HomeMy WebLinkAboutO-1303 - Bond issue for LID No. 62 (Special)..
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CITY OF MARYSVILLE,WASHINGTON
ORD INANCE NO./7d..3
AN ORDINANCE of the City of Marysville,
Washington,authorizing the issuance and sale of
local improvement district bond anticipation notes in
Local Improvement District No. 62 pending the receipt
of the proceeds of the local improvement district
bonds authorized to be issued by Ordinance No.1268
and providing for the sale of such bond anticipation
notes to Peoples National Bank of Seattle,Washington.
WHEREAS,by Ordinance No.1268 passed by the City Council
and approved by the Mayor" on January 24,1983,the City ordered
the construction of street and drainage improvements within a
certain area within the City pursuant to a property owner's
petition therefor signed by the owners of 100%of the area
included in thQ.proposed district,established Local Improvement
District No.62.provided that payment for the improvement be
made by special assessments upon the property in the District
payable by the mode of "payment by bonds U and provided for the
issuance and sale of local improvement district warrants redeem-
able by cash and/or by local improvement district bonds or as an
alternative for the issuance of short-term obligations;and
WHEREAS.the City Council deems it to be in the best inter-
est of the City that the City borrow money and issue such
short-term obligations in accordance with the provisions of
Chapter 39.50 RCW (Ch.216,Laws of 1982 Regular Session)in
anticipation of the sale of local improvement district bonds
authorized by Ordinance No.1268 for the purpose of providing
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the funds with which to pay a part of the costs of carrying out
the improvements ordered in Local Improvement District No.62;
and
WHEREAS,Peoples National Bank of Seattle,Washington,has
submitted an offer to purchase such short-term bond anticipation
notes on the terms and conditions hereinafter set forth;NOW
THEREFORE,
THE CITY COUNCIL OF THE CITY OF MARYSVILLE,WASHINGTON,DO
ORDAIN as follows:
Section 1.The portion of the total estimated cost and
expense of the improvements ordered to be carried out in Local
Improvement District No. 62 (the "District")by Ordinance No.
1268 anticipated to be assessed against the specially benefited
properties in the District is $185,000.Local improvement
district bond anticipation notes of the District (the "Notes")
shall,therefore,be issued in the aggregate principal amount of
$185,000.The Notes shall be numbered from 1 to 17,inclusive;
Notes Nos.1 through 5,inclusive,shall be in the denomination
of $25,000 each,and Notes Nos.6 through 17,inclusive,shall
be in the denomination of $5,000 each.The Notes shall be dated
as of the date of their issuance;shall bear interest at the
rate of 7.75%per annum,payable at maturity;and shall mature
on June 1,1984.Both principal of and interest on the Notes
shall be payable solely out of the "Local Improvement Fund,
District No.62,"created by Ordinance No.1268 from the pro-
ceeds of local improvement district bonds authorized to be
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issued by such ordinance to be deposited in such fund,or other
short-term obligations and/or prepaid special benefit assess-
ments deposited in such fund,and from the Local Improvement
Guaranty Fund of the City,and shall be payable in lawful money
of the United States of America at the office of the City
Director of Finance in Marysville,Washington.The City Council
declares and finds that the fixing of the above interest rate is
in the best interests of the City.
Section 2.The Notes shall be printed or lithographed on
good bond paper or may be in typewritten form in a form consis-
tent with this ordinance and state law.The Notes shall be
signed by the Mayor,attested by the City Clerk,and shall have
the seal of the City affixed thereto.
Section 3.Peoples National Bank of Seattle,Washington,
has submitted an offer to purchase the Notes at a price of par,
plus accrued interest from the date of the Notes to the date of
their delivery to the purchaser,the City to furnish the printed
or typewritten Notes and the approving legal opinion of Roberts
&Shefelman,municipal bond counsel of Seattle,Washington,at
the City1s expense.Bond counsel shall not be required to
review or express any opinion concerning the completeness or
accuracy of any official statement,offering circular or other
sales material issued or used in connection with the Notes,and
bond counsel's opinion shall so state.The City Council,deem-
ing that it is in the best interest of the City that such offer
be accepted,accepts the same.The Notes shall,therefore,
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immediately upon their execution,be delivered to Peoples
National Bank of Seattle,Washington,upon payment therefor in
accordance with such offer.
The principal proceeds received from the sale of the Notes
shall be paid into the "Local Improvement Fund,District No.
62,"and used to pay a part of the costs of the improvements
ordered to be carried out by Ordinance No.1268.
Section 4.This ordinance shall take effect from and after
its passage and five (5)days following its publication or
posting as required by law.
PASSED by the City Council and APPROVED by the Mayor of the
City of Marysville,Washington,at a regular open public meeting
thereof,this 22nd day of August,1983.
ATTEST:
APPROVED AS TO FORM:
~~£L(2.~YAttorney <
0239m
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AFFIDAVIT OF PUBLICATION
No._
STATE OF WASHINGTON,
.County of Snohomish,
CITY OF MARY~VII.I.E,WASHINGTON
ORDINANCE NO.1303
AN ORDINANCE of the City of Marysville,Washington,authorizing the Issuance and ,being first duly sworn
sale of local Improvement district bond anticipation notes In I.ocallmprovement District
No. 62 pending the receipt of the proceeds of the local Improvement district bonds.th secretarou
authorized to be Issuedby Ordinance No.1268 and providing for the sale of such bond an- IS e_..--- -- ---....-"<1-----
tlclpatlon notes to Peoples National Bank of Seattle,Washington.lE,a weekly newspaper.
WHEREAS,by Ordinance No.1268 passed by the City Council and approved by the wspaper which has been ap-
Mayor on January 2~,1983,the City ordered the construction of street and drainage Im-Court in Snohomish County
provements within a certain area within the City pursuant to a property owner's petition Chapter 213 of Washington
therefor signed by the owners of 100%of the area Included In the proposed dlstrlc:t,h .
established I.ocal Improvement District No.62,provided that pavment for the Improve-has ~een.for mo~e t an SIX
ment be made by special assessments upon the property In the District payable by the ~publication heremafter re-
mode of "payment by bonds"and prOVided for the Issuance and sale of local Improve-sh language continually as a
ment district warrants redeemable by cash and/or by local Improvement district bonds Snohomish County Wash-
or as an alternative for the Issuance of short-term obligations;and '..'.
WHEREAS,the City Council deems It to be In the best Interest of the City that the City all of said time was printed
borrow money and Issuesuch short-term obligations In accordance with the provisions of .foresaid place of publication
Chapter 39.50 RCW (Ch.216,I.aws of 1982 Regular Session) In anticipation of the sale of exed is a true copy of a
local Improvement district bonds authorized by Ordinance No.1268 for the purpose of
providing the funds with which to pay a part of the costs of carrying out the Im-
provements ordered In Local Improvement District No.62;and as it was
WHEREAS,Peoples National Bank of Seattle,Washlngton,has submitted an offer to not in supplement form)of
purchase such snort-term bond anticipation notes on the terms and conditions
hereinafter set forthi NOW THEREFORE,
THE CITY COUNCIL. OF THE CITY OF MARYSVIL.L.E,WASHINGTON,DO OR·'or a period of __9.n~L_con-
DAIN as follows:
or~~:~olb:~:r~~I~~tO:ntr~~t~~~~~~~~~tcg~~t~rc~~~~~t~:!~~I~~~~~e~e8~~he _?li:~~_day of _~_~?!3-~
dlnance No.1268 anticipated to be assessed against the specially benefited properties In
the District Is $185,000.I.ocallmprovement district bond anticipation notes of the District bh day of A"17 US t 19 8 '1
(the "Notes")shall,therefore,be Issued In the aggregate principal amount of $185,000.-----~----.-_.-.!..
The Notes shall be numbered from 1 to 17,Inclusive;Notes Nos.1 throtlgh 5,Inclusive,uch newspaper was regularly
shall be In the denomination of $25,000 each, and Notes Nos.6 through 17,Inclusive;shall Iring all of said period.That
be In the denomination of $5,000 each. The Notes shall be dated as of the date of their Is-ged for the foregoing publi-
suence. Shall bear Interest at the rate of 7.75%per annum,payable at maturity i and
shall mature on June 1,1984.)0
Both principal of and Interest on the Notes shall be payable solely out of the "L.ocal Im- . ,which amount has been
provement Fund,District No.62,"created by Ordinance No.1268 from the proceeds of .
local Improvement district bonds authorized to be Iss~ed by such ordinance to be \
deposited In such fund,or other short·term obllgatons and/or prepaid special benefit
assessments deposited In such fund,and fro",the L.ocallmprovement Guaranty Fund of _
the City,and shall be payable In lawful money of the United States of America at the of-~
flee of the City Director of Finance In Marysville,Washington.The City Council declares .')
and finds that the fixing of the above Interest rate Is In the best Interests of the City_re me this -------~.-----
Section 2. The Notes shall be printed on lithographed on good bond paper or may be In I
typewritten form In a form consistent with this ordinance and state law. The Notes shall I 19 tl!3
'be signed by the Mayor,attested by the City Clerk,and shall have the seal of the City af- .,-~--'~
fixed thereto.~Section 3. Peoples National Bank ot Seattle,Washington,has submitted an Offer to pur-".
chase the Notes at a price of par,plus accrued Interest from the date of the notes to the id for the State of Washington,
date of their delivery to the purchaser,the City to furnish the printed or typewritten Ing at Marysville '
Notes and the approving legal opinion of Roberts &Shefelman,municipal bond counsel .
ot Seattle,Washington,at the City'S expense. Bond counsel shall not be required to
review or express any opinion concerning the completeness or accuracy of any official
statement,offering circular or other sales material Issued or used In connection with the
Notes, and bond counsel's opinion shall so state. The City Council,deeming that It Is In
the best Interest of the City that such offer be accepted,accepts the same. The Notes
shall,therefore,Immediately upon their execution,'be delivered to Peoples National
Bank of Seattle,Washington,upon payment therefor In accordance with such Offer.
The principal proceeds.received from the sale of the notes shall be paid Into the "L.ocal
Improvement Fund,District No. 62," and used to pay a part of the costs of the I'm-
provements ordered to be carried out by Ordinance No.1268.
Section 4.This ordinance shall take effect from and after Its passage·and five (5)days
following Its publlcalton or posting as required by law.
PASSED by the City Council and APPROVED by the Mayor of the City of Marysville,
Washington,at a regular open public meeting tl'!ereof,this 22nd day of August,1983.
Daryl:,'~"ennlck,Mayor
Attest:Phillip E.Dexter,City Clerk
Approved as to Form:James H.Allendoerfer,City Atty.
Published:August 24, 1983