Loading...
HomeMy WebLinkAboutO-0543 - Waterworks improvements (Special)CITY OF MARYSVILLE,WASHINGTON ,..ORDINANCE NO.543...=;......=;...-- AN ORDINANCE specifying and adopting a system or plan of additions to and betterments and extensions of the waterworks utility of the .City of Marysville,Wa shington,including the sewerage system as a part thereof;declaring the estimated cost thereof as nearly as may be; providing for the issuance of $410,000.00 par value of "Water and Sewer Revenue Bonds,1965," for the'purpose of obtaining a part of the funds required to pay the cost of said system or plan; .creating a special fund to provide for the payment of such bonds;fixing the date,form,maturities, maximum interest rate,covenants and terms of such bonds';providing for the calling of bids for the sale of such bonds;and ratifying and confirming the action of the City officials in heretofore calling for bids and awarding con- tract to carry out a portion of said system or plan.. WHEREAS,the City of Marysville,by Ordinance No.384,passed the 14th day of July,1952,specified and adopted a system or plan of additions to and better'meiltsand extensions ·of the waterworks utility of the City,and authorized the issuance and sale of not to exceed $280,OOO.00i par value of "Water Revenue Bonds,1952,"of which $134,000.00 ./. par value thereof were heretofore issued as "Series A,"$100,000.00 par value thereof as "SeriesB ,"and $46,000.00 parvalue thereof as "Series C," and all of said "Series CIt bonds have now matured and been paid;and WHEREAS,by Section 19 of said Ordinance No.384,the City of Marysville reserved the right to issue additional water revenue bonds or water and sewer revenue bonds in the event that the City should thereafter provide by ordinance for the construction of a system of sewerage or additions, oxtenstons 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 constrtuteacherqe.end lien upon the revenues of the waterworks utility of ;) the City,Includinq the sewerage system if the same is made a part of the' ~'.'',.' waterworks utility of the City,on a parity with the said "Water Revenue Bonds I 1952,"provided the fol lowinq conditions shall 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 sharlhave been made into the "Water Revenue Bond,Fuild;1952;"and "(b)That the reve nue S of the water- works utility.of the City,including the sewerage system in the event that the same is combined with and become 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 I after the payment of operation,maintenance costs and taxes,to equal at least I.4 times the average annual principal and interest re- quirements of the bonds of this issue then outstanding'and of the additional revenue bonds proposed to be so is sued.Such determination of the sufficiency of the revenues shall be made ,and certified to by an engineer experienced in municipal utilitie s and acceptable to Terry Thompson;" and WHEREAS I the City of Marysville,by Ordinance No.385,passed September 2,1952;combined the sewerage system of the City with all additions and iimprovements thereto with the waterworks utility of the City, /, and the sewerage system at all times since has been considered a part of and belonging to the waterworks utility of the City,and the words "water- works utility of the City"shall hereinafter mean the combined sewerage system and water system of the City I together with all additions thereto and betterments and extensions thereof hereafter made;and WHEREAS,the City of Marysville subsequently issued and sold its "Water and Sewer Revenue Bonds,1955,"dated July 1 I 1955, its "Water and Sewer Revenue Bonds,1957 I"dated July l ,1957 I and its "Water and Sewer Revenue Bonds I 1959 I"dated July 1 i 1959,all of said ., bonds having been Issued on a parity of lien with all of the outstanding "Water Revenue B0I1ds,1952"(Series A,Series B andSerte s C)and with each other;and -2- I,I ,II i \ I I l WHEREAS,pursuant to Ordinance No.497,passed March 25, 1963,the City issued and sold $395,000.00 par value of "Water and Sewer Revenue Bonds,1963,"for the purpose of obtaining the funds required to pay the cost of acquiring,constructing and making certain additions to and betterments and extensions of the waterworks utility of the City as adopted in Ordinance No.494 and to obtain the funds with which to pay, retire and cancel $135,000.00 par value of the outstanding "Water and Sewer Revenue Bonds,1957,"of the City,which "Water and Sewer Revenue Bonds,1963,"pursuant to Section 19·of Ordinance No.394 were issued on a parity of lien with the outstanding "Water Revenue Bonds,1952"(Series A,Series B and Series C)I the "Water and Sewer Reven UE:!Bonds I 1955,"and the "Water and Sewer Reven ue Bonds,1959"; and WHEREAS,the waterworks utility of the City is in such condition that the public health,safety and welfare require the making of certain ,conditions thereto and.betterments and extensions thereof as hereinafter specifically set forth and to obtain a part of the funds to pay .the costther70f it 15 necessary to issue and sell $410,000.00 par value !.of water and sewer revenue bonds of the City;and WHEREAS,the City Council hereby finds and declare s that .all payments required by Ordinances Nos.384,415 and 455 pertaining to the outstanding "Water Reven ue Bonds,1952"(Serie s A and Serie s B of which are presently outstanding),the outstanding "Water and Sewer Revenue Bonds,1955,"the outstanding "Water and Sewer Revenue Bonds,1959,"and the outstanding "Water and Sewer Revenue Bonds,1963,"have been made into the "Water Revenue Bond Fund,1952,"the "Water and Sewer Revenue Bond Fund,1955," the "Water and Sewer Revenue Bond Fund,1959,"and the "Water and Sewer Revenue Bond.Fund "i963,"respectively,and that Paul Isaac of Hammond, Collier &Isaac,consulting engineers,a professional engineer experienced in municipal uttl itie sand acceptable to Te~Thompson,has certified that said revenues are'sufffctent to meet said 1.4 coverage requirement set forth -3- '. in Section 19 of Ordinance No;384 as evidenced by his certificate to such effect on file with.the City Clerk;NOW,THEREFORE, THE CITY COUNCIL OF THE CITY OF MARYSVILLE,WASHINGTON, DO ORDAIN as follows:.. Section 1.The City of Marysville hereby specifies and adopts a system or plan qf~dditions to and betterments and extensions of the waterworks· utility of the City.to consist of the following: (1).There shall be constructed and installed approximately 33,300 lineal feet of 12 inch water mains with appurtenances in the following locations: On From To Size Length 172nd St.N.E.Warm Beach Rd.27th Ave.N.E.12"10,290 27th Ave.N.t.172nd St.N.E.169th St.N.E.12"830 169th St.N.E.27th Ave.N.E.35th Ave.N.E.12"2,620 35th Ave.;,N.E.169thSt.N.E.172nd St.N.E.12"810 172nd se.N .E.35th Ave.N.E.51st Ave,.:N.E.12"5,170 51stAve;N.E.172nd St.N.E .131st St.N .E.12"13,563.'.. /./ (2)There shall be constructed and installed approximately 3 /.680 lineal feet of 8-inch water mains with appurtenances located in 35th Avenue N .E. from 169thStreet N .E·.to 760 feet north of 152nd Avenue N.E. (3)There shall be constructed and installed approximately 2,550 lineal feet of 48 inch storm sewer with appurtenances from First Street and Lost Creek to Delta Avenue and Eighth Street,via Lost Creek,Second Street and Della Avenue and approximately 3,400 lineal feet of 42 inch storm sewer with appurtenances from Delta Avenue and Eighth Street to State Avenue and Grove Street via .Delta Avenue,Ninth Street,Cedar Avenue and Grove.Street. (4)There shall be constructed and erected an off ice building 1 warehouse and shop for the combined water:and sewer utility on City-owned property at First Street and Delta Avenue 1 together with a fence surrounding the building site. (5)There shall be investigated and acquired, for future water supply,water storage and/or expansion ofequipment and material storage,sites which are ··determined by the Council to be of'value to the utility~.. ~ -4- ,~.' (6)There shall be included in the foregoing the acquisition and installation of all the necessary manholes,valves,fittings,couplings,connections, equipment and appurtenances and the acquisition . of any easements or right-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. The City Council may modify the details .of the foregoing system or plan,prior to or in the course of construction thereof,where,in its judgment,it seems advisable,provided such modifications do not substantially alter the purposes hereinbefore set forth. Section 2. The life of the foregoing additions,betterments and extensions is hereby declared to be at least thirty years. Section 3.The estimated cost of the acquisition,construction and installation of the abova-de scrfbed additions and betterme nts to the waterworks utility of the City is hereby declared to be,as nearly as may be, the sum of$455,000.00. Section 4;The cost of acquiring,constructing and making the foregoing additions to and betterments and extensions of the waterworks utility of the City shall be paid from the following sources: .;;:(a)From the proceeds from the issuance and sale of $410,000.00 par value of water and sewer .revenue bonds of the City to be known and designated as "Water and Sewer Revenue Bonds ..1965,"(hereinafter called the."Bonds")and (b)The balance from moneys presently on hand in the Water and Sewer Fund of the City. 'I'heBonds shall be in denominations of $5,000.00 each; shall be numbered from 1 to.82,inclusive;shall be dated July 1,1965, and shall bear interest ata rate or rates not to exceed 6%per annum,payable semiannually on the first days of January and July of each year,interest to maturity to be evidenced by coupons to be attached to the Bonds,with full ..~. obligation on the part ofthe City 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 principal of and intere st on the Bonds shall be payable in lawful moneyof the United States of America at the office of the Treasurer of the City of Marysvil la ,Washington,solaly out of the special. -5- , ,. ," bond redemption fund hereinafter created,The Bonds shall be a valid claim of the holder thereof only as against such special fund and the fixed amount MaturitiesAmounts of the revenues of.the waterworks utility of the City pledged to such fund, and shall not bea general obligation of the City of Marysville.The Bonds shall mature serially in accordance with the following achedule ,to-wit: Bond Numbers (Inclusive).. 1 to 6 7 to 17 18 to 28 29 to 40 41 to 52 53 to 65 66 to 78 79 to 82 $30,000 55,000 55,000 60,000 60,000 65,000 65,000 20;000'· July I,1986 July I,1987 July I,1988 July I,1989 July I,199'0 July I,1991 July I,1992 July I,1993 Section 5.The City of Marysville reserves the right to redeem the Bonds as a whole,orin part in inverse numerical order,for any purpose and from any source on July 1,1970 I or on any semiannual interest payment date thereafter,at par,plus accrued interest to date of re demptton , ' Nottce of such call for redemption shall be published once not less than thirty nor more than forty-five days prior to the call date in the Ii ... official newspaper of the City,and shall also be mailed to the principal underwriter who purchases the Bonds at its principal place of business or local office within the State ofWashington ,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 redemption price into the special bond redemption fund.' Section 6.There is hereby created and established in the office of the Treasurer of the City of Marysville a special fund to'be known • • • ..f as the "Water and Sewer Revenue Bond Fund,1965 I"(hereinafter called the "Bond Fund"),which Fund is to be drawn upon for the sale purpose of paying the principal of and interest on the Bonds. The Bond Fund.is hereby div~ded 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 Treasurer of the City of Marysville shall:set aside and pay into the Bond Fund,after the payment of the expenses 'of maintenance and operation of 'the waterworks utility of the -6- ;: City,out of the gross revenues of said utility a fixed amount I without regard to any fixed proportion I as follows: (a)Into the "Principal and Interest Account," monthly,on or before the 20th day of each month beginning with the month of July,1965 I and continuing thereafter;1/6th of the next ensuing six months I interest requirements on the Bonds,and beginning with the month of July,1985,1/12th of the next ensuing twelve months'requirements for principal on the Bonds,until the Bonds both principal and interest are fully paid; (b)Into the "Reserve Account I"monthly I on or before the 1 st day of each month,beginning with the month of August I 1965 I 1/60th of an amount equal to the average annual debt service requirements for the Bonds,which total reserve ,;<, ,equal to the average annual debt service require- ments for the Bonds I shall be accumulated by no later than July 1,1970. The "Reserve Account"may be accumulated from any other moneys which the City of Marysville may have availal:::le for such purpose, in addition to using such revenues therefor.The "Reserve Account"shall, except for Withdrawals therefrom as authorized herein,after the total required reserve amount has been accumulated therein be maintained in such amount at all times so long as any of the Bonds is outstanding,PROVIDED, HOWEVER, that when the'total amount in the Bond Fund shall equal the total amount of '/',',, the principal of and interest on all outstanding Bonds to the last maturity thereof, no further payments need be made into the Bond Fund. In the event that there shall be a deficiency in the "Principal and Intere s t'Acccunt ".in the Bond Fund to meet maturing installments of either principal or interest as the case may be,such deficiency shall then "be made,up from the moneys from the revenues of the waterworks utility of the City first available after making necessary provisions for the required paym~nt into the,"Prmcipal and Interest Account."'The money in the "Reserve Account"shall otherwise,be held intact and ~ay be applied against the last outstanding Bonds., All,moneys 'in the "Re serve Account I "above provided for,may ~ be kept on deposit in the official bank depository of the City of Marysville -7- .'. or may be invested by the City Treasurer in savings or time accounts in banks ,trust companies and mutual savings banks,which are doing business in this State,up to the amount of insurance afforded such accounts by the Federal Deposit Insurance Corporation,or in any short term United States Government securities maturing not later than one month prior to the final maturity date of the last outstanding Bonds.Interest earned on any such investment or on such bank deposit shall be deposited in and become a part of the "Reserve Account"until the total required reserve amount has been accumulated therein,after which such interest shall be deposited in the "Prtnctpal and Intere st Account." Section 7.The gross revenues from the waterworks utility of the City are hereby pledged to such payments and the Bonds shall constitute a lien and charge upon such revenues prior and superior to any other charges whatsoever ,excluding charges for maintenance and operation of the waterworks utility of the City,except that the lien and charge upon said revenues for the Bonds shall be on a parity with the lien and charge upon such revenues for the outstanding "Water Revenue Bonds, 1952"(Series A and Series B),"Water and Sewer Revenue Bonds,1955,",'i "' I '"Water and Sewer Revenue Bonds,1959,""Water and Sewer Revenue Bonds, 1963,"and any water and .sewer revenue bonds hereafter issued on a parity .'..'. with said outstanding ~bonds,in accordance with the provisions of Section 19 of Ordinance No . 384'and Section 11 hereof. If the .Crty shall fail to set aside and pay into the Bond Fund the amounts which it ha s obligated itself by this Ordinance to set aside and pay therein,the holder of any Bond may bring suit against the City to compel it to do 'SO. Section 8.The City Council and corporate authorities of the City of Marysville hereby declare that in creating the Bond Fund and in fixing the amounts to be paid into the same ,as aforesaid,they have exercised due regard for the cost of OPeration and ma intengnce of the waterworks utility of the City im~thedebt serVice requirements of the presently outstanding -8- "Water Revenue Bonds,1952"(Series A and Series B),"Water and Sewer Revenue Bonds,1955,,i "Water and Sewer Revenue Bonds,1959,"and "Water and Sewer Revenue 'Bonds,1963,"and the City has not bound and obligated itself to set aside and pay into the Bond Fund a greater amount or proportion of the revenues of the waterworks utility of the City than in the judgment of the City Council will be available over and above such costs of maintenance and operation and debt service requirements of said outstanding bonds and that no portion of the waterworks utility of the City has been previously pledged for any indebt- edne s sother than for the presently outstanding bonds referred to above. Se~tion 9.The City hereby covenants and agrees with the owner and holder of each Bond at any time outstanding I as follows: ,(a)That it will establish I maintain and collect such rates and charges for water and sani- tary sewage disposal service as long as any "Water Revenue Bonds,1952"(Series A and Series B),"Water and Sewer Revenue Bonds, '1955,"""Water and Sewer Revenue Bonds I 1959," "Water and Sewer Revenue Bonds I 1963,"and the Bonds 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 servtce.both principal and intere st ,of said "Water Revenue Bonds,1952"(Series A and Series B), ,"Water and Sewer Revenue Bonds,1955,""Water, 'and Sewer Revenue Bonds,1959,""Water and Sewer Revenue Bonds"1963 I"and the Bonds .after deducting the cost of maintenance,operation and taxes from the revenue sof the waterworks utility of the City. (b)That it will at all times maintain and keep the waterworks utility of the City in good repair, working order and condition,and also will at all 'times operate such utility and the business in ,connection therewith in an efficient manner and ,at a reasonable cost. ;(c)That it will not sell,lease,mortgage or in any rriannerencumber or dispose of all the .property of the waterworks utility of the City unless provisions is made for payment into the Bond Fund .of a sum sufficient to pay the principal of and interest on all Bonds at any time outstanding, and that it will not sell,lease,mortgage,or in any manner encumber or dispose of any part of the property of said waterworks utility of the City "that is used,useful and material to the operation thereof,orfor payment into ..the Bond Fund of the totdl amount of revenue received which shall not be less than an amount which shall bear the same ratio -9- to the amount of outstanding Bonds as the revenue available for debt service for such outstanding .Bond s for'the twelve months preceding such sale, lease I encumbrance or disposal from the portion :..of the utility sold I leased,encumbered or disposed of bears to the revenue available for debt service .for such Bonds from the entire utility for the same period.Any such moneys so paid into the Bond Fund shall be used to retire such outstanding Bonds at the earliest possible date. (d)That itwill while any of the Bonds remains outstanding keep proper and separate accounts and records in which complete and separate entries shall be made of all transactions relating to its waterworks utility,and it will furnish the original purchaser or purchasers of the Bonds or any sub- ..sequent holder or holders thereof,at the'written ·request of such.holder or holders,complete operating and income statement of said utility in reasonable detail covering any calendar year not more than ninety days after the close of such calendar year and it will grant any holder or holders of at least .twenty-five percent of the outstanding Bonds the right at all reasonable times to inspect the entire waterworks utility ·of the City and all records, accounts and data of the City re latmq thereto. Upon request of any holder of any of said Bonds, it will also furnish to such holdera copy of the most recently completed audit of the City's accounts by the State Auditor of Washington. (e)That it will YO t furnish water or sanitary sewage disposal service to any customer whatso- ever free of charge and will promptly take legal action to enforce collection of all delinquent accounts. (f)That it will carry the types of insurance on .its waterworks utility"properties in the amounts normally carried by private water and sewer companies engaged in the operation of water and sewerage systems,and the cost of such insurance shall be considered a part of operating and maintaining said utility.If,as,and when,the United States of America or some agency thereof shall provide for war risk insurance,the City further agrees to take out and maintain such insurance on all or such portions of said system on which such war risk insurance may be written in an amount or amounts to cover adequately the value thereof . .(g)That it will pay all costs of maintenance and operation of the waterworks utility of the City and the debt service requirements for the outstanding "Water Revenue Bonds,1952"(Series A and Series B), "Water and Sewer Revenue Bonds,1955 ,'~"Water ..and Sewer Revenue Bonds,1959,"and "Water and Sewer Revenue Bonds,1963 ",,"and otherwise meet the obligations of the City as herein set forth. -10- :-'. form: Section 10.The Bonds shall be in substantially the following Nd._~_ UNITED STATES Of AMERICA STATE OF WASHINGTON CITY OF MARYSVILLE $5,000.00 WATER AND SEWER REVENUE BOND,1965 --_% KNOW ALL MEN BY THESE PRESENTS:That the City of Marysville,Washington,for value received, promises to pay to bearer on the FIRST DAY OF JULY, 19__s:the principal sum of FIVE THOUSAND DOLLARS together with interest thereon at the rate of .PERCENT L-%)per annum,payable semiannually on January 1 and July 1 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 obli- gation 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, or funds are availatle in the "Water and Sewer Revenue Bond Fund,1965,"(hereinafter called the'"Bond Fund"),for payment in full.Both principal of and interest on this bond are payable in lawful money of the United States of America at the office of the Treasurer 6f .the City of Marysville /Washington,solely out of the special fund created by Ordinance No. 'and referred to herein as the "Bond Fund," into which fund the City of Marysville hereby irrevocably binds itself to pay certain fixed amounts out of the gross revenues of the water- works utility,including the sanitary sewerage system as a part thereof,now belonging to or which may hereafter belong to the City,including all additions,extensions and betterments thereof' .now or at any time made or constructed,without regard to any fixed proportion,namely,amounts sufficient to pay the principal of and interest on this issue of bonds as they respectively become .due.and to accumulate a reserve,all at the .times and in the manner set forth in Ordinance No.·_ The gross revenues from the waterworks utility of the City are hereby pledge'd to such payments and the bonds shall constitute .a lien and charge upon such revenues prior and superior to any other charges whatsoever,excluding charges for maintenance and operation 'of the waterworks utility of the City, except that the lien and charge upon said revenues for the bonds shall be on a parity with the lien and charge upon such revenues for the outstanding "Water -11:- Revenue Bonds,1952"(Series A and Series B),"Water and Sewer Revenue Bonds,1955,""Water and Sewer Revenue Bonds,1959,""Water and Sewer Revenue Bonds,1963,"and any water and sewer revenue bonds hereafter issued on a parity with said outstanding bonds in accordance with the provisions of Section 19 of Ordinance No.384 and Section .l.L of Ordinance No. This bond is one of a total issue of $410,000.00 par value of bonds,all of like date,tenor and effect, except as to maturities (and interest rates,if more than one interest rate is bid),all payable from the Bond Fund and all issued by the City under and in pursuance of the laws of the State of Washington ·and Ordinance No.__for the purpose of providing the funds to pay the cost of making certain additions to arid betterments and extensions of the waterworks utility of the City,including the sanitary sewerage ..system as a part thereof. The City of Marysville has reserved the right to redeem the bonds as a whole,or in part in inverse ·nurnertca I order,:tOr any purpose and from any source on July 1,1970,or on any semiannual interest payment date thereafter,at par,plus accrued intere st to date of redemption. Notice of such call for redemption shall be published once not les s than thirty nor more than forty-five days prior to the call date in the official newspaper of the City,and shall also be mailedto[the principal underwriter who purchases the bonds]at its principal place of business or .local office within the State of Washington, 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 redemption price into the Bond Fund. The City of Marysville hereby covenants and agrees with the holders of each and everyone of the bonds' of this issue to fully carry out all covenants and meet all obligations of the City,as set forth in Ordinance .No . ,to which ordinance reference is hereby made as more fully describing the covenants with.and rights of holders of bonds of this issue; 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.ordinan ce s of the City of Marysville and that all acts,conditions and things required to be done precedent to and in •.the issuance of this bond have happened,have been done and have been performed as required by law.. .. IN WITNESS WHEREOF,the City of Marysville, Washington,has caused this bond to be signed by the facsimile signature of the Mayor and attested ·by the Clerk and the corporate seal of the City to be affixed and the interest coupons attached to be signed with the facsimile signatures of such officials this first day of July,1965. -12- ;.-.,:," CITY OF MARYSVILLE,WASHINGTON By (facsimile signature) Mayor ATTEST: City Clerk The interest coupons attached to the Bonds shall be in . substantially the folloWing form: Coupon No.__ $ On the FIRST DAY OF (JANUARY)(JULY)I 19 I the CITY OF MARYSVILLE,WASHINGTON I upon presentation and surrender of this coupon,will 'pay to bearer at the office of the City Treasurer the sum of ,DOLLARS ($:;----')-:i-n~l:-a-w-;f:-u-;-l-m-oo-e-y-o-:f;:-:-;"th-e--:-:U:-n"'7it-:-"e d States of America from the special fund of said City I known as the'"Water and Sewer Revenue Bond Fund,.1965,"said sum being s ix.months ' interest then due on its "Water and Sewer Revenue Bond,'1965 ,"dated July 1,1965,and numbered CITY OF MARYSVILLE,WASHINGTON (facsimile signature) MayorIIATTEST: (facsimile signature) The Bonds shall be printed on lithographed forms,shall be signed by the facsimile signature of the Mayor and attested by the manual signature of the Clerk and shall have the seal of the City of Marysville affixed thereto and, the interest coupon shall bear the facsimile signatures of the Mayor and the Clerk. Section 11.'The City of Marysville reserves the right to issue additional water and sewer revenue bonds which will constitute a lien and charge upon the gros$revenues of the waterworks utility of the City on a parity with the outstanding 'IWater Revenue Bonds,1952"(Series ,A and Series B), "Water and Sewer Revenue Bonds,1955,""Water and Sewer Revenue Bonds, 1959,"and "Water and Sewer Revenue Bonds-,1963,"andthe~BondsI provided -13- Section 13.The Clerk of the City of Marysville is hereby ."..J" ~.4 ,........ the conditions set forth in Section 19 of Ordinance No.384 are met and complied with at the time of the issuance of such additional water and sewer revenue bonds while any of said outstanding bonds are outstanding, which Section is by this reference incorporated herein and made a part hereof and shall be applicable after the payment and retirement of said outstanding "Water Revenue Bonds I 1952"(Series A and Series B). Section 12 . The proceeds from the sale of the Bonds shall be used for thesotepurpose of making the additions to and betterments and extensions of the waterworks utility of the City ,as herein authorized,and ;of paying a part of the cost and expense connected therewith and the City of Marysville·through its proper officers and agents shall proceed with the making of said.improvements and the calling of bids therefor in the manner provided by Iaw ,The action of the City officials in heretofore advertising for construction bids and awarding a contract on June 7,1965,for the construction of theofftce building,warehouse and shop and in advertising for construction bids for water mains construction identified as 172nd Street N .E.,et aI,and storm sewer construction identified as Delta Avenue"et a l , are hereby rattfred and confirmed as the duly authorized acts of the City. / directed to pub11shin the Daily Journal of Commerce of Seattle,Washington, once each week for two successive weeks,the first publication to be at least fourteen days prior tothe sale date,a Notice of Bond Sale of the Bonds calling for bids for the purchase thereof to be received in the Council Chambers in the City HaIl in Marysville,Washington I until 8 0'clock p.m.(PDST)on ·August 9,1965 ,at which time the bids will be publicly opened and considered at a regular meeting of the City Council then to be held at such time and place. Each bidder shan seal his bid in an envelope with a good- faith deposit in the 'form of a certified or cashier's check made payable to ...'.. the Treasurer ofthe City of Marysville ,Washington I'in the sum of at least .. -14- $20,000.00,If the successful bidder shall fail or neglect to complete the purchase of the B0I1ds in accordance with his or its bid within forty days following the acceptance thereof,and the Bonds are ready for delivery,the amount of his deposit shall be forfeited to the City. No bid agreeing to pay less than 98% of the par value of the Bonds ,plus accrued interest,will be considered,One or more rates of interest maybe fixed for the Bonds,which rate or rates shall not exceed 6%,and must be in multiples of 1/8 or 1/10 of 1%, or both.No more than one rate of .Interest vmay be fixed for any single maturity.The maximum differential between the lowest and the highest coupon rates named in any bid shall not exceed 1%~Only one coupon will be attached to each Bond for each installment of interest thereon and bids providing for additional or supplementai coupons will be rejected.' An bids shall state the total amount of the coupon interest over the life of the Bonds and the net interest cost to the City,which shall be computed by deducting from such coupon interest the premium,if any, or adding the discount,if any.Each bid shall also state the net effective interest rate over the life of the Bonds.The Bonds will be awarded to the bidder Offerilg to-purchase allof the same at the lowest net intere st cost to the City"' The City reserves the right to reject any and all bids submitted and to waive any informalities or irregularites therein. The printed Bonds will be delivered without cost to the purchaser thereof within forty days of the d~te of acceptance of the offer to purchase at the City Hall in Marysville,Washington,or at any bank in Seattle I Washington,at the purchaser's option.Delivery at any other place within:the I United States will be made at the purchaser's option and expense. , The opinion of Roberts ,Shefelman,Lawrence,Gay &Moch, " municipal bond oounsel.'of Seattle,Washington,approving the legality ,., of the issuance of the 'Bonds will be de ltvered to the purchaser without -15- r', I ! cost and t:Till be printed on each of'the Bonds.A no-litigation cortiflca~0 in the usual form will also bo included in the closing p ap or s. The ~otico of Bond Sale tn be published shall provide th;lt c op Lc s lor the Official Statement relatinr.:to the Bonds may be obtained from the City Clork or from Terry Thompson &.Co., the City's financial consultant,Washington Buildinc.Seattle, \1ashington. SEeTIo!;14 0 This o r-d Lr.a.n co shall be 1n lull force and effect f r orn and after its p a s s age and five days follot1'ine its p ub Li c a t Lon as rerp'ired by 1;-\1'[. PASSED by the City Council of the City of ~~rysville. t'Jashi 11(;ton ,at a ref~ular mo o tine thereof and APPROVED by the l-1ayor this 12th day of July,1<)G5o \\-;, FOlUl APPHQ'/",D: City Attorney Ii il i- ii IIIi I,AMELIE DOCKENDORF I Clerk of the City of Marysville I Washington,do hereby certify that the attached Ordinance No.2!±2.is a true and correct copy of the original ordinance passed the 12th day of July I 1965 I as said ordinance appears on the Minute Book of the City. DATED this .12 t hday of July I 1965.