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HomeMy WebLinkAboutOrd 0123 - Municipal Waterworks Bond Fund (Repealed by Ord 126)ORDINANCE NO 123 REPEALED BY 126 AN ORDINANCE providing for the issuance of $14,000 MUNICIPAL WATER WORKS BOND FUND BONDS of the Town of Tukwila, authorized by Ordinance No. 112 of said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, Wash- ington, there was submitted to the qualified voters of said town at a special bond election duly called and held there- in on August 9, 1927 the proposition of the issuance by said town of $14,000 general bonds and $14,000 bonds payable, both principal and interest, from the revenues of its municipal water works system for the purpose of the acquisition and con- struction by said town of a municipal water works system pur- suant to a system or plan therefor specified and adopted by said ordinance, and at said election the proposition so sub- mitted was ratified and approved by the requisite number of voters; and WHEREAS, 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 fix 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 TUKWILA, 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 March 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 March 1, 1932 and a like amount annually thereaf- Said bonds shall bear interest at the rate of 6% per annum, payable semi annually on March lst and September 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, eItested 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 TUKWILA MUNICIPAL WATER WORKS BOND FUND BOND NO. $500.00 KNOW ALL MEN BY THESE 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 1st day of March, 19, the sum of FIVE HUNDRED DOLLARS together'with interest thereon at the rate of 6% per annum, payable semi-annually on the first days of March and Septem- ber in each year, upon presentation and surrender of the an- nexed interest coupons as severally they mature. Both principal and interest of this bond are payable in Gold Coin of the 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: 81,000 on March 1, 1932 and a like amount annually thereafter, authorized to be issued by said town for the purpose of acquiring a municipal water works system pursuant to a system or plan therefor specified and adopted by Ordinance No. 112 of said town and pursuant to the requisite vote of the qualified vot- ers of said town voting at a special bond election duly call- ed and held therein on August 9, 1927, in compliance with the provisions of said ordinance. All of said bonds are is- sued for said purpose in compliance with Chap. XXIX, Title Li, Remington's Compiled Statutes of Washington, 1922, and subsequent accts 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 "MCTNICIPAL WATER WORKS BOND FUND", created by said Ordinance No. 112, which fund can be used for no other purpose than for the payment of the principal and interest of said auth- orized issue of $14,000, of which issue this bond is a part. 5 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 cdse may be, of the outstanding bonds of said authorizedissue shall become due and payable, certain fixed amounts out of the gross rev- enues of the municipal water works of said town, including all additions, betterments said extensions hereafter thereto made, equal to the respective amounts of interest, or princi- pal and interest, as the case may be, next falling 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, except the costs of maintaining and operating said system. The Town of Tukwila hereby binds and obligates it- self to maintain and operate said municipal water works sys- tem, and all additions, extensions and betterments hereafter thereto made, and further binds and obligates itself to es- tablish from time to time, and to maintain and collect such rates for water as will produce gross revenues sufficient 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 principal and in- terest of said bonds, and sufficient, in addition 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 4 of said town, and that all acts, conditions and things re- quired to be done precedent to and in the issuance of this bond have happened, been done and performed as required 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 March 1, 1929. TOWN OF TBKWILA By Attest INTEREST COUPON Attest 5 Mayor Town Clerk 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 FIF- TEEN DOLLARS, in Gold Coin, solely out of the special fund created by Ordinance 112 of said town, and known as "MUNICI- PAL WATER WORKS BOND FUND said sum being six months' inter- est due that day on its MUNICIPAL WATER WORKS BOND FUND BOND, dated March 1, 1929 and numbered Mayor 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 delivery. Passed the Town Council at a regular meeting thereof held on January 3, 1929. Posted in three public places in said town by me on 1929. City Clerk J.A. Duff