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HomeMy WebLinkAboutO-0591 - Regulates LID No. 52 bonds (Special),~(- l-~'-c--:"i f' CITY OF MARYSVILLE,WASHINGTON ORDINANCE NO ...2!1.l AN ORDINANCE fixing the amount,form,date, interest rate,maturity and denominations of Local Improvement District No.52 Bonds and directing the issuance and sale thereof to Terry Thompson &Co. THE CITY COUNCIL OF THE CITY OF MARYSVILLE,WASHINGTON, DO ORDAIN as follows: Section 1.The total amount of the assessment roll in Local Improve- ment District No.52 in the City of Marysville,Washington,created under Ordinance No.562,was $16,453.40.The 30-day period for making cash payments of assessments without interest in said District expired on June 19,1967,and the total amount of assessments paid in cash was $6,400.46, leaving a balance of assessments unpaid on the assessment roll in the sum of $10,052.94.Local improvement district bonds of Local Improvement District No.52 shall,therefore,be issued in the total principal sum of $10,052.94.Bond No.1 of said issue shall be in the denomination of $552.94 and the remaining bonds numbered 2 to 20,inclusive,shall be in the denomination of $500.00 each.The bonds shall all be dated July IS, 1967,and shall be payable on the 15th day of July,19'9,with the right re- served to the City to redeem said bonds prior to maturity on any interest payment date,in numerical order,lowest numbers first,whenever there shall be sufficient money in the"Local Improvement Fund,District No.52," created by Ordinance No.562,passed on September 12,1966,to pay the bonds so called and all earlier numbered bonds over and above the amount required for the payment of the interest on all unpaid bonds,bypub li s hinq notice of such call once in the official newspaper of the City not less than ten nor more than twenty days prior to the call date,and by mailing notice of such call by certified mail within the same period to.Terry Thompson & Co.at its principal office in Seattle,Washington.Upon such date the in- terest on bonds so called shall cease and each and every coupon representing interest not accrued on such date shall be void.The bonds shall bear interest at the rate of 6%per annum,payable annually,beginning on the 15th day of July,1968,to be represented by interest coupons to maturity attached to each bond. Section 2.Each of the bonds and interest coupons attached thereto shall be in substantially the following form: No.$500.00 ($552.94 on Bond No.1) UNITED STATES OF AMERICA STATE OF WASHINGTON LOCAL IMPROVEMENT BOND OF CITY OF MARYSVILLE LOCAL IMPROVEMENT DISTRICT NO.52 6% N.B. The laws of the State of Washington,under which this bond is issued,contain the following section (RCW 35.45.070): "Neither the holder nor owner of any bond,inter- est coupon,or warrant issued against a local improve- ment fund shall have any claim therefor against the city or town by which it is issued,except for payment from the special assessments made for the improvement for which the bond or warrant was issued and except also for payment from the local improvement guaranty fund of the city or town as to bonds issued after the creation of a local improvement guaranty fund of that city or town.The city or town shall not be liable to the holder or owner of any bond,interest coupon,or warrant for any loss to the local improvement guaranty fund occurring in the lawful operation thereof.A copy of the foregoing part of this section shall be plainly written,printed or engraved on each bond." THE CITY OF MARYSVILLE,WASHINGTON,a municipal corporation of the State of Washington,hereby promises to pay to Terry Thompson &Co.,Seattle,Washington, or bearer,the sum of FIVE HUNDRED DOLLARS ($552.94 on Bond No.1) in lawful money of the United States of America,with interest thereon at the rate of SIX PERCENT (6%)per annum,payable annually out of the fund established by Ordinance No.562 of the City and known as "Local Improvement Fund,District No.52,"and not otherwise, except from the guaranty fund,as herein provided,Both principal of and interest on this bond are payable at the office of the Treasurer of the City. -2- Coupons are hereto attached for each installment of interest to accrue hereon,and interest shall be paid only on presentation and surrender of such cou- pons to the City Treasurer. The City Council of the City,as agent of such Local Improvement District No.52 ,established by Ordinance No.562,has caused this bond to be issued in the name of the City as the bond of such local improvement district.The bonds of the is sue of which this bond is one or the proceeds thereof are to be used to pay so much of the cost and ex- pense of improving that portion of Cedar Street ex- tending from Grove Street north to the terminus of Cedar Street by constructing an eight-inch sewer line,2,690 feet in length,in the City of Marys- ville,as provided by Ordinance No.562,as is lev- ied and assessed against the property included in that local improvement district and benefited by that improvement.The holder of this bond shall look only to the II Local Improvement Fund,District No.52,II and to the Local Improvement Guaranty Fund of the City for the payment of either the prin- cipal of or the intere st on this bond. This bond is one of an issue of 20 bonds aggregat- .ing in all the principal sum of $10,052.94,issued for Local Improvement District No.52,all of which bonds are subject to the same terms and conditions as herein expressed. This bond is payable on the 15th day of July, 1969,but is subject to call by the City Treasurer for prior redemption whenever there shall be suffi- cient money in the II Local Improvement Fund,Dis- trict No.52,II to pay the same and all unpaid bonds of this issue,which are prior to this bond, in numerical order,over and above amounts suffici- ent for the payment of the interest on all unpaid bonds of this issue.The call for payment of this bond,or any bond of this issue,shall be made by the City Treasurer by publishing the same once in the official newspaper of the City not less than ten nor more than twenty days prior to the call date, and by mailing notice of such call by certified mail within the same period to Terry Thompson &Co.at its principal office in Seattle,Washington.When such call is made for the payment of this bond,it will be paid on the day the next interest coupon thereon shall become due after that calL Upon that date interest upon this bond shall cease and any re- maining coupons shall be void. IT IS HEREBY CERTIFIED,recited and declared that all acts,conditions and things required to be done precedent to and in the levying of said special taxes or assessments and the issuing of these bonds have been properly done,have happened and have . been performed in regular and due form,as required ~ by law;and that these bonds have not been issued in an amount in excess of the cost of the improve- ment. IN WITNESS WHEREOF,the City of Marysville, Washington,has caused this bond to be signed by -3- its Mayor and attested by its City Clerk and its corporate seal to be hereto affixed,and the inter- est coupons attached to be signed with the fac- simile signatures of those officials this 15th day of July,1967.. CITY OF MARYSVILLE,WASHINGTON Mayor By -::-:,..-_ ATTEST: City Clerk COUPON FORM Coupon No.__ $30.00 ($33.18 on Bond No.1) On the FIFTEENTH DAY OF JULY, 19 ,the CITY OF MARYSVILLE I WASHINGTON I promises to pay to bearer at the office of the City Treasurer the amount shown hereon,this sum being twelve months I interest due that day on Bond No.of the bonds of Local Improvement District No.52 and not otherwise,pro- vided that this coupon is subject to all terms and condi- tions contained in the bond to which it is annexed and, if that bond shall be called for payment before maturity hereof,this coupon shall be void. Mayor CITY OF MARYSVILLE I WASHINGTON By ..".."._ ATTEST: City Clerk Section 3.The bonds shall be printed on lithographed forms,shall be signed by the Mayor and attested by the Clerk and shall have the seal of the City of Marysville affixed thereto and the coupons shall bear the facsimile signatures of the Mayor and the Clerk. Section 4.Terry Thompson &Co.of Seattle t Washington,has of- ferect to purchase all of the local improvement bonds of Local Improvement District No.52 at a price of par,plus accrued interest from the date of issuance to the date of delivery of the bonds to said purchaser,the City to furnish the printed bonds and the approving legal opinion of Rober ts t Shefelman,Lawrence,Gay &Mach,municipal bond counsel of Seattle, -4- :i Washington,at the City's expense.The City Council,deeming that no better offer could be received for the bonds,and that it is in the best interests of the City to accept said offer,duly accepts the same.The bonds shall,therefore,immediately upon their execution,be delivered to Terry Thompson &Co.,Seattle,Washington,upon payment therefor in accordance with said offer. PASSED by the City Council of the City of Marysville,Washington, ) and APPROVED by the Mayor at a regular meeting thereof this 2~th day of June,1967. City Clerk ATTEST: t:?m-t4-k e<Y~~ FORM APPROVED: U2:-d:li:;UX'··?i2uu LLk,j _ e City Attorney -5- ...,' I,AMELIE DOCKENDOR'1S Clerk of the City of Marysville,Washington, do hereby certify that the attached is a true and correct copy of Ordinance No .eu:passed June 26 I 1967 I as said ordinance appears on the Minute Book of the City. DATED this ,2/;tt..day of a~I 1967.-V