HomeMy WebLinkAboutOrd 0962 - LID #26 (Local improvement District) - Issance and Sale of Bonds CITY OF TUKWILA, WASHINGTON
ORDINANCE NO. 962
AN ORDINANCE fixing the amount, form,
date, interest rate, maturity and denomi-
nations of Local Improvement District
No. 26 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. 26 in the City of Tukwila,
Washington, created under Ordinance No. 868, was $192,664.40.
The thirty -day period for making cash payments of assessments
without interest in the District expired on December a4, 1975,
and the total amount of assessments paid in cash was $50,640.34,
leaving a balance of assessments unpaid on the assessment roll
in the sum of $142,024.06. Local improvement district bonds of
Local Improvement District No. 26 shall, therefore, be issued
in the total principal sum of $142,024.06. Bond No. 1 shall be
in the denomination of $1,024.06, and the remaining bonds
numbered 2 to 142, inclusive, shall be in the denomination of
$1,000.00 each. The bonds shall all be dated February 1, 1976,
and shall be payable on February 1, 1988, 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. 26," created by Ordinance No. 868, passed on
June 17, 1974, 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 that 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
7 1/2% per annum, payable annually, beginning February 1, 1977,
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 substantitally the following form:
No. $1,000.00
($1,024.06 on Bond No. 1)
UNITED STATES OF AMERICA
STATE OF WASHINGTON
LOCAL IMPROVEMENT BOND
OF
CITY OF TUKWILA
LOCAL IMPROVEMENT DISTRICT NO.26
7 1/2%
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
($1,024.06 on Bond No. 1)
in lawful money of the United States of America,
with interest thereon at the rate of 7 1/2%
per annum, payable annually out of the fund
established by Ordinance No. 868 of the City and
known as the "Local Improvement Fund, District No. 26,"
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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. 26, 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 constructing and
installing sanitary sewer trunks, force mains and
lift station, all in accordance with City standards
within an area lying west of Interstate #5, south
of South 160th Street and east of 51st Avenue South
all within the City of Tukwila boundary, as provided
by Ordinance No. 368, as is levied and assessed
against the property included in the local improve-
ment district and benefited by that improvement,
and the "Local Improvement Fund, District No. 26,"
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 of 142 bonds aggregating
in all the principal sum of $142,024.06, issued for
Local Improvement District No. 26, all of which bonds
are subject to the same terms and conditions as herein
expressed.
This bond is payable on February 1, 1988, 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. 26,"
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 that 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 February, 1976.
CITY OF TUKWILA, WASHINGTON
By (facsimile signature)
Mayor
ATTEST:
City Clerk
COUPON FORM
Coupon No.
$75.00
($76.80 on Bond No. 1)
On the FIRST DAY OF FEBRUARY, 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. 26 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 improve-
ment bonds of Local Improvement District No. 26 at a price of par,
plus accrued interest from the date of issuance to the date of
delivery of the bonds to the purchaser, the City to furnish the
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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 that 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 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 February, 1976.
P1/1 Z /5°'
V Mayor
ATTEST:
City Clerk 1
FORE APPROVED:
City Attorney
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