixed proportion,n&~ely,an amoD~t
su~ficient to pay the principal of and interest on this
issue of bonds as they respectively become due,and to
accumulate a reserve in the amount of $6,500.00,all at the
times and in the manner set forth in Ordinance ]-)0.
The gross revenues of the waterworks lCtility,including
the sewerage system as a part thereof,and all additions,
extensions and betterrnents thereof at any time made,are
hereby pledged to such payments,and the lDJater and Sewer
Revenue Bonds,1955"constitute a charge ,?r lien upon
such revenues prior arid superior to any other charges
whatever,excluding charges for maintenance and operation,
except t hat.the charge.or lien upon said revenues for
this :lssue of bonds s118.11 be on a parity with the charge
or lien upon such revenues for the outsta~ding l~Jater
Revenue Bonds,1952,Series A",Water Revenue Bonds,
1952,Series B",and ''lfater Revenue Bonds,1952,Series e",
and any'water revenue.bonds or water .and sewer revenue
bonds hereafter issued on a parity with said total issue
of "Water Revenue Bonds,1952"in accordance with the
provisions of Section 19 of Ordinance l~.384.
This bond is one of a total authorized issue of $75,000
of bonds,all of a like date,tenor and effect,except
as to maturities,all payable from the Said "Water and
Sewer Revenue Bond Fund,1955"and all issued by the
Town under and in pursuance of the laws of the State
of Washington and Ordinance No.of the Town of
Marysville,for the purpose of providing funds to pay
the cost and expense of carrying out a system or plan
for Inaking certain additions to and betterments and
extensions of the sewerage system of the Town,which
has become a part of the waterworkS utility of the Town,
and certain additions to ~nci betterments and extensions
of the waterworks utility of the Town.Reference is
made to said ordinaI1ce as more fUlly describing the
covenants with and rights of holders of bonds of this
issue.
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TOWN OF MARYSVILLE ,'l?ASHINGTON
o
The Town reserves the right to pay and retire any Qonds '
of this issue on July 1,1960,or on any semiannual interest
payment date thereafter,at par plus accrued interest,in
inverse numerical order,highest nl@bers first,by giving at
least thirty days notice of such intended redemption by publi-
cation thereof in the official newspaper of the Town,such
notice to be published once not less than thirty nor more than
forty days prior to the call date,and by mailing a copy of
said notice of redemption to Terry Thompson &Co.,Seattle,
Washington,at least thirty days prior to the call date.
Interest on any bonds so called for redemption shall cease
on the date fixed for such redemption.
The Town of Marysville shall establish,maintain and collect
such rates and charges for water and sewerage service as long
as any "Water Revenue Bonds,1952",(Series A,Series B and Series C,)
and "Water and Sewer Revenue Bonds,1955"are outstanding,as "lill
make available for the payment of the principal of and interest
on all such bonds as the same shall accrue,an amo1,Jnt equivalent
to at least 1.4 times the average annual debt service above princi-
pal and interest of said "Vlater Revenue Bonds,1952,"(Ser:i.es A,
Series B, and Series C,)and m,Tater and Sewer Revenue Bonds,1955",
after deducting the cost of maintenance,operation and taxes from
the revenues of the waterworks utility,including the sewerage system
as a part thereof.
The Town of V~rysville hereby binds itself irrevocably not to
mortgage,sell,lease or in any manner encumber or dispose of
the waterworks utility,including the sewerage system as a
part thereof,and inclUding all additions,betterments and
extensions thereof at any time made,until all the bonds of this
issue,with interest thereon,shall have been fully paid,and
the Town hereby covenants and ag~ees to maintain in good condition
and to operate said utility and to establish,maintaDl and collect
such rates as will prdduce gross revenues from said waterworks
utility,including the sewerage system as a part thereof,sufficient ,to
permit payment into said special fund of the amounts required for
the paYThent of the principal of and interest on the bonds of this
issue,as they become due,and in addition thereto to pay all
costs of malrrtonance and operation,taxes,and the amounts
pledged for the payment of the total outstanding issue of
"~,[ater Revenue Bonds,1952 a,and otherwise to meet the obli-
gations of the Town as herein set forth.
It is hereby certified and declared that the bonds of this
issue are issued pursuant to and in strict compliance with
the Constitution and laws of the State of Washington and the
ordinances of the Town of Marysville,and 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 as required by law.
INWITflliSSWf~REOF,the Town of lw,rysville,Washington,
has caused this bond to be signed by its Mayor and attested
by its Town Clerk,and its corporate seal to be hereto
affixed,and the interest coupons attached to be Signed by
the facsimile signatures of said officials this 1st day
of July,1955.
Attest:
Town Clerk
By-'--MiYi5R----
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"
.,
The interest coupons attached to said bonds shall be in.substantially
the following form:
NO'__7-__q}'il'_,_
On (January)(July)1st,19__,THE TO~1N OF 11ARYSVILLE,
WASHINGTON,upon presentation and surrender of this coupon,
will pay to bearer,at the office of the Town Treasurer,the
sum ofU~----j'""'D'""o""l""l-a-r-s-,-l""'n--:l:-a-wr"""u""l-m-on-e-y-o'"'f::-":t"'"h-e-"'U""u""it""e-d':."-:S""t""a'"'"tes
of America,from the special fund of said Town,known as the
"Wiater and Sewer Revenue Bond Fund,1955",said sum being six
months I interest then due on its "~Ie,ter and Sewer Revenue
Bond,1955",dated July 1,1955,and numbered •
TOWN OF MARYSVILLE ,WASHINGTON
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signatures of the Mayor and the Clerk.
of the Town.,as specified above,and of paying the ~osts and expenses connected
HAYORBY_--"TVni~--
Town Clerk
Attest:
~ection 13.The bonds shall be printed on lithographed forms,shall
.0 nurchaaer-,the .4l-u",zA:.tl4..£J/'-'
Section 15.Terry Thompson"Co.,of Seattle,Washington,has sub-
Section 14.The proceeds from the sale of the foregoing bonds shall
be used for the sole purpose of paying the cost of carrying out a system or plan
be signed by the Mayor end attested by the Clerk,shall have the seal of the
therewith;and the Town of r1arysville shall,through its proper officers and
the Town,and additions to and betterments and extensions of the waterworks utility
Town of I1arysville affixed thereto,and the coupons shall bear the facsimile
the necessary legal proceedings,the printed bonds,and the unqualified approving
said bonds,together with accrued interest from the date of issuance to the date
agents,proceed with the making of said improvements as herein set forth.
mitted an offer to purchase said $75,000 par value of "iWater and Sewer Revenue
Bonds,1955"at a price of ~$1&8 per each $100 principal amount of
for making additions to and betterments and extensions of the sewerage system of
~'.~~'~
r
~,~'..,
legal opinion of ·weter,Roberts &Shefelman,mun.l cd.pa.L bond·cOU1l.sel at Sea.ttle,
'Washington,at the expense of said e·-,..rc.ll;,~.A!...The Town COlli1cil is of the
opinion that no better price could be obtained for said bonds and that it is in
the best interests of the Town that said offer be accepted.The said offer of
Terry Thompson &Co ;',is,therefore,hereby acceI!ted and the proper TOVlhoffice:rs
are hereby directed to issue and deliver said bonds to Terry Thampson &Co;in
accordance with said offer upon payment therefor as stated.The Town Treasurer
shall deposit the principal sums received from the sale of·said bonds in the
"Construction Fund" of the 'I'own and the accrued interest received in the "Mater
and Sewer Revenue Bond Fund,1955».
PPESED by the Town COlli1cil at a regular meeting thereof and APPROV~D by
the Mayor this 5th day of July,1955.
Mayor';""Town of Marysville,
Attest:
sville,Washington
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