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HomeMy WebLinkAboutOrd 0083 - Accept Bids for General Negotiable Coupon BondsORDINANCE NO 83 AN ORDINANCE accepting the bid of John E. Price Co., for Seven Thousand Dollars $7,000.00 General Negotiable Coupon Bonds of the town of Tukwila, Washington, providing for the form and details of said bonds, and providing for the pay- ment of principal and interest thereof. Washington, on April 5, 1919, there was submitted to the quali- fied electors of said town,for their ratification or rejection, the proposition of borrowing Seven Thousand Dollars M'7,000.00) and the issuance of the general negotiable coupon bonds of said town therefor, for strictly municipal purposes, to -wit: the grading, paving and otherwise improving of the streets in said town, and WHEREAS, at said election there were cast 7 votes in favor of said proposition, and 5 votes against said bonds, by virtue of which fact the proposition submitted was ratified and carried, and WHEREAS, John E. Price Co., of Seattle, Washington, have offered to purchase said bonds and pay therefor par and accrued interest, and it is deemed for the beet interest for said town that said bid be accepted; NOW, THEREFORE, BE IT ORDAINED by the Council of the town of Tukwila as follows: Section 1. That the aforesaid offer of John E. Price Co., of Seattle, Washington, to purchase said bonds, be, and the same is hereby, accepted, and the treasurer of said town is hereby authorized and directed to deliver said bonds to the said John E. Price Co., at Seattle, Washington, upon payment WBERE S, at a special election held in the town of Tukwila; of the said purchase price therefor, and the receipt of said Treasurer shall be full acquittance for said purchase money. Section 2. Said bonds shall be of the denomination of Five Hundred Dollars (500.00) each; shall bear interest at the rate of six per centun (60 per annum, payable semi annually; shall be dated May 1, 1919; shall be numbered from one (1) to fourteen (14), both inclusive; shall be payable, both principal and interest, at the office of the Treasurer of said town, or the Fiscal Agency of the State of Washington in New York City at the option of the holder, and shall mature as follows: Five Hundred Dollars (500.00) on May 1, 1929, and a like amount annually thereafter up to and including May 1, 1936, and One Thousand Dollars (31,000.00) on May 1st of each year thereafter until all of said bonds are paid. Section 3. Said bonds and each coupon shall be signed by the Mayor and attested by the Clerk under the seal of said town, provided, however, trat the signatures of said officers on the coupons may be a lithographic or engraved facsimile of the signatures of said officers, and the seal on the coupons may be an engraved or lithographic facsimile of said town, and such engraved or lithographic facsimile signatures and seal on said coupons are hereby ratified and approved, and declared to be in all respects as legal and as binding upon said town as though said coupons bore the actual signatures of said offi- cers and had impressed thereon the seal of said town. Section 3. The Town Treasurer shall keep a register of such bonds, which register shall show the /limber, date, amount, interest, name of payee, and when and where payable. There shall be printed on each bond a copy of Chapter C .xvIII of the laws of 1891, entitled ".,pct to authorize cities and towns to borrow money for municipal purposes and to issue negotiable bonds therefor;" also a copy of the ordinance of said town authorizing and directing such special election, together with a statement signed by the I:= Favor and Clerk of said town, showing the result of such election. Section 4. Said bonds and interest coupons shall be in substantially the following form: SEATTLE, WASHINGTON, KING COUNTY. TOWN OF TUfxTILA GENERAL BOND. KNOW .JJ.J MEN BY =SE PRESENTS that the town of Tukwila, in the County of King, State of 'Washington, is justly indebted, and for value received, hereby promises to,pay to the bearer on the 15th day of May 19 the sum of Five Hundred Dollars 05000),1 with interest thereon at the rate of six Per century (6) per annum, payable semi- annually on the 15th days of November and May in each year, upon the presentation and surrender of the annexed interest coupons as they severally mature. Both princi- pal and interest are payable in gold coin of the United States of the present standard of weight and fineness, at the office of the Treasurer of said town, or the Fiscalency of the State of 'Washington, in the City of New York, at the option of the holder. This bond is one of an authorized issue of fourteen (14) bonds of Five Hundred Dollars (`;500.) each, numbered one (1) to fourteen (14), issued by said town for strictly municipal purposes, to -wit: the grading, paving and otherwise improving of the streets in said town, and is issued under the authority of, and in compliance with, Chapter =VIII of the 1891 laws of the State of Washington and pursuant to a vote of more than three- fifths (3 /5ths) of the au alified electors of said town voting at a special election duly called and held on April 5, wy 1919;, pursuant to ordinances of said town, duly adopted. IT 13 HEREBY CERTIFIED AND RECITED that all acts, conditions and things required to be done precedent to and in the issuing of this bond, have been properly done, happened and been per- formed 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 thereof, and that provision has been made for the levy and collection of general taxes upon all taxable property within said town, suffi- cient to pay the principal and interest of this bond as the same fall due. IN TESTfl wEE EOF said town 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 the lithographic facsimile of said seal, all as of date May 15, 1919. No. `7E3T: Mayor Clerk I N T E R E S T C O U P O N r`,15, 00 On 15, 19 the town of Tukwila in Ting County, Washington, will pay to bearer at the office of its town Treasurer, or at the Washington .Fiscal Agency in New York City, at the option of the holder, the sum of .Fifteen Dollars (!'15.00) in gold coin, as provided, for the semi-annual interest due on that date, on its general bond dated May 15, 1919, and numbered ATTEST: Mayor Clerk. -f CERTIFICATE OF REGISTRATION. I HEREBY CERTIFY that this bond has been registered by me prior to its issuance, in the manner provided by law. C. P. Jensen, Treasurer Town of Tukwila. Section 50 There shall be levied by the Town Council during the year 1919, and annually thereafter, a tax upon all the taxable property in said town, sufficient to pay the interest upon all of said bonds, as such interest falls due, and in the year 1928, and annually thereafter there shall be levied upon all such taxable property,,sufficient to pay the principal of the bonds, which become due in the next succeeding year, and such taxes as collected shall be paid into a special fund hereby created, and known as "Bond Fund of 1919", and no portion of the moneys in such fl.nd shall be used for any other purpose than payment of the principal and interest of said bonds, and the full faith, credit and resources are hereby irrevocably pledged for the full and punctual payment of the principal and interest of said bonds as the sane fall due. Section 6. There is hereby appropriated from the General Fund of said town the sum of Two Hundred and Ten Dollars (1210.00) for the purpose of paying interest upon said bond, which falls due on Iovember 15, 1919, and the proper officers of said town are hereby authorized and directed to draw a warrant on said fund for said amount, in favor of the Town Treasurer, who is hereby authorized and directed to cash said warrant and deposit the proceeds thereof in the special fund created by section 5 of this Ordinance, and ?mown as "Bond fund of 1919 and the Treasurer is further authorized to pay said money out in payment of the aforesaid interest. c re-h PASS1 D the Town Council this ATTEST: Clerk. day of 1919.