HomeMy WebLinkAboutOrd 0394 - LID #2 (Local Improvement District) - Issuance and Sale of BondsCITY OF TUKWILA, WASHINGTON
ORDINANCE NO. 394
AN ORDINANCE fixing the amount, form,
date, interest rate, maturity and denom-
inations of Enlarged Local Improvement
District No. 2 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. 2 in the City of
Tukwita, Washington, created under Ordinance No. 324 was $97324.71.
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 $22,944.84, leaving
a balance of assessments unpaid on the assessment roll in the sum
of $74,379.87. Local improvement district bonds of Enlarged Local
Improvement District No. 2 shall, therefore, be issued in the total
principal sum of $74,379.87. Bond No. 1 of said issue shall be in
the denomination of $379.87, and the remaining bonds, numbered 2
to 75, 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. 2," created by Ordinance No. 324, 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 5i% 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
($379.87 on Bond No. 1)
UNITED STATES OF AMERICA
STATE OF WASHINGTON
LOCAL IMPROVEMENT BOND
CITY OF TUKWILA
ENLARGED LOCAL IMPROVEMENT DISTRICT NO. 2
5 i /4%
N.B. The laws of the State of Washington,
under which this bond is issued, contain the
following section (RCW 35.45.078):
"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 improvement guaranty
fund occurring in the lawful 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
($379.87 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 (5kb) per
annum, payable annually out of the fund
established by Ordinance No. 324,of said
City and known as "Local Improvement Fund,
Enlarged District No. 2," 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. 2, established by Ordinance No. 324,
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 and expense of the improve-
ment, betterment and expansion of the water
distribution system of the City by the in-
stallation of additional water mains in a
certain area in the City, together with
fire hydrants, valves, fittings and necessary
appurtenances, within the City of Tukwila,
Washington, as provided in Ordinance No. 324 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. 2' 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 75 bonds
aggregating in all the principal sum of
$74,379.87, issued for said Enlarged Local
Improvement District No. 2, 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 tocall by
the City Treasurer for prior redemption
whenever there shall be sufficient money in
said Local Improvement Fund, Enlarged District
No. 2, 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 bond 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 1st day of January, 1964.
ATTES
CITY OF TUKWILA, WASHINGTON
By
Mayor
ty cl rk
COUPON FORM
Coupon No.
$52.50
419,34 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
DOLLARS ($52.50) (NINETEEN AND THIRTY
FOUR /HUNDREDTHS DOLLARS ($19.34) on Bond
No. 1), being twelve months' interest due
that day on Bond No. of the bonds of
Enlarged Local Improvement District No. 2,
and not otherwise, provided 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.
CITY OF TUKWILA, WASHINGTON
By
Mayor
ATTES T.
i ;44. /34
y 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 La
Improvement District No. 2 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.
ATTEST:
C1ty Cierk
APPROVED AS TO FORM:
JOHN B. STRANDER MAYOR
LILLIAN BALK CITY CLERK