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HomeMy WebLinkAboutORDINANCE 0972-1984��- T.' .. � _... .. •_ .. ...� __. :J•__Ji.0 i• -__ a a...miaoa ��...._e �7;7 CITY OF KENAI ALASKA ORDINANCE NO. 972-84 AN ORDINANCE OF THE CITY OF KENAI, ALASKA, PROVIDING FOR THE ISSUANCE OF $2,850,000 GENERAL OBLIGATION BONDS OF THE CITY AND FIX- ING DETAILS OF SAID BONDS. WHEREAS, pursuant. to Resolution No. 83-116 of the City of Kenai, Alaska (the "City") passed and approved on August 17, 1983, the following question: PROPOSITION Improvements to City's Road, Sewer and Water Systems Pursuant to Resolution 83-116 shall the City of Kenai, Alaska, be authorized to incur in- debtedness and to issue its general obliga- tion bonds or other such evidence of indebt- edness in an amount or amounts as needed, and not to exceed in the aggregate FOUR MILLION DOLLhRS ($4,000,000), for the purpose of pro- viding a portion of the funds for planning, designing, acquiring and constructing im- provements to the road, sewer and water sys- tems and related capital improvements in the City, and to pledge the full faith and credit of the City for the payment of the principal and interest on the bonds or other such evi- dence of indebtedness? Said general obliga- tion bonds or other such evidence of indebt- edness are to mature within 30 years from the date of issue and are to bear interest at a rate not to exceed the maximum rate permitted by law. (herein called the "Proposition") was passed and approved by a vote of 566 for and 275 against the Proposition at the general t iI ji ,� ■ CITY OF KENAI, ALASKA Page 2. ORDINANCE NO. '972•-84 election held in the City on October 4, 1983, and said election has been duly canvassed and the results thereof certified and confirmed in accordance with law; and WHEREAS, the City Council of the City has determined and does hereby determine that it is necessary to proceed with the planning, designing, acquiring and constructing improvements to the road, sewer and water systems and related capital improve- ments in the City (all hereinafter collectively referred to as the "Project"); and WHEREAS, it is deemed necessary and advisable and in the best interests of the City and its inhabitants that $2,850,000 principal amount of the general obligation bonds, referred to in the Proposition, be issued at this time in a ' single series, as hereinafter fixed and determined, for the pur- pose of raising funds to pay the cost of constructing and acquir- ing the Project; NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF KENAI, ALASKA, AS FOLLOWS: Section 1. Definitions. The following terms shall have the following meanings in the Ordinance: (a) "Bonds" shall mean any of the City of Kenai Gener- al Obligation Bonds, 1984 Series A, issued pursu- ant to the Ordinance as the evidence of the in- debtedness referred to in the Proposition. CITY OF KENAI, ALASKA ORDINANCE NO. 972-•84 Page 3. (b) "City" shall mean the City of Kenai, a municipal corporation of the State of Alaska, organized as a home rule city pursuant to Title 29 of the Alaska Statutes and the Charter of the City of Kenai, Alaska. (c) "Cost" shall mean the cost of acquiring and devel- oping the Project, including interest on the Bonds prior to and during the period of acquiring and developing the Project, and reasonable fees of the Paying Agents for the payment of such interest, the cost whether incurred by the City or another of field surveys and advance planning undertaken in connection with the Project properly allocable to the Project and the cost of acquisition of any land or interest therein required as the site of the Project or for use in connection therewith, the cost of preparation of the site of the Project and of any land to be used in connection there- with, the cost of any indemnity and surety bonds and premiums on insurance incurred in connection with the Project prior to or during construction thereof and all related direct administrative and inspection expenses whether incurred by it or by another in connection with the Project prior to or c, CITY OF KENAI, ALASKA ORDINANCE NO. 972-84 (d) (e) Page 4. during construction thereof and allocable portions of direct costs of the City, legal fees, fees and expenses of the Paying Agents, cost of issuance of the Bonds by the City and financing charges and fees and expenses of bond counsel, financial ad- visors and consultants in connection therewith, costs of audits, the cost of all machinery, appa- ratus and equipment, cost of engineering, archi- tectural services, desicyn, plans, specifications and surveys, estimates of cost, the reimbursement of all moneys advanced from whatever source, for the payment of any item or items of cost of the Project, and all other expenses necessary or Inci- dent to determining the feasibility or practic- ability of the Project, and such other expenses not specified herein as may be necessary or inci- dent to the acquisition and development of the Project, the financing thereof and the placing of the same in use and operation. "Ordinance" shall mean this Ordinance of the City. "Paying Agent" and "Principal Paying Agent" shall mean the banks, trust companies, or national bank- ing associations appointed by the City pursuant to Section 18 hereof. r � p CITY OF KENAI, ALASKA ORDINANCE NO. 972-84 Page 5. Section 2. Authority for Ordinance. The City has ascertained and hereby determines that each and every matter and thing as to which provision is made in this Ordinance is neces- sary in order to carry out and effectuate the purposes of the City in accordance with the Constitution and statutes of the State of Alaska and the Charter of the City, and •to incur the indebtedness and issue the Bonds as referred to in the Proposi- tion. Section 3. Purpose and Authorization of Bonds. For the purpose of raising funds to pay the cost of acquiring and developing the Project as authorized by the Proposition which, in accordance with the Proposition is hereby determined to be neces- sary, general obligation bonds of the City referred to in the Proposition, each to be designated "City of Kenai General Obliga- tion Bond, 1984 Series A", shall be issued in the aggregate prin- cipal amount of TWO MILLION EIGHT HUNDRED FIFTY THOUSAND DOLLARS ($2,850,000) as a single issue and sold at public sale or at private sale including sale to the Alaska Municipal Bond Bank on a date to be set by resolution of the Council passed prior to the sale. Section 4. Date and Maturities of Bonds. The Bonds shall mature on October 1 in the following amounts in the years set opposite such amounts: f �r• L 1! -- - CITY OF KENAI, ALASKA Page 6. ORDINANCE NO. 972-84 I I Maturity October 1 Amounts 1985 $140,000 1986 140,000 1987 140,000 1988 140,000 1989 140,000 1990 140,000 1991 140,000 1992 140,000 1992 140,000 1994 140,000 1995 145,000 1996 145,000 1997 145,000 1998 145,000 1999 145,000 2000 145,000 2002 145,000 2002 145,000 2003 145,000 ' 2004 145,000 Section 5. Payment Dates, Form and Numbering of Bonds. Each Bond shall bear interest from its date payable on the first ' days of October and April in each year beginning April 1, 1985 at I such rate or rates per annum as may be fixed and determined by k. e. resolution adopted prior to the delivery thereof. The Bonds shall be in registered form as herein provi- ded, or, in the case of sale to the Alaska Municipal Bond Bank, in the form of one fully registered bond, and payable to the Alaska Municipal Bond Bank. The Bonds shall each be of the denomination of Five Thousand Dollars ($5,000). The Bonds shall 4W f ClrY OF KENAI, ALASKA Page 7. i ORDINANCE No. 972•-84 be substantially in the form of such Bond hereinafter set forth with such appropriate variations, omissions or insertions as are permitted or required by this Ordinance or any resolution of the City adopted pursuant to the provisions of this Ordinance and may have endorsed thereon such legends or text as may be necessary or appropriate tr, conform to the rules and regulations of any governmental authority, or any usage or requirement of law with respect tbareto. Section 6. Details of Bonds. The registered Bond shall bear interest from its date, and shall be dated as of the date of its issuance, or as of October 1, 1984 at the election of the City. Each of the Bonds shall be signed by the manual or fac- simile signature of the Mayor, and the official seal of the City (or a facsimile thereof) shall be affixed, imprinted or otherwise reproduced on the Bonds, and attested by the manual or facsimile signature of the City Clerk. In case any officer whose signature I or facsimile of whose signature shall appear on any Bond shall cease to be such officer before the delivery of such Bond, such signature or such facsimile shall nevertheless be valid and suf- ficient for all purposes the same as if he had remained in office until such delivery. In the event both the signature of the Mayor and the signature of the Clerk are in facsimile form, the Bonds shall � f ,j I CITY OF KENAI, ALASKA Page S. VIWINANUE NO. 972-84 contain a certificate of a Paying Agent certifying the authenti- cation of such signatures in the following form: PAYING AGENT'S CERTIFICATE OF AUTHENTICATION This Bond is one of the Bonds described in the within mentioned Ordinance and the signa- tures imprinted hereon are the authentic signatures in facsimile of the Mayor and Clerk of the City. Paying Agent By___ Authorized Officer Both the principal and redemption price of and the interest on the Bonds shall be payable in any coin or currency of the United States of America which, at the respective dates of payment thereof, is legai tender for the payment of public and private debts. The principal and the interest on all Bonds shall be payable at the principal office of the Paying Agents, or if sold to the Alaska Municipal Bond Bank to the Bond Bank or its regis- tered assigns. Any registered Bond may thereafter be transferred only upon an assignment duly executed by the registered owner or t his attorney in such form as shall be satisfactory to the Princi- pal Paying Agent such transfer to be made on such books and en- dorsed on the Bond by the Principal Paying Agent. CITY OF KENAI, ALASKA ORDINANCE NO. 972-84 Page 9. Section 7. Ownership of Bonds. The person in whose name the same shall be registered shall be deemed and regarded as the absolute owner thereof for all purposes, and payment of or on account of the principal on such Bond and the interest on the Bond shall be made only to or upon the order of the registered owner thereof or his legal representative, but such registration may be changed as hereinabove provided. All such payments shall be valid and effectual to satisfy and discharge the liability upon such Bond, including the interest thereon to the extent of the sum or sums so paid. Section S. Mutilated, Destroyed, Stolen or host Bonds. In case any Bond shall become mutilated or be destroyed, stolen, or lost, the City may cause to be executed, and delivered, a new Bond of like interest rate, principal amount and maturity in ex- change and substitution for and upon cancellation of such mutila- ted Bond, in lieu of and in substitution for such Bond destroyed, stolen, or lost, upon the holder paying the reasonable expenses and charges of the City in connection therewith and, in the case i of a Bond destroyed, stolen, or lost, his filing with the City l evidence satisfactory to it that such Bond was destroyed, stolen, or lost, and of his ownership thereof, and furnishing the City with indemnity satisfactory to it. Any new Bond so delivered may bear a lrl+mber differing from the number on the Bond it replaces. iF Yc.�� � �®+a�ai�caa�cxrss�-a.a.om�,.+*++.� •�-.r-z �:--�--�•—. ^-Vic=-----,-_. � ,�.�,r�i-.• ..,. .... � .,. . r.��._. .....�_tigMr.. ..�w��... - t $ CITY OF KENAI, ALASKA Page 10. ORDINANCE NO. 972-84 Section 9. Exchange of Bonds. The City shall make i provision for the excnange of Bonds at the principal office of the Principal Paying Agent, and shall cause books to be kept by the Principal Paying Agent, as Bond Registrar, for the registra- tion and transfer of Bonds as provided in this Ordinance, except that t3he books for the registered Bond shall be kept at the I office of the City. Section 10. Redemption of Bonds. The Bonds maturing on or after October 1, 1995, shall be subject to redemption by or on behalf of the City prior to maturity and upon notice as here- innfter provided, as a whole or in part in inverse order of maturity on any interest payment date on or after October 1, 1994, at a redemption price equal to the principal amount nf each Bond to be redeemed, together with interest accrued thereon to the redemption date. If less than all of the Bonds of like maturity are to be redeemea, the particular Bonds to be redeemed shall be selec- ted in inverse numerical order. Section 11. Notice of Redemption. When the City determines to rodeem any Bonds, it shall give notice of such redemption, which notice shall state the redemption date and identify the Bonds to be redeemed by reference to their numbers and further state that on such redemption date there shall become due and payable upon each such Bond the principal amount thereof .t L CITY OF KENAI, ALASKA ORDINANCE NO. 972-84 Page 11. (hereinafter in this Ordinance referred to as the "Redemption Price") together with interest accrued to the redemption date, and that from and after such date interest thereon shall cease to accrue. Such notice shall be given by mailing notice to the registered owner of each Bond at the address kept on the books of the City. Section 12. Payment of Redeemed Bonds. Notice of redemption having been given in the manner provided in Section 12, the Bonds so called for redemption shah become due and pay- able on the redemption elate stated in said notice at the applic- able Redemption Price on said date plus interest accrued and un- paid to the redemption date, and, upon presentation and surrender thereof, at the principal office of the Paying Agent or in the case of the registered Bond, at the office of the City, together with, in the case of Bonds registered otherwise than to bearer, a i written instrument of transfer duly executed by the registered owner or his duly authorized attorney. Section 13. Form of Fully Registered Bond. The fully registered Bond shall be in substantially %lie form set forth below with such insertions or variations as may be required or i permitted by the Ordinance: �r�r-a��,..�—�c—'�--�r�.xr_,—...vrx-:m:�.'r�x�acxas�'��"--i;s� •-resale;._ "--:-R.+�..�.�..w�.;a-sr�9 � r. ���. CITY OF KENAI, ALA£KA Page 12. ORDINANCE NO. 972-84 UNITED STATES OF AMERICA STATE OF AL•ASKA CITY OF KENAI (A Municipal Corporation of the State of Alaska) The City of Kenai, a municipal corporation of the State of Alaska (the "City"), for value received acknowledges itself indebted and hereby promises to pay to Alaska Municipal Bond Bank or registered assigns, the principal sum of Two Million Eight Hundred. Fifty Thousand Dollars ($2,850,000) in the following installments on October 1 of each of the following years, and to pay to the registered owner hereof interest on each such install- ment from the date hereof until the City's obligation with respect to the payment of such installment shall be discharged, on the first days of October and April of each year, beginning April 1, 1985, as follows: Maturity Interest October 1 Amount .ate 1985 $140,000 1986 140,000 1987 140,000 1988 140,000 1989 140,000 1990 140,000 1991 140,000 1992 140,000 1993 140,000 1994 140,000 1995 145,000 1996 145,000 1997 145,000 1998 145,000 1999 145,000 2000 145,000 2001 145,000 2002 145,000 2003 145,000 2004 145,000 CITY OF KENAI, ALASKA Page 13. ORDINANCE NO. 972-84 This Bond, as to principal and interest when due, will be payable at the office of the City in any coin or currency of the United States of America which at the time of payment is legal tender for the payment of public and private debts. This Bond is the single registered Bond of the series of Bonds entitled General Obligation Bons'., 1984 Series A, of the City of Kenai, Alaska, aggregating $2,850,000 in principal amount authorized for the purpose of providing funds to pay a portion of the cost of planning, designing, acquiring and constructing im- provements to the road, sewer and water systems and related capital improvements in the City, with the question of their issuance for such purposes approved and ratified by majority vote 4 of the qualified voters of the City who voted on a Proposition authorizing the Bonds at the general election held on October 4, 1983, and is issued pursuant to Ordinance No. 972-84 of the City entitled: An Ordinance of the City of Kenai, Alaska Providing For the Issuance of $2,850,000 General Obligation Fonds arid Fixing Details of Said Bonds (herein called the "Ordinance"). The Bonds are to be numbered from one consecutively upwards in order of maturity. The installments of this Bond becoming due on or after October 1, 1995, are subject to redemption by or on behalf of the City prior to maturity and upon notice as set forth in the Ordinance as a whole or in part in inverse order of maturity on any ini-pract r-j..._..t datc on or =ftca Cctotpai 1, 1774 , a a i r l CITY OF KENAI, ALASKA ORDYNANCE NO. 972-84 Page 14. redemption price calculated with respect to each installment or portion thereof to be redeemed equal to the amount thereof, plus accrued intereat. to the date of redemption. This Bond is transferable, as provided .in the Ordinance, only upon the books of the City kept for that purpose at the principal office of the City by the registered owner hereof in person or by his attorney duly authorized in writing upon surrender hereof together with a written instrument of transfer satisfactory to the City duly executed by the registered owner or such duly authorized attorney. The City may treat and consider the person in whose name this Bond is registered as the holder and absolute owner hereof for the purpose of receiving payment of, or on account of, the principal hereof and interest due hereon and for all other purposes whatsoever. This Bond is a general obligation of the City of Kenai, Alaska, and the full faith and credit of the City are pledged for the payment of the principal of and interest on this Bond as the same shall become due. IT IS HEREBY CERTIFIED AND RECITED that all conditions, acts or things required by the Constitution and laws of the State of Alaska and the Charter of the City of Kenai to exist, to have happened or to have been performed precedent to or in the issu- ance of this Bond, exist, have happened and have been performed, and that the issue of Bonds of which this is one, together with U I INA spalow OW A- ..ic•Lb[I�J _.. �_�. ._... �cyt �i%�n �,i :l=•� :..�.._—_...... _.__.�x ._ui -. _. — _ -_ � -_ ��=-'� '- _-r. ..�_� .4.A�Lts 3 �{f 1 1� _ -. _ CITY OF KEW.I, ALASKA Page 15. ORDINANCE NO. 972-84 all other indebtedness of the City, is within every debt and other limit prescribed by said Constitution, statutes or Charter. IN WITNESS WHEREOF, THE CITY OF KENAI, ALASKA has caused this Bond to be signed in its name and on itrs behalf by the manual facsimile signature of the Mayor and the official seal of the City (or a facsimile thereof) to be affixed, imprinted, or otherwise reproduced hereon, and attested by the manual or fac- simile signature of the City Clerk, all as of the day of !_ 19 Mayor [SEAL) ATTEST: City Clerk Section 14. Form of Reaistered Bond Not Sold To The Alaska Municipal Bond Bank. Should the Bonds not be sold to the Alaska Municipal Bond Bank, the Bonds shall be in substantially the form hereinabove set forth except that the fist, second and fourth paragraphs thereof shall be in substantially the following forms respectively: 6 F-- .Y,.�.+..e.____..,.....�--i__..�..li.v.t.:'i:.:iS. i:�S � ___ -.- _. ..� .�.e. vu _ -_ .. �- - m.+s�w--- •.n.r_,._ CITY OF KENAI, ALASKA Page 16. ORDINANCE NO. 97 2-84 FIRST PARAGRAPH The City of Kenai, a municipal corporation of the State of Alaska (the "City"), for value received, acknowledges itself indebted and hereby promises to pay to _ or registered assigns, on the first day of October, 19w, upon presentation and surrender hereof, the principal sum of _ Dollars ($ _), and to pay interest on such principal sum from the date hereof until its ob- ligation with respect to the payment of such principal sum shall be discharged, at the rate of per centum (i%) per annum, payable on the first days of and in each year. The principal, interest and redemption price of this Bond shall be payable in any coin or currency of the United States of America which at the time of payment is legal tender for the payment of public and private debts. Principal shall be paid to the registered owner or assigns upon presentation and surrender of this Bond at the corporate trust offices of (hereinafter called the "Principal Pay- ing Agent") or (herein together with the "Principal Paying Agent" collectively called the "Paying Agents") or their successors. SECOND PARAGRAPH This Bond is one of the General Obligation Bonds, 1984 Series A, of the City of Kenai, of like tenor and effect except itlY►sW !•J'.+�.•�.uwY+.�`.Na r•.r��w .e s r •'a•y-.•_. ..w..... .� _._ � �.. .. �... �."i'—_ _ � v...—. - f, C _ 1, �=-�i�'. _-+L__...Y '3.�t�•=.= � _ _. ..� .. _.. .-. .. _ ._ .. .w,c�>a.c__—.�_v—.na CITY OF KENA1, ALASKA Page 17. ORDINANCE NO. 972-84 �! as to interest rates, serial number, and maturity, aggregating j $2,850,000 in principal amount, and constituting bonds authorized for the purpose of providing funds to pay a portion of the cost of pianning, designing, acquiring and constructing improve.nents to the road, sewer and water systems and related capital improve- ments in the City, with the question of their issuance for such purpose approved and ratified by a majority vote of the qualified voters of the City of Kenai, who voted on a Proposition at an election in the City on October 4, 1983, and is issued pursuant i` to OrdinancR 972-84 of the City entitled: AN ORDINANCE OF THE CITY OF KENAI, ALASKA, PROVIDING FOR THE ISSUANCE OF $2,850,000 GENERAL OBLIGATION BONDS OF THE CITY AND " FIXING DETAILS OF SAID BONDS. (herein called the "Ordinance"). FOURTH PARAGRAPH f The Bonds maturing on or after October 1, 1995 are subject to redemption by or on behalf of the City prior to matur- ity and upon notice as set forth in the Ordinance as a whole or in art in inverse order of maturity on an interest 1� y y payment date on or after October 1, 1994 at a redemption price equal to the principal thereof plus interest accrued to the redemption date. If less than all of the Bonds of like maturity are to be redeem- ed, the particular Bonds to be redeemed shall be selected by lot within such maturity as provided in the Ordinance. d �� CITY OF KENAI, AUASkA ORDINANCE NO. 972-84 Page 18. Section; 15. Paying Agents. One or more Paying Agents shall be appointed by a resolution adopted by the City prior to the -time of sale of the Bonds;, unless the Bonds are sold at pri- vate sale in the form of a single registered Bond to the Alaska Municipal Bond Bank, in wr:,,ich case no Paying Agents need be appointed by the City. The City shall indemnify and save harm- less the Paying Agents against any liabilities which they may incur in the exercise and performance of their powers and duties as Paying Agents which are not due to their negligence or de- fault, and shall pay their reasonable charges for their services as Paying Agents. The Paying Agents may become the owners of or may deal in Bonds, as fully and with the same rights as if they were not Paying Agents. Section 16. Authority of Officers. The Mayor, City Manager, Finnnce Director and the City Clerk, are, and each of them hereby is authorized and directed to do and perform all things and determine all matters not determined by this Ordinance or to be determined by a subsequent ordinance or resolution of the City, to the end that the City may carry out its obligations under the Bonds and this Ordinance. Section 17. Miscellaneous. (a) All payments made by the City of, or on account of, the principal of or interest on the Bonds shall be made on the several Bonds ratably and in proportion to the amount due i CITY OF KENAI, ALASKA ORDINANCE NO. 972-84 Page 19. thereon respectively for principal or interest as the case may be. (b) No recourse shall be had for the payment of the principal of or the interest on the Bonds or for any claim based thereon or on this Ordinance against any member of the City Coun- cil or officer of the City or any person executing the Bonds. The Bonds are not and shall not be in any way a debt or liability of the State of Alaska or of any political subdivision thereof, except the City, and do not and shall not create or const�.tute any indebtedness or obligation, either legal, moral or otherwise, of said State or of any said political subdivision thereof, ex- cept the City, and neither said State, nor any said political subdivision, except the City, shall be liable on the Bonds, and the Bonds are not and shall not be payable out of any funds other than those of the City. Section 18. Sale of Bonds. The Bonds shall be sold at public or private sale, including sale to the Alaska Municipal Bond Bank, upon such terms and conditions as may be fixed and determined by a resolution adopted by the City Council prior to the time of sale. Section 19. Arbitrage Covenant. The City covenants with the holders of all Bonds at any time outstanding that it will make no use of the proceeds of the Bonds which will cause the Bonds to be "arbitrage bonds" subject to federal income taxa- 4 CITY OF KENAI, ALAS -.(A Page 20. ORDINANCE NO. 972-84 tion by reason of Section 103(c) of the Internal Revenue Code of 1954. To that end, so long as any of the Bonds are outstanding, the City, with respect to the proceeds of the Bonds, shall comply with all requirements of said Section 103(c) and of all regula- tions of the United States Department of the Treasury issued thereunder, to the extent that such requirements are, at the time, applicable and in effect. Section 20. Variation of Terms. The amount, date, maturities, payment dates and redemption provisions of the Bonds may be -varied or changed by the City Council by resolution adop- ted prior to the time of sale. Section 21. Obligation of Bonds. The Bonds shall be direct general obligations of the City and the full faith and credit of the City are hereby pledged to the payment of the prin- cipal of and interest on the Bonds. Section 22. Pledge. The City hereby irrevocably pledges and covenants that it will levy and collect taxes upon all taxable property within the City without limitation as to rate or amount, in amounts sufficient, together with other funds qj available therefor, to pay principal and interest on the Bonds as - the same become due and payable. - I t %i. CITY OF KENAI, ALASKA Page 21. ORDINANCE NO. 972-84 i PASSED by the Council of the City of Kenai, Alaska, this 5th day of 3eptember 1984. ATTEST: 7 J T WHELAN, City Clerk TOM or First Reading: August 27, 1984 Second Reading: September 5, 1984 Effective Date: October 5, 1984 CITY OF KENAI %od cap " 4 4"fo, 21O RDALOO KENAI. ALASKA Yob„ - TELEPHONE 263. 7535 MEMO TO: Kenai City Council FROM: Charles A. Brown SUBJECT: Bond Ordinance (#972-84) DATE: August 29, 1984 A substitute ordinance has been provided. The only changes are related to dates that the bonds mature or are callable: Pages 6 and 12 2nd Paragraph, Page 10 Last Paragraph, Pages 13 and 17 The amendment discussed at the August 27, 1984 Special Council meeting is not now needed. Please adopt the substitute.