HomeMy WebLinkAboutOrd 1079 - LID #27 (Local Improvement District) - Issuance and Sale of Bonds COUNCIL ACTION
#01-4 'METETING YPE I DATE I AG M I ACTION
M kioti lb I P
I I I
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CITY O F
TUK WIL
WASHINGTON 1 I I
ORDINANCE NO. 1079 AN ORDINANCE FIXING THE AMOUNT, FORM, DATE, INTEREST
RATE, MATURITY AND DENOMINATIONS OF LOCAL IMPROVEMENT
DISTRICT NO. 27 BONDS AND DIRECTING THE ISSUANCE AND
SALE THEREOF TO FOSTER MARSHALL, INC., SEATTLE,
WASHINGTON.
THE CITY COUNCIL OF THE CITY OF TUKWILA, WASHINGTON, DO
ORDAIN, AS FOLLOWS:
Section 1. The total amount of the assessment roll in
Local Improvement District No. 27 in the City of Tukwila, Washington,
created under Ordinance No. 922, was $552,736.42. The thirty -day period
for making cash payments of assessments without interest in the District
expired on September 1, 1978, and the total amount of assessments paid in
cash was $135,467.35, leaving a balance of assessments unpaid on the
assessment roll in the sum of $417,269.07. Local Improvement District bonds
of Local Improvement District No. 27 shall, therefore, be issued in the total
principal sum of $417,269.07. Bond No. 1 shall be in the denomination of
$1,269.07 and the remaining bonds numbered 2 to 417 inclusive, shall be
in the denomination of $1,400.00 each. The bonds shall all be dated
October 1, 1978, and shall be payable on October 1, 1990, with the right
reserved to the City to redeem the 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, District No. 27,"
created by Qrdinance No. 922, passed on April 7, 1975, to pay the bonds so
called and all earlier numbered 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 by mailing a copy of such
notice within the same period to Foster Marshall Inc., 205 Columbia
Street, Seattle, Washington, or its successor, 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 6 per annum, payable
annually, beginning October 1, 1979, to be represented by 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. $11,000.00
($1:,269.07 on Bond No. 1)
UNITED STATES OF AMERICA
STATE OF WASHINGTON
LOCAL IMPROVEMENT BOND
OF
CITY OF TUKWILA
LOCAL IMPROVEMENT DISTRICT NO. 27
N.B. The laws of the State of Washington under
which this bond is issued contain the following
section (RCW 35.45.070)
"Neither the holder nor 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 the 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, WASHINGTON, a municipal
corporation of the State of Washington, hereby
promises to pay to Foster Marshall Inc., Seattle,
Washington, or bearer, the sum of
ONE THOUSAND DOLLARS
($1,269.07 on Bond No. 1)
in lawful money of the United States of America,
with interest thereon at the rate of
per annum, payable annually out of the fund
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established by Ordinance No. 922 of the City and
known as the "Local Improvement Fund, District
No. 27," and not otherwise, except from the guaranty
fund, as herein provided. Both principal of and
interest on this bond are payable at the office of
the Treasurer of the City.
Coupons are hereto attached for each installment
of interest to accrue hereon, and interest shall be
paid only on presentation and surrender of such
coupons to the City Treasurer.
The City Council of the City, as agent of such
Local Improvement District No. 27, 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 used to pay so much
of the cost and expense of certain improvements as
provided by Ordinance No. 922 establishing Local
Improvement District No. 27, as is levied and
assessed against the property included in the local
improvement district and benefited by that improvement,
and the "Local Improvement Fund, District No. 27,"
has been established by ordinance for that purpose.
The holder or holders of this bond shall look only
to that 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 an issue of417 bonds aggregating
in all the principal sum of $417,269.07, issued for
Local Improvement District No. 27, all of which bonds
are subject to the same terms'and conditions as herein
expressed.
This bond is payable on October 1, 1990, but is
subject to call by the City Treasurer for prior
redemption whenever there shall be sufficient money
in the "Local Improvement Fund, District No. 27,"
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 amounts
sufficient for the payment of the interest on all
unpaid bonds of this issue. The call for payment
of this bond, or any bond of this issue 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 by mailing a copy of
such notice within the same period to Foster
Marshall Inc., 205 Columbia Street, Seattle, Washington,
or its successor, 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
that call and upon that 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 such special taxes
or assessments and the issuing of these bonds have
been properly done, have happened and have been
performed in regular and due form, as required by law;
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and that these bonds have not been issued in an amount
in excess of the cost of the improvement.
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
signature of its City Clerk and its corporate seal
to be hereto affixed, and the interest coupons
attached to be signed with the facsimile signatures
of those officials this first day of October, 1978.
CITY OF TUKWILA, WASHINGTON
By (facsimile signature)
Mayor
ATTEST:
City Clerk
COUPON FORM
Coupon No.
on Bond No. 1)
On the FIRST DAY OF OCTOBER, 19 the CITY OF TUKWILA,
WASHINGTON, promises to pay to bearer at the office
of the City Treasurer the sum shown hereon, this sum
being twelve months' interest due that day on Bond No.
of the bonds of Local Improvement District No. 27
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 that bond shall be called
for payment before maturity hereof, this coupon shall
be void.
CITY OF TUKWILA, WASHINGTON
By (facsimile signature)
Mayor
ATTEST:
(facsimile signature)
City Clerk
Section 3. 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 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. Foster Marshall Inc., Seattle, Washington,
has submitted a written offer to purchase all of the local improvement
bonds of Local Improvement District No. 27 at a price of par, plus
-4-
accrued interest from the date of issuance to the date of delivery
of the bonds to the 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 it to be in the best interests
of the City to accept such offer, hereby accepts the same. The bonds
shall, therefore, immediately upon their execution, be delivered to
Foster Marshall Inc., Seattle, Washington, upon payment therefor in
accordance with said offer.
PASSED by the City Council and APPROVED by the Mayor of the
City of Tukwila, Washington, at a regular open public meeting thereof,
this 2nd day of October, 1978.
re
Mayor
ATTEST:
City Clerk'
FOR APPROVED: r
__4414011(
City Attorney Publ ished: Record Chronicle, October 8, 1978
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