HomeMy WebLinkAboutOrd 0116 - Issuance of General Negotiable Coupon BondsORDINANCE NO. 116
AN ORDINANCE PROVIDING FOR THE ISSUANCE
OF $14,000 GENERAL NEGOTIABLE COUPON
BONDS OF TIM TOWN OF TUx WILA, KING COUNTY,
WASHINGTON, PROVIDING FOR THE DATE
MATURITIES, INTEREST RATE, PLACE OF
PAYMENT, DENOMINATIONS, EXECUTIONS,
DELIVERY, FORM AND OTHER DETAILS OF SAID
BONDS, AND ACCEPTING THE BID OF THE STATE
OF WASHINGTON THEREFOR, AND PROVIDING FOR
THE LEVY OF TAXES TO PAY TEE PRINCIPAL
AND INTEREST THEREOF
WHEREAS, under and pursuant to the provisions
of Ordinance No. 112 of the Town of Tukwila, King
County, Washington, thergWas submitted to the quali-
fied voters of said Town at an election held therein
on August 9, 1927, the proposition of the issuance
by said Town of its General Negotiable Coupon Bonds
in the sum of $14,000, and its bonds payable from
the revenues of its municipal water -works system in
the sum of $14,000, for the purpose of acquiring a
municipal water -works system,
AND AREAS the proposition so submitted was
approved by the requisite number of voters, and there-
after said $14,000 General Bonds were advertised for
sale, and upon the opening of bids it was found that
the bid of the State of Washington therefor was the
best bid received, said bid being par for said bonds
bearing date and maturing as hereafter provided, and
bearing interest at the rate of 4 -3/4% per annum, pay-
able annually, both principal and interest to be
payable at the office of the State Treasurer, Olympia,
Washington,
AND WHEREAS it is now necessary to fix the
date, interest rate, denominations, maturities, place
of payment, and to provide for the execution, delivery,
form and other details of said bonds, and to provide
for the levy of taxes for the payment of principal
and interest thereof.
NOW, THEREFORE, BE IT ORDAINED by the Council
of the Town of Tukwila as follows:
Section 1. That said Town issue its General
Negotiable Bonds in the sum of
14,000, dated August 1, 1928, same being the identical
14,000 General Bonds authorized to be issued by the
voters of said Town, as aforesaid, which bonds shall
consist of seventy (70) bonds of $200.00 each, numbered
1 to 70, both inclusive, and so numbered that, maturing
in the order of their numbers, the annual maturities
shall be as follows:
400.00 on August 1 of each of the years 1930 and 1931
4 600.00 n 1932 to 1938,both inc
800.00 K ft ft ft ft 1939 to 1943, n
1000.00 n 'E nn nn 1044 to 1948, n
Said bonds shall bear interest at the rate
of 4 -3/4% per annum, payable annually, on the first
day of August of each year, and shall be payable, both
principal and interest, in gold coin of the United
States of the present standard of weight and fineness,
at the office of the State Treasurer, at Olympia,
Washington.
Section 2. The officials of said Town, now or
hereafter charged by law with the
duty of levying taxes for the payment of said bonds and
the interest thereon shall, in the manner provided by
law, during the year 1928, and annually thereafter,
levy a tax on all the taxable property of said Town
sufficient to meet the interest and the annual payments
of principal upon said bonds as the same fall due.
Such taxes, as collected, shall be set aside into a fund
to be known as "Tukwila General Water Bonds Fund" and
no portion of the moneys in said fund shall ever be used
for any purpose other than for the payment of principal
and interest on said bonds. Said town does hereby
irrevocably bind and obligate itself to levy such taxes,
and to fully and punctually pay such bonds, with interest
thereon, as the same fall due, and does hereby pledge
the full faith, credit and resources of said Town for
the full and punctual payment of said bonds, both prin-
cipal and interest, as the same fall due.
Section 3. The Town Clerk is hereby directed to
have said bonds printed and ready for
signature, and the Mayor and Town Clerk are hereby authoriz-
ed to sign and seal said bonds with the town seal, and
the Town Treasurer is hereby directed to register said
bonds prior to their delivery. The interest coupons
attached to said bonds shall bear the facsimile signatures
of the Mayor and Town Clerk and a printed impression of
the town seal.
Section 4. There shall be printed on the back of
each bond, or on a separate sheet there-
to attached, a copy of Chapter XXIX, Title LX, Remington's
Compiled Statutes of Washington 1922, as amended, together
with said Ordinance No. 112, and a statement signed by the
Mayor and Clerk of said Town, showing the result of
said election.
Section 5. The aforesaid bid of the State of Washing-
ton for the purchase of said bonds is
hereby accepted, and said bonds, duly executed, as afore-
said, shall be delivered to said purchaser upon receipt
from said purchaser by the Town Treasurer of the agreed
purchase price therefor.
Section 6. Said bonds, and the interest coupons
thereto attached, shall be in sub-
stantially the following form:
No.
STATE OF WASHINGTON
COUNTY OF KING
TOWN OF TUKWILA
GENERAL WATER WORKS BOND
KNOW ALL MEN BY THESE PRESENTS: That the Town of Tuk-
wila, in King County, State of Washington, is justly
indebted and for value received hereby promises to pay to
bearer, on the lst. day of August, 19 the sum of
TWO HUNDRED DOLLARS
-3-
X200.00
together with interest thereon at the rate of 4 -3/4% per
annum, payable annually on the first day of August in each
year upon presentation and surrender of the annexed inter-
est 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 fineness
at the office of the State Treasurer, at Olympia, Washington.
This bond is one of an authorized issue of ?514,000
bonds of like tenor and effect, except as to maturities,
issued by said town for the purpose of acquiring a muni-
cipal water works system and making additions and better-
ments thereto, all of which bonds are issued in compliance
with Chap. XXIX, Title LX, Remington's Compiled Statutes
of Washington, 1922, and subsequent acts of the State
Legislature amendatory thereof and supplemental thereto,
and pursuant to a vote of more than three-fifths of the
qualified voters of said town voting at a special bond
election duly called and held therein on August 9, 1927,
and pursuant to Ordinance No. 112 of said Town, duly enacted.
For the full and punctual payment of this bond, both prin-
cipal and interest, as the same fall due, the full faith,
credit and resources of said town are hereby irrevocably
pledged.
It is hereby Certified and Recited that all acts,
conditions and things required to be done precedent to
and in the issuance of this bond, have been properly done,
happened and been performed in regular and due form, as
required by law, that the total indebtedness of said Town,
including this bond, does not exceed any constitutional
or statutory limitation thereon, and that provision has been
made for the levy and collection of general taxes upon all
the taxable property within said town sufficient to pay
the principal and interest of this bond, as the same fall due.
In Testimony Whereof, said Town, by ordinance duly
enacted, has caused this bond to be signed by its Mayor and
attested by its Clerk under the seal of said town, and has
caused the annexed interest coupons to be signed with the
lithographic facsimile of the signatures of said officers
and to bear a printed facsimile of said seal, all as of
date August 1, 1928.
TOWN OF TUKWILA
Posted July /3 1928.
INTEREST COUPON
No $9.50
On the first day of August, 19......., the
Town of Tukwila, King County, Washington, will pay
to bearer at the office of the State Treasurer,
in Olympia, Washington, the sum of NINE DOLLARS
and FIFTY CENTS in gold coin, as provided in and
for the annual interest that day due on its General
Water Works Bond, dated August 1, 1928, and numbered
Mayor
Attest:
SEAL Town Clerk
Section 7. This Ordinance shall be in full
force and effect from and after
its passage, approval and posting.
Passed the Town Council on July 12, 1928.
Approved on July 12, 1928.
Mayor John R. Walkup
city Clerk J.A. Duff