HomeMy WebLinkAboutOrd 0127 - Municipal Waterworks Bond FundORDINANCE NO 127
AN ORDINANCE providing for the issuance of $14,000
MUNICIPAL WATER WORKS BOND FUND BONDS of the Town
of Tukwila, authorized by Ordinance No. 112 of
said town.
WHEREAS, under and pursuant to the provisions
of Ordinance No. 112 of the Town of Tukwila, King County,
Washington, there was submitted to the qualified voters
of said town at a special bond election duly called and
held therein on August 9, 1927 the proposition of the is-
suance by said town of *14,000 general bonds and $14,000
bonds payable, both principal and interest, from the reven-
ues of its municipal water works system for the purpose of
the acquisition and construction by said town of a munici-
pal water works system pursuant to a system or plan therefor
specified and adopted by said ordinance, and at said election
the proposition so submitted was ratified and approved by
the requisite number of voters; and
WEB, said general bonds have been sold and it
is now necessary to authorize the issuance of said $14,000
water works revenue bonds and to fig their date, interest
rate, definite maturities, and other details of same;
NOW, THEREFORE, BE IT ORDAINED BY THE MAYOR AND
TOWN COUNCIL OF THE TOWN OF PuKwILA, AS FOLLOWS:
SECTION 1. That said town issue said $14,000 bonds which
shall be known as "MUNICIPAL WATER WORKS BOND
FUND BONDS and shall be dated June 1, 1929, shall consist
of twenty -eight bonds of *500 each, numbered 1 to 28, both
inclusive, and shall mature in numerical order as follows:
$1,000 on June 1, 1932 and a like amount annually thereafter.
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Said bonds shall bear interest at the rate of
6% per annum, payable semi annually on June 1st and Decem-
ber lst of each year, and shall be payable, both principal
and interest, at the office of the town treasurer in Gold
Coin of the United States of the present standard of weight
and fineness, solely out of the special fund created by
said Ordinance No. 112 and therein designated "MUNICIPAL
WATER WORKS BOND FUND". Said bonds shall be signed by the
Mayor, attested by the Town Clerk, and sealed with the town
seal; and the interest coupons thereto attached shall bear
the facsimile signatures of said officers.
SECTION 2. Said bonds, with interest coupons thereto
attached, shall be in substantially the fol-
lowing form:
STATE OF WASHINGTON
COUNTY OF. KING
TOWN OF ruKWILA
MUNICIPAL WATER WORDS BOND FUND BOND
NO. *500.00
KNOW ALL MEN BY IWASE PRESENTS: That the Town of
Tukwila, in King County, State of Washington, is justly in-
debted and for value received hereby promises to pay to bear-
er, on the lst day of June, 19 the sum of
FITE HUNDRED DOLARS
together with interest thereon at the rate of 6% per annum,
payable semi annually on the first days of June and December
in each year, upon presentation and surrender of the annexed
interest coupons as severally they mature. Both principal
and interest of this bond are payable in Gold Coin of the
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United States of the present standard of weight and fine-
ness at the office of the town treasurer, in the Town of
Tukwila, King County, Washington.
This bond is one of a series of $14,000 bonds,
all of like tenor and effect, except as to maturities, con-
sisting of 28 bonds, numbered 1 to 28, both inclusive, and
maturing in numerical order, as follows: $1,000 on June 1,
1932 and a like amount annually thereafter, authorized to
be issued by said town for the purpose of acquiring a munici-
pal water works systems pursuant to a system or plan there-
for specified and adopted by Ordinance No. 112 of said town
and pursuant to the requisite vote of the qualified voters
of said town voting at a special bond election duly called
and held therein on August 9, 1927, in compliance with the
provisions of said ordinance* All of said bonds are issued
for said purpose in compliance with Chap. Kam, Title IX,
Remingtont.s Compiled Statutes of Washington, 1922, and sub-
sequent acts of the State legislature amendatory thereof
and supplemental thereto, and pursuant to said ordinance.
Said town hereby covenants with the holder of this
bond that it will keep and perform all of the covenants and
promises in said ordinance contained to be by it kept and
performed..
Both principal and interest of this bond are pay-
able solely out of a special fund of said town known as
MUNICIPAL WATER WORKS BOND FUND created by said Ordin-
ance No. 112, which fund can be used for no other purpose
than for the payment of the principal and interest of said
authorized issue of $14,000, of which issue this bond is a
part.
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Said town by said ordinance has irrevocably bound
and obligated itself, and does hereby covenant and agree
with the holder of this bond, to set aside and pay into such
fund, at least thirty days prior to the respective dates
on which interest, or principal and interest, as the case
may be, of the outstanding beds of said authorized issue
shall become due and payable, certain fixed amounts out of
the gross revenues of the municipal water works of said town,
including all additions, betterments and extensions hereaf-
ter thereto made, equal to the respective amounts of inter-
est, or principal and interest, as the case may be, next
Palling due on all outstanding bonds of said issue, which
revenues are hereby pledged to such semi annual payments,
which payments shall constitute a charge upon such revenues
prior and superior to all charges whatsoever.
The Town of Tukwila hereby binds and obligates
itself to maintain and operate said municipal water works
system, and all additions, extensions and betterments here-
after thereto made, and further binds and obligates itself
to establish tram time to time, and to maintain and collect
such rates for water as will produce gross revenues suffic-
ient to permit the payment into such special fund of the
sums which said town has, as aforesaid, pledged to be set
aside and paid into such fund for the payment of the prin-
cipal and interest of said bonds, and sufficient, in addi-
tion thereto, to pay all costs of maintenance and operation
of said system.
IT IS HEREBY CERTIFIED AND RECITED that this bond
has been issued in full compliance with the constitution
and laws of the State of Washington and said Ordinance No.
112 of said town, and that all acts, conditions and things
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required to be done precedent to and in the issuance of
this bond have happened, been done and performed as re-
quired by law.
IN WITNESS WHEREOF, said town has caused this
bond to be signed by its Mayor, attested by its Clerk, and
sealed with its corporate seal, and has caused the annexed
interest coupons to be signed with the facsimile signatures
of said officers, all as of date June 1, 1929.
INTEREST COUPON
NO. $15.00
On the first day of 19 the
Town of Tukwila, in King County, State of Washington, will
pay to bearer, at the office of the town treasurer, the sum
of FIFTEEN DOS, in Gold Coin, solely out of the special
fund created by Ordinance No. 112 of said town, and known
as MUNICIPAL WATER WORKS BOND FUND", said sum being six
months' interest due that day on its MUNICIPAL WATER WORKS
BOND FUND BOND, dated June 1, 1929 and numbered
TOWN OF TUKWILA
By 1 A/1a4/4
kayor
Attest
Attest
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town c.'LerJ
Town Clerk
SECTION 3. The Mayor and Town Clerk are hereby author
ized to have said bonds printed, to execute
the same, and to make the same in all respects ready for de-
livery.
SECT/OS 4. The Common Couneil of the Town of Tukwila
hereby creates a special Hind °MUNICIPAL WATER WORKS BOND FUND The Common Council of
said town hereby binds and obligates said town to set aside
and pay into said fund thirty days prior to the respective
dates on which interest, or principal and interest, shall
become due and payable, certain fixed amounts out of the
gross revenues of said municipal water works system of said
town, including additions,_ betterments and extensions here-
after thereto made, equal to the respective amounts of inter-
est, or principal and interest, as the case may be, next fall-
ing due on all of said revenue bonds outstanding. Said gross
revenues are hereby pledged to such semi annual payments,
which shall constitute a charge upon such gross revenues pri-
or and superior to all other charges whatsoever. In creating
such special fund, the Common Council of said town hereby de-
clares that it has exercised due regard to the costs of opera-
tion and maintenance of the municipal water works system of
said town and to any proportion or part of the revenues of
such system previously pledged as a fund for the payment of
bonds, warrants or other indebtedness, and has not set aside
into such special fund a greater amount or proportion of the
revenues and proceeds than, in their Judgment, will be avail-
able, over and above such cost of maintenance and operation
and the amount or proportion, if any, of the revenues so prev-
iously pledged. Said $14,000 "MUNICIPAL WATER WORKS BOND
FUND BONDS" shall be payable, both principal and interest
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solely from said "MUNICIPAL MATER WORES BOND .iu D and no
other obligation shall ever be incurred against said fund.
Passed the Town Council at a regular meeting thereof held on
May 9, 1929
Approved May 9, 1929
Mayor John R. Walkup
City clerk J.A. Duff
Posted in three public places in said town by me