HomeMy WebLinkAboutO-1404 - Bond issue for LID No. 62 (Special)./'.~1.II..
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CITY OF MARYSVILLE,WASHINGTON
ORDINANCE NO.I LfOLf
AN ORDINANCE relating to Local Improvement
District No. 62;fixing the amount,form,date,
interest rates,maturity and denominations of the
Local Improvement District No. 62 Bonds;providing
for the sale and delivery thereof to Wm.P.Harper &
Son &Company of Seattle,Washington;and fixing the
interest rate on Local Improvement District No. 62
assessment installments.
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. 62 in the City of Marysville,
Washington (the BCityB),created under Ordinance No.1268,was
$202,501.The 30-day period for making cash payments of assess-
ments without interest in the District expired on November 30,
1984,and the there were no assessments paid in cash.BLocal
Improvement District No. 62 Bonds
B (the BBonds B),therefore,
shall be issued in the total principal sum of $202,501.The
Bonds shall be dated December 20,1984,shall mature on December
20,2006,and shall be numbered from 1 to 41,inclusive,in the
manner and with any additional designation as the Bond Registrar
(collectively,the fiscal agencies of the State of Washington
located in Seattle,Washington,and New York,New York)deems
necessary for the purpose of identification.Bond No. 1 shall
be in the denomination of $2,501.00 and Bonds Nos. 2 to 41,
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inclusive,shall be in the denomination of $5,000.00 each.
Interest shall be computed on the basis of a 360-day year of
twelve 30-day months.The bonds shall bear interest,payable
annually beginning December 20,1985,in accordance with the
following schedule:
Bond Numbers
Interest
(Inclusive)Rates
1 to 2 7.75\
3 to 4 8.25
5 to 1 8.15
8 to 9 9.25
10 to 11 9.15
12 to 14 10.00
15 to 16 10.20
11 to 18 10.40
19 to 21 10.60
22 to 23 10.15
24 to 25 10.90
26 to 33 11.00
34 to 41 11.125
The Bonds shall be issued only in registered form as to
both principal and interest on books or records maintained by
the Bond Registrar (the ABond Register-).Such Bond Register
shall contain the name and mailing address of the owner of each
Bond or nominee of such owner and the principal amount and
number of Bonds held by each owner or nominee.
Bonds may be transferred only if endorsed in the manner
provided thereon and surrendered to the Bond Registrar.The
transfer of a Bond shall be by the Bond Registrar's receiving
the Bond to be transferred,cancelling it and issuing a new
certificate in the form of the Bonds to the transferee after
registering the name and address of the transferee on the Bond
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Register.The new certificate shall bear the same Bond number
as the transferred Bond but may have a different inventory
reference number or control number.Such exchange or transfer
shall be without cost to the owner or transferee.
Both principal of and interest on the Bonds shall be
payable solely out of the Bond Fund and from the Local Improve-
ment Guaranty Fund of the City.and shall be payable in lawful
money of the United States of America.Interest on the Bonds
shall be paid by check or draft mailed to the registered owners
or nominees at the addresses appearing on the Bond Register on
the fifteenth calendar day preceding the interest payment date.
Principal of the Bonds shall be payable upon presentation and
surrender of the Bonds by the registered owners at the principal
offices of either of the fiscal agencies of the State of
Washington in Seattle.Washington.or New York.New York.at the
option of such owners.
The City reserves the right to redeem the Bonds prior to
their stated maturity on any interest paYment date.in numerical
order.lowest numbers first.at par plus accrued interest.
whenever there shall be sufficient money in the Bond Fund to pay
the Bonds so called and all earlier numbered Bonds over and
above the amount required for the paYment of the interest on all
unpaid Bonds.by mailing.not less than 15 nor more than 30 days
prior to the date fixed for redemption.notice of such redemp-
tion by first class mail.postage prepaid.to the registered
owner of any Bond to be redeemed at the address appearing on the
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Bond Register.The requirements of this section shall be deemed
to be complied with when notice is mailed as herein provided
whether or not it is actually received by the owner of any
40nds.The interest on the Bonds so called for redemption shall
cease on the date fixed for redemption unless such Bond or Bonds
so called are not redeemed upon presentation made pursuant to
such call.
Section 2.The Bonds shall be printed.lithographed or
typed on good bond paper in a form consistent with the provi-
sions of this ordinance and state law.shall be signed by the
Mayor and the City Clerk.both of signatures shall be in fac-
simile.and shall have a facsimile reproduction of the seal of
the City printed thereon.
Only such Bonds as shall bear thereon a Certificate of
Authentication in the following form.manually executed by the
Bond Registrar.shall be valid or obligatory for any purpose or
entitled to the benefits of this ordinance (the MBond
Ordinance M):
CERTIFICATE OF AUTHENTICATION
This bond is one of the fully registered City of
Marysville.Washington.Local Improvement District No.
62 Bonds described in the Bond Ordinance.
Washington State Fiscal Agency
Bond Registrar
Authorized OfficerBy."..........."...-o:-----=-~:-:::-::-------
Such Certificate of Authentication shall be conclusive evidence
that the Bonds so authenticated have been duly executed.
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authenticated and delivered hereunder and are entitled to the
benefits of this ordinance.
In case either or both of the officers who shall have
executed the Bonds shall cease to be such officer or officers of
the City before the Bonds so signed shall have been authenti-
cated or delivered by the Bond Registrar.or issued by the City.
such Bonds may nevertheless be authenticated.delivered and
issued and upon such authentication.delivery and issue.shall
be as binding upon the City as though those who signed the same
had continued to be such officers of the City.Any Bond also
may be signed on behalf of the City by such persons as at the
actual date of execution of such Bond shall be proper officers
of the City although at the original date of such Bond any such
person shall not have been such officer of the City.
Section 3.The Bond Registrar shall keep.or cause to be
kept.at its principal corporate trust office.sufficient books
for the registration and transfer of the Bonds.which shall at
all times be open to inspection by the City.The Bond Registrar
is authorized.on behalf of the City.to authenticate and
deliver Bonds transferred or exchanged in accordance with the
provisions of such Bonds and this ordinance and to carry out all
of the Bond Registrar's powers and duties under this ordinance.
The Bond Registrar shall be responsible for its representa-
tions contained in the Registrar's Certificate of Authentication
on the Bonds.The Bond Registrar may become the owner of Bonds
with the same rights it would have if it were not the Bond
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Registrar,and to the extent permitted by law,may act as
depository for and permit any of its officers or directors to
act as a member of,or in any other capacity with respect to,
any committee formed to protect the rights of Bond owners.
Section 4.The Bonds shall be negotiable instruments to
the extent provided by RCW 62A.8-102 and 62A.8-105.
Section 5.The City covenants that it will spend the
principal proceeds of the Bonds with due diligence to completion
of the purposes specified in this ordinance and will make no use
of the proceeds of the Bonds or other funds of the City at any
time during the term of the Bonds which will cause the Bonds to
be arbitrage bonds within the meaning of Section 103(c)of the
United States Internal Revenue Code of 1954,as amended,and the
applicable regulations promulgated thereunder.
Section 6.Prior to December 20,1990,the Bonds may be
redeemed only from special assessment payments.In the event
that on or after December 20,1990,money and/or -government
obligations,-as defined in Chapter 39.53 RCW as now or here-
after amended,maturing at such time or times and bearing
interest to be earned thereon in amounts (together with such
money,1f necessary)sufficient to pay and retire the Bonds in
accordance with their terms,are set aside in or for the account
of the Bond Fund for the Bonds to effect such payment and
retirement,and such money and the principal of and interest on
such government obligations are set aside in a special trust
account and pledged irrevocably for such purpose,then no
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further payments need to be made into the Bond Fund for the
payment of the principal of and interest on the Bonds.and the
Bonds shall cease to be entitled to any lien.claim.benefit or
security of this ordinance or of the Guaranty Fund except the
right to receive the money so set aside and pledged.and there-
after the Bonds shall be deemed not to be outstanding hereunder.
Section 7.Wm.P.Harper &Son &Company in Seattle.
Washington.has submitted an offer to purchase all of the Bonds
at a price of $97 per each $100 of par value.plus accrued
interest from the date of the Bonds to the date of their
delivery to the purchaser.the City to furnish the printed Bonds
and the approving legal opinion of Roberts &Shefelman.munici-
pal bond counsel of 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 Bonds.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 Bonds.therefore.immediately upon their authen-
tication.shall be delivered to Wm.P.Harper &Son &Company in
Seattle.Washington.upon payment therefor in accordance with
such offer.
Section 7.The interest rate on the installments and
delinquent payments of the special assessments in Local
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Improvement District No. 62 are revised and fixed at the rate of
23
11.478i~\per annum.
Section 8.This ordinance shall take effect and be in
force five days after its passage,approval and legal
publication.
PASSED by the City Council and APPROVED by the Mayor of the
City of Marysville,Washington,at a regular open public meeting
thereof this 10th day of December,1984.
AUTHENTICATED:
APPROVED AS TO FORM:
No..~~",.~C:f:ti At torner"
0462m
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AN ORDINANCB relatIng to Local Improve.ent
District No.62;f111ng the aeeunt ,forll,date,
inte!estrates.lIIaturHyand denolllinations of the
LocalIlllprovelDentDlstrlctNo.62 BOnllll;providing
,!ror -Ul.o.,.sil,l,e.a,rul dellv~r,ther,eof tQ W.....~.~ilrpe.r;.6"
Son &COllpany of Seattle.Washington;and 'nxlng the
Interest rate on Local 1.a.Provellent District lIo.62
USSS\llIIent Inlitalll1ents.
THE CITY COUNCIL Q!'TtiE CI,:J;Y or MARYSVILLE.WASHIIiGTON,DO
ORDAIN aSI,f..ollowsr
'llilli!l...J..'T.he total'aUlowt of 'the auns.ent roll'ln
Local Improvement District No.i62 111.·the City o[Ital:ysvUh,
tier '9,1984 -T,..OLO••
1..11 H paU b,.cll..ell:or dun ..U.d to tile relllltlrM ...."
or tlO.IA •••at tb.,ddre.I.1 IPP.lrlng on tbe 10Adi leilltlr OD
tll.e Uftelntll.cal.ndar da,.preeldlng U.intlre_t PIl,..nt dltl,
Prll1c1pel of tbe Bo04.ebell bl paylbl.upoa ,rel.ntlUon and
I~rnnd.r 01'thl Bond.by tbe relht.red ova."at tb.principii
ol'Ucee or 11th.r 01 the fiecal II.oci.1 of the Btltl Of
"Iehington Ill.S.•lttl.,"'.hlagtoa.or lev Yorlr.,lev YOI'll,It til..
option 01 euch IIWIlIlrs.
'!bIt City relerv._til.l ritht to red...til..800dl prior to
tbeir etlt.d ..turity all.Iny lntenlt pa,.ont dat.,1a nUHrlcal
Dreier,10V8st nU.ben Uret,at par plull accru.d IAt.r.lt,
'IIh.nl".r thlr••tuI11 b.aufflcl.nt IIOn.y 1110 tbe Bood Fund to pal
the Bonde eo caU.d aael all eltli.r Du.b.red Bonile over Ind
above the ,.ount requlred for the pa,..nt of the lnur..t 011.III
unpaId Bondi,by uUing,ng.t lelle tb,n IS nor aore than 30 d.,.
prior to the dst.fh.d for r.d••ptlon.notIc.of .ueb.r.d.-.p-
.tIon by Urllt cll....11,postage puplld,to tbl reillstlr.d
O'Ifnltr of any Bond to\b.red••••d lit tb.adeltles .ppearlng on th.
Bond Regtet.r.Til..r.qulre_ntl of th1ll e.ctloD Iball H d~."d
to ,b.Co.plled With wb.n notIc.la .aU.d a.h.reln provld.d
wb.th.r or not it 11 actually rec.lv.d by the own.r of any
wnds.Tb.Int.r.et on ur'll'Bondll so colle4 for r.d••pUo••blll
c.as.all.the date U:r.d for redeaptlon unl...lueh load or lond.
eo Cill.d ar.not c.de•••d lipan pl:.lI.ntaUon ald.pur.u.nt to
IUCh c.ll.
1!.s!!.2!L.!.Til.. Bonelli .hall bl ,rlntH,lithogtlpb.d or
t,.ped on good bond papltr In a lor.conlllt.nt with til..pco"l-
liOn.of till.orellnance aDd Itat.11'1,etulll b.ItgDed 11.,.tbe
...,.or and th~CIty CI.rt,batb 01 signatures ahall bt 1n hc-
slaU.,and .•hall ha".a flcslaUe r.productIon ef til.••'11 of
ttle Cit,.rrlnteel th.reon.
Only Iucb Bondi Ie ehall b.ar th.reon a C.rtlUCUI Of
lJ,lih.ntlCation .In the lollowlng for.,.aD\lall,..:recut"by th.
Ban<!••g1ltrar.sball b.va11d '01:obligator,for Iny purpoa.or
.ntttl.d to tbe ben.fltl of thl.ordinenee (th."BOnel
Ordlnanc.'):
ClBTlFICATI 01 AUTIly""'!'lCATIOH
Tbls .bon'd la'OAe of tA.ruI~y regletered Cit,.of
~.tyavl11e,WaShington,Locil I.prov••ent Diltrlct No.
62 Bonde eI.scrlb.d la til..BOAeI OrdlnIAc•.
lI118hlngton Btlte Fiscal Ag.nc,
Bond l.glltrar
By "'"""th".""""''''''''o~"rr,~,,~,---
lucb C.rtHlcat.of Auth.ntication shall b.conclusive Ivld.ncl
that the Bonds 110 auth.ntIcated have b••n duly .:r.cut.d,
autbenUcat.d Ind dellv.red bereunder Ind .r••n.Utl.d to tb.
b.net1ts of thll ordlnanc••
.In cue elther ar both o,f the oUlcen vbo eblll Il.VI
.1e.eU.~t·h.Bonde ltulll ceale to be .\l.ch·ofUclC or ofUau 01
the CltYi befon til... Bonde eo sl9n.d .h'·lL,IUlv.b••n lut'bliit:f:;:--:---
cilted or delivered by the Bond Regletrar,or le.u.d b)'til..l Cltr,
Washington (the "City',).created undel:'OrdlnOince 110.1261,vall
1202.!iOl.The 30-lIay perlod for malr.lng cash payllents of anus·
registering tbe naae and Iddnss of the transferee on the Bond
shall be luued In the total principal IIU. of 1202,501.Th.
necessary for the pUl:pose of Il1ent1[lcatlon.Bond Ho. 1 Ihall
be In the denomination of 12.5P1.00 Ind Bondi 1101.2 to 41.
b.a.bInding upon til..City al thougb tboDe vho IlgDllel tbe .11"
bad continued to b.Iucb offlc.n of the City.Any Bond ~l.o
..y b.elgDed Oil.b.half p~th.Cit,by .ucb pUlone II·at th.
actual date of Ill.cuUon of .uch BODd ehall ,b.pcop.r ol~cer.
of the City iJlthough at til..origInal date of luch land any .uch
peraon shall not bave b••n SIICt!ofUc.r 01 th.Citl.
SIlCUO'1I 3•.Tbe BOAd R.gll1tUl:lball 1I:••p, or CIIl.1 to II.
••pt,at Its prlnclpal corporat.uaet ofUce,.ufflcl.nt booll:a
lor til..regUtrauon and tranlfer of ttul Bonele,wblch Iblll et
all th.s be open to In.pee-Uon by tb.Cit,.1b.Bond .lg18trlr
Is authorIzed,on b.half of th.Cit)',to auth.nUcate aAd
deav.r 1I0nde transf.rr.d or .:rchang.d in accor<lance wlttl tb.
prov1ll10ni of euch Boadl Ind this otdlnanc.and to carry out IU
wltb the IIle rlghts it would havI If 1t ver.DOt thl Bond
act I.a .e.ber of,or In Iny otb.r clpadty 'lith UI,lCt to.
In)'coaalUIl.for••d to protect the rlghts of Bond ova.n.
~,The Bond._hill b.n.gotlabl.Inatru.••nte to
tb.dt.Dt provld.d by ICW 621..8-103 IDeI 631..1-105 •
iI£11llD....1.Th.Cit,cov.oants tIIat It wUI sp.ad til,.
prlnclpill prac••de 01 tb.Bonis vltb due elIUg.nc.to co.pl~Uo.
01 til.purpollee sp_cUled ID tbl_ordlnanc.and will ..11:.no ••1
of tb.proc••ell of tbll lands or otb.r fu.nda of the City ,t any
tt..dar iag tb.ter.of the londl vblc!a V1.11 ca •••tb.80nd.to
b.arbItrali'.bonds vltbln tb."anlng of S.ctlon 103(c)of the
Unlted St.tes Intenal ••v.nu.Cod.of nS4,el ,..nd.d,end tII,e
applicable regulaUone pro.ulgat.d th.reunder.
~'.Prior to Dac.ab.r 30,1990,til..Bond ...,be
,.d•••ed ollly fro.Ipeeil1 nt pa,..Du.I.tb ••v.nt
tbat on or aftel:D.ceab.r 30,1990,.on.,IAd/or "gov.r_Dt
ob11gIUonll,'III d.Un.d 10 Cbapter 39.53 lev ..now or ber,-
an.,e.lnde4,.lturll1g .t aueh tI••or tI•••lael bear1ng
lat.l:.st to b••arn.d tber.on.In.a_at.(tog.ttl.r wltb aucb
Ion."if n.c••llaryl .ufflcl.nt to ,.,>.ad retIre ttle 10l1dl 1D
accor~ane.wltb th.lt t.r.l.Ire s.t alid.In or lor th.aecoulllt
of tb.Bond Fund for tbe londe ·to .,f.e\:.llIcb ,arunt .•nel
reUre••nt,and .ucb aooey aad tb.princlpel Of and lnt.nlt o.
IIIcli gov.rn.ent obligatio••are a.t I.lde in I Ip.chl ,truat
ICC9unt and pledged Irrevocably 'for .lIcb ""r,o••,tbln DO
(Continued on next PIlI.....
IlIglstrar,and to the .:rtent p.r.ltted by lav,..,act ae
d.poilitory for anel per.It IUIY of Its oUlc.r.or dir.ctors to
of the land ••gluuar's pow.n .lAd eluti.s und.r tbil ordlnlne.,
Th.Bond lI..g18Uar eh.ll be responslbl.for ltl repres.ote-
Uons contalDed In the R.gIstl:at'o C.rUfIcate 01 'Au.tblntieIUoD
on the lionds.'1'1'1.Bond Regieun .a)'b.co••til..OVa8t or BondsInterest
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follOWing schedule;
Bond NUllbers
(InclusIve)
Bonds uhall be diilted Decelllber 20,1984,shall .at\l.rs on Deceab.r
20" 200'6. ,and shall be numbered froa 1 to 41.1ncluslve,in the
aanner and with any additional designation III the Bond Reg.lstrar
(collectively.t~e [hcal agenCieS,of the Statoe of Wallhlngton
located In Seattle.Washington,an<l Hev YOI:II:,lIev Yorlr.) <leeas
Inclualve,shall be In the denolilnatlon of '5.000.00 each.
Intel:est shiloll be computsd an the bull1 of a UO-day y.ar of
tvelvs 3D-day lIIonth8. The bonds IIhall beu lnterest,plyabl.
annually beginning Decellber 20.1985.In accordance vlth the
IS tbe tr"~Bferr.d Bond but aay have a dUfer.nt IDveDtory
r.ferenc.nuaber or control DU.ber.SUCh .ichang.or tranef.r
IIhilll be :without,coet to the o,mer or trane,.re••
Both princIpal of ilnd Int.r.st on the Bonds shall b.
Payab,le sol.ly out of the Bond rund aDd frail the Loca,l.l.prov.-
••nt Guaranty runel of the City,and IIhall be paYlbl.In llwful
.on.)'of the unlU~StaUe of berlca.InUr._t Oil.til..lond_
Ito 2 7.75'
lto"1.2!>
!>to 7 1.15
B to 9 9.2!>
10 to 11 9.15
Ilto 14 10.00
15 to 16 10.20
17 to IB 10.40
19 t021 10.60
22 to 23 10.H
24 to 2!>10.90
,;,.,"t~6t03l ,11.00. .~,,11.125~;~~-fI!'I"";;',.,:.·~:"lY '10 reglstll:ed tara ..to
both prlnclpal'and Intereot on books or records ulnealD.lIt bY'
the Bond Reglstral:(th.'Bond Register").Sucb Bond Reglst.r
shall contain the nalle and aaUlng addr.BB of the ovn.r Of .ach
Bond or no.lnee of suCh ovner and the principal a.ount aDd
nllabee of Bondll held by each owner or no.lnee;
Bondll Ilay, be transferred only 1f endorsed In the .anner
provIded thereon and sUl:rendered to the Bond Registrar.'!b.
tunsfer of a Bond shall be by the Bond Registrar'lI ne.I"lng
the land to be transferred,cancelling It and IBBlling a new
certificate III the for.af the Bonds to the tranafel:.e aU.r
Ilents vlthout Interest In the Dlsnlct expired on Hove.ber )(1,
19114, and the there were no asse5smsots paid In'cash."Locil
Iaprove.ent Dilltrict 110.62 Bondo'(the 'Bonds').t1lel:efor.,
)\
"I
AFFIDAVIT OF PUBLICATION
No._
STATE OF WASHINGTON,
County of Snohomish,
es,
_____.i..in.ds__aehat.eI!,being first duly swom
on oath deposes and says that he is the_~!3Jn.·9J~.~.r.Y.._._
of THE MARYSVILLE GLOBE, a weekly newspaper.
That said newspaper is a legal newspaper which has been ap-
proved by order of the Superior Court in Snohomish County
June 18, 1962 in compliance with Chapter 213 of Washington
Laws of 1941, and it is now and has been for more than six
months prior to the date of the publication hereinafter re-
ferred to,published in the English language continually as a
weekly newspaper in Marysville,Snohomish County,Wash-
ington,and it is now and during all of said time was printed
in an office maintained at the aforesaid place of publication
of said newspaper.That the annexed is a true copY'of a
------Lr..d.in.aoc,fLuJ.404 as it was
published in regular issues (and not in supplement form)of
said newspaper once each week for a period of _Q!l_~con-
secutive weeks,commencing on the _l..ctt~_day of _~g~_rr!per
19_~l]_,and ending on the __!9_~~_day orU.7_~~~~~,r19~~__•
both dates inclusive, and that such newspaper was regularly
distributed to its subscribers during all of said period.That
the full amount of the fee charged for the foregoing publi-
cation is the sum of '_i(:,;_...~i __,which amount has been
paid in full l f).I
--~L~~~-_
Subscribed and sworn to before me this _~0 _
~Of ~~~
Residing at Marysville.
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