HomeMy WebLinkAboutO-0497 - Bond issue (Special)ORDINANCE NO.~
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AN ORDINANCE providing for the issuance
of$395.000.00pa.r va,lueclf "Water aM
Sewer Revenue Bonds.1963,lI for the pur-
pose of obtaining the funds required to
pay the co s b of acquir;!.ng,·constructing.
betterments and extensions of-the water-
works utility of the City.including the
sewera,ge $ystomas a part thereof,as
adopted in OJ;'d;!.nance No.,494.and to
obt<l,in the funds withyhich to pay.re-
tire and cancel $135.000.00 par value of
'outstAnding'''W ater and Sewer Revenue Bonds.
1957".of the City;fixing the date.form.
maturities,interest rates,covenants and
terms of said,bonels;Rnd~'1i>ii~'!Ilgdingfor
the saie and delivery thereof to Terry
Thompson &Co ••Seattle.Washington.
WHEREAS.the City of Marysviile.by Ordinance No.
384.passed the 14th day of July,19$2,specified and adopted
a system or plan of additions to and betterments and extens~ons
of thewater\1Torks utility of the City,.and authorized the issu-
ance and sale'Qf not to exceed $280'~000.00 pae value of lIWater
Revenue Bonds.1952."of \1Thich $134.000.00 par value thereof
have heretofore beeumissued as "Series A,"$100.000.00 par
vaLue thereof as "S ries B.lI and $46.ooo.op par value thereof
as "S&ries C";and r»
-WHEREAS,by Section 19 of-said'Ordinance No.384.
the ,City of Marysville'reserved the right to issue additiOnal
water eevenue'bonds or water and sewer revenue bonds in the
event ~he City should thereaftefprovide by ordinance for
the c(>ostructic;m of.a system of Se\1Terage or'additions.exten~
sions and betterments to an eXisting system and 'provide that
the system of'sewerage.'including all additions.extensions
and betterments thereto,shall become a part of the'waterworks
utility.of the City.which bonds '.shall consti tute a charge
anq.:iiElrt upon the revenue of the waterworks utility of the
City.including the sewerage system if the same is made a
part of the wa.terl1Torks utility of the City.on a parity with
the said "ll'ater Revenue Bonds.1952,"provided the fo110\\ring
conditions shall be met and complied with'at.the time of the
issuance od such additional bonds:'
lI(a)That all payments required by
this ordinance and any ordinance herein~
after ,en~cted pertaining to the bonds of
this issue shall have been made into the
"Water Revemle Bond.lfU!lcl.1952;1I and
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"(b)That the revenues of the water-
workS I.lti:l.ity()f the City.ing1ucl.i!lg tl:l.e
sewer<l,ge system in.the event t!:l.<l.t the'
same :i,15 c()mbinedwitha,ndbegomes tl.p<l,rt
of the \\TateJ;""oJ;'ksutility.t"getl:l.er ,witl:l.
tl:l.eanticip<l,ted revenues to be reCeived
f:rOIl1 tho.:i,mpT\~vement to be undertaken.in
gonn~ction with the issuange of such
<l,clcl.itio!l~l:gond$.s!:l.<l.libe.<l,nd ge deell1ec1.
c sUff :l.cj,ent,afte.x-tl;1epf\YIl1r.->nt.of opera-
tion.1l1<l,i.ntEll1aaI1ge poSt;s<l,ncl't<l,XeS.te equal
at1east 1.4 time"tl;lEi f\VeJ;'agef\nnua,l Prin-
gipa,l and interest requi.rements of,the
bond$<?x thiS;!.$sue then out/5taI1di.ng and
oftl:l.e ad4it~gI1a1 revenue bonds proposed
to be so issued.Such determination of
the sufficiencY<?:f the revenuE>s si:la,l1 be
made 1'lndcerti.fied to by <l,n engineer ex-
perienced in municipal utilities and
acceptable to Terry Thompson;"and
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.n li'HERE;yS;..···~Iie··.cfi;;of!'JliX';..~y~iJJ3·5;..=()rcr:l:~a.rlc~.3'!r~'
passed September 2.19,52,combdned the sewera€:e system .of the
City wi thalla<ig:i:tiqns<uldi.mpro".ellte~t;st1J.er:e~bwith the water-
l~orks utility of j;he Ci1;y,and the §el"er:agesystelll lOl.ta11 times
since has Mell cchnsiclered'apart of and beiongi,ng to the water-
wor-ks utility of:theCitY,l>.nd 1;h~wqrds "Waterworks lltility of
the City"shall hereilla:fter mean the combil1ed sewerage sys.tem
and water system of the C:ity~'together with all additions thereto
and betterments and extensions thereof hereafter made;and
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.IfHEREAS,t~eCity of.Marrsvi11e sUb~equent1y.issued
and sold its."Water and Se,,,er Revell11e Borads ,1955,"dated
July I,1955 ~Hs '~\v~ter and..Sel~erRevenue Bonds .1957,"dated
July I,1957.and its "IVa"ter and Sewer Revenue Bonds,1959,"
dated July 1,1959,.al:J.of~aidl)on<;ls havi,ng'beenissued on
a parity of lien with all of the outstanding "IVater Revenue Bonds.
1952"(Series A,Series B and Series C)and with each other;and
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.WHEREAS;.THE CITY (If ..}<lllrysyi11e.by Ordinance No.494,
passed January 14,196:3 ~specifie<;l and adopted a system or plan
of additions to and betterments and extensions of the water-'
Works utility of the City and authorized the issuance and saie
of not to exceed $260,ooo~obparvatue of "ll'ater and Sewer ._
Revenue Bonds,196:3,"to obtain funds·required to pay the cost'
of carrying out said system oi-plan;and '.
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IffiEREAS,there:are'presently'outstand:i.ng $1:38 ,oop.00
par value of said "Water and Sewer Revenue Bonds,19,57,"issued
pur-suant,to Ordinam)e No.4:3:3,passed June 17,1957,$:3,000.00
par vaiue of which matlilres on July I,196:3,leaving'out:standing
thereafter $1:35.000.00 .par.value of said bondS ,$501000.00 ..par
value of which bonds bear interest ar the rate of 4tlb perannuin
and the rem~inin~$85,OOo.00parvalue o:f whichb~ar interest
at the rate of 4:%per annum and all said bonds are callable
as a whole forrefund:i.ng purposes on July I,196:3.at $104.00
per each $100.00 par value thereof;an4 .
IffiEREAS,TerryThompson &Co.of SeaH1e,ljTash:i.ng~9I1p
heretofore submitted an offer to purchase $135.600.00 par value'
of refund:i.ng bonds to be included with the $260,000.00 par value
of authorized "Water and Se-erer Revenue Bonds;1963."at a pr:i.ce
of $98.25 per each $100.00 par value thereof',to bear :i.nterest.
at rates varying from 3%to 3.90%per f\nnum~the proceeclsqr •.
a part thereof to~used to take up.cancel,retire and refund
said outstanding "Water and Sewer Revenue Bonds,1957."whereby
an :i.nterest saving w:i.111:>e realized by the City and there is
presently on hand in the "Water and Sewer Revenue Bond Fund.
1957 ,'~suff:i.ciel1t amourrc s to pay tIle call premium on the bends.
being refunded and to absorb the discount on the refunding
bonds,the purchaser to pay all printing and legal expenses
connected witIl the issuance of such refunding bonds;and
IffiEREAS ,THE Ci,ty cOun();j.:J.herepy finds.and declares
that all payments required1:>yOrdinance Nos.384,414.dnd 455,
pertaining to the outstanding "'vater Revenlle Bonds,1952"
(Series A, B and C)the outstall<;li,ng"watel:'and Sew('jr Revenue
Bonds,1955,"and the outstand:i.ng "Water and Sewer Revenue
Bonds,1959,"have been made into the "Watel:'Revenue Borsd Fund,
1952,"the "Ivater and Sewer Revenue Bon<;l'Fllnd,1955,."and the
"ll'ater and Sewer Revenue Bond Fund,19:>9,"respectiv~ly,and
that Paul Isaac of Hammond,Collier &Isaac,'consulting
engineers,a professlonalenginoer ('j,q,erienced in inunioipal
utilities and acceptabJ,e to TerrY1'hompscm,has certified that
said revenues are sufficient to meet the sa:i.d 1.4 coverage
requirement,as ev:i.denced by his certificate to such effect
on file with the City Clerk,NOW,rHEREFORE,
THE c~rY COUNCIL OF THE CITY OF }WffiYSVILLE,WASHINGrON,
DO ORDAIN AS FOLLOWS:
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Section 1.For the purpose of providing the funds
with which to pay the 9o~t of carrying out a system or plan
of additions to andbetterment~and extensions of the water-
,,,orks_U~iiity oithe city of Marysville'as specified and
adopted :j.n Ordinance'No.494 and to provide the funds with
which,;to refund,Pfl.Y.,retire and cancel on July 1"1963,
$135,000.00 par va:Lue of outstanding "Water ...nd,Sewer Revenue
Bonds,1957,'.'dated JUly 1,1957,there shall be issued and
sold ..'395,000.00 par value of construQtiOJ:l and refunding water
and sewer revenue bonds of the City_The bonds shall retain
the designation specified in Ordinance No.494,to-wit,"Water
and Sewer Revenue Bonds,1963.,"and shall hereinafter be •.called
the "Bop<1s."The Bonds shall be in denominations.of $1,000.00
",eachpshall.be numbered from 1 to 395,inclusive;sJj:all be,
dat~d ~Y 1,1963;and shall bear interest at the bates here-
inafterset forth,payable semiannually on January 1st and
July 1st of each year,with the first interest coupon being
p<lyable-on January 1,1964,covering'the eight months'period
from;May,1,1963,to January 1.1964,interest to maturity to
be evidenced bY coupons to be attached to the Bonds with full
obligation on the part of the City to_pay interest at the
same ratesorrDatasafn6m~an~hafteDdthetbun~}~d~u~ityndatesuntil
the Bonds,with interest,are paid in,fu11.Both prinoipa1 of
and interest on the Bonds shall be payable solely out of the
special fund created by 0rdinance No.494<l-nd known as the
"Wate-r and Sewe;r RevellUe Bond Fund,1963".{hereinafter called
the "Bond Fund"),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 waterwor~s utility of the City
iP1edged to such fund,and,shall not be a general obligation
of the City of Marysvi11e~The Bonds shall aature and shall
bear interest iJ:laaccordapce with the following schedule,to-wit:
Bond Numbers Interest
{InclusiveL Amounts Rates ~1a turli:ties
1 to 8 $8,000 3 %July 1,1964
9 to 16 $8,.000 3 %July 1,1965
17 to 25 $9.000 3 %July 1,1966
26 to 3!.t·$9~000 3'f 3 ~{,July 1,1967
35 to 44 $10~000 3i %July 1~1968
45 to 54 $10',000 ,3t,%July 1~1969
55 to 64 $10,000 31 %JUly 1,1970
65 to 74 $1,0',000..-:31 %July 1,1971
75 to 86 $12 ,000 '~V 3t %July 1~1972
87 to,98 $12,000 3i %July 1,1973
99 to 110 $12,000 3'2 %July 1,1974
111to-123 $13;000 3t %July 1 ~1975
124.to 137 $14,000 ./i 3'2 %July 1~1976
138 to 151 $14.O<iCj" ,3}%July 1~1977
l!i2t6 11>8 $17,000 3}%July 1,1978
169 to 189 $21~000 3t %July 1.1979
1'90 to 212 $23 000 J-'--%July 1,1980
':213 to 2%$24':000 91 3t ,%July 1,1981
;237·to 272 $36.000 3~90 %July 1 ~1982
','273 to 294 $22~OOO 3.90 %July 1;1983
295 to 327 $33,000 3.90 %July 1,1964
328'to 375 $48.000 3.90 %July 1,1985
376 .to39S $20,000 /.,f9 3.90 %July 1,1986
'1'.:
The City of Marysv~ile ~~s~rves the right to redeem
the Bonds .,in who1~pr,;IlPPClrt,in inverse numerical order ,for
any pur-po se and,f;rol"allY ~OuX'QeLof;!,J'!4by1,1968"or on any
sem~annual :In'!;Elre§t pCl.:l'1!!ep:l;,d!!-te :t:!J.ElX'e<l-fte:rat a redemption
price of 105%of parV<l.l.~e~he;r~o:f'•.Plusll.CcruedinteX'est to
date of red~mPt~Ol1,l?li"Iil!j;ch'5:rEl-d~mp<l;t!'g!3ep#;Lce()shallr~dllce 1%fOil
eMhful;J,yeClX'ti:1-eX'EldElmp~~pn,;sl\lubf>equent to Ju1y'l,1968,to
a redempt;l;on pnice of par,plus accrued interest to ,date of
redemption.on or after July 1,1973.'
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Notice of any .cap ..forreqempti(m o~i;;he B()nds.prior
to their stated maturity.dates shall be published once in the
I,('!.:to£ifio:i:aiLo new§p.aperC Q:£:!:thet()i<i:ysn<lJ 1tJ<:\iI\e~s:Ltlb:itnnthi,rtycnor.more
I than forty-fill-e days prior to the date of redemption.Notice
of suchcallforredeJ!IPi;;ion shail,a~sobe'.mail:edto Terry
Thompson I),Co ••e Northern .!-ii'eTowel:'.Seattle:.1.Washington.
or its successors .\17i thin the s ame period..Interes.t on any·
Bonds so called for redemption shall cease on the date fixed
for such redemption upon payment of the redemption price into
the Bond Fund.
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Section :3.'The Bond Fund,.created and established
by Ordinance No.494.is hereby divided into t\170 accounts,
namely.a "Principal and Interest Account"and a "Reserve Accountl."
So long as any Bonds are outstanding against the Bond,Fund.the
City Treasurer of the City of Marysville shall lSetaaide and
pay into the Bond Fund,after the payment Of the expenses of
maintenance'and operation of the waterworks.\1tility of the.City.
out of the gross revenues of,said ~tility a fixed amount.with~
out regard to any fixed proportiol1.as follows:
<.a)'Into.the'I.prin.cipal <and Interest........_.-
Account."monthly.on or before the 20th
day of each month beginning with the month
of ~~Y.1963.1/8th of the amount of interest
payable on the bonds,on January 1.1964.and
1/14th of the amount of principal due on the
bonds on July 1.'1964 e .'and beginning with the
month'of January,1$164.and continuing there-
after.1/6th of the next ensuing six months'
interest requirements on the Bond,and be-
,ginning with the month of July.1964.1/12th
of the next ensuing twelve months'require-
ments for principal on the Bonds.and con-
tinuing thereafter until the bonds are fully
paid;
(b)Into the Reserve :Account."monthly.
beginning on June 1.1963.the sum of at
least $200.00 and a similar sum on or before
the 1st day of each month thereafter until
a total sum of $12.000.00 shall have been
acctlmulated by no later than April 1.1968 •
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The "Reserve Account"may be accuJ1lulated from any
other manies which the City of Marysville maY have available
for such purpose.in addition to using said,revenues therefor.
The "Reserve Accounc"shall.except for withdra\17als therefrom!
as authoril?ed herein.after the said sum of,at least $12.000.00
has been accumulated therein.be maintained,in such amount.at
all times so long as any of the Bonds is outstanding.PROVIDED.
HOW'EVER.that whe n the total amount in the Borrd Fund shall
equal the total amount of the principal and,interest on all
outstanding BondS to the last maturity thereof.no further
payments need be made into the Bond Fun&~
In the event that there shall be a deficiency in the
"!lrincipal,and Interest Account"in the Bond Fund to meet matur-
ing installments of either principal or interest as the case may
be.such deficiency shall be made up from the "Reserve Accounr"
by the withdrawal od cash therefrom for that purpose.Amy
deficiency created in the "Reserve,Account ,"by reason of any
such withdrawal~sha11then be ~ade up from the monies from
the revenues of the wa,terworks utility o f the (Jity first.
available after making necessary p:rovisions f()r the required
payment into the "Pr:l.l1cipa,lal1d Illt~rest .l\.ccount."The monies
in the "Reserve Account"shall otherwise be held intact.and
may be applied against the last outstanding Boridsj.
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All monie~~n the "R~se~veAccQ~nt,"aboveprovided
fori may be k~pt on deI>0~it l.ntb.~of:t'~cia.l bank d~pository
of the City ()f Marysv~lleorinanynationalbank or may be
invested in Un~ted_States ~ove~IJment opligationsmaturing not
later than one month pri()r t()th~final maturity date of the
last outstanding Bon<i~.:rntere5ton any ,such investment o:t
on such bank accountsha.l1 beD<iepor:;it/ild in and become a part
of the "Reserve AccQunt"until there shall be a total reserve
of $12,000.00 therein;as aforesaid,after Which sucn interest
shall be deposited in the "Principal a.nd Interest Account."
The gross revenues ofsai<i waterworks utility of the
City are hereby pledged to such payments,and the Bonds shall
constitute a,charge or lien upon such revenues prior and
superior to any other charges'whatsoever,excluding charges
for maintenance and operation,eXoept that the charge or lien
IUpon said revenues for the tlonds shall be on a parity with
the charge or lien upcn said-revenues for the outstanding
"Water Revenue Bonds,1952"(Series A,Series B,and Series C),
"Water and Sewer Revenue Bonds,1955,""Water and $ewer Revenue
onds ,1959,"and .any water and sewer revenue bonds hereafter
lissued on a'parity with the said total'issue of "Water Revenue
,onds,1952,"said "Water and Se,,,er Revenue Bond's,1955,"said
"Water and Sewer Revenue Bonds,-1959,"and the Bonds,in
ccordance with the provisions of Section 19 of Ordinance No.384.
If the City shall fail to set aside and pay into this
ond Fund the amounts which it has obligated itself by this
ection to set aside and pay fuherein,the holder of any Bond
y bring guitagainst the City to compel it to do so.
Section 4.The City of Marysville shall establish,
naintain and collect such,rates and charges for water and san&-
ary sewage disposal service as iong-as any "Water Revenue
onds,1952"(Series A Series B,and Series C,),"Water and
ewer Revenue Bonds,1~55,""Water and Sewer Revenue Bonds,
959,"and the Bonds are outstanding,as will make available
or the payment of the principal of and interest on all such
onds as the same 'shall accrue,an amount equivalent to at
east 1.4 times the average annual debt service,beth principal
nd interest,of said "Iiate~Revenue Bonds,1952",(Series A,'
eries B,and Series C),",vater and Sewer Revenue Bonds,1955,"
Water and Sewer Revenue Bonds,1959,"and the Bonds,after
educting the cost of maintenance,operation and taxes from
he revenues of the ,waterworks utility of the City.
Section 5.The City of Marysville hereby binds
tself irrevocably not to mortgage,sell,lease,or in any
anner encumber or dispose of the waterworks utility of the
ity until all the Bonds,with interest thereon,shall have
een fully paid,and'the City hereby covenants and agrees to
aintain in good condition and to oPerate said utility,and
o establish,maintain and collect such rates as will produce
ross revenues from said waterworks utility of the City suf-
icient to "permi t payment into the'Bond Fund of the amounts
l~dged for the pa~nent of 'the total outstanding issue of :
Ivter Revenue Bonds,1952,"",vatel"and Sewer Revenue Bonds,
955,"and "Water and Sewer Revenue Bonds,1959,"and other-
ise bo meet,obligations of the City as h,erein set,forth.
Section 6.The,City'pf Marysville will,While any of
[the Bonds remain,outstanding,~eep proper bo oks of accounts and
ecords (separate andfl,part from ",ther accounts and records)in
'hich completea,nd ce~~ect entries w~ll be macleef all trans-
ctiens rel,ating to"tIle watj;l':t:W9:r;-k;s Utility,o f th~Oi ty,and it
.,rill furnish -l:b,e 'ori,g'ina:tpurcl'la,se:t:of..t1;ll;l13onds,or any subse»
uent holdo~s():tlJhoilde':r;s"tl;J.<!lileof;-.-iat(/l-ihe.e~l;lt!lV;elJf~l'lIl\!gstof such
holder,complete operating al1c;lit1cQtne statemel1tsof said water-
works utiiityofthe City :in r-ea.s onabLe detail,covering at.Jy
iscal year,not more than thirty days after the close of sa1d
iscal year,and it will grant any holder or holders of at least
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"l~"'"ltJ!'h"
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The Bonds shall be in substantially the,Section 7.
following form:
i~~C~C~~25%of-the outstanding-il~~d;-the-~ight-~t-';:l-i J;'easonabl;-ti';~s ..."'---~---
;to inspect the waterworks utility of the City and all records,
I accounts and datq of the City relating the~eto..
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No._$1',000.00
UNITED STATES OF AlVIERICA
STATE OF WASHINGTON
CITY OF MARYSVILLE
lvMrER AND SElvER REVENuE BOND,1963
-~_%
KNOlv ALL MEN BY THESE'PRESENTS:That
the'City of Marysville,'State of lvashing;"
ton,for value received,hereby promises to
pay to bearer on the 1ST DAY OF JULY,19~,
,the principal sum of '
ONE THOUSAND DOLLARS
together with interest thereon at ,the rate
of'"_..,_'PER CENT ( %)
PER annillli,J'payabJte semiannually on the 1st
days of January and July of each year,with
the first'interest coupon be~ng payable
January 1,1964 ,covering the eight months I ,
period from May 1,1963,to January 1,1964"
upon surrender and presentation of the
attached interest coupons as they severally
mature up to the bond maturity date,and
with full obligation on the part of the
City to pay interest at the same rate from
and after the bond maturity date until
this bond'with interest is paid in fUll~
Both principal and interest are payablev
in lawful money'of the United States of
America,at the office of 'the City Treasurer
ot ?-'larysville',Washington,solely out of
the 'special fund created by Ordinance No.
494,and known as "lvater and Sewer Revenue
Bond'Fund,1963"(hereinafter called the
"Bond Fund),into which fund the City of
Marysville hereby irrevocabiy binds itself
to pay certain fixed amounts out of the
gross revenues of the waterworks utility
of the City,inclUding the sewerage system
as a part thereof,'and including all addi-
tions,betterments,and extensions thereof
at any time made or constructed (said combined
water system and sanitary'sewage disposal
system and'all additions thereto being
hereinafter referred to as the "waterworks
utility of the City"),without regard to
any fixed proportiort,namely,an'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 th~amount of $12,000,all
at 'the times and in the manner-set forth
in Ordinances Nos.494 and 497~
The'gross ~evenues ofs~icl waperw()rks
utility of the City are hereby pledged to
such payments,a~d the bonds of this issue
shall constitute a charge or lien upon such
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revenues prior ana "sup(i"rIorto any--6ther
charge.s 'liha:t;sc:>ever"e.x()luding charges for
maintenance.c..nd operat:tc:>n,Elxcept that.the
chCl.rge()rlie.l1up()n!lCl.:td.~Elv:erll..leS for the
bonds of this issue shall be ona parity
wi.th'theci'l~~gEl orlie~upon said revenues
for the outstanding "\vater Revenue Bonds,
1952"(Seriefl A,Series B,ahd:Series cl,
"lVater and Sewer Revenue Bonds;1955;".
"Water ahd Sewer Revenue Bonds,1959,"and
any water and'set.rerrevenue bonds,hereafter
issued on a parity with s"id total'issue of
"Water Revenue,Bonds,1954,"said "WAtElr
and Sewer Revenue Bonds;1955;"said "Water
and Sewe:r:Hevem19Bonds.1959,"and the
bonds of this issue,in accordance with the
provisions of Section 19 of ordingnce No.384.
This bond is one of a total authorized
issue of'$395,ooo.00 of bonds,a11 of like
date,tenor:and effect,except as to matur-
',ities and interes:t;rates,all payabte fI'om
'the Bond Fund,and all issued by the City
under and in pursuance of the laws of the
State of Washington a11d Ordinance 'Nos.494
and 497 of the City of 11arysvi11e,for the
purpose 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 City,an,d for the pur-po se of
prOViding the funds to refund,pay,retire
and canoe 1 ali"au ts tanding,"Water and Sewer
Revenue Bonds,'19S7,",of the City.Refer-
ence is made to"said brdinance!;l as more fully
describing the covenants with and rights of
holders of bonds of this issue.
The C:tty ofl-mrysville reserves the right
to redeem the bonds in whole OJ.'in part,in
inverse nomElrical order,for any'purpose and
from ahY source,on Ju1y ~,1968,oroon any
semiannua1 interest payment date thereafter
at a redemption price of 105%of par value
thereof,pius accrued interest to date of
redemption',which redemption price shall re-
duce 1%for each fu1l year the redemption
is subsequent to July 1,1968,to a redemp-
tion price of par,'plus accrued interest to
'date of redemption,on or after July 1,1973'.
<Notice of any call for redemption of the
Bonds prior to their stated maturity dates
shall be pub1ished once in the official news-
paper of the City not less than thi~th nor
more than forty-five days prior to the date
of redemption.Notice of such call for re-
demption sha11 also be maiied to Terry!Thompson
&Co."No:i:thern Life TO'lier,Sea tt1e 1 ,Wash-
ington,or its successors,within the same
period.Interest on any bonds so called for
redemption Shall cease on the,date fixed for
such redemption upon payment of'the redemp-
tion price into the BondFund~
The CitY9f 11arysv:i.lle sha:1.l establish,
maintain and c9~lect s~ch ~ates and charges
for 'W<lte~and s()'liElrgge ~ervi:ceas ~9ngas'
any "Water Revenue Bonds"1952"{Series A,
Series B,"and 'series C),'UWater and Sewer
Revenue Bonds,1955,""lVater and Sewer Revenue
~
3;34
-,----------,
Bonds,19.59,"and the bonds o:f this issue
are outstanding,.as '~iiimake'avai.lable for
the paYllleni;9ftlJ.~l?r:l,!1cil?ai.()f arid ini;e.rtilst
on a:q such 1:><>n<;lll,<t5.th!".sall1~shallaccr\l~'
anamountequivalent to at least 1.4 times
the average ailntlal<;lebt service,.both princi-
pal.and j,nterest,<>:f5elid "WC\~E!rRevE!nue '
Bond.s ,:1,952".(~el."ie5J\,Series BLand Series c},
"\Vaterand.S~werRevElnt1e89n<1s,1955,""lvater
and Sewel."¢evenue Bonds1959,"and thel>onds of
this issue,'after deducting·th/il cost of maintenance
operation and taxes from the revenues of the
waterworks utility-of the City.
The City of Marysville hereby binds itself
irrevocably not to mortgage,sell,lease,or in
'any manner encumber or dispose of the water-
works utility'of the City until all the bonds
of this issue,with interest thereon,shall
hav.e been fUlly'paid,and...the 9.i..tYh.ereby cov-
enants and agrees to rnUnta1nin,good condition
and to operate said utility,and to establish,
maintain and collect such rates'as .illl produce
gross revenues~om said waterwo~ks utility
of the City sufficient to permit payment into
the Bond 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 main-
tenance and operation,taxes,and the amounts
pledged for the payment of the total,'outstand-
ing issue of "Water Revenue Bonds,:1.952,"
"11'tel."and Sewer Revenue BClnds,1955,""Water
ana Sewer Revenue Bonds,1959,"'and other-
wise to meet the ob:l.igations of the City as
set forth in Ordinances NO$'~494 and 497.
It is hereby certified and declal."ed that
the bonds of this issue are issued pursuant
to and in strict COmPliance with the con-
stitution and Laws of'the State of Washington
and the ordinances'of the City of Marysville,
and that all acts,conditions and things re-
quired to be done precedent to and in the
issuanc:::e of this bond have happened,have
been done,and have been performed'as required
by la,~.
IN WITNESS WHEREOF,the ,City of Marysville,
Washington,has caused this bond to be signed
by its Mayor and attested by its City Clerk,
and its cOl."porate 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,1963.
CITY OF MARYSVILLE,lvASHINGTON
BY --::~-------
ATTEST:
City Clerk
l
335
._-_._----,
;,:;,:,;,-.--."",,~
The interest coupons attached to the Bonds 'shall be
n sUbstantially the following form:
-Nof~j~:-:·-!.~:.;\':'
$._---:-
On (JANUARY),(JULY)1,19 ,the City
OF ].L\RYSVILLF:,WASHINGTON,uiXi"l1presenta tion .
and surrender of this coupon.will.pay to .
bearer,at the offioe",f the -City Treasurer.
the sum of'
.DOLLARS ($----,."j'"",-.-ci:-n-c1::-1:'"a-·w:r...",u-·'="l-m-o-n-e-y-o""f::"".""'t'"'h-e-
United States of America from tpeGi;;peoial
:fund of the City,known'as the "Water and
Sewer Revenue Bond ..l!und.1963."said sum
being six months'interest.(eight months'
interest on Bond No.1)then due on its
"Water and Sewer Revenue Bond,1963."
dated July 1,1963,and numbered •
CITY OF ].L\RYSVILLE.WASHINGTON
]'1ayorBy--""ifuYW----
ATTEST:
City Clerk
Section 8.The Bonds shall be printed on lithographed
orms;shall be signed by the ].1ayor and.attested by the Clerk.
hall have the seal,o:f the City o:f ].1arysville affixed thereto,
nd the coupons shall bear the ~acsimile signatures of the
;ayor and the Clerk.
Section 2.'The City Treasurer of the City of].~rys
ille is hereby ,authorized and directed to call :for payment
n July 1,1963',~in the manner provid.ed in Ordinance No.433
nd ·irtthe bonds'.all outstanding "Water and Se,\'Or Revenue
onds.19.57."and-the City Treasurer is hereby authorized and
irected to deposit from proceeds received from the sale
f the BondS.in the "Principal and'Interest Account"in the
'\'tater and Sewer Revenue Bond Fund,19.57,"suoh amount as will
e su:f:ficient,together with the money then on deposit in the
'Prinoipal and Interest Aocount"and in the "REserve Aocount"
n said "Water and Sewer Revenue Bond Fund.19.57."to pay the
rincipal.interest,and call premium on $13.5,000.00 par value
:f said outstanding "Water and Sewer Revenue Bond,19.57,"on
{
'uly 1,1963.The balance o:f the principal proceeds received
rom the sale o:f the Bonds shall be deposited in the "\I'ater
nd Se,,,er Construction Fund"o:f the City and used for the
urpose of carrying out the system or plan o:f additions.to
nd betterments and extensions o:f the waterworks utility oftheCity,as speci:fied and.adopted in Ordinance No.494.The
ccrued interest received,if any,shall be deposited in the
ond Fund..
Seotion 10.Terry Thomps",n &Co.of Seattle,Wash-
~ton,hereto:fore offered to purchase the bonds at a price
f $98.2.5 per each $100.00 par value thereof,plus accrued
,.nterest from the date.of 3...•e suance to the date of'deliver.y..-',-'-.\
f the Bonds,the pur<:>haser to furnish,at its expense,the
rinted bonds for ..execution by the City o:fficials,and the
i ty to :furnish the unqual:l':f1ed'approving legal opinion
overing the Bonds of Messrs.R~berts,Shefelman.Lawrence,
\'336
="..,,,.':':"n__
i=
I·l···········G.ay &..MO.C..h,...munf.e ap..a..l bond....co.u.n...se.1 ..0:f .S.e.a..t."1;1e..,.Iv.a.shington,and the purchaser to p~y the cost of such opinion.The City
I Council being of the opinion that no better price could be
I obtained for the BQl'Id.!{•.and that'it was in tl~ebest interests
!of the City toac~QP~said offer,duly accepted ~he same on
March 11,1963,which aocep cance is hereby duLy ratified and
oonfirmed.The Bonds sl:1all,therefore.immediately upon
exeoution.be c:elivered to Terry Thompson .&Co.,in Seattle,
Washington,upon said purqhaser's paying for the same in
accordance .with its offer"
PASSED By the City Counoil at.a regular meeting
thereof and approved by the MaYOr'of the City of lfiarysviUe',
Washiugton,this 1st day of April,19~3.
N.P.Gardner (Signed)
Mayor.
ATTEST:
Amelie Dockendorf (Signed)
CITY CLERK
APPROVED AS TO FORM:
CITY ATTORNEY
This is to certify that the.foJ:"egoing ordi!1apce is atru.,;,and
oorrect popy of Ordina!1ce :No.497 of th.,;,City o.f,lfiarys;vil:t.,;"
Snohomish County.Washington and that the same ~~s published
aooording to law on the ~day of April,1963.
City Clerk