HomeMy WebLinkAboutOrd 0619 - Water and Sewer Revenue Bonds for Waterworks Utility .
CITY OF TUKWILA, WASHINGTON
ORDINANCE NO. 619 AN ORDINANCE providing for the issuance of
$425,000.00 par value of "Water and Sewer
Revenue Bonds, 1970," to provide the funds
necessary to pay the cost of carrying out the
system or plan of additions to and betterments
and extensions of the waterworks utility of
the City, including the system of sewerage as
a part thereof, specified and adopted by
Ordinance No. 560, passed June 16, 1969;
fixing the date, form, maturities, interest
rates, terms and covenants of those bonds;
and providing for the sale and delivery of
those bonds to McLean Company, Inc. of
Tacoma, Washington.
WHEREAS, the City of Tukwila, Washington (then the Town of
Tukwila), by Ordinance No. 320, passed by the Town Council and approved
by the Mayor on the 1st day of May, 1961, and subsequently amended,
specified and adopted a system or plan for a system of sewerage for
the Town and provided that the system of sewerage become a part of
the waterworks utility of the Town, and authorized the issuance and
sale of "Water and Sewer Revenue Bonds, 1961," in the principal sum
of not to exceed $170,000.00 to pay a portion of the cost thereof,
such waterworks utility, as hereinafter referred to, being deemed to
include the systems of water supply and distribution and sanitary sewar
disposal, as combined by Ordinance No. 320 pursuant to RCW 35.67.320,
and any additions thereto and extensions, renewals and betterments
thereof hereafter made or constructed; and
WHEREAS, $170,000.00 of the "Water and Sewer Revenue Bonds,
1961" (hereinafter referred to as the "1961 Bonds were issued pursuant
to Ordinance No. 334 and are payable from the gross revenues of the
waterworks utility, including as a part of such revenues a water and
sanitary sewage disposal service surcharge payable under a contract
between the City and Puget Western, Inc., a Washington corporation; and
WHEREAS, the City, in Section 7 of Ordinance No. 334
authorizing the issuance of the 1961 Bonds, reserved the right to
issue additional water and sewer revenue bonds on a parity of lien
with the 1961 Bonds if certain conditions should be met and complied
with at the time of the issuance of such additional bonds; and
WHEREAS, the City of Tukwila, Washington, by Ordinance No.
381, passed by the City Council and approved by the Mayor on the 3rd
day of June, 1963, adopted a system or plan for making additions to
and betterments and extensions of the waterworks utility of the City,
consisting of the construction and installation of certain sewer
collection lines, trunk sewer lines, and general facilities, estimated
the total cost of said plan to be $819,000.00, and provided that
payment therefor would be made (a) by assessments to be levied in the
amount of not to exceed $412,000.00 against property specially
benefited by the proposed improvement and included in a local
improvement district to be formed, and (b) from the proceeds received
from the issuance and sale of "Water and Sewer Revenue Bonds, 1963,"
in the amount of not to exceed $407,000.00 par value; and
WHEREAS, by Ordinance No. 382, passed by the City Council
and approved by the Mayor on the 1st day of July, 1963, the system or
plan of additions to and betterments and extensions of the waterworks
utility of the City of Tukwila, as adopted by Ordinance No. 381, was
ordered to be carried out, Local Improvement District No. 5 was
established, and it was ordered that not to exceed $412,000.00 of the
cost and expense of carrying out said system or plan should be paid
by assessments to be levied in the amount of not to exceed $412,000.00
against the property specially benefited by such improvement and
included in Local Improvement District No. 5 and the remaining cost
to be paid from the proceeds to be received from the issuance and
sale of "Water and Sewer Revenue Bonds, 1963" (hereinafter referred
to as the "1963 Bonds in the amount of not to exceed $407,000.00,
provided, however, that in the event that Val Vue Sewer District,
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King County, Washington, should construct the "Val Vue Trunk Sewers"
as defined in Ordinance No. 381 the amount of such water and sewer
revenue bonds should be reduced by $140,000.00 to not to exceed
$267,000.00; and
WHEREAS, the City thereafter contracted with Val Vue Sewer
District to construct said "Val Vue Trunk Sewers," and, pursuant to
Ordinance No. 387, passed by the City Council and approved by the
Mayor on October 7, 1963, issued and sold $190,000.00 par value of the
not to exceed $267,000.00 par value of said 1963 Bonds; and
WHEREAS, the City Council heretofore determined that the
proceeds received from the issuance and sale of said "Water and Sewer
Revenue Bonds, 1963," were insufficient to complete the carrying out
of the system or plan of additions to and betterments and extensions
of the waterworks utility of the City, as adopted by Ordinance No.
381 and by Ordinance No. 422, passed by the City Council and approved
by the Mayor on the 18th day of January, 1965, issued and sold an
additional $45,000.00 par value of the remaining authorized but
unissued $77,000.00 par value of water and sewer revenue bonds auth-
orized by Ordinances Nos. 381 and 382, said $45,000.00 par value of
bonds having been combined with an additional authorized $40,000.00
par value of bonds issued under date of March 1, 1965, in the total
amount of $85,000.00 par value and designated as "Water and Sewer
Revenue Bonds, 1965" (hereinafter referred to as the "1965 Bonds
and
WHEREAS, the City by Ordinance No. 560, passed by the City
Council and approved by the Mayor on June 16, 1969, adopted a system
or plan of additions to and betterments and extensions of the waterworks
utility of the City, consisting of the construction and installation
of certain water mains, including fire hydrants and appurtenances,
estimated the total cost of said plan to be $500,000.00 and provided
that payment therefor would be made from the proceeds received from
the issuance and sale of not to exceed $500,000.00 par value of water
and sewer revenue bonds; and
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WHEREAS, the City Council has determined that it is necessary
to presently issue and sell $425,000.00 par value of such not to exceec
$500,000.00 par value of authorized water and sewer revenue bonds; and
WHEREAS, the City Council hereby finds and declares that
all payments required to be made into the "Water and Sewer Revenue
Bond Fund, 1961," both the Principal and Interest Account and the
Reserve Account, for the 1961 Bonds, the 1963 Bonds and the 1965 Bonds
have been made and have been maintained intact therein; that Hill,
Ingman, Chase Co., professional engineers experienced in municipal
utilities and licensed to practice in the State of Washington, has
certified that the proposed water and sewer revenue bonds are to be
issued to finance water construction as a part of the waterworks utilit��
of the City and that the revenues of the waterworks utility of the
City, including any water and sanitary sewage disposal service sur-
charge payable under any Agreement between the City and any third
party, for any twelve months out of the immediately preceding fifteen
months' period adjusted to reflect a year's net income from each
customer of the waterworks utility of the City connected to such
utility at the end of that twelve -month period who has not been a
customer for the entire twelve -month period, plus the additional
revenue, from whatever source and of whatever nature, anticipated to
be received from the proposed improvement in connection with which
such additional water and sewer revenue bonds are to be issued, in
the engineers' opinion, shall be sufficient, after the payment of
normal operation and maintenance costs and State and Federal taxes,
to equal at least 1.35 times the average annual principal and interest
requirements of all 1961 Bonds, 1963 Bonds and 1965 Bonds and the
additional bonds proposed to be issued; and that provision is herein-
after made for the accumulation in the Reserve Account in the "Water
and Sewer Revenue Bond Fund, 1961," of the additional required reserve
amount; NOW, THEREFORE,
THE CITY COUNCIL OF THE CITY OF TUKWILA, WASHINGTON, DO
ORDAIN, as follows:
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Section 1. For the purpose of obtaining the funds with
which to carry out the system or plan for making additions to and
betterments and extensions of the waterworks utility of the City as
adopted by Ordinance No. 560 and hereby ordered to be carried out,
there shall be issued and sold $425,000.00 par value of "Water and
Sewer Revenue Bonds, 1970" (hereinafter called the "Bonds The
Bonds shall be dated July 1, 1970, shall be in the denomination of
$5,000.00 each, shall be numbered from 1 to 85, inclusive, shall bear
interest at the rates hereinafter set forth, payable semiannually on
January 1 and July 1 of each year, interest to maturity to be evidenced
by coupons to be attached to the Bonds with full obligation on the
part of the City to pay interest at the same rate from and after the
bond maturity dates until the Bonds with interest are paid in full.
Both the principal of and interest on the Bonds shall be payable solely
out of the "Water and Sewer Revenue Bond Fund, 1961," of the City
(hereinafter called the "Bond Fund created and established by
Ordinance No. 320, as amended. Both principal of and interest on the
Bonds shall be payable in lawful money of the United States of America
at the office of the Treasurer of the City.
The Bonds shall mature and bear interest in accordance with
the following schedule, to -wit:
Bond Numbers Interest
(Inclusive) Amounts Rates Maturities
1 5,000 7.50% July 1, 1972
2 5,000 7.50% July 1, 1973
3 5,000 7.50% July 1, 1974
4 5,000 7.50% July 1, 1975
5 5,000 7.50% July 1, 1976
6 5,000 7.50% July 1, 1977
7 5,000 7.50% July 1, 1978
8 5,00.0 7.50% July 1, 1979
9 to 10 10,000 7.50% July 1, 1980
11 to 12 10,000 8.00% July 1, 1981
13 to 14 10,000 8.00% July 1, 1982
15 to 16 10,000 8.00% July 1, 1983
17 to 18 10,000 8.00% July 1, 1984
19 to 20 10,000 8.00% July 1, 1985.
21 to 22 10,000 8.25% July 1, 1986
23 to 25 15,000 8.25% July 1, 1987
26 to 28 15,000 8.25% July 1, 1988
29 to 31 15,000 8.25% July 1, 1989
32 to 34 15,000 8.25% July 1, 1990
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Bond Numbers Interest
(Inclusive) Amounts Rates Maturities
35 to 38 $20,•000 8.25% July 1, 1991
39 to 42 20,000 8.25% July 1, 1992
43 to 46 20,000 8.25% July 1, 1993
47 to 50 20,000 8.25% July 1, 1994
51 to 55 25,000 8.25% July 1, 1995
56 to 60 25,000 8.25% July 1, 1996
61 to 66 30,000 8.25% July 1, 1997
67 to 72 30,000 8.25% July 1, 1998
73 to 78 30,000 8.25% July 1, 1999
79 to 85 35,000 8.25% July 1, 2000
Section 2. The City of Tukwila reserves the right to redeem
the Bonds as a whole, or in part in inverse numerical order, on July
1, 1985, or on any semiannual interest payment date thereafter at the
following percentages of par if redeemed on the following dates, plus
accrued interest to date of redemption in each case, to -wit:
On July 1, 1985, or January 1, 1986, at 103%
On July 1, 1986, or January 1, 1987, at 102 -1/2%
On July 1, 1987, or January 1, 1988, at 102%
On July 1, 1988, or January 1, 1989, at 101 -1/2%
On July 1, 1989, or January 1, 1990, at 101%
On July 1, 1990, or January 1, 1991, at 100 -1/2%
On July 1, 1991, and thereafter at par.
Notice of any call for redemption of any of the Bonds prior
to their stated maturity dates shall be published at least once in the
official newspaper of the City, or, if none, in the Daily Journal of
Commerce, published in Seattle, Washington, not less than thirty nor
more than forty -five days prior to the call date. Notice of such
redemption shall also be mailed to McLean Company, Inc., at its
principal office in Tacoma, Washington, or its successor, not less
than thirty nor more than forty -five days prior to the date fixed for
such Bonds to be redeemed. In addition, such redemption notices shall
also be sent to Moody's Investors Service, Inc., and Standard Poor's
Corporation, at their offices in New York, New York. Interest on any
Bonds so called for redemption shall cease on the date fixed for such
redemption upon payment of the redemption price into the Bond Fund.
Section 3. So long as any Bonds are outstanding against
the Bond Fund, the Treasurer of the City shall set aside and pay into
the Bond Fund out of the gross revenues of the waterworks utility of
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the City, in addition to the amounts required to be paid into the
Bond Fund for the outstanding 1961 Bonds, the outstanding 1963 Bonds,
the outstanding 1965 Bonds, a fixed amount without regard to any
fixed proportion, on or before the 20th day of each month, namely:
(a) Into the Principal and Interest Account,
beginning with the month of July, 1970, 1 /6th of
the next ensuing six months' requirement for inter-
est on the Bonds, and beginning with the month of
July, 1971, 1 /12th of the next ensuing twelve
months' requirement for principal on the Bonds,
and continuing thereafter until the Bonds, both
principal and interest, are paid in full; and
(b) Into the Reserve Account, beginning with
the month of August, 1970, and each month there-
after, not less than the sum of $1,037.33, until a
total additional reserve for the Bonds shall be
accumulated therein in the amount of $62,240.00
by July 1, 1975.
The Reserve Account may be accumulated from any other moneys
which the City may have available for such purpose in addition to using
such revenues therefor. The Reserve Account shall be maintained in
such total required reserve amount, except for withdrawals therefrom
as authorized herein, at all times so long as any of the 1961 Bonds,
the 1963 Bonds, the 1965 Bonds and the Bonds are outstanding. When
the total amount in the Bond Fund shall equal the total amount of
principal and interest for all outstanding 1961 Bonds, 1963 Bonds,
1965 Bonds, and the outstanding Bonds to the last maturity thereof,
no further payment need be made into the Bond Fund.
In the event that there should be a deficiency in the
Principal and Interest Account in the Bond Fund to meet maturing
installments of either principal or interest, as the case may be,
such deficiency shall be made up from the Reserve Account by the
withdrawal of cash therefrom for that purpose. Any deficiency created
in the Reserve Account by reason of any such withdrawal shall then be
made up from the moneys from the revenues of the waterworks utility
of the City first available after making necessary provision for the
required payments into the Principal and Interest Account. The moneys
in the Reserve Account shall otherwise be held intact and may be
applied against the last outstanding bonds payable out of the Bond Fun
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All moneys in the Reserve Account above provided for may
be kept on deposit in the official bank depository of the City, or
may be invested in United States Government obligations redeemable
at a fixed price and maturing not later than August 1, 2001. Interest
earned on any such investments or on such bank deposit shall be
deposited in and become a part of the Reserve Account until the total
required reserve amount shall have been accumulated therein, after
which such interest shall be deposited in the Principal and Interest
Account.
The gross revenues from the waterworks utility of the City
are hereby pledged to the payment of the Bonds, and the Bonds shall
constitute a lien and charge upon such revenues prior and superior to
any other charges whatsoever, excluding charges for maintenance and
operation, except that the lien and charge upon those revenues for the
Bonds shall be on a parity with the charge or lien upon such gross
revenues for the 1961 Bonds, the 1963 Bonds, the 1965 Bonds and any
additional water and sewer revenue bonds which may be hereafter issued
on a parity with the 1961 Bonds, the 1963 Bonds, the 1965 Bonds and the
Bonds in accordance with the provisions of Section 7 of Ordinance No.
334.
Section 4. The City hereby covenants and agrees with the
owner and holder of each Bond at any time outstanding, as follows:
(a) That it will establish, maintain and
collect such rates and charges for water and
sanitary sewage disposal service so long as
any Bonds are outstanding as will, together with
interest accruing from investment of moneys in
the Reserve Account and any water and sanitary
sewage disposal service surcharge payable under
any Agreement between the City and any third
party, make available for the payment of the
principal of and interest on such Bonds an amount
equal to at least 1.35 times the average annual
debt service requirements, both principal and
interest, of the 1961 Bonds, the 1963 Bonds, the
1965 Bonds and the Bonds, after deducting costs
of maintenance and operation from the gross
revenues of the waterworks utility of the City,
but before depreciation.
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(b) That it will at all times maintain and keep
the waterworks utility of the City in good repair,
working order and condition, and also will at all
times operate that utility and the business in con-
nection therewith in an efficient manner and at a
reasonable cost.
(c) That it will not sell, lease, mortgage, or
in any manner encumber or dispose of all the property
of the waterworks utility of the City unless provision
is made for the payment into the Bond Fund of a sum
sufficient to pay the principal of and interest on all
1961 Bonds, 1963 Bonds, 1965 Bonds and all Bonds at
any such time outstanding and that it will not sell,
lease, mortgage, or in any manner encumber or dispose
of any part of the property of said waterworks utility
of the City that is used, useful and material to the
operation thereof, unless provision is made for re-
placement thereof, or for payment into the Bond Fund
of the total amount of revenue received which shall
not be less than an amount which shall bear the same
ratio to the amount of the outstanding 1961 Bonds, the
1963 Bonds, the 1965 Bonds and then outstanding Bonds
as the revenue available for debt service for such
outstanding 1961 Bonds, 1963 Bonds, 1965 Bonds and
outstanding Bonds for the twelve months preceding such
sale, lease, encumbrance or disposal from the portion
of the utility sold, leased, encumbered or disposed
of bears to the revenue available for debt service for
such outstanding 1961 Bonds, outstanding 1963 Bonds,
outstanding 1965 Bonds and outstanding Bonds from the
entire waterworks utility for the same period. Any
such money so paid into the Bond Fund shall be used
to retire such outstanding 1961 Bonds, outstanding
1963 Bonds, outstanding 1965 Bonds and outstanding
Bonds at the earliest possible date.
(d) That it will, while any of the Bonds remain
outstanding, keep proper and separate accounts and
records in which complete and separate entries shall
be made of all transactions relating to its waterworks
utility, and it will furnish the original purchaser
or purchasers of the Bonds or any subsequent holder
or holders thereof, at the written request of such
holder or holders, complete operating and income state-
ment of the waterworks utility in reasonable detail
covering any calendar year not more than ninety days
after the close of such calendar year and it will grant
any holder or holders of at least 25% of the outstand-
ing Bonds the right at all reasonable times to inspect
the entire waterworks utility of the City and all
records, accounts and data of the City relating thereto.
Upon request of any holder of any of the Bonds, it will
also furnish to such holder a copy of the most recently
completed audit of the City's accounts by the State
Auditor of Washington, or such other audit as is auth-
orized by law in lieu thereof.
(e) That it will not furnish water or sanitary
sewage disposal service to any customer whatsoever
free of charge and will promptly take legal action to
enforce collection of all delinquent accounts.
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(f) That it will carry the type of insurance
on its waterworks utility property in the amounts
normally carried by private water and sewer companies
engaged in the operation of water and sewerage sys-
tems, and the cost of such insurance shall be con-
sidered part of the operating and maintaining of
said utility. If, as, and when, the United States
of America or some agency thereof shall provide for
war risk insurance, the City further agrees to take
out and maintain such insurance on all or such portion
of the system on which such war risk insurance may be
written in an amount or amounts to cover adequately
the value thereof.
(g) That it will pay all costs of maintenance
and operation of the waterworks utility of the City
and the debt service requirements of the 1961 Bonds,
1963 Bonds, 1965 Bonds and the Bonds and otherwise
meet the obligations of the City as herein set forth.
Section 5. The Bonds shall be in substantially the following
form:
No. $5,000.00
UNITED STATES OF AMERICA
STATE OF WASHINGTON
CITY OF TUKWILA
WATER AND SEWER REVENUE BOND, 1970
KNOW ALL MEN BY THESE PRESENTS: That the City
of Tukwila, Washington, for value received, hereby
promises to pay to the bearer on the FIRST DAY OF
JULY, the principal sum of
FIVE THOUSAND DOLLARS
together with interest thereon at the rate of
PERCENT
per annum, payable semiannually on the first days
of January and July of each year, upon the presenta-
tion and surrender of the attached interest coupons
as they severally mature up to the bond maturity
date and with full obligation on the part of the
City to pay interest at the same rate, from and
after the bond maturity date, until this bond with
interest is paid in full, or funds are available
in the "Water and Sewer Revenue Bond Fund, 1961"
(hereinafter called the "Bond Fund for payment
in full.
Both principal of and interest on this bond are
payable in lawful money of the United States of
America at the office of the Treasurer of the City
of Tukwila, Washington, solely out of the special
fund created by Ordinance No. 320, as amended, and
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referred to herein as the Bond Fund, into which
fund the City of Tukwila hereby irrevocably binds
itself to pay certain fixed amounts out of the
gross revenues of the waterworks utility, includ-
ing the sewerage system as a part thereof, now
belonging to or which may hereafter belong to the
City, including all additions, extensions and
betterments now or at any time made or constructed
without regard to any fixed proportion, namely, an
amount sufficient to pay the principal of and in-
terest on the outstanding "Water and Sewer Revenue
Bonds, 1961," the outstanding "Water and Sewer
Revenue Bonds, 1963," the outstanding "Water and
Sewer Revenue Bonds, 1965," and on the bonds of
this issue as they respectively become due, and to
accumulate a reserve, all at the times and in the
manner set forth in Ordinances Nos. 334, 387, 422
and
The gross revenues from the combined water and
sewerage systems, comprising the waterworks utility
of the City, are hereby pledged to such payment,
and the bonds of this issue constitute a lien and
charge upon such revenues prior and superior to any
other charges whatsoever, excluding charges for
maintenance and operation, except that the lien and
charge upon said revenues for this issue of bonds
shall be on a parity with the lien and charge upon
such gross revenues for the outstanding "Water and
Sewer Revenue Bonds, 1961," issued pursuant to
Ordinances Nos. 320, as amended, and 334, the outstand-
ing "Water and Sewer Revenue Bonds, 1963," issued
pursuant to Ordinances Nos. 381 and 387, the out-
standing "Water and Sewer Revenue Bonds, 1965," issued
pursuant to Ordinances Nos. 381 and 422, and any ad-
ditional water and sewer revenue bonds which may be
hereafter issued on a parity of lien with the "Water
and Sewer Revenue Bonds, 1961," the "Water and Sewer
Revenue Bonds, 1963," the "Water and Sewer Revenue
Bonds, 1965," and the bonds of this issue in accord-
ance with the provisions of Section 7 of Ordinance
No. 334.
This bond is one of a total issue of $425,000.00
par value of bonds, all of like date, tenor and
effect, except for interest rates and maturities,
all payable from the Bond Fund and all issued by
the City under and pursuant to the laws of the State
of Washington and Ordinances Nos. 560 and of
the City, for the purpose of providing funds to pay
the cost of carrying out a system or plan for making
additions to and betterments and extensions of the
waterworks utility of the City, including the system
of sewerage as a part thereof, adopted by Ordinance
No. 560, all as set forth in Ordinance No.
The City reserves the right to redeem the bonds as
a whole, or in part in inverse numerical order, on
July 1, 1985, or on any semiannual interest payment
date thereafter at the following percentages of par
if redeemed on the following dates, plus accrued in-
terest to date of redemption in each case, to -wit:
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On July 1, 1985, or January 1, 1986, at 103%
On July 1, 1986, or January 1, 1987, at 102 -1/2%
On July 1, 1987, or January 1, 1988, at 102%
On July 1, 1988, or January 1, 1989, at 101 -1/2%
On July 1, 1989, or January 1, 1990, at 101%
On July 1, 1990, or January 1, 1991, at 100 -1/2%
On July 1, 1991, and thereafter at par.
Notice of any call for redemption of any of the
bonds prior to their stated maturity dates shall be
published at least once in the official newspaper
of the City, or, if none, in the Daily Journal of
Commerce, published in Seattle, Washington, not less
than thirty nor more than forty -five days prior to
the call date. Notice of such redemption shall also
be mailed to McLean Company, Inc., at its principal
office in Tacoma, Washington, or its successor, not
less than thirty nor more than forty -five days prior
to the date fixed for such bonds to be redeemed. In
addition, such redemption notices shall also be sent
to Moody's Investors Service, Inc., and Standard
Poor's Corporation, at their offices in New York,
New York. .Interest on any bonds so called for redemp-
tion shall cease on the date fixed for such redemption
upon payment of the redemption price into the Bond
Fund.
The City of Tukwila hereby covenants and agrees
with the holders of each and every one of the bonds
of this issue to fully carry out all covenants and
meet all obligations of the City, as set forth in
Ordinances Nos. 560 and to which ordinances
reference is hereby made as more fully describing the
covenants with and rights of holders of bonds of this
issue.
It is hereby certified and declared that the bonds
of this issue are issued pursuant to and in strict
compliance with the Constitution and laws of the State
of Washington and the ordinances of the City of Tukwila,
and that all acts, conditions and things required to be
done precedent to and in the issuance of this bond have
happened, have been done and have been performed as re-
quired by law.
IN WITNESS WHEREOF, the City of Tukwila, Washington,
has caused this bond to be signed by the facsimile
signature of its Mayor and attested by the manual signa-
ture of its Clerk and its corporate seal to be hereto
affixed, and the interest coupons attached to be signed
with the facsimile signatures of those officials as of
July 1, 1970.
CITY OF TUKWILA, WASHINGTON
By (facsimile signature)
Mayor
ATTEST:
City Clerk
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The interest coupons attached to the Bonds shall be in
substantially the following form:
On the FIRST DAY OF (JANUARY)(JULY), the
CITY OF TUKWILA, WASHINGTON, will pay to bearer
at the office of the City Treasurer the sum shown
hereon in lawful money of the United States of
America out of the special fund of the City known
as the "Water and Sewer Revenue Bond Fund, 1961,"
that sum being six months' interest then due on
its "Water and Sewer Revenue Bond, 1970," dated
July 1, 1970, and numbered
CITY OF TUKWILA, WASHINGTON
By (facsimile signature)
Mayor
ATTEST:
(facsimile signature)
City Clerk
The Bonds shall be printed on lithographed forms, shall be
signed by the facsimile signature of the Mayor and attested by the
manual signature of the City Clerk, and shall have the seal of the
City affixed thereto, and the interest coupons shall bear the facsimile
signatures of the Mayor and City Clerk.
Section 6. The City reserves the right to issue additional
or refunding water and sewer revenue bonds, which shall constitute a
lien or charge upon the gross revenues of the waterworks utility of
the City, on a parity of lien with the 1961 Bonds, the 1963 Bonds, the
1965 Bonds and the Bonds, if the conditions set forth in Section 7 of
Ordinance No. 334 shall be met and complied with at the time of issuanc
of such additional or refunding water and sewer revenue bonds, which
section is incorporated in this ordinance and by this reference made
a part hereof.
Section 7. McLean Company, Inc., of Tacoma, Washington,
heretofore offered to purchase the Bonds at a price of $96.00 per each
$100.00 of par value thereof., plus accrued interest from the date of
issuance to the date of delivery of the Bonds, the City to furnish the
printed Bonds and the unqualified approving legal opinion of Messrs.
Roberts, Shefelman, Lawrence, Gay Moch, municipal bond counsel of
Seattle, Washington, at the City's expense. The City Council being of
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the opinion that it was in the best interests of the City to accept
such offer duly accepted the same on May 18, 1970, and such acceptance
is hereby ratified and confirmed. The Bonds shall, therefore,
immediately upon their execution be delivered to the purchaser upon
payment for the Bonds in accordance with the offer. The accrued
interest received shall be deposited in the Bond Fund and the principal
amount received from the payment for the Bonds shall be deposited in
the "Water and Sewer Construction Fund, 1963," created by Ordinance
No. 387 of the City.
PASSED by the City Council of the City of Tukwila, Washington,
at a regular meeting thereof, and APPROVED by the Mayor this 1st day
of June, 1970.
CITY TL KWILA, WA,HINGTON
BY ,"'0A,( J`
Mayor /-'4 r=7/-7
ATTEST:
City Clerk
FORM APPROVED:
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City ATtc'ney
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