HomeMy WebLinkAboutO-0455 - Water and sewer bond issue (Special)262
ORDINANCE NO.455
AN ORDINANCE providing for the issuance
of $200,000.00 par value of "Water and Sewer
Revenue Bonds,1959,"for the purppse of
obtaining the funds required to pay a por-
tionof the cost of acquiring,constructing
and making certain additions to and better-
ments and extensions of the waterworks
utility of the Town,including the seweJfage
system as a part thereof,as adopted in
Ordinance No.453;fixing the date,form,
maturities,interest r a t.e s ,covenants and
terms of said bonds;and providing for the
sale and delivery thereof to Terry Thompson
&Co.,Seattle,Washington;
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 to and betterments and extensions of the
waterworks utility of the Town,and authorizes the issuance and
sale of not to exceed $280,000.00 par value of "Iva ter Revenue
Bonds,1952,"of which $134,000.00 par value thereof have hereto-
fore bjen issued as "Series A,"$IOO~OOO.OO par value thereof as
"Series B,"and $46,000.00 par value thereof as "Series C;"and
WHEREAS,by Section 19 of said Ordinance No.384,the
Town of Marysville reserved the right to issue additional water
revenue bonds or water and sewer revenue bonds in the event that
the Town should thereagter provide by ordinance for the con-
struction of a system of sewerage or additiort~,.extensions and.
betterments to an existing system and provid~i·that the system of
sewerage,including all additions,extensibns and betterments
thereto,shall become a part of the waterworks utilwty,which bonds
shall constitute a charge and lien upon the revenues of the water-
works utility,including the sewerage system if the same is made a
part of the waterworks utility,.on a parity with the said "Water
Revenue Bonds,1952,"p r-ov Ld ad 'the following conditions shall be
met and complied with at the time of the issuance of-such addi-
tional bonds:
"(a)That all payments required by this
ordinance and any ordinance hereinafter enacted
pertaining to the bonds of thi s issue shall have
been made into the "\v<l.ter Revunue Bond Fund,
1952",and
"(b)That the revenues of the waterworks
utility,including the sewerage system in the
event that the same is combined with and becomes
a part of the waterworks utility,~ogether with
the anticipated revenues to be received from the
improvement to be undertaken in connection 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 an«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 accept-
able to Terry Thompson;and
WHEREAS,the Town of Marysville,by Ordinance No.385,
passed September 2,1952,provided that the sewerage system of
the Town,with all additions and improvements thereto,was com-
bined 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 sewerage system of the To\m of Marysville,
and that such danger may be abated by the construction,mainten-
ance and operation of additions,ex~ensions or bettern'ents to
the said sewerage system but provided that such construction
would be undertaken at a future date;and
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Ordinance No.455 continued
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 a'dd Lt Lo ns to and better-
ments and e x t ens Lorrs of the waterworks utLlit3'of the Town of
Marysville,.'and provided that the existing,sewerage system.
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 "'vater Revenue Bonds,1952."which "Water
and Sewer Revenue Bonds,1955,"were issued.under date od July I,
1955:and
WHEREAS,the Town of Marysville"by Ordinance No.,433,
passed Jun\'!17,1957,specified and adopted,a system or plan.of
additions to and betterments and extensions,of the waterworks
utility of,the Town,including the sewerage.system as a part.
thereof,'and authorized the issuance and sale of $175,OOO.00.par
value of'"Water and Sewer Revenue Bonds.1957,"on a parity of
lien with all of said outstanding "Water Revenue Bonds,1952.,"
and "Water,and Sewer Revenue Bonds,1955,"which "Ivater and Sewer
Revenue Bonds,1957,"were issued under date of JUly I,1957,;and
WHEREAS.the Town of Marysville,by ordinance No.453,
passed May,18,1959,specified and adopted,a system or plan of
additionssto and betterments and extensions of the waterworks
utility,including the sewerage system as a part thereof,and
authorized.the iSsuance and sale of not to.exceed $2000,000 ..00 par
value of "Water and Sewer Revenue Bonds;1959,"to obtain the
funds required to pay a portion of the cost of carrying out said
system or plan:and
~~EREAS,the Town Council hereby finds and declares
that all payments requ9red by said Ordinances Nos.384,414,and
433 pertaining to said "Water Revenue Bonds,1952"(Series A,B,
and C)•said "Water and s ewe r-Revenue Bonds.1955,"and'said
"Water and Sewer Revenue Bonds,1957,"have been made into the
"Water Revenue Bond Fund,1952,"the "Water and Sewer Revenue
Bond Fund,1955,"and the "Iva ter and Sewer R::lvenue Bond ~und,
1957."respectively,and that Paul H.Isaac.of Hammond,Collier
&Isaac,consulting engineers,a proffessional engineer exper-
ienced 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,NOW,THEREFORE,
BE IT ORDAINED BY THE TOWN COUNCIL. OF THE TOWN OF
MARYSVILLE.WASHINGTON.AS FOLLOWS:
Section r.For the purpose of obtaining the funds
required to pay a portion of the cost of carrying out the system
or plan of additions to and betterments and extensions of the
waterlVorks utility of the Town of Marysville,including the sewer-
age system as a part·thereof (the combined water system and
sanitary sewage collection and disposal system of the Town,•
including all additions thereto and betterments and extensions
thereof at any time.made,being hereafter referred to as the
"waterworks utility"l.as specified and adopted in Ordinance No.
453.there shall be issued and sold fWatec and Sewer Revenue
Bonds"1959,"of the Town of Marysville (hereinafte,called the
"Bonds'!),in the principal amount of $200,000.00.The Bonds
shall be in denominations of $1,000.00 each;shall be numbered
from to 200'-inclusive;shall be dated July 1.1959:and shall
b\'!ar interest at the rates hereinafter set forth,payable semi-
annua~lY'on January 1st and July 1st of each year,interest ~o
maturity to be evidenced by coupons to be attached to the Bonds,
w&th full obligation on the part of the Town to pay interest at
the same rate or rates from and after the bond maturity dates
until the Bonds,with interest,are paid in full.Both princi-
pal of and interest on the Bonds shall be payable solelY out of
the special fund created.by Ordinance No.453 and known as the
"Water and Sewer Revenue Bond Fund,1959"(hereinafter called the
"Bond Fund"l.and the Bonds shall be a valid claim of the holder
thereof only as against the Bond Fund and the fixed amount of the
revenues of the waterworks utility pledged to such fund,and shall
263,
264 Ordinance No.4.55 Continuea
not be a general obligation of tile Town of Marysville.The Bonds
shall'matu~e and shall bear'interest in accordance with the follow-
ing schedule,to wit:
Bond Numbers l'\iIi<'iunts.Intere'!lt Rates Matur;,ties
1 and 2 $2,000 4-~~b July 1 ,1962
3 and 4 $2,000 4~%July 1.1963
5 and 6 $2,000 4 1 0"JUly 1 ,1964-2"70
7 to 9,inclusive $3,000 4fi%July 1 ,1965
10 to12,inclusive $3,000,41.0:'July.I,196621°
13 to15,inclusive $3,000 41.0:1 July 1 ,1967,210
16 tolS,II $3,000 41.0:1 July 1,196821"
19 t()21 ,
II $3,000 "4~%July 1;1969
22.to 24,II $3,0'00 '"1 ,1970;4,,%July
25 to 2S,II $4,000 4t%July 1,1971
29 t()32"II $4,0 00 4~-%,July 1 ,1972
33 to 36,II $4,000 '+Qd ;July 1 ,1973;$/0
37 to 40,II $4,000 4 z •July 1 ,1974410
41 to 45,II $5,000 4i?%July 1 ,1975
46 to 50,II $5,000 4~July 1 ,19764/°
51 to 55,II $5,000,4 M July 1 ,1977 ,U~4/°
55 to 60"II $5,000 4"""July 1 ,1978~lo
61 to 66,II $6,000 4tf6,July 1 ,1979
67 to 72:-II $6,000 5~b July 1,1980
73 to 78,II $6,000 5%July 1 ,1981
79 to,85,II $7,00 0 5%,.Ju Ly 1 't 1982
86 to 11 0,II $25,000 5%July 1,.1983
111 to140,II.J ,,>;.6""_$JQ..,goQJSO 0 0 5%July I,~
141 to 1 70 ,II $30,000 5%JUly 1,;1985
171 t0200""$30,000 5%July 1 ,1986
\Section 2.The·Town of Marysville reserves the right to'
redeem,solely for refunding purposes,the outstanding;Bonds ,as a
whole,at par,plus accrued interest,on July I,1969,or on any
semiannusl interest payment date thereafter.
,The 'I'own of Marysville reserves the right to redeem,
solely from surplus reveniJes of the waterworks utility of the Town,
the outstanding Bon9-s,as,a whole or in part,in inverse numer~cal
order,highest numbers first,on,July I,1964,or on any semi-
annual interest payment date thereafter,at ;the f o Ll owdng.percebt-
ages of par if redeemed at the following times,plus accrued
interest to date of redemption in each case,to w~tl
On July 1 ,1964',or January 1 ,1965,at 10 5%
On July 1,1965.or January 1 ,1966,at 104%
On July 1 ,1966,or January 1 •1967"at 103~b
On July 1"1967,or ,January 1 "1968,at 102%
On July 1 ,1968,or .Ian ua.r-y 1 ,1969,at 101%
On July 1,1969,at1d..Ythereaft<~r,at par.
Notice of any call for redemption of the.Bonds prior to
their stated maturity dates shall be published once in the offi_
cial newspaper of the Town not less than 30 nor more than Lf5 days
prior to the date of redl3mption.Notice of SUlch call for redemp-
tion shall also be mailed to Terry Thompson &Co.,901 Northern
Life TO\"er,Seattle I,\iashington,or its successors,within the
same period.Interest on any Bonas so called for reaemption
shall cease on the date fixed for such redemption.
Section 3.The Bond Fund,created and established by
Ordinance No.453,is hereby divided into two accounts.namely"
a "Principal and Interest Account"and a "Reserve Account."So
long as any Bonds are outstanding,against the Bond Fund,the Town
Treasurer of the Town of Ma~y.ville shall set aside and paY into
the Bond Fund "after,the payment of the expenses of maintenance
and opera b i-o n of the waterworks utility,out of the gross reven-
ues of,said uti Ii ty'a fixed amount,wi thout regard to any fixed
proportion,as follows:
(a)Into the "Principal and,Interest ACCOUnt ,"
monthly,beginning on August I,1959,one-sixth of
the next ensuing six months'interest,requiTements,
and beginning on August 1,,1961 ,one-twelfth of the
next ensuing twel ve months I requirements for both,
principal and interest fun the Bonds;and
(bl Into ~he "Reserve Account,"mohthly,begin-
ning on August I,1959"the sum of at least $100.00
until a total reserve of $6,000,00 shall have been
a~cumulated th~rein,which total reservetamount
'shallbe.acc~mulatedbyno later than July 1,'1964.
Th.,.".Rese.rve Accoun't,".may 'beaCcurriula tGci "fe om any.other
mon.,ys"Ivhichthe.Town of Harysville l\Iayhave a v aL'La.b Le for such
p ur'pp se,twaddition to,using said revenues therefore .•.The'
",Re'jerv.,Acc o un.t " .s ha Lf,,except for \Vi b hdrawa Ls therefrom as
i,'utiior:i."edherein,.after the said sum of at least s6 ,OOQ.00 'has):>~!en a c c umu La ted therein,be maintained in.such am~unt at allti~I~S S,olong as any of,tl1e Bonds are outstanding,PROVIDED,1101,-
EVER"that wh.,nthe ..total amount in the Bond F'urrd 's h'a 1 1 equal the
totar"a'rnount of the principal and interest ohaIl outstanding Bonds
to the last maturity thereof,no furtherpaym.,nts need be made into
the Bond .fun(,l:.,."...'.
10 the event that there sgailbe a defi(';'i.,ncy inth.,.
"Prj,nc;ipaL,Rn(,l Interest Account"in the Bond Fund to nie e t maturing
insta~lments'of either principal or interest as the case may be,
such deficiency shall be made up from the "Reserve Account"by the
withdrawa:l of·cash therefrom 'for that purpose."nydeficiency
c~.~tied~'~~i thecJIR~s~rve,AccountillbY·rea~on·6f,.a?~'~udh withdrawa1,
shall .t.he n ..bernade up from the moneys from the re"enuesof the .
wat.,rworksutility first available after 'makirig necessary provisions
for,tne:.r-e.qua r ed vpayme n t into .the "Principal and Interest Account,"
The 'moneys in the "Re s e r-ve 'Account"s ha L'l vo t he r-w Ls e be held intact,
and rnay .be...applied against the last outstanding Bonds.
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Ordin~nce No.455(Codtinuedl '265
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All moneys in the ·il~~~~~~Aecoun t,"above proV'ided f'or,
may be kept on deposit in 'thf.!I;~iW£f~~~%\~~~i'tdep~llit?,rYof'the,To_
of'Marysville or in an.r!lfl:t1()!l~~~I¥4~!;I~1J-.aY<b8!'4cIW'll~tedin Unrud
States Government obl.,*,.~)2onsQ'tu~~,,'not(Cla:ferM:h.nsOne'''l1Oilth
pri()r to the f'inalmaturitrdate of the last outst~nding Bonds.
Interest on any such invest~entcoron suoh b~n~account shall be
deposited'in.and b~come.apart~f tHe .,"Reserve/Account"until
there sballbe a total reserve of'$6,ooo.oO thereln,as af'oresaid,
af'ter which such interest shall'be deposited in the "Principal and
In~est Account.·.
",The gross revenues of'said waterworks utility are
hel'ebyple4ge4 to such payments;'anltlt:p,.;Bondll shall'¢onstUlltec,a
charge or l)2en upon such revenue!'Prlor,::ap4,superior to anYiQther
chlilrfte!'.lifb.",t!,gever,excluding ci:l!lnI!l~'i.fO,t'()Qlaintenanceand gP~Jlll.'t,,~,0
ti9n'~e~cept,tha t tne charge or (1;lerklUHIlH ~aid revenues fox::tb.e"".,±
Bond!'';,$nal;t:be,on a pari ty ,with the pharge or lien upon s.aid
revenues f'or the Qutstanding "Water Revenue 'Borid s ;1952 11 (Series
A,Series B,and Series C),,"Water and Sewer Revenue BondS ,
1955,""Water and Sewer Revenue Bonds,195?,"and any ltaterand
sewer revenue b()nds hereaf'ter'is!luedon apflritywithsaid,1;;ota1
issue of "Water Revenue Bonds,l?5l!,".sll,1I:k"Water and Sewer,.,:"
Revenue,Bonds e .1955 ,"saidWater,.liln~t.§ewel';,,Revenue Bonds,1?5?,"
and the Bonds ••in accordance with the provisions of'Section 19
of Ordinance ;1Il'0.J84.,
,
,If'the TQ1(nshall fai1to se:t;aside and pay into the
Bond Fund:the amountll.which it has obligated itself'by this
Section to set aside'andpaytherein,theholder of'any Bond may
bring stiitagains1;;the Town,to compel it to do so.
Sectio.n,4,The Town 'of'Marysville sha1l'establish,
main ta,in a.nd coUec tsuchra.tesiandchargesrorwatera.nd sani taJ."Y
sewage disposal.s.er,vice as10ng as any·Water Revenue'Bonds,1952"
(Series A,Series Banci.SeriesC),"WlI.terandSewerRevenue Bonds,
1955,""Water 'and Sewer,Revenue Bonds,195?'.··and the 'Bonds are
outstanding,as 1I[illmake.availab1ef'or the payment of'the princi-
pal of'and ,interest on all SU<:lhbondsasthe same 'shall 'accrue,
lI.n amount equivalent to .at least hlj.times the average annual
debt $erV;ice,both principal~l'Id,i,r1terest.of'said "Water ReVenue
Bonds,195211 {Serie.$A,Ser.ies B',.andSe'r:les C),·Water and Sewer
Revenue Bonds'.1955,"WaterandSew.erRevenue.Bond5,1957,"and
the Bonds,after.deducting.the eO.s.t.o,f".maintenancetopera:t.ion and
taxes f'rOD!the .revenues of'thewaterw,orks.util:i:ty.
266
Section 5.Tbe.Town.ot'.Mary.svil1e,bereby.binds itself
irrevocably.not ,to,mortgage.,,sell"lease,o.rin any.manner encumber
or dispose 9f tbewa terwoJ;'ll:s.,.Ulity.until,all,tbe Bonds ,wi th
interest tp,ereon,Shall bave.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.
sufficient to permit Pliymentinto the,Bond Fund of the amounts
reqUired for the pay.ment,of ,the principal of a~d interest 'on the
Bonds as they.bec:omedue"and in addUion ,thereto to pay all costs
of maintenance and oper-a t10n,taxes,and the amounts pledged for
the pay.me'nt o'f the total outstanding issue of "Water Revenue Bonds,
1952,"Waterand$ewer Revenue Bonds,1955,"and "Water and Sewer
Revenue Bo"ds,'1'957,"and otherwise to meet the obligations o£
the Town as .herein'set forth.,
Section 6.The Town ,of Mary.s~ille Will,while any.of
the Bonds remain outstanding,keep proper books of accounts and
records'(llepara,te and apart from other accoUnts and records)in
whicb complete anci'correct entl:'ies will be made of.all transac-
Uoris relatIng to the waterworks utility.,and it w1.ll furnish the
original purchaser of the Bonds,or any.subsequent holder.or "
holders thereof,at the written request of such holder,complete
operating and,incqme statements of said w/ilterworks utility.in ,
reasonable detail,covering any.fiscal y.ear,not more than thirty
days aftertfie close of said fiscal y.ear,and it will grant any.
holder or holders of at least 25%of the outstanding Bonds ,the
right at all reasonable times to inspect the waterworks utility.
and ,all records,l1-ccounts and data of the Town t;e:atl.ng thereto.
Sect10.i7.The Bonds shall be in substantially.the
:following form I"
No.$,1.000.00
UNITED STATES OF AMERICA
,,
STATE OF WASHINGTON
TOWN OF MARYSVILLE
WATER>AND SEWER REVENUE BOND.1959
...;....--%
KNOW,ALL ME)lBY;THESE ,PRESENTS :That the
TO""n of.Mai-Y~~ille.,State of Washington,for
yal,uex-eceived,hereby.promiSes ,tl:)pay.to
bearel'on,the ,1.ST D4Y OF JUl>¥?f,'19""".the
principal sum of
ONETHOUSA)lD DOLLARS
11u'
together with interest thereon at the "rate,6f
:--=::-:,-:-~~__-:-,PER CENT (---5>)Per annum •
pay.able semiannually on the btda,y.S"iiofiiiJanaairy
,and July of ,eachy.ear,upon pl',ese,nta,ti'onw'an'dSlGr-
render of the attac:hedinterest c,OUPOflll'i,'!is"'tilf«;y
severally'.ma ture UP to,tbe bondmaturity"dat-e"
and with full obligation on the part of the70wn
,to pay ..interest at.thesl1-mera tefroman~,a'f"1;e~'
the bOlld maturityda,te until tbisbond 'with
interest is paid,infull.Both.princ:ipal and
intere!!tare pl1-y.able in,lawfulmoney of the
UnitedStates,~fAm~:ric<l,at the office of the
ToWil Treas~rer of MarrsviUe,/W<l!!ihington,solely
oU~'J'Ot'the;special fund create,d 'by.,O,rdinanceNo.
45~~kan~;knCj)W'n <lSi f\Wat;er and Sewer Reveriue Bond
Eu~d".,'~95'9,f\(her,einafter clilll!iidthe "Bond Fund").'
intowhicllfund1;he Town ,of Mar.ysv~1..lehe,~iqy"
,irrev~cat)ly bi.ndsi,tsel~,to paYii~llbil~<~~~d"
amgunt!\out of',thegross"reveQ.j".io~:f,t .',""
WOI:'~s ut;Pi1;yofthe.TO,tfil,<includi."""""
system as a part thereof,and inci~r"a:l1 addit;i,<>J',';,
ions,betterments and extensions thereof at any
"
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Ordinance ,N.o 45.5 (continued)
tIme;made.or.co!1!l!tructed.(~aidc.ombi·ned'...water
syst~jnand~ani.tary-r ~ewage ...disP()Sjll,sY~:\:elll.and.
~J,l~ddi t.~Qns .tMreto....b~ing.i:ler.ei,naHer,.r,eferred
to,~s.t1l.eD~aterwor~sutiUty,~)•..withQut regard,
t()..a!lY,.U:xe4 proportion ••namely,an amount suf'£1-
cie.i'lt.to pay the.pr.inc.;ipalof'and in.tereston
.tl:lisissue.of'!?onds as they re.spectively become
dl.u;~~and t();;tccumulatt!a reserve'in the aDiount of
$6.,90.0 «:0.0,all at the.tilDes and in'the manner set
.f'prth lr Ordinanc~s Nos.453and.4S.5.
',,"',,
..:Tt).~.gro~s,revenues of said waterworks u.til.i ty
a.te.hereby pledged to .such payll1ents •.·and'·the
bonds of'this issue shal.l.constitute a charge-or
lien upon'such revenues prior and superior to any
othef•.9\larg~s,....hatso.ey.~rFexcluding charges for
maintena."c.~'.and'opera,tipn"expept ..that the charge'
ot "l~enu l,IPQn .said revenues.for ,the bonds of'this
i~sl,lfi!sl:lall be pn.aparity with the charge or·lien
upon,~ai.d;reVfiln!Jellfor the outstanding "Water,
Reveoue.·BQnd~.,.1959~(Series A,So.ries B.•and
Seri.~s,c.),"Wilter i and .~ewer Revenue Bonds.1955.~
~Wll;t~r;,a",d Se",er '.Reverj$e .Bonds '.,195.'1'."and any
water.1l1J4 selO'er.rov!inue bonds herea·fter issued on
aparity;with .said ,total ,issue of"WaterRevenue
Bli.'!ld~,.;{19.5?,"said~iiater...and.Sewer Revenue ·Bonds'•.
195.5.tI ~.aid l1Water.afl4;Sewer Revenue Bonds,1957,·
and the.ROn<1~of'this issue,in accordance with
the·ptoyilli()lJs of Section 19 o;t'.Ordinal'lce No.384.
This pond ill one ofa total authorized issue·of"
$2009,000.00 of bli.'nds,all of like date,tenor and
ef'f'ect,except as '\;0 maturitieS.and.interest ..rates.
all paYable f'rom,the.Sond rund ...and.all issued by
the Town under and in pursu@nce.ofthe llitws of the
State of Washington and Ordinances Nos.453 and 455.
()f"'\;he'l'own of Marysville,for,the;purpose of'pro-
vidil!lg,.funds to pay a portion of'the cost and expense
of caJ:'ltying out.a system or.planfor making certain
additi9nS,,'\;oandbeUermen'\;s and".ext~msions ot the
waterworks ,utility.:Of the Town.Ref'erence.'is made to
sai<10~1l:li,nance5 as more ;f'ullydescribing the cevenants
Wftl:l.ani:rr,ightsQfhOl<1ers of'bonds of this issue •
.,
,.'The T?wn of'MarysYille reserves thedghtto redeem
solely {p.l;-;ref\,lndingpurposes,the outstanding bonds ,
all,:a whole ,at plilir.,,plus 'accrued interest •.on July 1.
U1,69,,,>Qr ..OI'l any semiannulilil interest payment date there-
aftel:').
,~e;'l'C?'f"..0f',)'lliliry,$v1iI~res~rvestheri~ht!to redeem,
so1~ly'from'sbrplu$revenues of the waterworks utility
of t1:leTown.th~,outstanding.bol1d5,as a whole or in
part •.in.inverse numerical order.highest numbers first.
q~July 1.1964;or on anysemial1nual interest :payment
date'thereafter ,'atthe follow1'ng percentages of par if
redeemed at the folloWing times,plus accrued interest
to date,of redemptionin each case.t()wi.'\;:
On July I,1964~or January 1.1965~at 1 05%
.OnJI(ly 1;.,19'65.orJJanuliliry 1,1966 ,lilit 104%,
On July I,1966;or Ja~uary 1.1967.at 103%
0rt July I,1967;oJ::Jan!Jary I,1968.at 102%
011 July.h 1968.or January I,1969,at 101%
011 July I,19~9.and thereafter,at par.
~Cl~ic~0.(al'ly"c:allfor redemptiQn oi.S~"d bonds prior
tc:>theilj si;,ateq maturity dates s1:l",11 be PUQl1sQE!donce
in the official newspaper.of tho .1?0W'1'l no.t ,!E!ssthan30
.norDl()rtoti:la.n4'days.,.pri.of ..t".tl;1e.Aate of.redemption.
No'\;,ice o.f.suClh ..ca.llf'Qrrede!Dptio~s1:lal.l al.so be mailed
tQTerryThomp$on.&qo,••.9.Ql.Northern.Life Tower,
'Seattle 1.Wash'i~gton.or .its succe s aors;within the
same'period.interest on any bonds so called f'or redemp-
tion shall cease on the date fixed for such redemption.
267
268
.Tbe Town of Marysville .sbalL establi.sb,·.main:tain and
collect sucb rat.,s.and,.cbarges forwater'..and,sEiwerage
service aSlong:cas ...anyll,l!a t,er Rce1l'eitlcleBonds"..1952".
(SeriesA,SeI:iesB;andSeries C),"Water and Sewer
ReirenlleBonds,1955,~"Waterand ~ewel"Revenue Bonds
195'7,".andtbebonds of tbis issue'are outstanding,as
will.make,available f.or the'paymeht of the principal'
of and in'terest on,allsucb bonds,as tbe same sba~l
accrue,,an'amQunt equivalent-to at least 1.4 timestbe
av~rage,annual debt.service,both principal and interest ,
of said "Water Revenue,Bonds,1952,"(Series,A~'Serd.e,s B,
and Series C),"Wat~rlilnd'Sewer Revenulil Bonds;1955.il
"Water an'd Sewer Revenue Bonds,1957,"arid tbe bonds of
tl:115 isf,lue"afterJ deducting 'be cost·'of'nlaintedl!lnce,
operation',and·taxes .from the ,revenues of:the waterworks
utility.
Tbe Town:or Marysville hereby'bindS':itslillf'irl'e~
vocably,not to mortgage'Fse:j>;i",!,i~ase.;;;~r'in "any .
manner:.Elncumber or dispose of:.tbe:waterworks "utill.
ityuntil all"tbe t>onds of tbis'issue',with'intel;-est
thereon"sballl bave been fullY.paid,'aM the Town
hereby C()v.~.tsand agrees'to maintain;in'good'.
conditiQI'tJ~.to operate said utili ty;and to estab"
listl,maintain and collect'$uch rliltes ,as willproducEl
grdss revenues fromsa'id waterwork;S ..utUi ty sufCi";'
cient,topermit'payment'lnto the Bond Fund Of:the'
amounts rlilquiJ:'edforthepaymetltof tbe,principal of
an4 interest on ttlebOnds oftbis issUe as they'
be come.idue and,in addition thereto,to pay all .
costll·of.maintenanceand operation,taxes,'andtbe
amounts pledged for the 'payment of the total out-
standing,.issue·:of,~Water.Revenue Bonds;1952,"
IOWa ter and Sewer ,RevenUe,eonds ,.1955,""Wa ter .and
Sewer Revenue BoilCill'"1957;11 :and otherwise to meet .
the obligations'.of.tbe.Town as sat forth in Ordi-
nance s Nos.,.45:3·and:455F .
/'-----r-
r !
I
\j
It is"hereby:clilrtified:and'declared that the bonds
of this issue are issued pursuant to and in strict
compllancewiththe Constitution and laws o1':the
State of"Washington .and the',ordinances of tbeTo1hl
of Marysville,and that all actsj/conditions'and
things required to be.do he 'precedent to 'and:in the
issuanclil of tbisbondhave happened;have been done
and have been performed as required by law.
.INWU'NES$;WHEREOF ,tbeTown of Ma.rysvl11e,.,
Washington,,has,c..used tbis:bond,'tobe.signed by i'ts";
Mayor and attested.by its TownnClerki and itscorpor.l
ate seal to be hereto'affixed.and the interest·cou~
pons attached to be signed by the fa~simile signa-
tures of said,officials,thts lSt·'daY'of July,'1959.
\,
,BY.-...;.....................-:::':':".'::=---:---:-........-.....
,TOWN OF 'MARYSVILLE ..WASHINGTON
ATTEST:
l)
TOWN CLERK
The interest coupons ,attached ,to the Bonds sbal'lb'e in
SUbstantially the following form.:
No.i .....·'__
On(Januafy)(July)1,.19 ~the.TOWN OF lotARYSV I LLE,
WASHINGTON,uponpresentat'ion.andsurrender o'fthis
coupon',wHI pay tob~arlilr,a'k'the ofCicjl of,t'be To~
Treasurer,"tful"s.umof·'.
:DOLLARS(-$.",.)li....r1-.'='I~a~..-::f'~I1-.:l'..m1""··.~Q""rj"'e-y-',:-o.-::f~·':'"·!,':'"h"'e~,•.:;U"'rJ":"i':'"t"'e~<l~...-.:"""""'"
States of~ericafromthlrsp'ed1alfun:d<~'ftheTolhi,
known'astbe"Waterand Sew;er,'RevenueBond Fund;1959."
said sum belng.six..months·interest tben due on its .
;Q
~c
~oo=
Or~tnanc~No 455 (continue~)
"water and Sewer Revenue B(,"~,1959,"~ated,July 1,
1959,an~l1umbere~.
TOWN OF.MARYSVILLE,WASHINGTON
269
MAYOR
BY................__......._~":":':~__......._ATTEST:
TOWN CLERK
n
lJ
S~ction8.,The Bon~s sballbe printe~on li tbograpbe~
forms,shalF be ,signe~by'tbe Mayor an~atteste~by tbe.Clerk,
sball have tbe seal of the Town of Marysville affixe~tbereto,
andi'tbe'coupons sballbeartbe <facsim~,Jie signatures of tbe Mayor
an~tbe CIClrk.
Section 9.Terry Thompson &Co.,of Seattle,
Wasbington,bas offere~to purcbase sai~$200.,000.00 par value of
Bon~s"or"sucbJ.es"Clram()unt as may be ~etermine~'to be'require~,
atapricCl of $97.00 per eacb $100.00 principal amount thereof,
plu,,:accrue~in,terest from tbe ~ate ot,"is5ue to .the ~ate'of
delivery oftbe Bon~s·to.sai~purcbaser,tbe purcbaserto
furnish "tbe ..pr1nte~,B()n~s,t()getber wi til tbe approving legal
opini()n'of'Weter,Roberts &Shefelman,municipal bon~counsel of
Seattle,"j(asb1t:\gton ,wi th()ut cost to tbe City ".The Town Council ~eems
that:no better of t,"e r''Qoul~be rec.eived for tbe Bonds and tbat it
is for the best interest of the Town to accept said offer,and hereby
duly>accepts.the "arne.111 the event that the Town Council deter-
mines that it,will'not rQquire the proceeds from the full $200,000.00
par value of Bonds,any £1()ndS not required to be sold shall be taken
from the gr()up numbered Hi to 200,inclusive,maturing July 1,1984,
to July 1,1986,inclusive,in inverse numerical order.,When the
exa'Ct,number ()f B()nds tl)be·issuedand delivered has been determined,
such Bondssiiaii,bedelivered.to Terr'Y Thompson &Co.,upon payment
ther'efor·in accordance with said offer.The principal amounts re-
ceived fro.m·thes.'ale of the Bonds shall be deposited in the "Water. . .......'...
and Sewer Con'struction Fund"of the Town.and the accrued .interest
received shall be deposited in the.Bond Fund.
PASSED by the Town Council at a regular meeting tbereof
and APPROVED by'the Mayor this 20th day of July,1959.
(Signed)G ._A •DUjlLEY
MAYOR
ATTES.T:.
Amelie Dockendorf (Signe~)
,n
I I
l_)
TOWN CLERK
I,MofELIE DOCKENDORF,Clerk of .the ToWn of Marysville,
Wasbington,doberebY certify tbat tbe attached Ordinance,
being Ordinance No •...!!:.2.2..isa true.an~correct copy of tbe
original Ordinance passe~on the 20th day of July,1959,as said
Ordinance appears 1n tbe Minute Book of tbe.Town.
DATED tbis 20th day of July,1959.
(SignedJAmelie .Dockendorf
TOWN CLERiC'
Publi.shed:July 30,1959