HomeMy WebLinkAboutO-1444 - Water and sewer revenue bonds (Special),-
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CITY OF MARYSVILLE,WASHINGTON
ORDINANCE NO./~.&J4f
\
AN ORDINANCE of the City of Marysville,
Washington,relating to the waterworks utility of the
City,including the system of sewerage as a part
thereof;adopting the 1982 Comprehensive Water System
Plan of the City;ordering the carrying out of a
portion of such Plan;adopting a system or plan of
additions to and betterments and extensions of such
Comprehensive Plan;authorizing the issuance of not
to exceed $3,255,000 par value of water and sewer ~
revenue bonds for the purpose of providing a part of
the funds with which to pay the costs of carrying out
such improvements;authorizing and providing for the
issuance of bond anticipation notes pending the
issuance of such revenue bonds;creating a water and
sewer bond anticipation note fund;and providing for
the sale of such notes to Harper,McLean &Company,
Seattle,Washington.
WHEREAS,the City of Marysville,Washington (the "City"),
by Ordinance No.385 passed September 2,1952,combined the
sewerage system of the City and all additions and improvements
thereto with the waterworks utility of the City,and the
sewerage system at all times since has been considered a part of
and belonging to the waterworks utility of the City,and the
words "Waterworks utility of the City"shall hereinafter mean
the combined sewerage system and water system of the City,
together with all additions thereto and betterments and
extensions thereof hereafter made;and
WHEREAS,the City-by Resolution No.1053 adopted the City
of Marysville Comprehensive Water System Plan dated February,
1982,which plan was duly approved by all public officials
required by law to approve the same;and
.'
WHEREAS,the City Council has determined it to be in the
best interests of the City that the improvements as hereinafter
described be carried out as a system and plan of additions to
and betterments and extensions of the waterworks utility of the
City;and
WHEREAS,the City Council deems it to be in the best
interests of the City that the City borrow money and issue water
and sewer revenue bond anticipation notes in anticipation of the
sale of water and sewer revenue bonds herein authorized for the
purpose of providing the funds with which to pay a part of the
cost of carrying out such system or plan of additions and
betterments;and
WHEREAS,Harper,McLean &Company,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 City adopts the City of Marysville
Comprehensive Water System Plan dated February,1982 (the
"Plan")previously adopted by Resolution No.1053,and ratifies
and confirms all actions previously taken with respect to such
Plan.
Section 2.The City orders the carrying out of a portion
of the Plan as a system and plan of additions to and betterments
and extensions of the Waterworks Utility of the City which shall
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consist of the construction and installation of the following
improvements:
1)Construction of the 3,500,000 gallon
Cedarcrest Reservoir;
2)Construction of the Cedarcrest Booster Pump
Station;
3)Installation of 5,400 feet of 16-inch water
mains and 3,600 feet of 18-inch water mains,with valves,
hydrants,fittings and other appurtenances;and
4)Installation of pressure reducing stations.
The City further specifies and adopts a system or plan of
additions to and betterments and extensions of the Plan which
shall consist of the construction and installation of a
utilities department equipment shop facility on property owned
by the City,which improvement shall include maintenance shop
facilities,storage yard,security fencing,small office space
and supply storage facilities.
The above-referenced additions to and betterments and
extensions of the Waterworks utility of the City collectively
shall be referred to herein as the "Plan of Additions."
There shall be included in the foregoing,the acquisition
and installation of all necessary valves,fittings,couplings,
connections,equipment and appurtenances,the acquisition of any
easements,rights-of-way and land that may be required and the
performance of such work as may be incidental and necessary.
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The City Council will make or authorize such changes of
details or other changes in the Plan of Additions not affecting
such Plan of Additions and not substantially altering the
purpose thereof.
All the foregoing shall be in accordance with the plans and
specifications therefor prepared by Hammond,Collier &Wade-
Livingstone Associates,Inc.,the City's consulting engineer,
and/or the City Engineer.
Section 3.The gross revenue and benefits to be derived
from the operation and maintenance of the Waterworks Utility of
the City at the rates to be charged for water and sanitary
sewage disposal service will,in the judgment of the City
Council,be more than sufficient to meet all expenses of
operation and maintenance thereof,together with the additions
thereto and extensions and betterments thereof herein provided
for,and to permit the setting aside into a special fund out of
the gross revenue of the Waterworks utility of the City of
sufficient amounts to pay the interest on the water and sewer
r.evenue bonds herein authorized to be issued and on all
presently outstanding water and sewer revenue bonds of the City
as such interest becomes due and payable,and to pay and redeem
all of those bonds at maturity.
Section 4.The life of the foregoing Plan of Additions is
declared to be more than twenty years.
Section 5.The estimated cost of the acquisition,
construction and installation of the Plan of Additions is
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declared to be,as nearly as may be,the sum of $3,255,000,
which shall be paid from the proceeds received from the issuance
and sale of the bonds authorized by this ordinance and from any
other funds of the City legally available to be used therefor.
Section 6.For the purpose of paying part of the costs of
the Plan of Additions,the City shall issue its water and sewer
revenue bonds in the amount of not to exceed $3,255,000.The
exact amount,date,price,denomination,form,covenants and
lien position of and interest rate or rates on such bonds shall
be specified later by the ordinance providing for the definitive
bonds.
Section 7.Proceeds received from the issuance and sale of
the water and sewer revenue bonds herein authorized to be issued
shall be deposited in the Utility Construction Fund established
in the office of the City Finance Director,which fund shall be
used for the purpose of paying the costs of carrying out the
Plan of Additions and of paying the costs and expenses connected
therewith.The City,through its proper officers and agents,
shall proceed with the making of those improvements and the
calling of bids therefor in the manner provided by law.Pending
the sale of the water and sewer revenue bonds herein authorized
to be issued,the City may issue interest-bearing warrants drawn
against such construction fund to pay duly approved costs
incurred in carrying out such improvements,such warrants to be
paid out of the proceeds received from the sale of the bonds
herein authorized to be issued and from any other money
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available to the City to finance the improvements,or the City
may issue short-term bond anticipation notes in lieu of such
interest-bearing warrants.
Section 8.There is created and established 1n the office
of the City Finance Director a special fund to be known as the
Water and Sewer Revenue Bond Anticipation Note Fund,1985 (the
"Note Fund").Pending the issuance of the water and sewer
revenue bonds herein authorized,the City shall issue and sell
its Water and Sewer Revenue Bond Anticipation Notes,1985 (the
"Notes")in the principal amount of $2,500,000.The Notes shall
be in the denomination of $5,000 each or any integral multiple
thereof and shall be numbered from "1"upward,consecutively.
The Notes shall be dated the date of their issuance;shall
mature April 10,1986;and shall bear interest at the rate of 6%
per annum (computed on the basis of a 360-day year of twelve
30-day months),payable at maturity,and,if not redeemed by
maturity,shall bear interest at the same rate until fully paid
and redeemed.In fixing such interest rate,the City Council
considers and finds the same to be in the best interest of the
City.The Notes shall be payable in lawful money of the United
States of America at the office of the City Finance Director in
Marysville,Washington,or,at the option of the holder,at
either fiscal agency of the State of Washington in Seattle,
Washington,or New York,New York,and shall not be general
obligations of the City.The Notes shall not be subject to
redemption prior to their stated maturity date.
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Both principal of and interest on the Notes shall be
payable solely out of the Note Fund from the proceeds of the
water and sewer revenue bonds herein authorized to be deposited
in such fund,from the proceeds of other short-term obligations
issued to redeem previously issued and then outstanding notes or
from other money legally available and to be used therefor,and
the City irrevocably pledges to redeem the Notes on their
maturity date from the proceeds of such bonds,additional
short-term obligations or other money available for such purpose.
The Notes may be paid from the revenue of the Waterworks
Utility of the City but shall be subordinate to the claims on
that revenue of the normal expenses of maintenance and operation
of the Waterworks Utility of the City and any outstanding water
and sewer revenue bonds of the City and bonds issued on a parity
of lien therewith.
Section 9.The Notes shall be printed or lithographed on
good bond paper or may be in typewritten or multicopied form in
a form consistent with this ordinance and State law.The Notes
shall be signed by the Finance Director of the City and shall
have the seal of the City affixed thereto.
Section 10.The City covenants that ,it will not take or
permit to be taken on its behalf any action which would
adversely affect the exemption from federal income taxation of
the interest on the Notes and will take or require to be taken
such acts as may reasonably be within its ability and as may
from time to time be required under applicable law to continue
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the exemption from federal income taxation of the interest on
the Notes.without limiting the generality of the foregoing,
and except to the extent the investment of any Note proceeds is
limited to a yield required to comply with federal arbitrage
regulations,the City will spend the proceeds of the Notes with
due diligence to completion of the purposes specified herein and
will not invest or make other use of the proceeds of the Notes
or of its other money at any time during the term of the Notes
which,if such use had been reasonably expected at the date that
the Notes are issued,would have caused such Notes to be
arbitrage obligations within the meaning of Section l03(c)of
the United States Internal Revenue Code of 1954,as amended,and
applicable reguations thereunder.
The City further covenants that it has not been notified of
any listing or proposed listing by the Internal Revenue Service
to the effect that it is a bond issuer whose arbitrage
certifications may not be relied upon.
Section 11.In the event the City shall issue advance
refunding bonds or other obligations pursuant to the laws of the
State of Washington or have money available from any other
lawful sources to pay the principal of and interest on the Notes
as the same become due and payable and to refund the Notes and
to pay the costs of refunding and shall have set aside
irrevocably in a special fund for and pledged to such payment
and refunding,money and/or direct obligations of the United
States of America or other legal investments sufficient in an
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'..
amount together with known earned income from the investment
thereof to make such payments and to accomplish the refunding as
scheduled (hereinafter called the "trust account")and shall
make irrevocable provision for redemption of the Notes,then in
that case all right and interest of the owners or holders of the
Notes to be so retired or refunded (herein called the "defeased
Notes")in the covenants of this ordinance and in any funds and
accounts obligated to the payment of the Notes shall thereafter
cease and become void except such owner and holder shall have
the right to receive payment of the principal of and interest on
the defeased Notes from the trust account.After the
establishing and full funding of such trust account,the City
may then apply any money in any other fund or account
established for payment or redemption of the defeased Notes to
any lawful purposes as it shall determine,subject only to the
rights of the holders of any other bonds or notes then
outstanding.
Section 12.Harper,McLean &Company,Seattle,Washington,
has submitted a written offer to purchase the Notes (the
"Purchase Offer")under the terms and conditions provided in the
Purchase Offer,which is on file with the City Clerk,the City
to furnish the typewritten,multicopied or printed Notes and the
approving legal opinion of Roberts &Shefelman municipal 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
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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 it to be in the best
interests of the City that such offer be accepted,accepts the
same.The Notes shall be delivered to Harper,McLean &Company
in Seattle,Washington,immediately upon their execution upon
payment therefor in accordance with the Purchase Offer.
The principal proceeds received from the sale of the Notes
shall be deposited in the City's utility Construction Fund and
used for the purposes set forth herein.Pending such
expenditure,money in such fund may be invested and the
investment earnings retained therein and applied to the purposes
for which the Notes are issued.
Section 13.This ordinance shall take effect from and
after its passage and five (5)days following its publication 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 9th day of December,1985.
ATTEST:
APPROVED AS TO FORM:
~y A{ftg.-,,-~
0687m
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CITY OF MARYSVILLE
Milrysvllle,WlIshlnglon
ORDINANCE NO.I.""
ANOROIHANCEo!th.Cltyolll"YBYllle.
NaohlRgtnn.<.lating tn thewne'wo.ka utility of the
City,.includlngth••yn....of.ewerag.....l'art
th.r..of;.cio~Ung the 198.1 Cotlp.ellenshe W.ter Sy.t....
Pla1\oftlloClty;o.derlngtllecar.yinqoutof.
::~~~l':n~tt:u~:/:':~~,,~:~~~n:n::~::::I~~.p~:n'~h
cornpuh.n.h.Phn;.utllo.hlng tile Inu.nc.of not
to .",c".d ,].~~~.aoo p..value of w.ter .nd .ew&<
.ev<lnu.·OOndsfo.t,",pur l'O ...ofp.ovldlng.p.rtof
thefund."ltll"hlclltop.ytll"co.t.ofcorryingolit
.\Ichh.p....._nhl.lltbo.hinq.ndp.ovldlngfo.tlle
1s.u.nc"01 bond oatlClp.Uon not".lI"'n(llng tile
1s.llaoc"ol.lIch ...v"nu"OOnd.lic...Un\l •.,at"r.ndse",,'00""anticlp.tion Dot"fund,and providing for
Uieule of ouch notes to H..per."c~e.""<';OllIpany,
Se..ttle.Waohlngtcn.
WHEIIEAS.thecltyoflllary.vlll.,loIaohlngtan(tl'Je··City·).
bYOrdln.no.Hc.3I5paas.(IBephmb"t.l,195i,co..b1n"dtlle
••""Uq".y.t""ottheCUyand.U.dditlcna.ndr"p,ovelll\!nta
the.eto ..ltll thenh'..o.ko utilhyof th"City.and the
sewe,......yotem U.ll tl""'••1nce has b... n cono1d.....d.part of
an~belonging to the wate""o.1<5 uti lity of tbe City,.nd t~c
..ord."w.te.work.Utility of th ..City·shall he'eln.n..,mean
t1,"oo..bl.ned.e..e ug"'Y5te...nd ..ote··Y5temoftlleCity,
tOQeth ..,..ItII all addition.tlle'et".nd betterments and
utonolon.lhereof he,eafte....d.;and
OIIl!REAS,the City by lle."hUon No.IO~l .dopted th ..City
of Il"yulile COOlp.ellen5Iv..Wat••5y.teOlPlu dated Feb,uory.
US1 ...hl.chp1an ....duly .pp.nvedby.ll public official'
<equlr..dbyl...toapl"ovethesa....;lnd
WHE/lEAS.th"City Council hllldete<..lne<1l.t tn be in the
bell ht"...Uo(n"C1ty tll.t tlla.improve""'IlUlII ha,"ind.".
descdt>3cl be O."i.<1 nut II ••y.te..an<1 pia.of Iddltlnn5 tn
.n<l b<otto.me.nt.and eat"noIan.of th .. Wlt ..,..Or k.lit I ~Ity o!th ..
WHEREAS.t."CltyCouncil d....m.it to be,in tM beat
i ..U'nt tllaClty thot the City bo«owmoney and issuew.....
Ind r'......nue1><>n<l..ntlolp.t1onnotesl.n.ntloip.tionofthe
pu'~o.e of p<o.ldinq the fundO witll ...icll .0 p.y •p.n of th"
co.t of c.rryln~oulauch .y.t....or phn of .ddltlon••nd
I lH>ttenlllnU;.n~
MHERUS.Mlrp.""oLulI10 Coml'.ny,se.ttl"."ashlngton.
aublllitt..d an nLter to pur~hase such 'hott-term bcnd anticipation
note.On tllo t",,,,,,lod condition•.~e,eln.fte'sal foxtb,IIOw.
S.otion!.TheCltYldoptsth..C!tyofjlla.ysvIU..
COmp,ehMSlv.. Wlt ...·Sy.tlOl PUn dated Febru",y,1'8~(tne
"Plan")~,eviously .dnpted by R..aolutlon No.1051.and ,"tHle•
•ndcanf!.....lI.ocUon.pr""lously tokenwHh ,,,spect to BuOh
Section 1.T1\0C1tyorde<8 tile c.uylng out of apottlon
01 th"l'lan ali a systefOon<3l'lan ot .ddition.to and belterrnant.
end ..atenllonaof thellete<..orhUtU1tyot th.Clty whlcll ."all
2)COn.tIuctlonof tile cedl""est Boost...Pullll'
1)Install..tlo~of 5.400 t ....t of 16-inch water
hyd<ants.htti..g.an<lother .ppu<u..anc ••;...d
4),,,"t.ll.tio.. of p<e ..u<e reducing .talio.s.
ThaCltyfu.th"tsp"clfleoan<1.<1opUa.y.te"'O'l'lonQ(
.ddltionsloandt>ettum....t ••ndest....slon.oftheplan ..hlcll
.Ilall cnn.lst ot the conotructlonand In.talutiOnof a
utillti••dep .......nt eqllipment ..~np facility on p.ope<ty nwned
byth"·Clty,..hioh'improve"",ntshaUinclud"..aintena",,eahop
f.cHIt'ie••·oto·....e y"d,.ecudty fencing ••moll QUic..,pac.
Th...above-.eferen~..d·lddltlona to a~d·b.t....ments and
..",tenslonocl.heWal",iMrk.UtliltyoftheCitycoliectlvely
aholl be <"feH.d to ner.. in as t~.."nan of Additinn•."
T.......'''011 be Included In the !or..gnin...t~..ooquioltion
a"d in.tell.Unnof .ll ....c .....uyvalvu.Httlnqe.cnul>iln,qe.
conn ..ctian••equipment and .ppu'ten.nc....the .oqul.itlon nf any
e ..eOlBDts.rlghts_of_".y.ndlon<1that ..aybeTequITedandthe
pe<lo<..."".of.uch .....Jr ..II.ybeloold..ntaland ....cessa<y.
Tile CltrCollncl11I11l ..a".o'sutbotlzeluchCh.ng,,"of
d..taih 0'other cllang,,"In the Plan of Additions not .ffeoUnll
.ucll Plan of Add1t1on.anclnot.ubston.iolly.lte,lng the
purposeth"...ol.
Ail thefo<..goI ..g.Il.UlH>in.cco<d.nc....ltht".plon••nd
8pedHc..t1on.the,efot p.ep••edby HlIf11OCnd,coillet IoWld..-
Llvlng.to"eNi.cc1et..s.lilc.,th.Clty·.con.llltlng ......I".".,
."d/otth"CltyEnglnee•.
~.Tb..gro....ev"nue.ndlH>neHtatobed..rlved
(<<>SItheopallltlonlnd ..ainten.nc.ofthe"'ater..crk.utilltyof
t".city.tt"t tobech..g..dfo<nd ..n!tl<y.\!tI.g.disposal .ervlc..wilL In the jud ot of the city
Council.be...,re thsn suffichnt ta n eape.....of
opallltlon.nd"ainten.nc<lthereof.tcgetM<"ltllllle.4clitlono
tb ...tolnd_.e"s1on••ndbetter_nt,th...eofll..relnl'...v1d"d
fo<,.ndtope...1tthesettlng ..ld ..lnto.·specia!tundoutof
the g.o..revenue 01 tile Nate...or~s Utility of the City of
.Ilffident .modnta to p.y the·inhrest onthe ...ter .oduwer
.".....nu.bo"".he••In·.uthot1ae4.tobel..ll.dan4on.ll
p<eoentlyout.tandlng".t.r.nd ......r.evenue.bondsofth..·Clty
."ouc"h\t..<est !>8cnlOllo due aM paY.ble.~nd to p.y .,,<1 .ed....
•lloftho.eOO"4.,et ...turlty.
section 4.Tile IU.of ,til"lor89oin9 Plan of Addition.Is
dllClared to be.,""""than t ...ntyyelta.
~."'eesU...tedCOstoftbe.cgubition.
~const.uction snd Installation 01 tb.Plao 01 AddItion.11
6nC!lI<.d to be,""nea'ly III ...y b.,th"5u ..of·$3,n~,ooo •
..hlch,.h.ll bep.id fro..tile p,oce..ct.<eoe1vedfrnmth...iosulnco
"nd.al..ofthebOnd••u.hori ••dbythl.o,dinanc".ndf<ornany
otlle.fUnd.of t~e Ci.y leg.lly av.ilable to be used the,efo<.
Section 6.fo,thepu,po'eofpaylngp.,toftll.co.t'of
.he Phn nf Addit;nn••th.City .1I111 issue its w.t",'nd s ...."r
'ev.nu..bond.·In the amoun'cf nOt to e.oeed $3 ••~"o~a.The
.zac'arnount,dat",p,loe,·denolTlination,fn'lTI,coven...t ••nd
lien posiHonof .nd i.ntHe.t rat.0'rote.on .uoh bond.sb.il
be opecihecllater by the o<dinance p'Oviding for 'hedefinltiv..
bo..ds.
Section 1.Proc..ed.received f,omthe I ..uanoelnd ule of
til.water .ndse"e''evenue bond.h.re1n "uthodzed to be 1••ua<1
.ha1.l be deposited In tne UtilityCon;t'uctlon Fund ...tobli.hed
intbeofliceoftlleCitYFinanceDi.eclor,..hicllfundsh.llne
u.edfr><th"pu'pos.<>f plying tlre costs nf ca"ylng out the
PI.nofAdditlons.ndofp.ylngtllecosts.ndeJ'pensesconnected
.he.ewith.TheCity.tnrnu9hU.properoffice...ndlgents.
ShallPr:oceed ..ith.th.m.kingof.ho.e imp,ovement.and 'he
calling,.r>f bid.tllerefo<In thern.nne.PICvidedby low.Pending
the ..leotth.....ter.nd ...we<r..venueDond.h..'e,...UtIlOri<ed
to be i ••ued.the Clty",..y i ••ue inter.st_beadng "'«ant.drawn
ogainst .uch COrl.t<u·chon fund to P~"duly "pp.oved cost.
incHred in C>«ylng Out such Improv..ment.,such ...«a,,"to be
upon their ",ecution upan
Saction n.This o,din.nce shall toke e[fect teom .n~
section 6.There Is cre~tea ~nQ eot.hl ished .in the of fice
of '-he City Fin.nce Director a speci.l fund to he kno,m '",he
Water and sewe,8<tvenue BOnO Anticipation ~ote Fund.l'lBS {the
ito l;.U,r ~no Sewer Revenue Bond Anticip.tion Notes,1985 {toe
be in the denominotion of $5,D~O Hch 0'.nr i nte~,.L rnuItiple
thereof.ndshallbenurnberedfrom"l"upw.rd,consecutively.
per onnum {cOmputed on the basis of a HO-day yea<01 t"el."
30-day month").p.y.ble.t m.turity,••d,if not redeeme~by
matu'ity .•h.llbe.r Interest.t the oame r,.t.e unUL[ullY.Piliq
and redeemed.In h~ing such inteteH ute.the City Council
City.The Note,,hall be p.yable in lawful money of too United
St.te.of .....edcaot the oltice of the City Fin.nce Director in
Mo,ysvilIe,"ashin9ton,or,at the option of the lwlder,.t
<tithe,fiscal agency of the State of "a.~ington ill Seattle,
obligations of the City.Th~Notes .hail not be subject to
<<o<le",ption pdor to their .t.tedm.turity d.,,,.
BothpTi"cip.lo[and inte,eotontheNote,sh.llbe
Wate,and .e"er 'evenu~bon~5 herein .ut!lOri,e'd to be depo.ited
insucOfund,fromtheproceedsofother.hort_termobligotions
issueo to redeern previously issued .nd toen out'tandin~notes 0'
trom other money leg.~~l'.v.i Iable ;,nd to be used the ref0 r ,
short-te,mobllgationsot other ltlOney available for 5uchpurpose.
The Note.rn.y·be p.id frOI1l the 'evenue of the Watenmrk.
tb.at re.enueof the·normal npen5e,of m.inten,nce.ndope<ation
of th"l;oteI"orl<sUtilityofthe City and.nyoutsUnding"ater
andse"e,revenue bbnd.of the City and bonos issued on opa'ity
Sectign 9.The Note.,h.lI be pdnted or lithoguphedon
900d bond paper or moy be in tnewrittenor mUIticopied form in
•fnrm con~i"tent with this ordin.nce and State low.The Notes
.h.ll be signed by the Fin.nce Dire~tor of the CHy and sh.ll
h,vethese.loftoeCity.fflxedthe<ato
Se~tion 10.'The City coven.nt.that it will not tHe or
pemit to be tol<enon its beh.1f .ny action whi<:hwould
~uch octs as m.y reason.bly be within ito .bi ~i ty and a.moy
the ~oteo,Wltbout 1I1llltinq the qeneul1ty of thtl fouqolng,
andeKcept to the eatent the Inveslmentof.nyNoteproce"d.is
limited to •yie~d ",quhed to comply with h~aral orDltr'ge
re9ulationa,theCitywill.pend the prnceeds of thellote.with
dutl <IiIlgenC"to completion of the purpo.a••pecifle~herein and
"ill not i"vast or make otoer use of the p,ocead.of the ~ote.
a,bitraqeobligot'onswithintheme.ninq<>fSectlonlo>(clof
the united Stat"s Intern.l Re.anue Code of I~S4,as .amended .•nd
~ppli"nbl ..<equetion.thereunder,
Tll..City turther covanants that It has not b«ennotitiOdof
e nY1istinQorp<op"a"dlistinqbyth<llntern&IRevenutlSe<victl'~
to thetlUact th.t it 1&a bond issuar ..hoa ..arhitU9"
secuOnll.IntheeventtheCHyshallluu".dvance
refunding bonds or other oblig.t;ons puuuilnt to the laws·<>t the i
State of Wil.hington or hOve money availabla from any othtlr
to p.y the cosh of ufundin9 and shall have set aaide
iruvocallly in a 'pecial fund fOr ilnd pledqed to suchpaY""nt
andr&tundinq,OIOneyand/or Oirtlct nbligatlon.of the United
amount together with kno"n ea'nad income f<omtM in.eotment
th",ooftOlOol<tlSUChpaymenhanOtoaccompIl.hthsrefundlng.,
m.k ..IHe"o~.bIe pro.i.ion for udemption of toe No,-es,tnen In
that c ••a all right .n6 interest of the owners or holden of the
Notestobe'soretlredorrelund@d(he,eincolledthe"defe.sad
the right to receive payment of ,he principal of .nd Inte,est on
establishing ond full fundingof.uchtrust.ccount,thaCity
e.t.blishedforpaymentorrcdemptionoftheOefe••edNotesto
ony ,",,[ul purpose••s it shall determln@,subie~t only to tha
Sectionl'.H.rper·,McLean &Comp.ny.Seattle,l;••h;ngton,
oos .~b,"itted •writtrm offe'to purch.se the ~ote.(the
"Parch.seOHer")under the·te<m.and conditions ptovl<led in the
Purchose oHer,which is On lile wHh the City Clerk,tOe City
.pproving leg.l opinion of Robert.fo Shefelman municipal bond
counsel ofseattle,Wa.hington.•ttheCity',axpense.60nd
~ouns~l .hall not be or express .ny opinion
concern'ngthecomplataness accuracyofanyofficiol
u.e~in connection "lth the lIote'and bond counsel's opinion
int~tcsts of the City thOt such offer be a~cepted.accepts the
same.The Note.shall be delivered to NHper,"cLean &Comp.ny
.nd.ppliedtothepurpo.es
[leW
,~I
i~;~"
.fte,its p••••ge .nd five (~)days follo"inq its publication.s ;",'1'
PASSED ~y the Cay Counci!:and APPROVED·by ne,".yor of the i~i~
City ot.Macy5ville,".,hington,ot a regular open public meeting ':~~
thereof thi.9th day of Decembe,.J98~.III
ATTEST:Phillip E,Dexter,t:1~o~~~~n AMerson,M~yor 1~~3
APPROVED AS TO FORM,slJamesH.Allendoerfer.cuvArtorney i 3~
Published:Dec. 11,19a,_du"~",,,vv;·'lf",,,aPIS
...;,.
AFFIDAVIT OF PUBLICATION
No._
STATE OF WASHINGTON,
County of Snohomish,
ss,
____J..JA<iC!JY~!>§J_~r:.· ,being first duly sworn
on oath deposes and says that he is the,~.?_q:.~tc!IY..__. _
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
_______.9_r_<!.:hI];~~~~_jfJ:.t:~~as it ·was
published in regular issues (and not in supplement form)of
said newspaper once each week for a period of __9!1.?con-
secutive weeks,commencing on the __U,!:.!L day of J~~<'=~!!1P~r
19_~~_,and ending on the _llth __day of D~~.?.!I1J~.~f 19_~:?_,
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 $)iQ4 ...]~,which amount has been
paid in rnll _.~__L!!~_
Subscribed and sworn to before me this _~_
day of ~,19_~
,'
t·