HomeMy WebLinkAboutO-0595 - Provides for issuance of water and sewer revenue bonds 1967 (Special)"..~'
CITY OF MARYSVILLE I WASHINGTON
ORDINANCE NO.595'
AN ORDINANCE providing for the issuance of
$425,000.00 par value of "Water and Sewer Revenue
Bonds,1967,"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 I in-
cluding the sewerage system as a part thereof,as
adopted in Ordinance No.581,as amended by Ordin-
ance No.586;fixing the date,form,maturities,
interest rate,covenants and terms of such bonds;
and providing for the sale and delivery thereof to
Terry Thompson &Co.of Seattle,Washington.
WHEREAS,the City of Marysville,by Ordinance No.384,passed
the 14th day of July I 1952,specified and adopted a system or plan of addi-
tions to and betterments and extensions of the waterworks utility of the
City,and authorized the issuance and sale of not to exceed $280 1000.00
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 "Series B,"and $46,000.00 par value thereof as "Series C,"
and all of said "Series C"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 addi-
tions ,extensions and betterments to an exf stinq system and provide that
the system of sewerage,including all additions,extensions and betterment s
thereto,shall become a part of the waterworks utility of the City,which
bonds shall constitute a charge and lien upon the revenues of the water-
works utility of the City,including 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,1952,"provided the following 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 shall have been made into the "Water Revenue
Bond Fund,1952;"and
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"(b)That the revenues of the waterworks 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 connection with the is suance
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 outstand-
ing and 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 acceptable to Terry Thompson;"and
WHEREAS,the City of Marysville,by Ordinance No.385,passed
September 2,1952,combined the sewerage system of the City with all
additions and improvements 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,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 I,1955 (its "Water
and Sewer Revenue Bonds,1957,"dated July I,1957,and its "Water and
Sewer Revenue Bonds,1959,"dated July 1(1959,all of said bonds having
been issued on a parity of lien with all of the outstanding "Water Revenue
Bonds,1952,"(Series A,Series B and Series C)and with each other;and
WHEREAS,pursuant to Ordinance No.497 (passed March 25 (1963 I
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 I 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 I"pursuant
to Section 19 of Ordinance No.394 were issued on a parity of lien with the
outstanding "Water Revenue Bonds I 1952"(Series A,Series B and Series C),
the "Water and Sewer Revenue Bonds,1955,"and the "Water and Sewer Rev-
enue Bonds,1959";and
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WHEREAS,pursuant to Ordinance No.543,passed July 12,1965,
the City issued and sold $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 acquiring,constructing and making certain
additions to and betterments and extensions of the waterworks utility of
the City,as adopted in Ordinance No.543,which "Water and Sewer
Revenue Bonds,1965,"pursuant to Section 19 of Ordinance No.394,
were issued on a parity of lien with the outstanding "Water Revenue
Bonds,1952"(Series A and Series B),the "Water and Sewer Revenue
Bonds,1955,"the "Water and Sewer Revenue Bonds,1959,"and the
"Water and Sewer Revenue Bonds,1963";and
WHEREAS,by Ordinance No.581,passed May 22,1967,the City
specified and adopted a system or plan of additions to and betterments
and extensions of the waterworks utility of the City,including the sewer-
age system as a part thereof,and authorized the issuance and sale of not
to exceed $425,000.00 par value of "Water and Sewer Revenue Bonds,
1967,"in one or more series,to provide the funds necessary to pay the
cost of acquiring,constructing and making such additions to and better-
ments and extensions of the waterworks utility of the City;and
WHEREAS,the City Council has determined to proceed with the carry-
ing out of the system or plan of additions to and betterments and extensions
of the waterworks utility of the City,as specified and adopted by Ordinance
No.581,as amended by Ordinance No.586,and to provide the funds neces-
sary to pay the cost thereof,it is necessary to issue and sell the total auth-
orized not to exceed $425,000.00 par value of "Water and Sewer Revenue
Bonds,1967";and
WHEREAS,the City Council hereby finds and declares that all payments
required by Ordinances Nos.384,415,455 and 543 pertaining to the out-
standing "Water Revenue Bonds,1952"(Series A and Series B of which are
presently outstanding),the outstanding "Water and Sewer Revenue Bonds,
1955,"the outstanding "Water and Sewer Revenue Bonds,1959,"the out-
standing "Water and Sewer Revenue Bonds,1963,"and the outstanding "Water
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and Sewer Revenue Bonds,1965,"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 I"the "Water and Sewer Revenue
Bond Fund,1963,"and the "Water and Sewer Revenue Bond Fund,1965 I"
respectively I and that d r Hammond,Collier &Isaac,consulting
engineers,fa 3 experienced in municipal utilities and
acceptable to Terry Thompson,has certified that said revenues are sufficient
to meet said 1.4 coverage requirement set forth 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 a s follows:
Section 1.For the purpose of providing the funds with which to pay
the cost of carrying out the system or plan of additions to and betterments
and extensions of the waterworks utility of the City of Marysville,including
the sewerage system as a part thereof (said combined utilities and all additions
to and betterments and extensions thereof being hereinafter referred to as the
"waterworks utility of the City"),as specified and adopted in Ordinance No.
581,as amended by Ordinance No.586,there shall be issued and sold
$425,000.00 par value of "Water and Sewer Revenue Bonds,1967"(herein-
after called the "Bonds").The Bonds shall be in denominations of $5,000.00,
shall be numbered from 1 to 85,inclusive,shall be dated July I,1967,and
shall bear interest at the rate of 5.2%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 of the
City to pay interest at the bond rate from and after the bond maturity dates
until the Bonds with interest are paid in full.Both principal of and interest
on the Bonds shall be payable solely out of the special fund created by Ordin-
ance No.581 and known as the "Water and Sewer Revenue Bond Fund,1967"
(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 waterworks utility of the City pledged to such fund,and shall
not be a general obligation of the City.
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The Bonds shall mature in accordance with the following schedule,
to-wit:
Bond Numbers
(Inclusive)
1 to 10
11 to 24
25 to 39
40 to 55
56 to 72
73 to 85
Amounts
$50,000
70,000
75,000
80,000
85,000
65,000
Maturities
July 1,1993
July 1,1994
July 1,1995
July 1,1996
July I,1997·
July 1,1998
Section 2. The City of Marysville reserves the right to redeem the
Bonds as a whole,or in part in inverse numerical order,for any purpose
and from any source on July I,1977,or on any semiannual interest payment
date thereafter,at par plus accrued interest to date of redemption.
Notice of such call for redemption shall be published once not less
than 30 nor more than 45 days prior to the call date in the official newspaper
of the City and shall also be mailed to Terry Thompson &Co.r Northern Life
Tower,Seattle,Washington,or its successors,wi thin 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.
Section 3.The Bond Fund created and established by Ordinance No.
581 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 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 City,out of the gross revenues
of said utility a fixed amount,without regard to any fixed proportion,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,1967,and continuing thereafter,1/6th of the
next ensuing six months'interest requirements on the Bonds,
and beginning with the month of July,1992,l/12th of the next
ensuing twelve months I requirements for principal on the Bonds,
until the Bonds,both principal and interest,are fully paid;
(b)Into the "Reserve Account,II monthly,on or before
the first day of each month,beginning with the month of
August,1967,not less than the sum of $726.67,until a total
reserve amount of $43,600.00 shall be accumulated therein
by no later than July 1,1972.
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The "Reserve Account"may be accumulated from any other moneys
which the City of Marysville may have available for such purpose,in addi-
tion to using such revenues therefor.The "Reserve Account"shall,except
for withdrawals therefrom as authorized herein,after the total required re-
serve 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 Ben ds 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
Interest Account"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 pay-
ment into the "Principal and Interest Account."The money in the "Reserve
Account"shall otherwise be held intact and may be applied against the last
outstanding Bonds.
All moneys in the "Reserve Account,"above provided for,may be kept
on deposit in the official bank depository of the City of Marysville 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 "Principal and Intere st Account."
Section 4.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
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the City I 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 I 1952"(Series A and Series B),"Water
and Sewer Revenue Bonds I 1955 I""Water and Sewer Revenue Bonds I 1959,"
"Water and Sewer Revenue Bonds I 1963 I""Water and Sewer Revenue Bonds I
1965 ,"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..§...hereof.
If the City shall fail to set aside and pay into the Bond Fund the
amounts which it has obligated itself by this Ordinance to set aside and
pay therein I the holder of any Bond may bring suit against the City to com-
pel it to do so.
Section 5.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 I as aforesaid I they have exercised
due regard for the cost of operation and maintenance of the waterworks util-
ity of the City and the debt service requirements of the presently outstand-
ing "Water Revenue Bonds I 1952"(Series A and Series B)I "Water and Sewer
Revenue Bonds I 1955,""Water and Sewer Revenue Bonds,1959,""Water
and Sewer Revenue Bonds I 1963,"and "Water and Sewer Revenue Bonds I
1965 I"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-
edness other than for the presently outstanding bonds referred to above.
Section 6.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,maintain and collect such
rates and charges for water and sanitary sewage disposal
service as long as any "Water Revenue Bonds I 1952"(Series
A and Series B)I "Water and Sewer Revenue Bonds I 1955 I"
"Water and Sewer Revenue Bonds 1959 I""Water and Sewer
Revenue Bonds I 1963 I""Water and Sewer Revenue Bonds I
1965 I"and the Bonds are outstanding I as will make available
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for the payment of the principal of and interest on all such
bonds as the same shall accrue,an amount equivalent to at
least 1.4 times the average annual debt service,both prin-
cipal and interest I of said "Water Revenue Bonds,1952"
(Series A and Series B),"Water and Sewer Revenue Bonds I
1955,""Water and 'Sewer Revenue Bonds I 1959,""Water
and Sewer Revenue Bonds,1963,""Water and Sewer Revenue
Bonds,1965,"and the Bonds,after deducting the cost of
maintenance,operation and taxes from the revenues of 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 man-
ner and at a reasonable cost.
(c)That it will n at sell,lease,mortgage or in any
manner encumber or dispose of all the property of the water-
works utility of the City unless provision 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,or for payment into the Bond Fund of the total amount
of revenue received which shall not be less than an amount
which shall bear the same ratio to the amount of outstanding
Bonds as the revenue available for debt service for such out-
standing Bonds for the twelve months preceding such sale,
lease I encumbrance or disposal from the portion of the utility
sold,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 it will while any of the Bonds remain outstand-
ing 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 orig-
inal purchaser or purchasers of the Bonds or any subsequent
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 in-
spect the entire waterworks utility of the City and all records,
accounts and data of the City relating thereto.Upon request of
any holder of any of said Bonds,it will also furnish to such
holder a copy of the most recently completed audit of the City's
accounts by the State Auditor of Washington.
(e)That it will not furnish water or sanitary sewage dis-
posal service to any customer whatsoever free of charge and
will promptly take legal action to enforce collection of all de-
linquent accounts.
(f)That it will carry the types of insurance on its water-
works 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 con-
sidered a part of operating and maintaining said utility.If,as,
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and when,the United States of America or some agency thereof
shall provide for war risk insurance I 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 opera-
tion 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 I
1955,""Water and Sewer Revenue Bonds I 1959 I""Water and
Sewer Revenue Bonds,1963 I"and "Water and Sewer Revenue
Bonds,1965,"and otherwise meet the obligations of the City
as herein set forth.
Section 7.The Bonds shall be in substantially the following form:
No._
UNITED STATES OF AMERICA
STATE OF WASHINGTON
$5,000.00
CITY OF MARYSVILLE
WATER AND SEWER REVENUE BOND I 1967
5.2%
KNOW ALL MEN BY THESE PRESENTS:That the City of
Marysville I Washington I for value received I promises to pay
to bearer on the FIRST DAY OF JULYI 19 I the principal sum
of -
FIVE THOUSAND DOLLARS
together with interest thereon at the rate of FIVE AND TWO
TENTHS PERCENT (5.2%)per annum I payable semiannually
on January 1 and July 1 of each year I upon presentation and
surrender of the attached interest coupons as they severally
mature up to the bond maturity date and will 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,or funds are available in the "Water and
Sewer Revenue Bond Fund,1967,"(hereinafter called the
"Bond Fund")I for payment in full.Both principal of and in-
terest on this bond are payable in lawful money of the United
States of America at the office of the Treasurer of the City of
Marysville I Washington I solely out of the special fund cre-
ated by Ordinance No.581 and referred to herein as the "Bond
Fund,"into which fund the City of Marysville hereby irrevoc-
ably binds itself to pay certain fixed amounts out of the gross
revenues of the waterworks utility I including the sanitary
sewerage system as a part thereof,now belonging to or which
may hereafter belong to the City,including all additions I ex-
tensions and betterments thereof now or at any time made or
constructed I without regard to any fixed proportion I 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 I 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 pledged to such payments and the bonds shall con-
stitute a lien and charge upon such revenues prior and superior
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to any other charges whatsoever,excluding charges for main-
tenance and operation of the watervo rks 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,""Water and Sewer Revenue Bonds,1959,""Water and
Sewer Revenue Bonds,1963,""Water and Sewer Revenue Bonds,
1965,"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 8
of Ordinance No.-
This bond is one of a total issue of $425,000.00 par value
of bonds,all of like date,tenor and effect,except as to
maturities,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.581,as amended by Ordinance
No.586,and Ordinance No., for the purpose of provid-
ing the funds to pay the cost of making certain additions to
and 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 numerical order,for any
purpose and from any source on July 1,1977,or on any semi-
annual interest payment date thereafter,at par plus accrued
interest to date of redemption.
Notice 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 official newspaper of the City,and shall also
be mailed to Terry Thompson &Co.,Northern Life Tower,
Seattle,Washington,or its successors,within the same
period.Interest on any bonds so called for redemption shall
cease on the date fixed for such redemption 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 ordin-
ances 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 per-
formed as required by law.
IN WITNESS VVHEREOF,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
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".
signed with the facsimile signatures of such officials this
first day of July /1967.
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.__
$130.00
On the FIRST DAY OF (JANUARY)(JULY)/ 19 /the CITY
OF MARYSVILLE / WASHINGTON /upon presentation and sur-
render of this coupon /will pay to bearer at the office of
the City Treasurer the amount shown hereon in lawful money
of the United States of America from the special fund of said
City,known as the "Water and Sewer Revenue Bond Fund,
1967,"said sum being six months'interest then due on its
"Water and Sewer Revenue Bond,1967,"dated July 1,1967/
and numbered
CITY OF MARYSVILLE,WASHINGTON
_By:(facsimile signature)
Mayor
ATTEST:
(facsimile signature)
City Clerk
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 8.The City of Marysville reserves the right to issue additional
water and sewer revenue bonds which will constitute a lien and charge upon
the gross revenues of the waterworks utility of the City on a parity with the
outstanding "Water Revenue Bonds,19~2"(Series A and Series B),"Water and
Sewer Revenue Bonds,1955,""Water and Sewer Revenue Bonds,1959,"
"Water and Sewer Revenue Bonds,1963,""Water and Sewer Revenue Bonds,
1965/"and the Bonds,provided the conditions set forth in Section 19 ci
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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 outstendino
bonds are outstanding I which Section is by this reference incorporated herein
and made a part hereof and shall be applicable after the payment and retire-
ment of said outstanding "Water Revenue Bonds,1952"(Series A and Series
B)•
Section 9.The principal proceeds received from the sale of the Bonds
shall be deposited in the "Water and Sewer Construction Fund"of the City
and used for the purpose of carrying out the system or plan of additions to
and betterments and extensions of the waterworks utility of the City,as
specified and adopted in Ordinance No.581,as amended by Ordinance No.
586.The accrued interest received shall be deposited in the Bond Fund.
Section 10.Terry Thompson &Co.of Seattle,Washington,hereto-
fore offered to purchase the Bonds at a price of $98.00 per each $100.00 par
value thereof plus accrued interest from the date of issuance to the date of
delivery of the Bonds.the purchaser to furnish at its expense the printed
Bonds for execution by the City officials and the City to furnish at its ex-
pense the unqualified approving legal opinion covering the Bonds of Messrs.
Roberts,Shefelman,Lawrence,Gay &Moch ,municipal bond counsel of
Seattle I Washington.The City Council being of the opinion that no better
price could be obtained for the Bonds and that it was in the best interests
of the City to accept such offer I duly accepted the same on June 26,1967,
which acceptance is hereby ratified and confirmed.The Bonds shall therefore
immediately upon execution be delivered to Terry Thompson &Co.in Seattle,
Washington I upon such purchaser paying for the same in accordance with its
offer.
Section 11.This ordinance shall take effect from and after its passage
and approval and five days fol lowinq its publication as required by law.
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PASSED by the City Council of the City of Marysville,Wa shington,
at a regular meeting thereof and APPROVED by the Mayor this lOth day of
July,1967.
~Mayor
ATTEST:
ttm.ehJ~-:FCityClerk
:/!2t APPROVED:i~~J:};1i#UM
s'City Attorney
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