HomeMy WebLinkAboutO-0680 - Fixes amount of LID No. 54 bonds (Special)'""';'~
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ORDINANCE NO.6$0
AN ORDINANCE FIXING.THE AMOUNT,FORM,DATE.INTEREST
RATE,MATURITY AND DENOMINATIONS OF LOCAL IMPROVEMENT
DISTRICT NO.54 BONDS AND DIRECTING THE ISSUANCE AND
SALE THEREOF ,TO·WALTER w,DUNCAN,I>tARYSVILLE.\vASHINGTON.
THE CITY COUNCIL OF THE CITY OF MARYSVILLE,WASHINGTON;DO ORDAIN,
as follows:
SECTION 1.The total amount of the assessment roll in Local
Improvement District No.54 in the City.of Marysville,Washington.
created under Ordinance No.632,was $4,12l.?8.The thirty-day
period for making cash payments of assessments without interest
in the District expired o~February 3.1969,and the total amount
of assessments paid in cash was $l,698.4?,leaving a balance of
assessments unpaid on the assessment roll 1n the sum of $2,423.31.
Local Improvement District bonds of Local Improvement District
No.54 shilll,.therefore.be issued.in the t,otal'principal sum of
$2.423.31.Bond No.1 of that issu~shall be tn the denoml~ation
of $263.:31 and the remaining bonds numbered 2 to 10,inclusive,
shall be in the denomination of $240 ..00 each.The bonds shall
be dated September I,1969,and shall be payable on September 1,
1981.wlth the right reserved to the City to redeem the ,bOnds
prior to maturity on,any interes1;:,payment date,in .numerical
order.lowest numbers first,whenever.there'shall be sufficient
money in the "Local.Improvement ,Fund,Dis'trict No:.54,":to pay
the bonds,so called and all earlier numbered bondsover.and'aboV-9
the amount required foI:'the payment·of the interest on all unpaid'
'bonds,by publisbing notice of suc,b call once in the offici'al
news~aper of the City not less than ten nor more than twenty days
prior to the call date,and upon such date .the int,erest on the
bonds SO 'called shall cease and each and every coupon representing
interest not ~ccrued on sucb date shall be void.The bonds shall
bear interest at the rate of '7%per annum~payable annually,
beginning on September I,19?O,to be represented ,by interest
coupons to maturity attached to each bond.
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SECTION 2.Each of the bonds and interest coupons attached;
thereto shall be in substantially the following.form;
No•--:._$240.00
($26).)1 on Bond No.1)
UNITE~STATES OF AMERICA
STATE OF WASHINGTON
LOCAL .IMPROVEMENT BOND
OF
CITY OF MARYSVILLE
LOCAL IMPROVEMENT DISTRICT No.S4
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,interest
ooupon.or warrant issued ~gainst .a local improvement
fu'nd shall have any claim therefor against the oi ty or
to,m by which it i,5 issued.escept for payment from
the speoial assessments made for the improvement for
which the bond or warrant was issued and exoept also
for payment from the local improvement guaranty fund
of the city or town as to bonds issued after the
oreation 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 ooupon.
or warrant for any loss to the local improvement
guaranty fund ocourring in the lawful operation thereof.
A copy of the foregoing part of this section shall be
plainly !iVri.tten.printed or engraved on each bond."
THE.CITY OF MARYSVILLE~WASHINGTON.a municipal
corporation of the State of Washington.hereby promises
to pay to Walter W.Duncan.Marysville.Washington,or
bearer,tbe sum of
TWO HUNDRED FORTY DOLLARS
($26).)1 on Bond No.1)
1n lawful money of the United States of America,with
interest thereon at the rate of SEVEN PF;RCENT (;%)
per annum,payable .annually out of the fund of the City
known 'as the "Local Improvement Fund,Distriot No.54."
and not otherwise,exoept from the .guaranty fund as
herein provided.Both principal·and interest on this
bond are payable at the office of the Treasurer of the
City •.
Coupons are hereto attached for each inst'llmen~
of interest to acorue hereon,and interest shall be
paid only on presentation and surrender of such coupons
to the City Treasurer.
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The City Council of th~City,as agent of such
Local Improvement,District No.54,established by
Ordi~ance No.632.has caused this bond to be issued.
in the name of the City as the bondm such local
impr.ovement district,the bonds or the proceeds there'of
to be used to pay so much of the cost and expense of
the construction of a six (6).inch cast iron water main
to improve that portion of 52nd Drive N.E.beginning at
the intersection of 84th Street N.E.,thence South to
its terminu.,as is provided by Ordinance N~.632,as is
levied and assessed against the property included in
the local improvement ~istrict and benefited by that
improvement,ant!the "Local Improvement Fund,District
No.54,11 has been established for that purpose.The
holder or holders of this bond shall look on-ly to that
.fund and to the Local Improvement Guaranty ~und of the
City for the payment of either the principal of or the
interest on this bond.
This bond is one of an.issue of 10 bonds aggregatint
in all the principal sum of $2,42).31,issued for Locai
Improvement Distrlct No.54,all of which bonds are
sUbject to the same terms and conditions,as herein'
expressed.",
This bond is paya~le on September I,1981,but 1s
subject to oallby the City Treasurer for prio~.
redemption whenever there shall be.sufficient money,
in the "Local Improvement.Fund,District No.54,"to
pay the'same and all unpaid bonds of the issue of'which
,this bond is one which are prior'to this bond,in .'.
numerical order,over and.above amounts sufficient for
the payment of the i.nterest on all unpaid :bonds of this
issue.The call for payment of this bond,or any bond
of this issue of which this is one,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 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 and upon that day
interest upon this bond shall cea~e and any remaining
coupons Shall be void.
IT IS HEREBY CERTIFIED,Recited and Deolared that
all acts,conditions and'things required to be done,
precedont to and in the levying of such special taxes
o~assessments and the issuing or 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 1n excess
of the cost of the improvement.'
Mayor
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ATTEST:.
City Clerk,
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COUPON FORM
Coupon No._
$16.80
($18.4y for Bond No~1)
On the FIRST DAY OF SEPTEMBER~19 •the CITY OF
MARYSVILLE.WASHINGTON.promises to pay to bearer
at the office of the City Treasurer the ~um shown'
hereon,this sum,being twelve months'interest due
that day on Bond No.olthe bonds of Local
ImprovementDlstrict~,54 and not otherwise,
provided that thls ooupon is subjeot'to all terms
and condl tions conta.ined in the -borrd to which 1t 1s
annexed and,if that bond shall be called for payment
before maturity here,of ,this coupon shall,be "oid.
CITY OF MARYSVILLE.lvASHINGTON
BYl2ad'4 'u2)uk~.Ma,yor,'
ATTEST:
City'Clerk
SECTION J.The bonds shal'l be,on typettrltten forms,
shall be signed by the Mayor and attested by'the OityClerk and
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shall have the seal of ~he City of Mary~ville affiJed,thereto
and the coupons shall bear the manual signatures of the Mayor
and,the City Clerk.
SECTION 4.Walter W.Duncan.Marysville.Washington,
has offered to purchase all ,of the Local improvement bonds 'of
Local l;mprovement District NO.,54 at a price of par,plus accrued
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interest from the d.ate'of issuance to the date of delivery of ,the,
bonds to that purcbase~~the City to furnish'the printed bonds at
the City's expense.The City Council.deeming tbat no better offer
could be received for the borids,.and that it:is~n the best
,interests of the'Oi ty to accept said offer,hereby accepts the
same.The bonds.shall ;therefore,immediately upon thei~execution,'
be de :Livered to \I'alterl~.Dune an,Marysvi lie,l'1ashington!:upon
payment therefor in accordance,with said ofCer.
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PASSED by,the City Council and APPROVED by.the Mayor of
~he,City of Marysville.Washington,at a regular meeting thereof,
this 8th day of September,1969'"
CITY OF MARYSVILLE,WASHINGTON
AITEST:
'City Clerk
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