HomeMy WebLinkAboutORDINANCE 0172-1969 . AJ~ OBDI:~/~:,'C~ of the City of genal~, Alaska,. ~uthorizln~
~', ', "'"' ' 'the i~u~nco of $50,000 prtng~p~l ~o~nt ol' zeneral '
.... · . ~b~tior, bond~ o.f the city, fixin~ tho date, form,
' e" · '~tb~., matuvltiea and covenants of auc~ bo~,
'" "'c1~ ~o pay the prinefpal thereof ~n~ ~B~e~e~t
;,,.;.,. ~ ,.~e~tn~ a construction f~nd, eonfl~mlg~ithe sale of
, '.' such 'bonds, and declaring an '.emergencY;"*.;~ ' ' ' *' '"
~E~A8, at a special ele~tton held ~n ~Be C~ty,'of
Alaska ~here:n,called tt~e "City"), on Feb~y 5, 196~, pursuant to
~he C!t~ ~h~rte~,'to Re~olutiot~ 11o. 58 and othe~ ~e~e~tions and
n~.cea.'.of the C~ty Council, the qualified electors ,~f the C~ty autho~Xzed
the 'io~uanc~ of. Eoneral obligation bonds of the City tn the sub,of'not
e~eed g200io0o For the purpose of p~o.v~di~& fund~+ ~? pay the eo=t
o~.~tm~C~,Xon of ~atev ~alns and v]ater dist~ib~tLo~ works within the"Ct~'~..
a~u~tenanee~ ,,
lna~allat$o~ oF all n~-:~c.~sary equipment, ~ppl/~ees, f~xturee
othe~ a~purtenancoo ;. and
p~lnclp~l .a=oun'~.of bon4~ uo authorized have ~en heretofore ~eaU~.d Under..
novz.!.3~,ue.S~-O,,O00 prlnc~pa! a~;ount of ~uch b~ ~o ~a~ the eo~
carr~'~nC, out part cf said pXnn of improvements a~ p~vided.: . ~..~n'~axd ....
~;l~;:~A~, thc City }:a~ ~ec~tved an off~r from liar~hnli ~nd,.
.'.~,lp.~.~', .'~c~,Fo:'ated, an lnve~:n, en~ banking corporation of SeatLle,, .,':~: ..,
~ia~'~1:~;tcn, t~ puri:~:a~c m~cb $50,000 of ~uch ~ond~ at poi' plu~ ~cc~ued' .-"'
I¢/
.-,{
a. '~,, wt~,,] "c~,.y" s},all ,:can tlc City of' Kenat, Alaska, a
. ~y~t,.'r. ~;hall mean the watr'r supply 8nd dis-
t~lbut:c,n syute:~. , f' tl~e C]ty ;~.; the same shall be added to, betteFed,
~mp~.oved anu ex',]nd,,] ['..,;' a:; lonc as any of thc Donds are outstanding,
c. ';'Lo word,; "A'~tLor~zed Bonds" shall mean the $200,000 of
genoral obl~atlon w:~t,.~.. ',,~:te~.. ~o~ds of t.~c City authorized pu~suan.t
~0 He;;olutio~% Nq. 5i'. of iL.. City ,nd a vote of the qualified electors
th6~meof ;~t a :'Fec~'i] elco' ~c:; held on February 5, 1963.
d. 'i;~, v?,;'? "1~(,4 i{onds" shall mean the $75,000 principal
amount of t~.. Auth..r; z,,J }'o~1(t:; heretofore l:;sued u~de~ date of
Sept~.mt.er i, ]96h ;':]r~;t;a:' t,, '~,dlnance No. 68.
e. Tho wom~ "bonds" :~i~ai' m~an the $60,000 p~lnctpal amount
of the Aut:h,~,[zc,: 1"~ ~" i:;:;,;cJ [,uFsu'~nt ~o ar. '. fcr the purposes p~o-
Settle:' ,. For tl~e pu~[~ -e (,f providinK fund~ to pay the cos~
'fhc i .... ,;. .~ ,l'[ ~(: da~.?i OctobeP 1, 1',63, shall Ue ir; the
Both p:.',nc~pal of and intere:;t on the Bond~ shall be payabee
in lawful money -,f t),,, United Statez of America at the main office Of
the Seatt]~ Tr, u::t and /~av~n~i:; Bank In Seattle, WashinEton, cr at the
option cf thc h,;ldo~ at t~ Kenat Branch, Alaska Stat. bank, In the
City.
Sect[on ~. qbe City hereby ~eserves t~e right to ~edeem the
Bonds, in whole,, o~ ~n pa~t in Inverse numerical o~deF, at par plus
accrued inter~: t, on any tsteFest payment date on and after Octobe~ 1,
197~.
Notice of any · '..c~: Ir~,+~'nded redemption shall be given by o~e
publication ther:(:of in :, { u;;In..:-:.-':'., and financial Journal or a newspaper
of general circulation in t :(.. City of Seattle, Wauhlng, ton, not mol'e than
forty ~o~' les": than tht~'ty (lays prior to ;.,uch redemption date and by
matlJng a llke not:ce at the same time to Marshall and Meyer at its main
place f business irt Seattle, Washington, or to the business sueces$oF
of said covpova;.lo"~, :f any,~, its ~::a!n place of business, lnterest on
the Bonds so call¢~ for redemption :;hall cea:~e on such redemp~ion date
unless the same a:: not red,:,.,,m(d u;.nn presentation made pursuant to suet
oaii.
Section ;l. Ti,ere ha:; '.,:,..:.et., fore beer, created by Section
of said Ordinance 'N¢~. 68 a special fund of the city known as ~he "Kenai
~96~t General Obli~at.i r, Wate~ Bond l-'edempti~:n Fund" which fund is ~o be
draw~, t~pon for the '~ t-.uti,os,, o:' paying the principal of an(i interest
on t~,e Autno)".z' ; E(,hds ao i.~,'~ aame shall )eeome due and paya?le.
Thu City he)., ~.y 'r~.,~vocably cov,::~ants that It will make annua
levle:; (>I' a,I ,.,a.or~m l',z ..... ,;on all tile taxable prc;~erty %-:Jthln the Cit
without ]tmit'~tion",:: to. rat(. ct' amount and in an amount
and ]',r.t.'.'. toJ. ,,~,: ~......' ~.,.r, ,it;~ ~tny t,~)':er' moneys le[:atly available tiler
Tho City hepel>y f.~rttJe:' !i.ruv'.'."ab,.; .......
¢onnectlon~ with ':,e Syst~.m as th:. :;amp a:(: ,:.
All of :;ueh taxes and conn~c:.]on eh:::',7:: ~, coil, c',. ~ r,h',.l] be
paid into said Bond Rodempt ', on Fun.i at ',.;:. I ',.!.l:'ty ,ia/.':; p?!or to the
dates upon which any ln:;taiLm,'nt of' ',nteP:,.:t ,,:iop ppis.:":':,', cf arid intoFe
oh the Dondz shall be':~:m'' due and payf:l,le, 1.' ;:'.cunt" ..u: '.1,::.t Lo pay
such installment~ as the z:~me shall ',.pc~,m~, ' ,.. t,;1 o£ the mo:,ey so paid
for' th,' pay~,.'l,t of the
~n~o sa~-d Bond H,:demF'. :.on F nld ma3 be b,c.,l ..'..
ou% of :,~uh fund.
The C~ may also pay :' ich a:..runt'.~ of :.::,. F:",.;: eaFnl~g,s and
~eYenue of thu $~s~em ir, to such Jt,.n. !,'~: ;' io~. F,r.d ~3 :~hal] be deemed
neceszar~ and advisable b~ the C:'-..
In the event any ::peci;,.~ · ~'
properties which will be benefite;} ~.y t:;c ac.s'.: :' .,m, uon:'t..~c~on and
Installation of the lmr,~ovc, ments to [e :':ado ¢. , ·
· tl.ut such a:;:~:~sments
of the Bends, the City ' "r,.'t.y cow.r: .' and ;,,'; ".
herein p:~v!ded.
Secblon 5.
The Bcndr.
fo~m;
U;: i'I'ED STATES
Fl';!. ';"' ........
Both princtF, I of n:)d i:)tere:;t or, ) 1:: :, :',,t are payal,!e in
lawful mon~.,' of th'.' United 2tare-'.. .f ;,.' .-'~ a: thv mai:'.' office
of tbt, °cattle Tru:;' :: ,d ",' ..... att' '
at. :.,e option ¢,f the holdez' ~:t
Batik, in Ke~,al,
This bond ~:: one of an i:
date an;1 ~enor u~cept a:; ~o t ;.. ...',:.: ;a~
~h,~ principal amount of $60,'.: -' I:~
Constitution and lawt~ of the :'t ,to ,.,f
fled electors of th," City of J'.,..::
,:;¢.., Al:l:;i,a Llt:.te
c.:,tr. ,.f like amount,
f ;-~: .r''y m'. ;,:f;atlng
· : 1.,,: ,uar.t ;C the
· : vt'(. 37 thc
:...: Pt.r,~ and duly
'~.', 9: ? th~; pur'i,ose
of providing Fun,.i. to pay ti:,. c,.:.t ,f :,e !~ :"~.,', ,.onst:'t, ct inf: and
tnst,lltng (;,'train capital tmpr:;'ze:'.ent · · '.:.,. uate:' ::~q'; ly and
dlz, tr'l..~tlon :~ystem .)f tho clly,
The City ~)f Renal ~,,~ lr,'~ .'ocab!y ,' '. 'u t. (: th ,' ;~ will levy
and oullect ad valorem taxes a~nua;l/,' .' qll tlm tax;,l.!r' property
within th,, city v.[thout llm!'',il~;n a,, tc ;.,,~e ~:' amcu~,t ar',d in
8,;~untz sufflc[o:~, wit: ,ti;u~: monr'Y: ..'h ~:':','t ,nd ]r':la!ly available
fop such pul,Fo;',~, t~ p'~y t:.. ~ ,.. .'.n;,l ; :' ;l,. ~ [~,t~ r,..;t on tile bo~ds
of th!:~ l:~:~,le ;,:' t~o a.,~:.~ .... ~.. :,~c~;' ,. l,,, . F..,' t~.c arm,ia] levy
and c(,ll~,c%lc:r~ oF ;ut}, '.:~..:~.' .~:~ ~.~, i pc; :,t [ ,'."~er:t of such
'4
tr;,.. City cf E,~na; are h~.,.-,:ty :r',','v~'::;.~'13 , -' :'"
it 1:: hcrf..by ccrti;i,:d :lr:.~ d:, i.',:',.l t:::,t :,. i ".,.::.', condltlc.ns
and th~im.;s r'eq,:lr,:~! ::,y tim C,:~..t!t.;lt:.c,:. ::n-; "a'. .... ff the :;Late c,?
^l,.:,~,a',-" and t,h,.~ c),a:'.t{-:', .~r:li:;,tnce:: ;,n,! rc:;:.~:L! r..; o? t)w. City of
gtmai bt; be ~: :,e prc-codcnt t, a:'.'! tn ,~..c ::.u:.:. 'c ,,f th . Lend
have happot, cd, been don,: and Ir.c~r'forz,e'.!, :~n,! t?. ~t tho
Indebtedness of the Cji;,' of K,.;;':., . ..,, : :,i' ti~t~ ,}.,.n'l a~..'d the
bonds of this Issue, d,',,:. :i,.t ,' ,:ce4 a::y ,2,.!' l~.:n-..'.~ ',',': prescribed
by law.
IN WI'i:;H.;:3S WHEi~k'.',!.', the City of K,::, 1, A1;:ska, ha:-', caused
this bond to be slffnca by its Mayo, r, t,., .. attested L" l's Clerk,
seal
the (,ffl¢lal/of the c:'y to be impr%-.:;;~:d hereon, and thc tntere:~t
¢ou;;~:'~s attached hereto to L,~ :~lF:,,-: wit~; ' ... :'aczi'.!le z!~;natures
of ~aiO ofi'1¢ials, this fi~"' day '~' Octet0 ' ]9{.9
CI';'Y,~'}' ~'...~,',_ /.. ,,' ..... ,;.,,
ATTEST:
City Clerk
The interest c .;p,.:,s attac', ..:t to the :...:.m .-.!:ali be in sub-
$1;antlal ly the following form:
140.
On the first day or
$1[,0.00
___, 19 .... t!~, city of' genat,
Alaska, will pay to bearer rtl. t!;e rna'In ¢,f'.'~ 'c ,~f t},(: .q,.a,., [e
'l'rus~ ttnd Saving.~ i;,,nk ll~ Seattle., ';'/~shi.~Ft'>n, o," .':t thc uption
of 1;h{~ holtkr at t.l',o Kena'. br:tnch, Ala:~ka gt~,'.,.~ i3ank, in Kenai,
gla:~ka, the ~um ~:? ,.,lIE ll"~;' ;.i.'D !",rI"TY glib ~;t /,' '~' bOi,i,^i~S, said
~um b~:tnt' thc ::,:m[ann~.al '..'. :.(.:.;: duc fha' ,l.,l.c o,I it:~ General
Oblilr, atton Water B,...~,d d;,t...,l 'c' ~L¢,r' 1, ].10',, .~'.d nth~bercd.~'
ATTEST:
City Clerk
Section t,. The bonds z,%'?11 t,e slEned ~n uch31f cf the City
by its M~No~, shall be attested by t~s C~r';~, ~,n~i shall haw. t~.e corporate
seal of the Cit~' impressed tkeFeon. Earl ~,f %he ~n%ere.,t coupons atgached
thePe%o shall ~e signed with the fac:':~aile stEnatuPcs o" ~" ~'] officials.
Seetior~ 7. That ther'e be and is k,'-~by c?eated a special fund'
of the City to ~c known as the "Kenai
Fu~d." The proceeds of th~, sale of the R~nc:.--ezzePt fop accrued interest,
which ~a'.l be paid into the Bond !~ede'-'D%'.cn Fun'i hereinbefore men~ioned--
shall be paid in~o such Cons%ruction Fund and :~:~ ,I ke us~:d fop the sole
puppose of payin~ the cost of acquir~nK, cnns~r::' '.In,; :~:;d installing the
capital ~mp~ovemen~s as he~elnbefo~c ;~ov; :(.~ :.:y o%t.,:~ m,~n~,ys which
the City may have on hand and need f"r :: .' ~ pu?;', 'c:' s'. ~il also Ue paid
into such Const~uctlon Fund.
In the event that there arc any
Fund a£te~ all costs of such lmpI'ov,mor ts and c
]eft in such ConstPuct~on
ts incidental thereto
have been paid, the sane shall be transferre~t to the Bond Ee~le:'.ptlon Fund
fop the uses and p,JPposos heI,eln pPovtded.
S~.ction 8. The sale of tlc Bond:; t~ [~arsl~al] and
I~ooPpoI'a~ed, an investment banRlnE coPpoPat~,'~: .~f [" ~1~',
at p;~ plus a~'cvucd In',,pest %o date of d,,]:','~]'Y al~d undcI' %::e terms and
conditions of flu }:on~:: a~ set f'or.t:, In iht.; o~,d~na~.ce, 1:; hereby
~espect~ ratified and c(~r. ftrmc.~.
The Frope~ Cll. y of:'~ct~]:; ;~',' ];c~'c[.y aut~)r[z('d and directed
to do evel'ythJ~; tlecesz~'y f'~):, ti.(. D~'~,m;.% ls:~ua:,,',' and ;tellvu~y of the
Bonds and for tt%e Dr'or, e~' u:;,~ .,n.l ;~pi, lic;li, fo~l o? It... pr(~,,ceds of such sale.
~ .. ',;:. '-' ' ' ~,.J,c'
aR erflt, Pl',C'll~' ~:; Jl~?Pib~ (,C'.].;I!""; ~.G ('/. , ,t~o'l l.,,~ fill,", J" .'f'f';, ,.
rea,Jlng, pa:;~'age andappro'',l,' ...... of t,tl~.; ~'.:.l'rl:~: '.. ;:'~ ........ ;! .',~',r, r,':~'
It. i~ hel'eby £ound ar,.~ dc.o' ,rud ~., "
pI,c,~eI,,l.qt, lorl of t~h,? p~i!,].t~. 't;i.]~ ..... [~,:J~;~.
O~d~ll3l;"t' beCol~e of~'t:~ JVc .~}:.[;,g~;t~,, ],/
pub] I cat i on.
~he offlclal GlSy l,ulle~'.n boa~,: f~.r' a lmrlcd '.' t,.h d,~y.'. ,
passarle and appr*~val.
PASSIiD by ~he Council of t!m C:l,:l ,,f' ~:,:,:tt~ A';.::~"., ahd
CITY OF
ATTEST: