HomeMy WebLinkAboutO-0433 - Adopting plan to extend waterworks (Special)_,.c~..
water and sewer revenue bonds in the event that the Town should thereafter
to 'and betterments and extensions of the waterworks utility of the Town,and
133ORDINANCENO.
be met and complied with at the time of the issuance of such additional bonds&
/;'(a)That all payments required by this ordinance and any
ordinance hereinafter enacted pertaining to the bonds of this
issue shall have been made into the '''Water Revenue Bond Fund,
1952,'f ;and '
Marysville reserved the right to issue additional water revenue bonds or
become a part of the waterworks utility,which bonds shall constitute a charge
TOWN OF MARYSVILLE,WASHINGTON
authorized the issuance and sale of not to exceed $280,000.00 par value of
provide by ordinance for the construction of a system of sewerage or additions,
AN ORDINANCE specifying and adopting a sys~em or plan
of additions to and betterments and extensions of the
waterworks utility of the Town of Marysville,including
the sewerage system as a part th~reof;declaring the
estimated cost of said system oX0 plan,as near as may
be;providing for the issuance and sale of $175,000.00
par value of "Water and Sewer Revenue Bonds,1957,"to
obtain the funds with which 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,matur-
ities,interest rates,terms and covenants of said bonds;
ratifying the acceptance of the offer of Terry Thompson &Co.
to purchase said bonds,and authorizing the delivery and
sale of said bonds to said purchaser;and ratifying the
action of the Town officials in heretofore calling for con-
struction bids for the improvement authorized herein.
WHEREAS,lliy Section 19 of said Ordinance No. 384,the Town of
sy.tem if the same is made a part of the waterworks utility,on a parity with
the said "Water Revenue Bonds,1952,"provided the following conditions.shall
and lien upon the revenues of the waterworks utility,including the sewerage
J
WHEREAS,the Town of Marysville,by Ordinance No. 384,passed the
14th day of July,1952,specified and adopted a system or plan of additions
extensions and betterments to an existing system and provide that the system
heretofore been issued as "Series A,"$100,000.00 par value thereof as "Series
B,"and $46,0000)0 par value thereof as "Series C;"and
of sewerage,including all additions,extensions and betterments thereto,shall
"Water Revenue Bonds,1952,"of which $134,000.00 par value thereof have
September 2,1952,provided that the sewerage system of the Town,wi.th all
additions and improvements thereto,was combined with ahd should thereafter
be considered as a part of and belonging to the waterworks utility of the
Town,the Town Counil 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 betterments to the said sewerage system but pro-
vided that such construction would be undertaken at a future date;and
WHEREAS,The Town of Marysville,by Ordinance No. 414,passed
JUly 5,1955,specified and adopted 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 Marysville,!lnd provided that the'Elxisting system of sewerage,
including all additions,extensions and betterments thereto,shall become a
part of the waterworks utility of the Town and authorized the issuance and
sale of $75,000.00 par value of "Water and Sewer Revenue Bonds,1955,"on a
parity of lien with all of said outstanding "Water Revenue Bonds,1952,"which
"Water and Sewer Revenue Bonds,1955,"were issued under date of July 1,1955;
and
WHEREAS,the Town Council hereby finds and declares that all payments
required by said Ordinances Nos. 384 and 414 and all ordinances thereafter
enacted pertaining to said "Water Revenue Bonds,1952,"and said "Water and
Sewer Revenue Bonds, 1955,'" have been made into the "Water, Revenue Bond Fund,
1952,"and the "Water and Sewer Revenue Bond Fund,1955,"respectively,and
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that Paul H.Isaac,of Hammond,Collier &Isaac,Consulting Engineers,a
professional engineer experienced in municipal utilities,~nd 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;NOW;THEREFORE,
BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF MARYSVILLE,
WASHINGTON,as follows:
Section 1.The waterworks utility of the Town of Marysville,
inclUding the sewerage system as a part thereof,is in such condition that
the public interest,health,welfare and convenience of the Town require,
and it is advisable,that the additions to and betterments and extensions
of the waterworks utility of the Town,including the sewerage system as a
part thereof,hereinafter provided for be made.
Section 2.The gross revenues and benefits to be derived from the
operation 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 sufficient to meet all expenses of operation and mainten-
ance thereof and to permit the setting aside of a special fund out of the
gross revenues of the entire utility of an amount sufficient to pay the in-
terest 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 "Water Revenue Bonds,
1952,Series A,""Water Revenue Bonds,1952,Series B,"and "Water Revenue·
Bonds,1952,Series C,"and "Water and Sewer Revenue Bonds,1955."
Section 3.The Town of Marysville hereby specifies and adopts a
system or plan of additions to and betterments and extensions of the water-
works utility of the Town to consist of the following:
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(1)There shall be constructed and installed at the
Sunnyside wellsite a pump house,a deep well turbine pump,
and a 200,000 g~llon steel standpipe.
(2)The following watermains and laterals shall be
constructed and installed:
10"pipe on the wellsite from the pump to the standpipe.
14"pipe in an easement from the standpipe to the Ketchum Road.
14"pipe in an easement along the Ketchum Road from West Line
of"Plat of Near Town ,Acre Tracts"to 660 feet east.
10"pipe in an easement along the Ketchum R()ad from the west
line of "Plat of Ns'sr Town ,Acre Tracts",to the Arlington
Road.
10"pipe in an easement along the Arlington Road from,the
Ketchum Road to 1/4 mile north.
8"pipe in an easement from the Arlington Road to the Sunny-
side'Road.
8"pipe in the Sunnyside Road from previous easement to City
Limits of Marysville.
There shall be included in the foregoing the acquisition of all
necessarY,valves,fittings,meters,hydrants,couplings,connections,equip-
ment,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 per-
manent 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 substantially alter the purposes hereinbefore set forth.
Section 4.The life of the foregoing system or plan of additions
to and bet;terments and extensions of the waterworks utility,including the
at <J:east
sewerage system as a part thereof,is hereby declared to be/twenty-six years.
Section 5.The estimated cost,as near as may be,of the aforesaid
system or plan is declared to be $175,000.00.The cost of acquiring,construct-
ing and completing the foregoing additions to and betterments and extensions of
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the waterworks utility of the Town,including the sewerage system as a part
thereof,shall be paid from the proceeds received from the issuance and sale
of water and sewer revenue bonds in the amount of $175,000.00 par value,
hereby authorized to be issued and sold.The bonds shall be entitled "Water
and Sewer Revenue Bonds,1957;"shall be dated July 1,1957;shall bear
interest at the rates hereinafter set forth,payable semiannually 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 or rates,after the bond maturity date,
until said bonds with interest are paid in full;shall be in denominations
of $1,000.00 each;and shall be numbered from 1 to 175,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 Marysville,Washirgton.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
and shall beaririterest
Marysville.The bonds shall mature serially,annually;;in accordance with the
following schedule:
Bond Numbers Amounts Interest Rates Maturi ties
I~~1 to 2 $2,000 41/2%July 1,19597'..3 to 5,inclusive $3,000 41/2%JUly 1,1960
6to 8,"$3,000 ·4 1/2%July 1,1961
9 to 11,"$3,000 4 1/2%.July 1,1962
12 to 14,."$3,000 411/2%JUly 1,1963
15 to 17,..$3,000 4 1/2%JUly 1,1964
18 to 20,..$3,000 41/2%JUly 1,1965
21 to 24,"$4,000 41/2%July 1,1966
25 to 28,"$4,000 41/2%July 1,1967
29 to 32,"$4,000 4 1/2%July 1,1968
33 to 36,"$4,000 4 1/2%JUly 1,1969
37 to 40,".$4,000 4 1/2%July 1,1970
41 to 44,"$4,000 41/2%JUly 1,1971
45 to 49,It $5,000 41/2%JUly 1,1972
50 to 54,"$5,000 4 1/2%·July 1,1973
55 to 59,It $5,000 4 1/2%JUly 1,1974
60 to 64,It $5,000 4 1/2%July 1,1975
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Bond Numbers (Cont.)i'lmounts Interest Rates Maturities
65 to 70,inclusive $6,000 43/4%JUly 1,1976
71 to 76,..$6,000 4 3/4%,July 1,1977
77 to 84,..$8,000 43/4%July 1,1978
85 to 96,..$12,000 43/4%July 1,1979
97 to 109,"$13,000 43/4%JUly 1,1980
HO to 123,..$14,000 4 3/4%July 1,1981
124 to 149,"$26,000 43/4%July 1,1982
150 to 175,..$26,000 4 3/4%July 1,1983
Section 6.The Town of Marysville reserves the right to redeem any
or all of the outstanding bonds of said issue out of revenues from the water-
works utility of the Town,including the sewerage system as a part thereof,
at par,plus accrued interest,on July 1,1962,or on any semiannual interest
payment date thereafter,in inverse numerical order,highest numbers first,
and reserves the right to redeem the bonds as a whole for refunding purposes
at the following redemption prices if called at the following times,plus
accrued interest to date of redemption in each case,to-wit:
On July 1,1962,at $105.00 per each $100 par value thereof
On January 1,1963,at $104.50 per each $100 par value thereof
On July 1,1963,at $104.00 per each $100 par value thereof
On January 1,1964,at $103.50 per each $100 par value thereof
On July 1,1964,at $103.00 per each $100 par value thereof
On January 1,1965,at $102.50 per each $100 par value thereof
On July 1,1965,at $102.00 per each $100 par value thereof
On January 1,1966,at $101.50 per each $100 par value thereof
On July 1,1966,at $101.00 per each $100 par value thereof
On January 1,1967,at $100.50 per each $100 par value thereof
On July 1,1967,alildpthereafter 'a;\:par.
Notice of any call for redemption of said bmds prior to 'their
stated maturity dates shall be published once in the official newspaper of
the Town,not less than thirty nor more than forty-five days prior to the
date of redemption.Notice of such call for redemption shall also be mailed
to Terry Thompson &Co.,901 Northern Life Tower,Seattle,Washington,or its
successors,within the same period.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 known as "Water and Sewer Revenue Bond
Fund,1957,"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.
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Such fund is hereby divided into a "Principal and Interest Account"and a
"Reserve Account,"and so long thereafter as bonds are outstanding against
such fund,the Treasurer of the Town of Marysville 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,exten-
sions 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 1,1957,1/6 of the next ensuing six
months'requirements of interest,and beginning on August 1,
1958,1/12 of the next ensuing twelve months'requirements or
bpth principal and interest;and
(b)Into the "Reserve Account,"monthly,beginning on
,August 1,1957,at least the sum of $100.00 until a total sum
of $6,000~00 shall have been accumulated therein,which total
reserve shall be accumulated by no later than July 1,1962.
The "Reserve Account"may be accumulated from any other moneys which
the Town of Marysville may have available for such purpose,in addition to
using said revenues therefor.The "Reserve Account"shall,except for with-
drawals therefrom as authorized herein,after the said sum of at least $6,000.00
has been accumulated therein,be maintained in such amount at all times sollong
as any of said bonds are outstanding,PROVIDED,HOWEVER,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 "Principal and
Interest;Account"in such special fund to meet maturing installments of
either principal 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.!Any deficiency created in the "Reserve'Account,"by reason of any
such withdrawal,shall then be made up from the moneys from the revenues of
the waterwork's utility,inclUding the sewerage system as a part thereof,first
available after making necessary provisions for the required payment into the
"Principal and Interest Account o "The moneys in the "Reserve Account"shall
otherwise be held intact,and may be applied against the last outstanding bonds
of the issue authorized herein.
.,.7-
All moneys in the "Reserve ,Account,," above provided for,maybe
kept on deposit in the official bank depositorY,of the Town of Marysville
or in any national bank or may be invested in United States Government obliga~
tions maturing not later than twelve years from date of issue and in no event
later than June 1,1983.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 $6,000.00 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
~ein authorized to be issued and sold shall'constitute a charge or lien upon
such revenues prior and superior to any other charges ~hatever,excluding
charges for maintenance and operation,except that the charge or lien upon said,
revenues for this issue of bonds shall be en a parity with the charge or lien
upon said revenues for the outstanding "Water Revenue Bonds,1952,'Series 4,"
"Water Revenue Bonds,1952,Series B,""Water Revenue Bonds, 1952,Series C,"
and "Water and Sewer R~venue Bonds,1955,"and any water and sewer revenue
bonds hereafter issued on a parity with said total issue of "Water Revenue
Bonds,1952,"said "Water and Sewer Revenue Bonds,1955,"and the'bonds of
this issue,in accordance with the provisions of Section 19 of Ordinance No.384.
Section 8.The Town Council and corporate authorities 6f 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 e~ercisedidue regard to
the cost of operat}on and maintenance of the waterworks utility,"including the
sewerage system as a part thereof,and the Town of Marysville'has not bound and
obligated itself to set aside and pay into said special fund a'greater amount or
proportion of the revenues of the utility than in the judgment of the Town
Council will be available over and above such cost of maintenance and operation
and the
Revenue
amounts pledged for payment of the total issue of ou ts t anddnq'"Water
and said "Water and Sewer Revenue Bbnds,19;>5 ",
Bonds,1952,"/and that no portion'of the revenues'of saiduhlity has
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been previously pledged for any other indebtedness,except for the total issue
of outstanding "Water Revenue Bonds,1952,"and the !'Water and Sewer Revenue
Bonds,1955,"heretofore referred to.
Section 9.The Town of Marysville shall establish,maintain and
collect such rates and charges for water and sewerage service as long as any
"Water Revenue Bpnds, 1952"(Series A,Series B and Series C,),"Water and
Sewer Revenue Bonds,1955,"and "Water and Sewer Revenue Bonds,1957,"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,aboth principal and interest,
of sa.id"W.ater Revenue Bonds,1952,"(Series A,Series B, and Series .C,),
"Water and. Sewer Revenue Bonds,1955,"and "Water andSewerRevenue Bonds,1957,"
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 Marysville hereby binds itself irrevocably
not to mortgage,sell,lease or in any manner encumber or dispose of the water-
works 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 herein authorized and hereafter issued,with interest thereon,shall
have been fully 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 sewerage system as a part thereof,sufficient to permit payment
into said special fund of the amounts required for·the payment of the principal
pf and interest on the bonds herein authorized,as they become due,and in addi-
tion thereto to pay all costs of maintenance and operation,taxes,and the amounts
pledged for the payment of the total outstanding issue of "Water Revenue Bonds,
1952,"and "Water and Sewer Revenue Bonds,1955,"and otherwise to meet .the
obligations of the Town as herein set forth.
Section 11 •.The Town of Marysville will,while any of the bonds
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';'
herein authorized remain outstanding,keep proper books of accounts and records
(separate and apart from other accounts and records)in which complete and
correct entries will be made of all transactions relating to the waterworks
utility,including the sell/erage system asa part thereof,and it will furnish
theoriginal 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,accounts and data of the Town relating
thereto.
Section 12.Said "Water and Sewer Revenue Bonds,1957,"shall be
in substantially the following form:
No., _
UNITED STATES OF AMERICA
STATE OF WASHINGTON
TOWN OF MARYSVILLE
WATER AND SEeVER REVENUE BOND,1957
.i.:»
KNOW ALL MEN BY THESE PRESENTS:that the Town of
Marysville,State of Washington,for value received
hereby promises to pay to bearer on the 1st day of
JULY,19 ,the principal sum of
ONE THOUSAND OOLLA RS
$1,000.00
together with interest thereon at the rate of _-:~_
______(%1 per annum,payable semiannually on
the 1st days of January and July of each year upon pre-
sentation 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 Town to, pay interest
at the same rate from and after the bond matu,itydate until
this bond with interest is paid in full.Bothpr~ncipal and
interest are payable in lawful money of ,the United states of
America,at the office of the Town Treasurer of Marysville,
Washington,sdely out of the special fund created by Ordin-
anqe No. , and known as "Water and Sewer Revenue Bond
Fund,1957,"into which fund the Town of Marysville hereby
irrevocably binds itself to pay certain fixed amounts out
of the gross revenues of the waterworks utility of the Town,
including the sewerage system as a part thereof,and includ-
ing all additions,betterments and extensions thereof at any
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,-,.
time made or constructed,without regard to any fixed
proportion,namely,aB amount sufficient 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 $6,EJOO.eo,all at the times and in the manre r
set forth in Ordinance No. •
The gross revenues of said waterworks utility,includ-
ing the sewerage system as a part thereof,are hereby
pledged to such payments,and the bonds of this issue
shall constitute a charge or lien upon such revenues prior
and superior to'any other charges whatever,excluding
charges for maintenance and operation,except that the
charge or lien upon said revenues for the bonds of this
issue shall be on.a parity with the charge or lien upon
said revenues for the outstanding "Water Revenue Bonds,
1952,Series fA,""Water Revenue Bonds,1952,Series B,"
"Water Revenue Bonds,1952,Series C,"and "Water and
Sewer Revenue Bonds,1955,"and any water and sewer revenue
bonds hereafter issued on a parity with said.total issue of
"Water Revenue Bonds,1952,"said "Water and ii$~ewer Revenue
Bonds,1955,"and the bonds of this issue,in accordance
with the provisions of Section 19 of Ordinance No.384.
This bond is one of a total authorized issue of $175,000
of bonds,all of like date,tenor and effect,except as to
maturities and interest rates,all payable from the "Water
··'4~.d Sewer Revenue Bond Fund,1957,"and all issued by the
Town under and in pursuante of the laws of the State of
Washingtsn/and Ordinance No.of the Town of Marysville,
for thepllrpose of providing funds to pay the cost and expense
of carryIng out a system or plan for making certain additions
to and betterments and extensions of the waterworks utility
of the Town,including the sewerage system as a part thereof.
Reference is made to said Ordinance as more fUlly describing
·U.S COVdi2ihlile covenants with and rights of holders of bonds of this
issue~
The Town of Marysville reserves the right to redeem any
or all of the outstanding bonds of this issue out of revenues
from the waterworks utility of the Town,including the sewer-
age system as a part thereof,at par,plus accrued interest,
on July 1,1962,or on any semiannual interest payment date
thereafter,in inverse numerical order,highest numbers first,
and reserves the right to redeem the bonds as a whole for
refunding purposes at the following redemption prices if called
at the following times,plus accrued interest to date of re-
demption in each case,to-wit:
On July 1,1962,at $105.00 per each $100 par value thereof
On January 1,1963,at $104.50 per each $100 par value thereof
On July 1,1963,at $104.00 per each $100 par value thereof
On January 1,1964,at $103.50 per each $100 par value thereof
On July 1,1964,at $103.00 per each $100 par value thereof
On January 1,1965,at $102.50 per each $100 par value thereof
On july 1,1965,at $102.00 per each $100 par value thereof
On January 1,1966,at $101.50 per each $100 par'value thereof
On July 1,1966,at $101.00 per each $100 par value thereof
On January 1,1967,at $100.50 per each $100 par value thereof
On july 1,1967,aridpthQreafter at par.
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Notice of any call for redemption of saicj bonds prior
to their stated maturity dates shall be published once in
the official newspaper of the Town,not less than thirty nor
more than forty-five days prior to the date of redemption.
Notice of such call for redemption shall,also be mailed to
Terry Thompson &Co.,901 Northern Life Tower,Seattle,
Washin~ton,or its successors,within the same period.
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 sewerageser-
vice as long as any "Water Revenue Bonds, 1952"(Series A,
Series B, and Series C),"Water and Sewer Revenue Bonds,
1955,"and "Water and Sewer Revenue Bonds,1957,"are out-
standing,as will make available for the payment of the
principal of and interet on all such bonds as the same
shall accrue,and 'amount equivalent to at least 1.4 times
the average annual debt service,both principal and interest,
of said "Water Revenue Bonds,1952,"(Series A,Series B,
and Series C),"Water and Sewer Revenue Bonds,1955,"and
"Water and Sewer Revenue Bonds,1957,"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 Marysville 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,better-
ments and extensions thereof at any time made,until all
the bondsoo f this issue,with interest thereon,shall have
been full¥'jmid,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
~ross revenues from said waterworks utility,including the
sewerage system as a part thereof,sufficient to permit pay-
ment into said special fund of the amounts required for the
payment 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 maintenance and operation,taxes,and the amounts
pledged for the payment of the total outstanding issue of
"Water Revenue Bonds,1952,"and "Water and Sewer Revenue Bonds,
1955,"and otherwise to meet the obligations of theTown'as
set forth in Ordinance No.•
It is hereby certified and declared that the bonds of
this issue are issued pursuant to and in strict compliance
with the Constitution andlaws 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 per-'
formed as required by law.
IN WITNESS WHEREOF,the Town of Marysville,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,1957.
TOWN OF MARYSVILLE,WASHINGTON
M;~YOR
BY__--;";-;:"-;-;-~:::----...,------7l.TTEST:
TOW N C L E R K
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The interest coupons attached to said bonds shall be in subs tan-
tially the following .Fornu
No 0,_$---
On (January)(July)1st,19__,THE TOWN OF MARYSVILLE,
WASHINGTON,upon presentation and surrender of this coupon,
will pay to bearer,at the office of the Town Treasurer,
the sum of -"....."-...,..,.-_...,.....,._..,,..-,.-...,..-:-""'"""""""':-:--:--:-:---:-
($)Dollars in lawful money of the United States
of America,from the special fund of the Town,known as
the "Water and Sewer Revenue Bond Fund,1957,"said sum
being six months t interest then due on its "Water and Sewer
Revenue Bond,1957,"dated July 1,1957,and numbered •
TOWN OF MARYSVILLE,WASHINGTON
MAY a R
BY#'"--liiAYOR--'-~
ATTEST:
TOW N 'C L E R K
Section 13.The bonds shall be printed on lithographed forms,
shall be signed by the Mayor and attested by the Clerk,shall have the seal
of the Town of Marysville affixed thereto,and the coupons shall bear the
facsimile signatures of the Mayor and the Clerk.
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 the
system or plan for making additions to and betterments and extensions of the
waterworks utility of the'Town,including the sewerage system as a part thereof,
herein authorized,and of paying the costs and expenses connected therewith;and
the Town of Marysville shall,through its proper officers and agents,proceed
with the making of said improvements as herein set forth.
Section 15.Terry Thompson &Co.,of Seattle,Washington,hereto-
fore submitted an offer to purchase said $175,000.00 par value of "Water and
Sewer Revenue Bonds,1957,"at a price of $98.00 rer each $100.00 principal
,amount of said bonds,together with accrued interest from the date of issuance
to the date of delivery of the bonds to said purchaser;the purchaser to fur-
nish the necessary legal proceedings,the printed bonds,and the unqualified
approving legal opinion of Weter,Roberts &She felman,municipal bond counsel
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,,-~-"'~".-<!~
of Seattle,Washington,at the expense of said purchaser.The Town Council,
being of the opinion that no better price could be obtained for said bonds
and that it was in the best interests of the Town that said offer be accepted,
duly accepted the same on June 10,1957,and said acceptance is hereby rati-
fied and confirmed.The proper Town officers are,therefore,hereby directed
to issue and deliver said bonds to Terry Thompson &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 "Water and Sewer
Construction Fund"of the Town and the accrued interest received in the "Water
and Sewer Revenue Bond Fund,1957."
Section 16.The action of the Town officials in heretofore calling
for construction bids for the construction of the improvement authorized
herein is hereby ratified and confirmed.
PASSED by the Town Council at a regular meeting thereof and .APPROVED
:;:("tre
by the Mayor this 17th day of ~,1957.
ATTEST:",
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TOWN CLERKr
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