HomeMy WebLinkAboutO-0715 - LID 55 bonds (Special).~..
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AN ORDINANCE ,FIXING'TrIEl''AMOUNT;.FORM,PATE ~",
INTEREST RATE,,fJrATUR!TY'AND'DENOMINATIONS '-O'F
LOCAL IMPROVEMENT DISTRICT NO~55 BONDS AND ,
DIRECTING THE ISSUANCE AND SALE THEREOF TO
,"BEARER."",,
THE CITY COUNCIL OF THE CITY OF !VIAR'YSVILLE,WASHINGTON,DO'O~DAIN
AS FOLLOWS:
SECTION 1.The total amount of the'assessment ro:l.l in Local'Xmprove-'
ment District No. 55 in the Ci ty 'of Marysville,Washington,cre·ated
under Ordinance No.660 0 was $17',578~'2l'"The thirty-day pe~iod for
making cash paymerrts of assessments without inter'est Ln the District
expi;r-ed on ,January 22,1970.,and'th?total amount of assessments,
paid in cash was $8,,12:3.90,:Leav.ing a,balance or assessment's.unpaid
o~'th~assessment roll in,the sum of ~9,4~4!31.Local,impro'{ement
,dlstrlct bonds of Local Improvement Dlstrlct No. 55 shall,therefore,
be f.asued in'the total principal sum of $9,'454.31.Bond No.'lof
that issue sla.Ll,be in th~'denom'ination of $454 .31 and the remaining
bonds numbered 2 to 19 inclusive.snall be in the denomination of
$500.00 each.The bOnds shall b~d~ted September 1.1970,and ~~all
be payable-on September 1,:19P'?;with the right reserved to the City
to redeem the bonds prior to maturity'on any iDter~st payment date,
in,numerical order,lowest .numb er-s first ..whenever there'shall be '
sufficient money in the "Local Improvement Fund,District No.,55,"
to pay'the bonds so called and all ear:lier numhei-ad bonds over and
above the amount required for .the payment of the'interest on all
unpaid bonds,by publishing notice of such,call,once in the Official
newsvaper,of the City not less tha~'ten nor more ,than twenty days '
prior to the call date,and upon ,such date the inter~st on the bonds
so called shall ceaSe and each and every cOupon 'representing interest
not accrued on such date shall be void.The bonds shall bear inter~st
at the rate'.of 8%per annum,payable'annually,beginning on
Sept€lm'l:.rer:1,1971,t~be'r epr-eaen ted .by interest coupons to maturi ty
attached·to~abh bond.,''
SECTION 2.E~ch of the bonds~~rid~interestc~uponsattached tneretQ,
shall be in substantially thefollowing,fdrm:
i.
No. _$500.00 '
,,($454.Jl on Bond No ~1)
UNITED STATES OF AMERICA
STATE OF WASHINGTON
LOCAL IMPROVEMENT BOND
OF
,CITY OF MARYSVILLE
LOCAL IMPROVEMENT DISTRICT NO.55..,.. .
N.B. The laws of the ,Sta~e of Washington,,"
under which this bond is issued,contain-the
,'following 'sect~on '(RCW 35',,45,;070): .
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'."Neither the:.ho)..~er .n.or ~owrier:of any bond;'.
interest coup on ,orwar:ra.rlt 'issued aga.i.ns tva
Lo'ca'l:Lmpr-ovemerrtrf'und .shca.l~.have 'any eLaim
~he~·efor aga'rns t i;he,"bi iy }~r towriby:which,:~t:..
J.S Ls sued ;except .~f.:or 'paYIiiant .rr-om the spe.ci.a'l'..
'assessments ,made..f.orthe ·lmprovement'f.Orwhich
".the bond,or wart-ailt.w~~·.r~.s:u¢d 'and excep t als,c'":.'
.c for payll)ent',from the Lo ca.L'improvement guaran.ty I,'.'
fund of the city or,town a~to'bonds issued', '
. .af.te r.the creation qf '.8.Lo.ea.I improvement 'guaranty'
.,fund of that city P,i'tOWl1 ....,·,>.The,ci ty or town :.
,c shall 'not be Xi'able :to .theholder o'r owner'of:.~.....
any bond,'int?:rest coupon','.or :waz'r'arrt for any',
· ..Loas to the local improVE;lm'ei:lt,guar'an ty:fund '
.o.c~urring .i n the ;Lawful.opar-a.t i on thereof..:.
A copy.ofth~foregoing part'o,tthis section::
shall be pJ.ai~J:y w~itten ,print'ed,o~'engr'avad:
.on'each bond.:Ii·..,' ..',.-'.
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THE ·CITY.OF.·MARYSVI!.,LE;,WASHINGTON,'a municipal
:.corporation o.fthe St~te·of Washington,,hereby.:,·
'promises to pay to'"BEARER".the 'sum of
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" :.,FIVE'HUNDRED,DOLLARS:
($4'54 .J1'on ~ro~d ·No •.-,1)
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in ,lawfur motley of th~United States'of,Amer-Lca , .
with interest ther'eon 'at the rate ofEIGliT,PERCENT '.
,(8%)per annum ,payable annually 6~tof the f'und
.of the City known as,the "Local .Impr'ovemerrt Fund,
'Dist~ict No •.55,"and not .otherwise,except from'
the guaranty fund as.hereinprovided.-Bo th pr-rn-
cipal and interest on thi.s·bondare payable at
·,'the office of the'Treasurer of the,city~.·..'.."
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",'::,·.,Coupons 'are,Ji~ret6 a:t'ti:ich€d'for~'each.Lns taLl.>'.
'.''."'m~nt of inter,est·to accru'e '.he:reon,and interest " .
shall be paid'only 'on pres~ntation and·surrender
Of such cocipons to ~heCitYTreas~rer~....",'
."
. The 'City ~o~~cil '6f'the'Cit~;as ,~~ent ~~~such'
.L·oc.al Improvement Distric.t 'Ne.55,established
,.'by Ordinance No.660"has .eaused ,thisb.ond 'to be .
.issued in.the ,name,of .the',Gi ty 'as .the -pgnd of:
SU9h .LocaL Lmpr cvemerrt ,distritt,;,.the bonds or
,the proce eds thereof to be'used ·to pay,.so much
.of the cost .and "exp eria e of the construction of a '.
':si'x"'(6-),inch "cast iron·.water maintcrimpreve that
..,'por-ti.on of ,76th Street,.N':"E~:'extEm4ing 'from.the "
,'intersection of 4'Oth Avsnue-N .E •.'and 76th Street",·.'.','N.E ~east to 4tth AVE;lnueN,:~E~,'"as Ls provided by..' ,
Ordinance.No.6:60 1 as'isl,e,'(·ieq and assessed',.
azatns t the property in.Gl.ud,ed'i,n the .Loca l,Lmp r ove>
'..'m~ntdistrict and,bene'ti ted:by that-Lmprcvemen t,,'.
and rthe "LocaL Impr-ovemerrt .Pund t'bi,st:rict No.,55,II '
· ,has been astab Li shed for'that 'pur'po se v ;.'Theholder
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or hbldeis:of _t~is bond'sh~ll look only to
that fund and to the"Local'Irnpr-ovemerrt Guar'an ty
Fund of the'City f,o~rtpe,paym,ent of,either the
principal of".or the inter.est on,this,bond ,':
,.'
,This bond"is one of '~an ·issue.of'19·bond s
aggregating in all.the principal sum of $9",454.31,
issued forLoca~Improvemel1t District )'lo.55,
'all of whd chib.onds ar s 'subjac.t:'to,the eamevterms
andcondi tions a.s.herein;~,xp~esse,d.~'". "...-""-..
.,Mayor
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.This'.bond is payable on September 1,1982"but
is subject·to'call by the City'Treasurer 'for prior
redemptionwh~never,'thereshall b~,s~fficient .
money in the "l.o'calImprove~ent Fund t,Dis~rict
No,55,"to pay the'same,and all unpa i.d bonds of',
the issue of which this bond is one which are
prior to tbis bond,'in numer-Lca l order,,'over and
above amounts sufficient for the payment of the ,
interest on all unpaid.bonds.vof 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'th~official'newspaper of the City not 1ess
than ten'nor more than twenty days prior to the
call date,'and when'such call is made for the pay-
ment 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 cease and any remaining coupOns
,shall be void "
IT'IS HEREBY CERTIFJED,Recited'and Declared
,that all act~,conditions and things required to
be done precedent to and in the levying of such ,
special taxes or assessments arid th~issuing of .
these 'bonds 'have been properly done t have happ ened '
and have been perf ormed in regu Lar.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 improvement.'.
IN WITNESS \'JHBREOF"the ,~~ty of Marysville,
Washington,has'caused this bond to be signed
by its Mayor and attested by its C,i ty:Clerk
and,its corporate seal to'be hereto affixed,
and the interest coupons attached,to be signed'
wi th the facsimile s i.gna'tuz'e s of those officials
this first day ~fSeptembet,1970.'
CITY OF ,MARYSVILLE"WASHINGTON
,.By.,..._"_-..-__-:":'"__~_
'ATTESTg
City Clerk.
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COUPON FORM
Coupon No~_
$40.00
.($36.34'on Bond No •.1)
On the FIRST DAY OF SEPTEMBER,19 ,the CITY OF
MARYSVILLE,WASHINGTON,·promises topay to bearer
at .the office of the City Treasurer the sum. shown
~ereon,:this sum being twelve months'interest.,.
due that day on BDndN9~~of the bonds 'of Local
Improvement District No.55 and not otherwise,
provided that this coupon is subject to all.terms
and conditions contained in the bond to which it is
annexed and,if that bond shall be called for pay-·
ment before maturity hereof,this coupon shall be
void~.
CITY OF MARYSVILLE~WASHINGrON
By (facsimile signature)
Mayor
ATTEST:,....
.(facsimile signat'ure)'.
.City Clerl\
SECTION 3.The bonds shall be pri~ted on lithograph~d forms,
shall be'signed.by the Mayor "and ,attested·by .the City-"Cle.rk 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 City Clerk.
SECTION 4.The dity s~all 'furnish ·the prlnt~d bonds and the
approving legal opinion of Walter W.Duncan,City Attorney,'
City.of Marysville,Washihgton..
PASSED by the City Council and APPROVED.by the Mayor of the City
of Marysville,Washington D at.a regular mae t i.ng theI;'eof·,·this
lei.a day of October,1970.
CITY OF MARYSVILLE
By
,Mayor
ATTEST:
Ci ty'Clerk
APPRQVED AS TO FORM:
~tX~r+A
;.Attorney·
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