HomeMy WebLinkAboutO-0756 - Golf course purchase bond issuance (Special)CITY OF MARYSVILLE~WASHINGTON
ORDINANCE NO.75't
AN ORDINANCE of the City of Marysville,Wash1.ngton,
prov1dinq for the acqu1s1t!on of the Cedarcrest Golf
Course owned and operated by Cedarcrest Golf Course,
Inc.,a wash1.ngton corporation,to be mal.ntained and
operated as a munl.c1pal pub11c golf course 1n perpe-
tUl.ty,provl.ding for the 1ssuance of "Golf Coqrse
Revenue Bonds,1971,"of the Cl.ty in the prl.ncipal
amount of $250,000.00 for the purpose of prov1d1.ng a
part of the funds with wh1.ch to acquue such golf
course,f1X1ng the date,form,matur1t1es,1nterest
rates,terms and covenants of such bonds,creating
spec1ll.1 funds to provide for the payment of such
bonds and for the application of the proceeds there-
of,provl.dl.Dg certa1n covenants and protective fea-
tures safequardinq the payment of the prl.nc1pal of and
interest on the bonds,prov1d1nq for the sale of the
bonds to Terry Thompson &Co.of Seattle,Washinqton,
and author1Z1.ng the issuance and sale of 1.nterest
bear1ng warrants drawn on the "Golf Course Acqu1s1t10n
Fund"pendl.Dq the receipt of proceeds of such bonds.
WHEREAS,under the author1ty of acw 67.20.010 to acquue and operate
certain recreat10nal fac111t1es,1t is deemed to be 1n the best l.nterest of
the city and th-r inhabitants thereof that the C1ty acquire the Cedarcrest
Golf COurse located in Section 23,Townsh1p 30 North,Ranqe 5 E.W.M.,Snoho-
mish County,Wash.1nqton,owned and operated by Cedarcrest Golf Course,Inc.,
a Washington corporat10n,for the purpose of ma1.nta1n1nq and operating such
golf course as a publ:Lc IIlUn1cl.pal qo1f course In perpetuity,and
WHEREAS,a grant to the Cl.ty for the purpose of f1nanc1nq the acqua»
s.1tlon or such golf course has been authorized by the State of Washington
in the ant1cipated amount of $534,360.00,and
WHEREAS,the City counc1l has determ1.ned 1t to be in the best inter-
est of the City that the C1ty issue and sell golf course revenue bonds pur-
suant to the provisl.ons of the "Mun1cl.pal Revenue Bond Act"(RCW Chapter
35.41)in the amount of $250,000.00 par value to provide the rema.1rung funds
necessary to pay the cost of acqu1r1nq such golf course,and Terry Thompson &
CO.of Seattle,Washl.ngton,bas offered to purchase such golf course revenue
bonds on the terms and conditl.ons here1nafter set forthl NOW,THEREFORE,
THE CITY COUNCIL OF THE CITY OF MARYSVILLE,WASHINGTON,DO ORDAIN,
as follows:
Section 1.The City shall acqu1re by purchase from Cedarcrest GOlf
Course,Inc.,a Wash1ngton corporation,the e1ghteen-hold golf course main-
tained and operated as the Cedarcrest GOlf Course and located 10 Section 23,
Townsh1p 30 North,Range 5 E.W.M.,Snohomish COunty,Wash1ngton,inclUlhng
approximately 88.06 acres of land,club house,restaurant,cyclone fence,
equipment,water and irr1gat1On systeJll and all other appurtenances included
10 the operat1.OR of such golf course,the estllMted cost of which is hereby
declared to be,as near as may be,the sum of $784,360.00,wh1.ch estimated
cost shall be met and defrayed from the follow1ng sources,
a , From a grant ant1.c1.pated to be received from the State of
Wash1.nqton 10 the amount of $534,360.00~and
b.From the proceecia received from the 1.ssuance and sale of
$250,000.00 of golf course revenue bonds.
Sect1.on 2~For the purpose of provid1.ng a part of the funds W1.th
wh1.ch to pay the cost of acquir1ng the Cedarcrest Golf COurse,the City
shall issue and sell 1ts golf course revenue bonds to be known as "Golf
Course Revenue Bonds,1971"(hereU1after referred to as the "Bonds"),1n
the principal sum of $250,000.00.The Bonds shall be dated October 1,
1971,shall be in denom1nat1ons of $5,000.00 each,shall be nWllbered from
1 to SO,1oclusive,shall bear 1nterest payable sem1.llnnually on the first
days of April and october of each year,l.nterest to maturity to be evi-
denced by coupons to be attached to the Bonds with full obligation on the
part of the City to pay 1.nterest at the Bond rate or rates from and after
the Bond maturity dates until the Bonds with interest are paid in full or
until the Bonds have been duly called for redemption and the redempt10n
pr1.ce deposited 1n the bond redempt1.on fund here1.nafter referred to,and
shall mature and bear interest an accordance w1.th the following schedule,
to-wit:
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Bond Numbers Interest
(Inc1uS.Lve)Amounts Rates Maturit1es
1 $5,000 OCtober 1,1974
2 5,000 October 1,1975
3 5,000 OCtober 1,1976
4to 5 10,000 OCtober 1,1977
6to 7 10,000 October 1,1978
8 to 10 15,000 OCtober 1,1979
11 to 13 15,000 October 1,1980
14 to 16 15,000 October 1,1981
17 to 19 15,000 OCtober 1,1982
20 to 22 15,000 OCtober 1,1983
23 to 26 20,000 October 1,1984
27 to 30 20,000 October 1,1985
31 to 34 20,000 October 1,1986
35 to 39 25,000 October 1,1987
40 to 44 25,000 October 1,1988
45 to 50 30,000 OCtober 1,1989
Both pn,nc1pal of and 1nterest on the bonds shall be payable in lawful money
of the Un1ted States of America at the office of the City Treasurer of the
C1.ty of MarysVille,Wash1.nqton,and the Bonds shall be an obligat10n only
aqa1nst the -Golf Course Revenue Bond Flmd,1971,-here1nafter created by
th1.S ordinance.
Sect1.on 3.The City reserves the r1ght to redeem the Bonds as a
whole,or in part in anvezae numerical order,from surplus net operat1ng re-
venues of the munic1pal golf course of the C1.ty or with funds from any
source,inc1ud1.ng the proceeds of a refunding bond issue,on October 1,
1981,or on any semiannual interest payment date thereafter at par value
plus accrued 1nterest to the date of redempt10n.
Not1ce of any call for redempt10n of the Bonds pr1.or to the1.r stated
matur1.ty dates shall be publ1.shed once an the offic1.al newspaper of the C1.ty
not less than 30 nor more than 45 days prior to the date of redempt10n.No-
tice of such 1.ntended redemption shall also be ma1.led to Terry Thompson &
Co.at its princ1pal office in Seattle,Washington,or its successor,with1.n
the same period.In addit1.on,such redempt1.on notice shall be sent to
Moody's Investors Serv1ce,Inc.,and Standard &Poor's Corporat1on at their
offices in New York,New York,but the ma1ling of such not1ce to such cor-
porations shall not be a cond1.tion precedent to the redempt10n of such
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Bonds.Interest on any Bonds so called for redemption shall cease on the
date fued for such redemption upon payment of the redempt1.on price 1.oto the
bonds redemption fund.
section 4.The Bonds shall be in substantially the follow1.nq form:
No.$5,000.00
UNITED STATES OF AMERICA
STATE OF WASHINGTON
CITY OF MARYSVILLE
GOLF COURSE REVENUE BOND,1971
,
KNOW ALL MEN BY THESE PRESENTS'That the C1.ty of Marys-
v1.l1e,Washington,a munl1.c1.pal corpoxatnon of the State of
Washinqton,for val-ue received prollll.ses to pay to bearer the
pnnc1.pal SUlll of FIVE THOUSAND DOLLARS ($5,000.00),on the
fust day of october,~9-,toqether Wl.th 1.nterest thereon
at the rate of per cent (\)
per annum,payable sem.1.annually on the fust day of April and
October of each year as eV1.denced by and upon presentation
and surrender of the attached interest coupons as they sever-
ally bec~e,due.Both principal of and 1.nterest on thl.S
bond are payable 1.0 any eean or currency which on the res-
pective dates of payment of such principal and interest is
legal tender for the payment of debts due the Unl.ted States
of America at the off1.ce of the C1.ty Treasurer of the C1.ty
of Marysv111e,solely out of the special fund of the C1ty
known as'the -Golf Course Revenue Bond Fund,1971.-
I
The City reserves the r1.qht to redeem the bonds as a
whole,Or an part an inverse numerical order,from surplus
net operat1.ng revenues of the municipal golf course of the
City or Wl.th funds from any source,includl.ng the proceeds
of a refUnd1.nq bond issue,on October 1,1981,or on any
semiannual interest pa)'lllent date thereafter at par plus
accrued interest to the date of rdemptl.on.
Notice of any call for redempt1.on of the bonds prior to
their stated maturl.ty dates shall be published once 1.0 the
officl.al newspaper of the C1.ty not less than 30 or more than
4S days pnor to the date of redeiilption.Notl.ce of such 1.1\-
tended redempt1.on shall also be muled to Terry Thompson &
Co.at its pr1nc1.pal off1.ce in Seattle,Washl.nqton,or 1.ts
successor,w1thin the same period.In addit1on,such redemp-
tion notice shall be sent to Moody's Investors Service,Inc.
and Standard &Poor's corporation at theu off1.ces 1.n New
York,New York,but the ma;J,.ll.llq of such notice to such cor-
porations shall not be a cond1.uon precedent to the redemp-
tion of such bonds.Interest shall cease on any bonds so
called for redemption on the date fixed for such redemp-
tl.on upon payment of the redemption prl.ce into the -Golf
Course Revenue Bond Fund,1971.·
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Attestz
Thl.s bond 1S one of an issue of golf course revenue bonds
of the Cl.ty of Marysv111e,Wash1ngton,all of l1ke date,tenor
and effect,except as to interest rates and matur1t1es,an the
total pr1ncipal sum of $250,000.00,which bonds are l.Ssued pur-
suant to the laws of the State of Waslungton and Ord1nance No.
,for the purpose of provid1ng a part of the funds w1th
WiiiCii to acquire the C edarcrest Golf COurse owned and opera-
ted by Cedarcrest Golf Course,Inc.,a Waslungton corporat1on,
for the purpose of ma1ntaining and operat1ng such golf course
as a public municipal golf course,and w1ll be payable solely
out of the net operat1ng revenues of the municipal golf course,
and does not constitute an indebtedness of the C1ty of MarYs-
vl.lle with1n the meaning of any statutory or constitutl.onal
ll.lllitation upon the l.ncurrl.ng of indebtedness.
The City of Maryav1lle has pledged and bound itself'to
set aS1de from the net operat1ng revenues of the municl.pal
golf course,and all additl.onsl and 1mprovements thereto,and
to pay 1nto the "Golf Course Revenue Bond Fund,1971,"the
var10US amounts requ1.red by Ordinance No. ,to be paid
into that fund.The amounts so pledged are hereby declared
to be a fust ~harge and lien upon the net operating revenues
of the munl.cipal golf course,superl.or to all other charges
and liens of any klJld or nature,except that the charges and
liens of any k1nd upon such net operat1ng revenues of the
mun1c1pal golf course for the bonds of thl.S issue shall be
on a parl.ty with the charge and l1en upon such revenues for
any additl.onal golf course revenue bonds hereafter l.ssued
pursuant to the provis10ns of sectnon 11 of ordinance No.
The City of Marysville has covenanted and agreed with the
holder of th1S bond that 1t will keep and perform all covenants
of this bond and of Ordu1Ance No.to be by it kept and
performed.
It is hereby cert1f1ed and declared that all acts,cond1-
tions and thl.ngs requued to be done precedent to and in the
iss\lance of this bond have happened and have been done an
regular form,tJJlle and Il\anner.
IN WITNESS WHEREOF,The City of Marysville,Waslungton,
has caused thl.S bond to be signed by the facsiml.le signature
of its Mayor and attested by the manual S1gnature of its
Clerk and the corporate seal of the Cl.ty to be affl.Xed
hereto,and has caused the l.nterest coupons attached hereto
to be executed W1th the facsl.IIIile s1gnatures of the Mayor
and the Clerk of the City,all as of the 1st day of OCtober,
1971.
CITY OF MARYSVILLE,WASHINGTON
By (facsl.IIIl.le S1gnature)
Mayor
C1ty Clerk
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The interest coupons to be attached to the Bonds shall be an substan-
tially the following form:
Coupon No.
$----
On the FIRST DAY OF OCTOBER,19-,the City of
Marysv1.1le,Washington,will pay to bearer at the off1.ce of
the City Treasurer,Marysv1.lle,Washington,in any coin or
currency Wh1Ch Ion that date is legal tender for the payment
of debts ,due the Un1ted States of America,the amount shown
hereon,be1ng the seIuannua1 interest due that date on its
-Golf Course Revenue Bond,1971-,dated OCtober 1,1971,
and numbered •
CITY OF MARYSVILLE,WASHINGTON
By (facsimile signature)
Mayor
ATTEST;
(facsl.m11e s1.gnature)
Clerk
Sectwn 5.The Bonds shall be S1.gned by the facs1DUle s1gnature
of the Mayor and attested by the manual s:Lgnature of the C1ty Clerk under
the corporate seal of the C1.ty,and interest coupons attached to the Bonds
shall be signed W1th the facs1lllile s1gnatures of thos ofhc1.als.
,
section 6.There is created and established an the off1ce of the
C1.ty Treasurer a special fund to be known as the -Golf Course Ac;quisit1.on
Fund,-1nto wh1.cn shall be deposited all of the princ1pal proceeds of the
Bonds when rece1ved and moneys rece1.ved by way of grant from the State of
Wash1ngton for such purpose.The moneys an the -Golf Course Acqu1s1t10n
Fund-aball be used only for the purposes set forth an sectaon 1 of th1s
ord1nance and for the purpose of paying all costs and expenses perta1n1ng
I
to the 1s8uance and sale of such Bonds.
Sect10n 7.There 18 created and established an the office of the
City Treasurer a spec1al fund to be known as the -Golf Course Operat1ng
Fund,-and,after the golf course 18 acquired,all rentals,charges,in-
come and revenue aris1ng from the operat10n and ownersh1p of the golf
course sball be deposited to the credit of said 8pec1al fund and held an
custody of the C1ty Treasurer separate and apart from all othc funds.
-6-
section 8.There 1S created and estab11sbed 1n the office of the
City Treasurer a specal fund to be known as the "Golf Course Revenue Bond
Fund,1971"(here1.nAfter called the "Bond Fund"),which fund 15 to be drawn
upon for the sole purpose of paying the pr1ncipal of and 1nterest on the
bonds.The Bond Fund 1S hereby d1vided into two accounts,namely,a "Princ1-
pal and Interest Account"and a "Reserve Account."SO long as the Bonds are
outstand1ng against the Bond Fund,the City Treasurer shall set aside ani pay
into the Bond Fund out of the net operat1ng revenues of the munic1pal golf
course to be depos1ted 1nto the "Golf Course Operating Fund"the following
amounts,W1thout regard to any fixed proport10n,to-wits
(a)Into the "Pr1nc1pal and Interest Account",on or
before March 14 and September 15 of each year,co11llllenc1ng
March 15,1972,the S1X months'interest requuement next
due and on or before September 15 of each year,commenC1Dq
September 15,1974,the amount of the principal matur1ty
next due,PROVIDED,HOWEVER,that after the accumulat10n
of the sum of $30,000.00 an the "Reserve Account",as
hereJ.nafter set forth,then the net operat1ng revenues of
the IIlwu.cipal golf course,after the payment of the ex-
penses of D1a1ntenance and eperataon and the debt servaee
requuements on the Bonds for such year,may be deposited
1nto the "Princ1pal and Interest Account"in each year
and used to call Bonds for redelllpt10n in accordance with
the prov1sions of Sect10n 3 hereof.
(b)Into the "Reserve Account"the SUIIl of at least
$6,000.00 annually,commencing w1th the July 1,1971/
June 30,1972,fiscal year,unt1l the sum of $30,000.00
shall be accumulated thereJ.n by no later than June 30,
1976.
The "Reserve Account"may be accumulated from any other IlIOneys wh1ch
The City of Marysville may have available for such purpose an addit10n to
u5ing said revenues therefor.The "Reserve Account"shall be ma1ntained an
such total required reserve amount after the same has been accumulated,
except for w1thdrawals therefrom as authorized hereJ.n,at all t1mes so long
as any Bonds payable out of the Bond Fund are outstanding,PROVIDED,that
when the total amount in the Bond Fund shall equal the total amount of
prJ.nc1pal and 1nterest on all outstand1ng Bonds payable out of the Bond
Fund,no further payments need to be made 1nto the Bond Fund.
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In the event that there shall be a deficiency an the "Princ1.pal and
Interest Account"an the Bond Fund to meet matur1.nq 1.nstallments of e1.ther
pr1.nc1.pal or 1.nterest,as the case II\llY be,such def1.c1.ency shall be made
upon from the "Reserve Account"by the w1.thdrawal of cash therefrom for
that purpose.Any def1.ciency created 1.n the "Reserve Account"by reason
of any such W1.thdrawal shall then be made upon from the moneys from.the
revenues of sa1.d munic1.pal golf course of the C1.ty fust ava1.labl.e after
maX.1.ng necessary prOV1.S1.on for the requ1.red payments 1.nto the "Pr1.nc1.pal and
Interest Account."The llIl)ney in the "Reserve Account"shall otherwise be
hel.d intact and may be applied against the last outstanding Bonds payable
out of the Bond Fund.
All IIlOney an the "Reserve Account"above provided for,may be kept
on deposit an the off1.cial bank depository of the C1.ty of Marysv1.lle or an
any natiqnal bank or may be 1.nvested in Un1.ted States Government obl1.gations
redeemable at a fixed price and maturing no later than one month prior to
the final maturity date of the last outstanding Bonds payable out of the
Bond Fund.Interest earned on any such 1.nvestment or on such bank deposit
shall be deposited 1.n the Bond Fund.
The net revenues from the mUnl.cipal golf course are pledged to such
payments,and the Bonds shall const1.tute a charge and l1.en upon such reve/
Jnuespnorl!lnd Super1.or to any other chaJ;.ges and 11.ens whatsoever,except
,
as prov1.ded an sectaon 11 hereof'perta1.n1.ng to par1.ty bonds.
section 9.Current expenses of maintenance and.operation of the
mun1.ctpal gol f course shall be pa.1.d from the "Golf Course operat1.11q Fund."
Current maintenance and operat1.nq,expenses shall include all necessary
operat1.nq expenses,current ma1.ntenance charges,expenses of reasonable
upkeep and repa1.rs,properly allocated share of charges for ansuranee and
all other expenses inc1.dent to the operation of the munic1.pal golf course
but shall exclude depreciation and all general administrative expenses of
the C1.ty.
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SectJ.on 10.The City covenants and agrees W1.th the owner and holder
of each of the Bonds for as long as any of them remain outstand1.Dg',as
foll.owsz
(a)That as long as any of the Bonds 1.S outstandlng,
the golf course and related fac1.litJ.es of the C1.ty,toge-
ther W1.th all appurtenant property and all.rel.ated fac1.11.-
tJ.es wh1.ch may be added thereto at future dates,here1.n re-
ferred to as "Golf Course,II shal.1 be operated by the C1.ty
as an income producJ.ng undertak1.ng and that J.t will esta-
bl.1.sb,maJ.nta1.n and col.lect such rates and charges for the
use thereof as w1.l1 make available moneys suffJ.cient for
the prompt payment of the pnncipal of and interest on the
bonds when due and to accumu~ate and maJ.ntaJ.n the debt
servJ.ce reserves prov1.ded for 1.n Sect1.on 8 and to the ex-
tent that such rates and charges are competitive W1.th other
golf course facJ.lities,will also establish,maintain and
collect such rates and charges as wJ.ll make available
moneys sufficient for the prompt payment of all reasonable
and proper expenses of operation,maJ.ntenance and.replace-
ments thereof on such golf course.
(b)That l.t wJ.ll establish,ma1.ntain and collect
such rates and charges for the use of the golf course
as long as any Bonds and any additional golf course
revenue bonds hereafter l.ssued pursuant to the provisions
of Section 11 hereof are outstanding as will.make avaJ.la-
ble for the payment of the pr1.Dcipal of and l.nterest on
such bonds as the same shall accrue an amount equ1.valent
to at least 1.4 t1.mes the average annual debt servJ.ce,
both prJ.ncJ.pal and 1.nterest,for such bonds after deduc-
ting the cost of maUltenance and operation of such golf
course but before deprec1.at1.on and any C1.ty-1.mposed taxes
upon such golf course.
(c)That it WJ.ll at all t1.mes ma1.ntain and keep the
golf cour'se and related fac1.lities in good repa1.r and
condition and that J.t wJ.l.1 at all times operate such
facility and the business connected therevith in an eff1.-
cient manner and at a reasonable cost.
(d)That it will not sell or otherw1.se d1.spose of
its t1.tle to the golf course propert1.es and related
facilit1.es or any part thereof,unless prov1.s1.on 1.S
made for payment J.nto the Bond Fund of a sum sufficient
to redeem and retire all of the Bonds then outstanding
in accordance witb the terms thereof.
(e)That it w1.11 carry (1)hre and extended
coverage 1.Dsurance on the l.nsurable portion of its
golf course and any of its fac1.11.ties in amounts suffi-
cient to provide for not less than full recovery wben-
ever a loss from per1.1s insured agaUlst does not exceed
80\of the full insurable value of the damaged fac11ity,
(2]public l1.ab1.l1.ty insurance relat1.n'iJ to the operat1.on
of the golf course W1.th 11.m1.tat1.ons of not less than
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·,
$109,000.00 for one person and not less than $300,000.00 for
more than one person involved in one acc1dent to protect the
C1ty from claims of bod1ly injury and/or death,and not less
than $10,000.00 from claims for<damaqes to property of
others wh1ch may arise from the C1ty'S operat10n of the qolf
course,and (3)1f the C1ty owns or operates a vetucle in
the operation of the qolf course,veh1cular pub11C l1ab111ty
insurance w1th 1~tat10ns of not less than $100,000.00 for
ODe perSOD and $300,000.00 for more than one person 1nvolved
in one acc1dent to protect the C1ty from cla11llS of bod11y
1nJury and death,and not less than $10,000.00 aga1nst
cla1mS for property of others wh1ch may arise from the C1ty'S
operat10n of veh1cles.The preuu.ums pa1d for all such insur-
ance shall be regarded and paid as a Current Expense.
(f)That 1t w1ll keep proper and separate accounts and
records in wh1ch complete and separate ent1res shall be made
of all transactions relat1nq to its mun1c1pal golf course
and 1t will furnish the or 1'1 ina1 purchaser or purchasers of
the Bonds,or any subsequent holder or holders thereof,at
the wr1tten request of such holder or holders,complete
operat1nq and income statements of that fac1lity 1n rea-
sonable detail cover1ng any calendar year not more than 90
days after the close of such calendar year,and 1t will
grant any holder or holders of at least 25\of the outstan-
ding Bonds the r1ght at all reasonable t1JlleS to l.nspect the
entue facil1ty and all records,accounts and data of the
C1ty relat1.Rq thereto.upon request of any holder of any of
the Bonds,it will furnuh such holder a copy of the most re-
cently completed aud:Lt of the C1ty'S accounts by the State
Aud1tor of Wash1ngton.
Section 11.The C:Lty hereby further covenants with the owner and
holder of each of the Bonds for as long as any of the same is outsta.nd1ng
that 1t w111 not create any spec1al fund or funds for the payment of the
pr1nc1pal of and 1nterest on any other golf course revenue bonds wh1ch will
have any pr10rity over or which tall rank on a par1ty with the payments
.,L.
requ1red by th1s ord1nance to be made out of the net revenues from the
mun1C1pal golf course of the C:Lty,except that 1t reserves the r1ght to
1SSue addiuonal qolf course revenue bonds wh1ch would constitute a charge
and lien upon the net revenues of the munic1pal golf course on a parity
with the Bonds,PROVIDED the follow1ng conditions are met and complied
W1.th at the time of the 18suance of such add:Lt10nal bondsl
(a)That all payments required to be made into the Bond
Fund for the outstanding Bonds and any addit10nal par1ty
bonds hereafter issued and outstanding shall have been made,
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(b)That the ord1nance prov1dmg for the 1ssuance of
such addit10nal bonds shall further provide for the accumulat10n
an the "Reserve Account"in the Bond Fwld of an add1t10nal
amount for such add1t10nal bonds equal to the average annual
debt service requlIements of the add1tional bonds proposed
to be Lasued ,which amount shall be accWlIulated no later than
five years after the date of issuance of such add1t10nal
bondsl and
(c)That the revenues of the 1IIW11c1pal golf course for
any 12 consecutive months out of the 24 consecutave months
immedately preced1ng the aaauance of such addit10nal bonds
proposed to be issued shall be suff1c1ent after the payment
of operat10n and maintenance costs of such municipal golf
course to equal at least 1.4 t4mes the average annual prin-
c:J.pal and mterest requlIements of all outstanding golf
course revenue bonds,:J.ncludu\9 the Bonds,any addit:J.onal
golf course rev.ue bonds then outstand:J.ng and the addi-
t:J.onal golf course revenue bonds proposed to be 80 issued.
Such determ1nation of the suff1ciency of the revenues shall
be made and certified to by e1ther a cert1fied pub11c
accountant or a profess:J.onal eng1neer exper:J.enced an the
operat1on of mun1c1pal golf courses and licensed to prac-
tice 1n the State of Waslungtom PROVIDED.HOWEVER,that
tlus cert1f:J.cate shall not be requlIed in the event that
the add1t.1onal bonds proposed to be 80 :J.ssued are 1ssued
for the purpose of refund:J.ng outstanding golf course revenue
bonds and the average annual-debt aezvace requirements of
such proposed add1t10nal revenue bonds are not increased
over the requirement for the bonds be1ng so refunded.
Sect10n 12.Terry Thompson &Co.of Seattle,Wash1ngton,has subnu.t-
ted an offer to purchase the Bonds at a price of $r"7,(I 0 per each
$100.00 par value thereof plus accrued interest from date of issue to date
of dehvery,the City to furn1sh the printed Bonds and the approvmg legal
op1pion of Messrs.Roberts,Shefelman.Lawrence,Gay &Moch.munJ.C1pal
bond counsel of Seattle,Waslungton,W1thOUt cost to the purchaser.The
C1ty Counc:J.l deem1ng that it u in the best 1nterest of the C1ty that such
offer be accepted hereby accepts the same.The Bonds shall,therefore,
immediately upon the1r execution be del1vered to Terry Thompson &co.of
seattle,washmgton,upon payment therefor an accordance W1th 1ts offer.
The accrued 1nterest rece1ved.1.£any,shall be depos1.ted 1n the
Bond Fund,and the pr1nc:J.pal proceeds rece1ved shall be depos1ted an the
"Golf Course Acquis1t;&.on Fund."
5ect1On 13.Pend1ng the receipt of the proceeds from the sale of
such Bonds,the City shall :J.ssue warrants drawn on the "Golf Course Acqw.S1.-
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,,...,.·c
called for payment,such warrants to be paid 1.IllIIIediately out of the proceeds
from the sale of such Bonds or other JllC)neys an such Fund ava~lable therefor
and to be issued an paylllent for the acqu~s~tion and improvement of the golf
course and any other charges aga~st such Fund.
Section 14.Th~s ordinance shall,after its passage and approval,be
publ~shed ~the offic~al newspaper of the City and shall take effect f~ve
days after such publicat~on.
PASSED by the City Council at a regular meet~ng thereof and APPROVED
II
C~ty Attorney
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I,SHIRLEY WIESTER,C1.ty Clerk of the C1.ty of Marysville,Wash1.nqton,
hereby cert1.fy that the attached copy of Ord1.naJ1Ce No.7 ff't:.is a true and
I/x::k
sud City.
DATED this /,;a day of ,1971.-"""""'~~~~;;....--
SHIRLEYWSTER C1.ty Clerk