HomeMy WebLinkAboutORDINANCE 0205-1971CITY OF KENAI, ALASKA
ORDINANCE NO. 205-71
AN ORDINANCE OF THE CITY OF KENAI, ALASKA,
PROVIDING FOR THE ISSUANCE AND SALE OF
$2,000,000 OF GENERAL PURPOSE, GENERAL
OBLIGATION BONDS OF THE CITY OF KENAI FOR
THE PURPOSE OF PROVIDI~'~G FUNDS TO DESIGN,
PLAN, ACQUIRE, CONSTRUCT, INSTALL AND
EQUIP A CIVIC CENTER COMPLEX, ADDITIONS
AND IMPROVF2.tENTS TO THE WATER SYSTEM,
ADDITIONS AI{D IMPROV~IENTS TO TIIE SEWER
SYSTFJ4, ADDITIONS AND IMPROVL~ENTS TO THE
MUNICIPAL AIRPORT AND ADDITIONAL PARK AND
RECREATION FACILITIES; AI~D FIXING THE DATE,
FORM, TEPJ4S AND MATURITIES OF SUCH BONDS.
~IEREAS, at a special election held in the City of
Kenai, Alaska, on May 25, 1971, pursuant to Resolution No.
71-12, adopted May 5, 1971, the provisions of the Charter of
the City of Kenai and other proceedings duly and regularly
~aken, the qualified voters of the City authorized the issuance
of general obligation bonds of the City in the following amounts
for the folly;lng purposes=
1. $800,000 to plan, acquire, install and equip
a civic center complex for the City including an
auditorium convention center, a library health center,
conference rooms, kitchen and swimming pool, together
with all necessary utility and appurtenances;
2. $1,421,282 to plan, acquire, construct and
install certain capital improvements to the water
supply and distribution of the City, including a
21" trunk line from the Kenai River above Eagle Rock
to the industrial complex north of the City, a second
artesian well, an elevated storage facility, a trans-
mission line from the City to Wildwood Air Force
Station, improvements necessary to lOOP a major portion
of the water supply and distribution system and addi-
tional ~aterals in areas of the City not nc~; served;
3. $350,000 to plan, acquire, construct and install
capital improvements to the sanitary sewer system of
the City, including a west interceptor line and lift
station in the Mommsen area, an east interceptor line,
an airport interceptor line, a net; primary and secon-
dary treatment plant and additional laterals to serve
areas of the City not not; served;
4. $526,587 to plan, acquire and construct a
cargo ramp, general aviation terminal ~%d access road
improvements to the Kenai Municipal Airport;
5. $79,682 to plan, acquire, construct and
install additional parklands and facilities, a n~
rifle range and oval track, and to fence and screen
the existing parklands from the municipal cemetery;
and
WHEREAS, the City has issued a total of $1,000,000
of such authorized bonds under date of August 1, 1971 to provide
the following amounts for the following purposes~
PURPOSE
Civic Center Complex
Water Sy=tem
Sewer System
Kenai Airport
Park and Recreation Facilities
~40~;T
$ 40,000
100,000
100,000
35,000
35,000; and
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?;HEREAS, it is necessary that the date, form, terms
and maturities of such bonds be n~; fixed;
NOW, THEREFORE, BE IT ORDAINED BY T}IE COUNCIL OF
CITY OF KENAI, ALASKA:
Section 1. That for the purpose to design, plan,
acquiro, construct, install and equip a civic center complex,
additions and improvements to the water system, additions and
improvements to the sewer system, additions and improvements
to the municipal airport and additional park and recreational
facilities, the City shall issue and sell its general purpose
general obligation bonds in the aggregate princi~al amount
of $2,000,000 out of the $4,000,000 of bonds authorized by the
qualified voters of the City at the special election held
therein on May 25, 1971, pursuant to Resolution No. 71-12
adopted May 5, 19 71.
Said $2,000,000 of bonds shall be sold as one issue,
but the funds derived therefrom shall be allocated as follows:
1.. $750,000 to plan, acquire, install and
equip a civic cen~ur complex for the City including
an auditorium convention center, a library health
center, conference rooms, kitchen and swimming pool,
together with all necessary utilities and appurtenances
2. $470,000 to plan, acquire, construct and
ins~a11 certain capital improvements to the water
~upply a~ld distribution of the City, including a 21"
trunk line from the Kenai River above Eagle Rock
to the industrial complex north of the City, a second
artesian well, an elevated _~torage facility, a tran_--
mission line from the City to Wildwood Air Force
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Station, improvements necessary to loop a major portion
of the water supply and distribution system and
additional laterals in areas of the City not now
served;
3. $250,000 to plan, acquire, construct and
install capital improvements to the sanitary sewer
system of the City, including a west interceptor
line and lift station in the Mommsen area, an east
interceptor line, an airport interceptor line, a new
primary and secondary treatment plant and additional
laterals to serve areas of the City not now served.
4. $485,318 to plan, acquire and construct a
cargo ramp, general aviation terminal and access
road improvements to the Kenai Municipal Airport;
and
5. $-~4,682 :o plan, acquire, construct and
install additional parklands and facilities, a new
rifle range and oval track, and to fence and screen
the existing parklands from the municipal cemetery.
The cost of issuance, sale and delivery of the bonds shall be
allocated in the same proportion or ratio.
Said $2,000,080 of bonds shall be dated January 1,
1972, shall be in the denomination of $5,000 each, shall bear
interest at the following rates payable July 1, 1972 and semi-
annually thereafter on the first days of January and July, and
shall be numbered and mature in order of their number on the
first day of January as follows:
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Bond i~os. Maturity Year ~r~un~
Interest Rate
X-X2 1974 $ 60,000 6.20%
13-25 1975 65,000 6.20%
26-39 1976 70,000 6
40-53 1977 70,000 6.20%
54-68 1978 75,000 6.20%
69-84 1979 80,000 6.20%
85-101 1980 85,000 6.20%
102-119 1981 90,000 6.20%
120-138 1982 95,000 6.25%
139-158 1983 100,000 5.60%
159-179 1984 105,000 5.75%
180-201 1985 110,000 5.90%
202-225 1986 120,000 6.00%
226-250 1987 125,000 6.10%
251-277 1988 135,000 6.20%
278-305 1989 140,000 6.25%
306-335 1990 150,000 6.25%
336-367 1991 160,000 6.25%
368-400 1992 165,000 6.25%
Both principal of and interest on said bonds shall
be payable in lawful money of the United Sta~es of America at
the Kenai Branch of National Bank of Alaska, Kenai, Alaska, or
at the option of the holder, at Seattle Trust & Savings Bank,
Seattle, Washington, or Chemical Bank, New York, New York.
The City hereby reserves the right to redeem an7 or
Section 2.
all of the outstanding bonds of this series in inverse numerical
order at the following times and at the folly;lng redemption
prices, expressed as a percentage of principal amount plus
accrued interest to the date of redemption~
Redemp~tion Date
Redemption Price
January 1 a~d July 1, 1982
January i and July 1, 1983
January i and July 1, 19 84
January I and July 1, 1985
January 1, 1986 and any interest
payment date thereafter
104
103
102
101
100
Notice of any intended redemption shall be given b7
one publication thereof not less than 30 nor more than 45 days
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prior to the redemption date in The Bond Buyer, New York, New
York, or any successor financial journal of national circulation,
in The Daily Journal of Commerce, Seattle, Washington, or its
successor, if any, and in a newspaper of general circulation
in Anchorage, Alaska. Interest on any Bond or Bonds so called
for redemption shall cease on such redemption date unless the
sa_me are not redeemed upon presentation made pursuant to such
call. In addition to such publication, the City shall also
mail notice of such intended redemption to Standard & Poor's
Corporation and Moody's Investor's Service, Inc., New York,
New York, or to their successors, if any. The mailing of such
notice shall not, however, be a condition precedent to the
¢all of any Bonds for redemption.
Section 3. Said bonds shall be knovm as "City of
Kenai Alaska General Purpose General Obligation Bonds, First
Series 1972," and shall be in substantially the following
fo~m:
UNITED STATES OF AMERICA
NO. $5,000
STATE OF ALASKA
CITY OF K~NAI
GENERAL PURPOSE
GENERAL OBLIGATION BOND
FIRST SERIES 1972
"tl
KNOW ALL MEN BY THESE PRESENTS:
That the City of Kenai, a municipal corporation of
the State of Alaska, hereby acknowledges itself to owe,
and for value received promises to pay to bearer on the first
day of January, 19 the principal sum of $5,000, together
with interest thereon at the rate of percent per
annum, payable July 1, 1972 and semiannually thereafter
on the first days of January and July, uDon presentation
and surrender of the attached interest coupons as they
severally become due. Both principal of and interest on
this bond are payable in lawful money of the United States
of America at the Kenai Branch of National Bank of Alaska,
Kenai, Alaska, or at the option of the holder, at Seattle
Tz~/st & Savings Bank, Seattle, Washington, or Chemical
Bank, New York, New York.
The City has reserved the right to redeem any or
all of the outstanding bonds of this series in inverse
ntu~erical order at the following times and at the following
principal amount plus accrued interest to the date of
redemption~
Redemption Date
January i and July 1, 1982
January 1 and July 1, 1983
January 1 and July 1, 1984
January i and July 1, 1985
January 1, 1986 and any interest
payment date thereafter
Redemption Price
104
103
102
101
100
Notice of any intended redemption ~ha!l be given by
one publication thereof not less than 30 nor more than 45
days prior to the redemption date in The Bond Buyer, New
York, New York, or any successor financial Journal of
national circulation, in The Daily Journal of Commerce,
Seattle, Washington, or its successor, if any, and in a
newspaper of general circulation in Anchorage, Alaska.
Interest on any Bond or Bonds so called for redemption
shall cease on such redemption date unless the same are
not redeemed upon presentation made pursuant to such call.
I~ addition to such publication, the City shall also mail
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1
1
notice of such intended redemption to Standard & Poor's
Corporation and Moody's Investor's Service, Inc.,
York, N~; York, or to their successors, if any. The
mailing of such notice shall not, however, be a condition
precedent to the call of any Bonds for redem9tion.
This bond is one of a series of $2,000,000 of bonds
of like amount, date and tenor, except its number, rate
of interest and date of maturity, and is issued for various
capital purposes pursuant to the statutes of the State
of Alaska, the Charter of the City of Kenai, a vote of
the qualified electors of the City and duly adopted re-
solutions and ordinances of the City.
This bond and the bonds of the series of which ~his
bond is one are payable out of the fund created by Ordinance
No. 205-71 of the City entitled "Kenai First Series 1972
General Purpose General Obligation Bond Redemption Fund."
The City has irrevocably covenanted that it will levy and
collect taxes annually upon all the taxable property within
the City, without limitation as to rate or amount, and in
amounts sufficient, with other available funds, to pay the
principal of and interest on said bonds as the same shall
become due. For the annual levy and collection of such
taxes and the prompt payment of such principal and interest,
the full faith, credit and resources of the City of Kenai,
Alaska are hereby irrevocably pledged.
It is hereby certified and declared that all acts,
conditions and things required by the Constitution and laws
of the State of Alaska and the Charter, ordinances and
resolutions of the City to be done precedent to and in
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the issuance of this bond have happened, been done and
performed, and that the total indebtedness of the City,
including this bond and the bonds of this series does
not exceed any constitutional, statutory or charter debt
limitation.
IN WITNESS ~IEREOF, the City of Kenai, Alaska has
caused this bond to be signed by its Mayor, to be attested
with the fac~imile signature of its Clerk, the official
seal of the City to be impressed hereon, and the interest
coupons attached hereto to be signed with the facsimile
signatures of said officials this first day of January,
1972.
CITY OF KENAI, ALASKA
By.
Mayor
ATTEST
~ty Clerk
The interest ooupons attached to said bonds will be
in substantially the following form:
NO.
On the first day of
· 19 ., the City
of Kenai, Alaska, will pay to bearer at the Kenai Branch
of National Bank of Alaska· Kenai, Alaska, or at the
option of the holder at Seattle Trust & Savings Bank,
Seattle, Washington, or Chemical Bank, New York, New York,
the amount shown hereon in lawful money of the United
States of America, said sum being the semiannual interest
due that date on its General Purpose General Obligation
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Bond, First Series !972, dated January 1, 1972, and
numbered .
CITY OF KENAI, ALASKA
Mayor
ATTEST:
Clerk
Section 4. The bonds shaI1 be signed on behalf of
the City by its Mayor, shall be attested with the facsimile
signature of its Clerk, and shall have the corporate seal
of the City impressed thereon. Each of the interest coupons
attached thereto shall be signed with the facsimile signatures
of uaid off~cials.
Section 5. The proceeds of the sale of the bonds
(except for accrued interest, if any, which shall be paid into
the bond redemption fund hereinafter created) shall be used
solely for the purposes set forth in Section 1 of this ordinance.
S_ection 6. There is hereby created a special fund
of the City, to be known as the "Kenai First Series 1972 General
Purpose General Obligation Bond Redemption Fund" (hereinafter
called ~5e "bond redemption fund"), which fund shall be drawn
upon for the sole purpose of paying the principal of and interest
on the bonds of this series as the same shall become due and
payable.
The City hereby irrevocably covenants that it wi~l
ma~o annual levies of ad valorem taxes upon all the taxable
property within the City without limitation as to rate or
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amount, and in amounts sufficient, with uther monies of the
City legally available therefor and Daid into such fund, to pay
the princiDal of and intero, t on the bonds of this series as
the same shall become due. The full faith, credit and resources
of the City are hereby irrevocably pledged for the annual levy
an4 collection of such taxes, and for the prompt payment of
such principal and interest.
Bootion 7. The sale of the bonds to Foster & Marshall
Inc., Seattle, Washington and Franklin National Bank, New York,
New York and Associates under tho terms, conditions, covenants
and interest rates set forth herein, at par plus accrued in-
terest, is hereby in all respects ratified and confirmed.
PASSED b~ the Council of the City of Kenai, Alaska
and approved by its Mayor at a regular meeting of said Council
held on the 15th day of December, 1971, after notice thereof
given as provided by law,
CITY OF KENAI, ALASKA
/~- May~r
ATTESTs
/
ornoy
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FIRST READING: //_ day of December, 1971.
PASSED: /~- day~ December, 1971.
I, SHARON STERLING, the duly appointed and qualified
acting City Clerk of the City of Kenai, Alaska, DO HEREBY
CERTIFY that the foregoing is a true and correct copy of
Ordinance No. 205-71 of said City, duly passed by its Council
and approved by its Mayor at a regular meeting of said Council
held on the 15th day of December, 1971, after notice thereof
given as provided by law.
SHARON STERLING~ ~
~ City Cle-.k