HomeMy WebLinkAboutOrd 0387 - Water and Sewer Revenue Bonds for Waterworks UtilityCITY OF TUKWILA, WASHINGTON
ORDINANCE NO. 387
EXPIRED
AN ORDINANCE of the City of Tukwila,
Washington, providing for the issuance
of $190,000.00 par value of "Water and
Sewer Revenue Bonds, 1963," of the City
for the purpose of providing a portion
of 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, including
the system of sewerage as a part thereof,
as adopted by Ordinance No. 381; fixing
the date, form, maturities, interest rate,
terms and covenants of tnose bonds; and
providing for the sale and delivery of those
bonds to McLean Company, Inc., 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 dis-
tribution and sanitary sewage 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
Bo, 19b1" (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 in the following language and
under the following conditions:
"The Town reserves the right to issue additional or
refunding water and sewer revenue bonds which shall constitute
a charge or lien upon the gross revenues of the waterworks
utility of the Town, including all additions thereto and
betterments, replacements and extensions thereof at any time
made, on a parity of lien with the Bonds, if the following
conditions shall be met and complied with at the time of
issuance of such additional or refunding water and sewer
revenue bonds:
(a) All payments then required by
this Ordinance or any other ordinance
hereafter enacted pertaining to the Bonds
and to any such additional or refunding
water and sewer revenue bonds hereafter
issued shall have been made into the
Bond Fund and maintained intact therein;
and
"(b) The revenues of the waterworks
utility of the Town, including any water
and sanitary sewage disposal service sur-
charge payable under any Agreement between
the Town and any third party, for any
twelve months out of the immediately pre-
ceding fifteen months' period adjusted to
reflect a year's net income from each
customer of the waterworks utility of the
Town 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
-2-
improvement in connection with which
such additional water and sewer revenue
bonds are to be issued, shall be deemed
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 then outstand-
ing water and sewer revenue bonds, including
the Bonds and of the additional or refunding
bonds proposed to be so issued, but except
the principal requirements of any term bond
maturity year or years, as defined in Section
8 of this Ordinance, of any bonds payable
out of the Bond Fund. Such determination
of the sufficiency of the revenues shall
be made and certified to by an independent
professional registered engineer experienced
in municipal utilities and licensed to
practice in the State of Washington; except,
that if such additional bonds proposed to
be so issued are for the sole purpose of
refunding water and sewer revenue bonds,
such certification of coverage shall not
be required if the amount required for
payment of the principal and interest in
each year for the refunding bonds is not
increased over the amount required for
the bonds to be refunded thereby and the
maturities of said refunding bonds are
not extended beyond the maturities of
the bonds to be refunded thereby; and
"(c) The ordinance authorizing the
issuance of such additional bonds shall
provide that an amount equal to the average
annual debt service of the additional bonds
proposed to be issued shall be accumulated
as a reserve in the Bond Fund, said amounts
to be accumulated by monthly deposits com-
mencing not later than one month after the
date of issuance of the additional bonds
and to be accumulated within five years
after the date of issuance of such bonds,
and said reserve to be maintained in such
amounts so long as any of those additional
bonds are outstanding to the last maturity
thereof. In the case of parity refunding
bonds the ordinance authorizing the issuance
of such refunding bonds shal], provide that
the money in the "Reserve Account" for the
bonds to be refunded shall be transferred
to the "Reserve Account" in the Bond Fund,
or that the moneys in the "Reserve Account"
for the bonds to be refunded shall be used
to redeem such bonds, in which event an
amount equal to the average annual debt
service for the refunding bonds proposed
to be issued shall be accumulated as a
reserve in the same manner and within the
same times as set forth herein for addi-
tional revenue bonds.
and
"In lieu of the accumulation of a
reserve in the manner provided in this
subsection 7 (c), the ordinance author-
izing such additional bonds may provide
for a cash deposit by a third party with
an escrow agent acceptable to the Town in
an amount equal to the average annual debt
service of the additional bonds proposed
to be issued, which deposit shall be made
on or before the delivery of the additional
bonds and shall be conditioned on the pay-
ment into the "Reserve Account" of the Bond
Fund of amounts necessary to make up any
deficiency in the Principal and Interest
Account in the Bond Fund to meet maturing
installments of either principal or
interest on such additional bonds. That
third party shall also be bound by agree-
ment with the Town to make such additional
cash deposits in escrow as are necessary
to maintain that deposit at the required
level in the event that the original or
subsequent deposits are called upon to
make up the deficiencies in the Principal
and Interest Account of the Bond Fund.
Such cash deposits shall remain in escrow
at the required level until the moneys in
the Reserve Account paid in for those
additional bonds equal the average annual
debt service of those additional bonds.
WHEREAS, the City has adopted Ordinance No. 381
specifying and adopting a system and plan of additions to
and betterments and extensions of the waterworks utility,
declaring the estimated cost thereof as nearly as may be,
providing for the issuance and sale of not to exceed
$407,000.00 par value of water and sewer revenue bonds, in
one or more series, to provide a part of the funds required
to pay the cost thereof, declaring the intention of the City
Council to form a local improvement district, the property
therein to be assessed to the extent of not to exceed $412,000.00
of the cost of the improvement, and creating a special fund to
provide for the payment of the revenue bonds, if necessary; and
WHEREAS, the City has contracted with Val Vue Sewer
District, a municipal corporation of the State of Washington,
whereby Val Vue Sewer District will oontruct a portion of the
system or plan ordered to be constructed by Ordinance No. 381,
so that the estimated cost of the remainder of such system and
plan to be financed by the City from the proceeds of water and
sewer revenue bonds is $190,000.00; and
WHEREAS, the City desires to issue $190,000.00 of
the water and sewer revenue bonds authorized by Ordinance No.
381; 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," have been made
and have been maintained intact therein; that Howard Harstad
Associates, 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 sewer construction as a part of
the waterworks utility of the City and that the revenues of
the waterworks utility of the City, including any water and
sanitary sewage disposal service surcharge 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 engineer's opinion, shall be
sufficient, after the payment of normal operation and mainten-
ance costs and State and Federal taxes, to equal at least 1.35
times the average annual principal and interest requirements
of all 1961 Bonds and the additional bonds proposed to be
issued; and that provision is hereinafter 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:
Section 1. For the purpose of obtaining a portion
of 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.
381, there shall be issued and sold y $190,000.00 par value of
"Water and Sewer Revenue Bonds, 1963," (hereinafter called
the "Bonds The Bonds shall be dated October 1, 1963,
shall be in the denominations of $1,000.00 each, shall be
numbered from 1 to 190, inclusive, shall bear interest at the
rate of 4.375% per annum payable semiannually on March 1 and
September 1 of each year, except interest payable on March 1,
1964, shall be for five months, 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 will be payable solely out of the
"Water and Sewer Revenue Bond Fund, 1961," of the City (herein-
after 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 serially in accordance with
the following schedule:
Bond Numbers
(Inclusive) Amounts
1 to 2 2,000
3 to 4 2,000
5 to 6 t 2,000
7 to 8 2,000
9 to 10 2,000
11 to 12 2,000
13 to 14 2,000
15 to 17 3,000
18 to 20 3,000
21 to 23 3,000
24 to 26 3,000
27 to 29 3,000
30 to 32 3,000
33 to 36 4,000
37 to 4o 4,000
41 to 44 4,000
45 to 48 4,000
49 to 53 5,000
54 to 58 5,000
59 to 63 5,000
64 to 68 5, 000
69 to 73 5,000
74 to 79 6,000
80 to 96 •17, 000
97 to 114 •18, 000
115 to 132 •18, 000
134 to 151 19,00o
152 to 170 19,00o
171 to 190 20,000
Section 2. Bonds numbered 1 to 10, inclusive, matur-
ing September 1, 1969, through September 1, 1973, shall be
issued without the right or option of the City to redeem the
same prior to their stated maturity dates.
The City of Tukwila reserves the right to redeem any
or all of the outstanding Bonds numbered 11 to 190, inclusive,
maturing September 1, 1974, through September 1, 1997, on
September 1, 1973, or on any semiannual interest payment date
thereafter, in inverse numerical order, highest numbers first,
at the following percentages of par if redeemed on the follow-
ing dates, plus accrued interest to date of redemption in
each case, to -wit:
Maturities
September 1, 1969
September 1, 1970
September 1, 1971
September 1, 1972
September 1, 1973
September 1, 1974
September 1, 1975
September 1, 1976
September 1, 1977
September 1, 1978
September 1, 1979
September 1, 1980
September 1, 1981
September 1, 1982
September 1, 1983
September 1, 1984
September 1, 1985
September 1, 1986
September 1, 1987
September 1, 1988
September 1, 1989
September 1, 1990
September 1, 1991
September 1, 1992
September 1, 1993
September 1, 1994
September 1, 1995
September 1, 1996
September 1, 1997
On September 1, 1973, or March 1, 1974, at 103
On September 1, 1974, or March 1, 1975, at 102 3/4
On September 1, 1975, or March 1, 1976, at 102 1 /2%
On September 1, 1976, or March 1, 1977, at 102 1/4%
On September 1, 1977, or March 1, 1978, at 102
On September 1, 1978, or March 1, 1979, at 101 3/4%
On September 1, 1979, or March 1, 1980, at 101 1/2%
On September 1, 1980, or March 1, 1981, at 101 1/4%
On September 1, 1981, or March 1, 1982, at 101
On September 1, 1982, or March 1, 1983, at 100 3/4
On September 1, 1983, or March 1, 1984, at 100 1/2%
On September 1, 1984, or March 1, 1985, at 100 1/4%
On September 1, 1985, and thereafter at par.
Notice of any call for redemption of any of the Bonds
prior to their stated maturity dategshall 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. 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.
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 the City, 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
September, 1964, 1 /12th of the next
ensuing twelve months' requirements for
both principal of and interest on the
1961 Bonds then outstanding and the
Bonds outstanding; and
(b) Into the Reserve Account, begin-
ning with the month of October, 1963, and
each month thereafter, 1 /60th of an
amount equal to the average annual debt
service requirement (both principal and
interest) for the Bonds, to the end
that a total reserve equal to the average
annual debt service requirement for the
Bonds shall be accumulated no later than
five years thereafter, together with
other moneys in the reserve account
deposited for the reserve requirement
of the 1961 Bonds.
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 and the Bonds
are outstanding. When the total amount in the Bond Fund shall
equal the total amount of principal and interest for all out-
standing 1961 Bonds and 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 Fund.
All moneys in the Reserve Account above provided
for may be kept on deposit in the official bank depository of
-9-
-10-
the City, or may be invested in United States Government
obligations redeemable at a fixed price and maturing not
later than August 1, 1997. 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 and any additional water and sewer revenue
bonds which may be hereafter issued on a parity with the 1961
Bonds and the Bonds in accordance with the provisions of Section
7 of Ordinance No. 334.
Section 4. There is created and established in the
office of the City Treasurer a special fund to be known as
the "Water and Sewer Construction Fund, 1963," (hereinafter
called the "Construction Fund into which shall be placed all
of the principal proceeds received by the City from the sale
of the Bonds (except an amount equal to the first year's
interest payable on the Bonds, which shall be placed in the
Principal and Interest Account of the Bond Fund). The moneys
in the Construction Fund shall be used to pay that portion of
the costs of carrying out the system or plan for making addi-
tions to and betterments and extensions of the waterworks
utility of the City which is to be paid from proceeds of water
and sewer revenue bonds, as adopted by Ordinance No. 381.
Section 5. 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 pay-
ment of the principal of and interest on
such Bonds an amount equal to at least
1.35 times the average annual debt ser-
vice requirements, both principal and
interest, of the 1961 Bonds and the
Bonds, after deducting costs of
ance and operation from the gross
revenues of the waterworks utility of
the City, but before depreciation,
(b) That it will at all times main-
tain 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 busi-
ness in connection 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 water-
works 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 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 replacement
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 then outstanding
1961 Bonds and the then outstanding
Bonds as the revenue available for debt
service for such outstanding 1961 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 or bears to the revenue avail-
able for debt service for such 1961 out-
standing 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 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 statement 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 outstanding 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
authorized 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.
(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 systems, and the cost of such
insurance shall be considered part of the
operating and maintaining said utility.
If, as, and when, the United States of
America or some agency thereof shall pro-
vide 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.
-12-
.(g) That it will pay all costs of
maintenance and operation of the water-
works utility of the City and the debt
service requirements of the 1961 Bonds
and the Bonds and otherwise meet the
obligations of the City as herein set
forth.
Section 6. The Bonds shall be in substantially the
following form:
No. $1,000.00
UNITED STATES OF AMERICA
STATE OF WASHINGTON
CITY OF TUKWILA
WATER AND SEWER REVENUE BOND, 1963
4 .375$
KNOW ALL MEN BY THESE PRESENTS: That
the City of Tukwila, State of Washington,
for value received, hereby promises to
pay to the bearer on the FIRST DAY OF
SEPTEMBER, 19 the principal sum of
ONE THOUSAND DOLLARS
together with interest thereon at the
rate of FOUR AND THREE HUNDRED SEVENTY
FIVE THOUSANDTHS PER CENT (4.375%) per
annum, payable semiannually on the 1st
days of March and September of each year
(except the interest due on March 1,
1964, shall be for five months), upon the
presentation 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 Tukwila "Water and
Sewer Revenue Bond Fund, 1961" (herein-
after called the "Bond Fund for pay-
ment 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 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,
-13--
including 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 interest on the out-
standing "Water and Sewer Revenue Bonds,
1961," and on bonds of this issue as they
respectively become due, and to accumulate
a reserve, all at the times and in h
manner set forth in Ordinance No.
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 charge or
lien upon such gross revenues for the out-
standing "Water and Sewer Revenue Bonds,
1961," issued pursuant to Ordinances
Nos. 320, as amended, and 334, and any
additional water and sewer revenue bonds
which may be hereafter issued on a parity
of lien with the "Water and Sewer Revenue
Bonds, 1961," and the bonds of this issue
in accordance with the provisions of
Section 7 of Ordinance No. 334.
This bond is one of a total issue of
$190,000.00 par value of bonds, all of
like date, tenor and effect, except for
maturities and options of redemption, 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. 381 and la, of the City, for the
purpose of provng funds to pay a
portion of 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
a system of sewerage as a part thereof.
Bonds numbered 1 to 10, inclusive,
maturing September 1, 1969, through
September 1, 1973, are issued without
the right or option of the City to redeem
the same prior to their stated maturity
dates.
The City has reserved the right to
redeem any or all of the outstanding
bonds numbered 11 to 190, inclusive,
-14-
maturing September 1, 1974, through
September 1, 1997, on September 1, 1973,
or on any semiannual interest payment
date thereafter, in inverse numerical order,
highest numbers first, 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 September 1, 1973, or March 1, 1D74, at 103 0
On September 1, 1974, or March 1, 1975, at 102 3/4
On September 1, 1975, or March 1, 1976, at 102 1/2%
On September 1, 1976, or March 1, 1977, at 102 1 /4f
On September 1, 1977, or March 1, 1978, at 102
On September 1, 1978, or March 1, 1979, at 101 3/4%
On September 1, 1979, or March 1, 1980, at 101 1/2
On September 1, 1980, or March 1, 1981, at 101 1/4
On September 1, 1981, or March 1, 1982, at 101
On September 1, 1982, or March 1, 1983, at 100 3/40
On September 1, 1983, or March 1, 1984, at 100 1/2
On September 1, 1984, or March 1, 1985, at 100 1/4%
On September 1, 1985, 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. 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.
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 obli-
gations of the City, as set forth in
Ordinances Nos. 381 and 36 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 this issuance of this bond have
-15-
happened, have been done and have been
performed as required by law.
IN WITNESS WHEREOF, the City of Tukwila,
Washington, has caused this bond to be
signed by its Mayor and attested by 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 October 1, 1963.
ATTEST:
CITY CLERK
The interest coupons attached to the Bonds shall be
in substantially the following form:
On the FIRST DAY OF (MARCH) (SEPTEMBER),
19 the CITY OF TUKWILA, WASHINGTON,
upon presentation and surrender of this
coupon will pay to bearer at the office
of the City Treasurer the sum of ((EIGHTEEN
DOLLARS AND TWENTY THREE /HUNDRETHS) ($18.23)),
((TWENTY -ONE DOLLARS AND EIGHTY SEVEN/
HUNDRETHS) ($21.87)), ((TWENTY -ONE DOLLARS
AND EIGHTY- EIGHT HUNDRETHS) ($21.88)) in
lawful money of the United States of
America from the special fund of the City,
known as the "Water and Sewer Revenue
Bond Fund, 1961," that sum being (five)
(six) months' interest then due on its
"Water and Sewer Revenue Bond, 1963,"
dated October 1, 1963, and numbered
ATTEST:
By
CITY CLERK
CITY OF TUKWILA, WASHINGTON
CITY OF TUKWILA, WASHINGTON
By
Coupon No.
-16-
MAYOR
MAYOR
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 affixed thereto, and the
interest coupons shall bear the facsimile signatures of the
Mayor and the Clerk.
Section 7. The City reserves the right to issue
additional or refunding water and sewer revenue bonds, which
shall constitute a charge or lien upon the gross revenues of
the waterworks utility of the City, on a parity of lien with
the 1961 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 issuance 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 8. McLean Company, Inc., of Tacoma,
Washington, heretofore offered to purchase the Bonds at a
price of $97.00 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, having been of the opinion that no better price
could be obtained for the Bonds and that it was in the best
interests of the City to accept the same, has accepted that
offer, and hereby ratifies that acceptance. 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 and such additional
amount of the principal proceeds to equal the first year
interest requirements on the Bonds shall be deposited into
the Bond Fund and the balance of the principal amount received
from the payment for the Bonds shall be deposited in the
Construction Fund of the City.
-17-
PASSED by the City Council of the City of Tukwila,
Washington, at a regular meeting thereof, and APPROVED by
the Mayor this 7th day of October, 1963.
FORM APPROVED:
G� Y
ATTORNEY
JOHN B. STRANDER MAYOR
LILLIAN BALK CITY CLERK
I, LILLIAN BALK, Clerk of the City of Tukwila,
Washington, do hereby certify that the attached Ordinance,
being Ordinance No. 3 I) is a true and correct copy of
the original Ordinance passed on the 7th day of October,
1963, as said Ordinance appears on the Minute Book of the
City.
DATED this 7th day of October, 1963.
LILLIAN BALK, City Clerk