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HomeMy WebLinkAboutOrd 0395 - LID #3 (Local Improvement District) - Issuance and Sale of BondsCITY OF TUKWILA, WASHINGTON ORDINANCE NO. 395 AN ORDINANCE fixing the amount, form, date, interest rate, maturity and denom- inations of Enlarged Local Improvement District No. 3 Bonds and directing the issuance and sale thereof to McLean Company, Inc., Tacoma, Washington. THE CITY COUNCIL OF THE CITY OF TUKWILA, WASHINGTON, DO ORDAIN, as follows: Section 1. The total amount of the assessment roll in Enlarged Local Improvement District No. 3 in the City of Tukwila, Washington, created under Ordinance No. 321 was $64,719.15. The 30 -day period for making cash payments of assessments without interest in said District expired on November 30, 1963, and the total amount of assessments paid in cash was $18,335.74, leaving a balance of assessments unpaid on the assessment roll in the sum of $46,383.41. Local improvement district bonds of Enlarged Local Improvement District No. 3 shall, therefore, be issued in the total principal sum of $46, 383.41. Bond No. 1 of said issue shall be in the denomination of $383.41, and the remaining bonds, numbered 2 to 47, inclusive, shall be in the denomination of $1,000.00 each. The bonds shall all be dated January 1, 1964, and shall be payable on the 1st day of January, 1976, with the right reserved to the City to redeem said bonds prior to maturity on any interest payment date, in numerical order, lowest numbers first, whenever there shall be sufficient money in the "Local Improvement Fund, Enlarged District No. 3," created by Ordinance No. 321, passed the 1st day of May, 1961, to pay the bonds so called and all earlier num- bered bonds over and above the amount required for the payment of the interest on all unpaid bonds, by publishing notice of such call once in the official newspaper of the City not less than ten nor more than twenty days prior to the call date, and upon such date the interest on bonds so called shall cease and each and every coupon representing interest not accrued on such date shall be void. The -bonds shall bear interest at the rate of 511% per annum, payable annually, beginning on the 1st day of January, 1965, with interest coupons to maturity attached to each bond. Section 2. Each of the bonds and interest coupons attached thereto shall be in substantially the following form: No. $1,000.00 ($383.41 on Bond No. 1) UNITED STATES OF AMERICA STATE OF WASHINGTON LOCAL IMPROVEMENT BOND CITY OF TUKWILA ENLARGED LOCAL IMPROVEMENT DISTRICT NO. 3 5 1/ N.B. The laws of the State of Washington, under which this bond is issued, contain the following section (ROW 35. "Neither the holder nor the owner of any bond, interest coupon, or warrant issued against a local improvement fund shall have any claim therefor against the city or town by which it is issued, except for payment from the special assessments made for the improvement for which the bond or warrant was issued, and except also for payment from the local improvement guaranty fund of the city or town as to bonds issued after the creation of a local improvement guaranty fund of that city or town. The city or town shall not be liable to any holder or owner of any bond, interest coupon, or warrant for any loss to the local improvenent guaranty fund occurring in thelawful operation thereof. A copy of the foregoing part of this section shall be plainly written, printed or engraved on each bond." THE CITY OF TUKWILA, a municipal corpora- tion of the State of Washington, hereby -2- promises to pay to Mclean Company, Inc., Tacoma, Washington, or bearer ONE THOUSAND DOLLARS ($383.41 on Bond No. 1) in lawful money of the United States of America, with interest thereon at the rate of FIVE AND ONE- QUARTER PERCENT (5 per annum, payable annually out of the fund established by Ordinance No. 321 of said City and known as "Local Improvement Fund, Enlarged District No. 3," and not otherwise, except from the guaranty fund, as herein provided. Both principal and interest on this bond are payable at the office of the Treasurer of the City. A coupon is attached hereto for each in- stallment of interest to accrue hereon and said interest shall be paid only upon pre- sentation and surrender of such coupon to the City Treasurer. The City Council of the City, as agent of such Enlarged Local Improvement District No. 3, established by Ordinance No. 321, has caused this bond to be issued in the name of the City as the bond of such local improvement district, the bonds or the proceeds thereof to be applied in part payment of so much of the cost of carrying out a scheme or plan for acquiring and constructing a system of sewerage, including a system of sewers, outfalls, works, plants and facilities for sewage treatment and dis- posal, all to become a part of the water- works utility of the City, as provided in Ordinance No. 320, as is levied and assessed against the property included in said local improvement district and benefited by said improvement, and the said "Local Improvement Fund, Enlarged District No. 3" has been established by ordinance for said purpose, and the holder or holders of this bond shall look only to said fund and to the Local Improvement Guaranty Fund of the City for the payment of either the principal of or the interest on this bond. This bond is one of a series of L.7 bonds aggregating in all the principal sum of $46,383. issued for said Enlarged Local Improvement District No. 3, all of which bonds are subject to the same terms and conditions as herein expressed. This bond is payable on the 1st day of January, 1976, but is subject to call by the City Treasurer for prior redemption whenever there shall be sufficient money in said Local Improvement Fund, Enlarged District No. 3, to pay the same and all unpaid bonds of the issue of which this bond is one, which are prior to this bond, in numerical order, over and above sufficient for the payment of the interest on all unpaid bonds of said series. The call for payment of this bond, or any bond of the series of which this is one, shall be made by the City Treasurer by publishing the same once in the official newspaper of the City not less than ten nor more than twenty days prior to the call date, and when such call is made for the payment of this bond, it will be paid on the day the next interest coupon thereon shall become due after said call and upon said day interest upon this' pond shall cease and any remaining coupons shall be void. IT IS HEREBY CERTIFIED, Recited and Declared that all acts, conditions and things required to be done precedent to and in the levying of said special taxes or assessments and the issuing of said bonds have been properly done, have happened and have been performed in regular and due form, as required by law; and that said bonds have not been issued in an amount in excess of the cost of said improvement. IN WITNESS WHEREOF, the City of Tukwila, Washington, has caused these presents to be signed by its Mayor and attested by its City Clerk and sealed with its corporate seal this lst day of January, 1964. ATTEST: CITY OF TUKWILA, WASHINGTON By City Clerk COUPON FORM Coupon No. $52.50 ($20.13 on Bond No. 1) On the 1ST DAY OF JANUARY, 19 the CITY OF TUKWILA, WASHINGTON, promises to pay to bearer at the office of the City Treasurer FIFTY -TWO AND FIFTY /HUNDREDTHS Mayor DOLLARS ($52.50)(TWENTY AND THIRTPEN/ HUNDREDTHS DOLLARS ($20.13) on Bond No. 1), being twelve months' interest due that day on Bond No. of the bonds of Enlarged Local Improvement District No. 3, and not otherwise, pro- vided that this coupon is subject to all terms and conditions contained in the bond to which it is annexed, and if said bond shall be called for payment before maturity thereof, then this coupon shall be void. ATTEST: CITY OF TUKWILA, WASHINGTON By Mayor City Clerk Section 3. The bonds shall be printed on lithographed forms, shall be signed by the Mayor and attested by the Clerk and shall have the seal of the City of Tukwila affixed thereto and the coupons shall bear the facsimile signatures of the Mayor and the Clerk. Section 4. McLean Company, Inc., of Tacoma, Washington, offered to purchase all of the local improvement bonds of Enlarged Local Improvement District No. 3 at a price of par, plus accrued interest from the date of issuance to the date of delivery of the bonds to said purchaser, the City to furnish the printed bonds and the approving legal opinion of Roberts, Shefelman, Lawrence, Gay Moch, municipal bond counsel of Seattle, Washington, at the City's expense. The City Council, deeming that no better offer could be received for the bonds, and that it was in the best interest of the City to accept said offer, duly accepted the same on June 5, 1961, and said acceptance is hereby ratified and confirmed. The bonds shall, therefore, immediately upon their execution, be delivered to McLean Company, Inc., Tacoma, Washington, upon payment thereof in accordance with said offer. PASSED by the City Council and APPROVED by the Mayor of the City of Tukwila, Washington, at a regular meeting thereof, this 16th day of December, 1963. JOHN B. STRANDER MAYOR LILLIAN BALK CITY CLERK