HomeMy WebLinkAboutORDINANCE 0173-1969 A~I ORDZ#A~C~. (~ ?lie CX~ OP EE~.~.Z, ~,A~IA, aut~ori~Ln9
XL~t ~d ~;cr r~~-~f th~ ~tty, ftxtn~ ~o dat~, fo~,
providl~ part of ~ ~und2 to pay ~ co~t of
of ~e Ct~, ~11 aa ~r~ opeottioalXy pr~l~d tn
held In '~y ~ 1969, aucl~ori~in~ th', i~u~o~
providtn~ for ~e pay~nt for th,, ~rtnotpal of n~
~ltrtbutton sym~m o~ ~o City; ~rovt~in~ ~d
~mn~ ~d protective ~turo9 9af~r~iflq ~0
(hereinafter oallod ~o 'CL~y ), on t~o d~sot
I Alaska
Of this Ordinance and mn aocord~oo with tee
provldin9 for suoh authorizin9 eXootion aXe.rs of tho
City ~~za ~e issues of ~d p~or revenue bon~s
o, '~0 ~tty~n ~e ,~, not ~, ,GGO for ~o pu~,o of
the ln~m of the State o£ Alaska.
b. ~ho ~,;ora ".~yotem" shall ~an tho elootrio po,~er distribution
faoiXitias o£ tho City as tho same as been added to bdttorod, i~l~rovod
and extondo~l £or aa lanai aa any bonds o~ the City are outstandin~.
o. ~he v;ords "Authorized Dond0" shall measz ~ho $450,000
electric Xisl~t and ~o~;er revenue banffs si: tho City author, ize~l pursuam:
to a vot~ o£ ~t~ quali£1~ oldsters o~ th~ City at a special election
hul~ in ,lay 1969,
e. The words "Dopds" IhaXl mean tho uniaaued
Bonds issued pursuant to and ~or the pur,os~s pz'ovid~d ~n
this o~.lln~nce.
~. ?hu wordo ;tend ~.~n~lo~ption Fund" shall n~nn such ~und or
fumls as have bc~n oatablishud to acco~t and DaY i,~u.]~ of el~,ct'.~'ic I~U'.
an,l o~/~::r r,~v, mu~ ben(lo, acco~.->lish~d earlier' than the dat. of t:J~iq o: "'
~or t.',:
' t.'r',', · ,, . ~:'~,, ; ~ ~.,~ :'." 1:' L,.",t . ;. ,*~ 'J,'J~*'J,l' '*<**~" , ,>~
.~,otlon 2. For tho p~zpose of providin~ funds to p.~y ~ cost
o£ a~qu~r~ng, om~t~lotinq and installinq i~prov~ents, o~tensione or
repairs to tho syeto~, or payinq cor~..itt,-~nt.~ thcr~¢or, az authoriz~d
by the ~lan of l~v~rovo~.~nto provided ~or In tho -ro~o.~t!~on prosent-~
· ~ ~o clatters o~ ~u CL~y ~he C~ ~hall i~uo tho ~md~, on a parity
~o ~n~ shall be dato~ :~ov~.~.er 1, 1969, shall be tn the
St per annu~ payable so~annuall~ on tho first day of. :~ay and November
of each yoar~ shall bo nm~.~d fron 1 u~ oonsooutivuly, and shall
· aturo In order o£ their nu~or in the ~ount off
on November ~iret of eac~ y~ar be~inning in
Both principal o[ a~d interest on the Bond~ shall be payable
la~£ul ~onoy o£ the Unt'~ Btates of ~iea a~ the o£fice
Scads, in ~hol~, o~ Ln :art Ln inverse n~o~tcal order, at par plus
acoz~od in.rest, on a~¥ interest patent da~o on and a£ter l~ovo~bor 1,
1974.
}Totioo o~ any such intended redcap, tlon shall be given by one
publie~tion thegoo£ in ~ n~spa,er o£ general circulation in tho
Ci~ and a nm?spaper of general circulation in tho Ci~! o£ ~ncho~agc,
A~aska. not m~ro than 40 nor le~8 ~han 3a dayl pr/or to such r~de~pt/on
date and by mailing a lik~ ~l~ at ~e s~o ti~ to all ot~or~ o~
record o£ the ~onde. Interest on ~to bonds so calla4 for
rodem~tion shall cease on such rodo-.~t/on date unl~so th~ 0a~ are
not rod¢~d upon prcsantation ~ado pursuant ~o such call.
~ooti.o~.l_? ~tero has horoto£oro boon croatad b~ variovs
Ordinanc~s o£ th~ City redo~-tion £unds £or ~ond~ et thc syot~ ~hlch
fun~ or funds sro to be dra,m upon £oz the solo put,ego of ~ayiw. tho
prlnoi~al of and interest on ~h~ ~uthorizod Bonds a~ tho ~am~ ~h-tll b,~co~,~
duo and payable.
City hereby conv~nan~ and a~.zooa ~lith th~ o~m~r an, t holder
of each of tho 3ends ~or -~.~4 lon,! n~ any of tho ~an~ rc,-,ain out~an, l.inq
a~ fol tr,',m .
a "' 't ,',. t..ie,,, ,.ri. Il ~at,~',li';:,, m,'~i.n~a;~ rm.. c~ll..cf, r,~t.~';
q., ~ I t},~',t ~. ~ "' ,', m',' ')f "
l~onds are outs';andtnq that ~ill provide revenue avalla~,le revenue
debt service in an anount equal to at least 1.4 times the average
annual amount rc;quirud to pay tho principal of and interest on the
authorized bond~ and the P~nds as th._~V become due, af~ur normal costs
Of ~intenance and ogoration of the s¥otem have been paid.
b. The City hereby ro. ser. v_~ the right to i~s.~.a other authorized
Bonds under the sane ts=ms, conditions, and requirm~nts, or with
other con~itions a,d requirement~ and other lim/tation~ and restrictions.
Suction 5. The follot~in~ ,hall be st~bstantially the for~
stlbstance of the Bon~s as set forth belo:~ and any ¢ovenant~ set ~orth
in this Ordinance not othcz-,zise ~et forth in this Ordinance but set
forth in the prescribed forms shall ~onstitute ad4itional covenants
p~rsuant to ~his Ordinance a.- follc~s.
Ui:ITFD STATES OF AJtERICA
STATE OF AL~,I',%
CITY OF KENA!
P.L~CTRIC LIGHT AND PO"~ uffVENUE BOND, 1969 First Issue
No, ,, $5,000
The City of Kenai, a municipal corporation of th~ State of
Alaska, for value received hereby pror~see to pay to bearer on
the fir0t day of I?ovombe~, 197~., t/~e sum of
FIVE TIIOUBArlD DOLL~9
together with interest thoron at the rate of 6% 9~r annum payable.
semiannually on th~ first days of :~ay ~d Nov~er o[ ~ach yuar
from date hereof upon orssentation and surrender of th~ attached
in~r.~st coupons as they severally beoo~ ~.ue, or ~til such
principal a~o~t shall hav~ been Oai,t or duly provi~ec~ for.
~ principal of ad interest on this bond are payabl~ tn
lawful money o~ ~e ~nt~ed ~t~tes of ~rica at the office
of th~ ;lational Bank ct llask~['~i., a$.~-~.-~-.~ai
~"~hisN bond is one off ~ issue of bond~ of lik~ ~,a scent
date and tenor except as to n~h~r and date of maturity a~qr~a~n~
~hu principal ~ount of ~d is issued pu~,~uant to t~.~
Constitution and lm~s of-th~-~a~of ~laska, a vot~ of the qualifie-"
~l~ctors of the City of Konai, and tho charter ~d duly adopted
ordinanc~s and resolutions of such city, for the pu~o~e of nrovidin~
fun~ to pay the cost of acquiring, constructing] and installb,- or
~opairin- tho electric po%;er liqhtinq distribution facilitie~ o~ the
City of Kenai, Al.a~ka. All of the bonds of this is,us az'3 pay:~bl.~
solely out of the ~'ross ,~arnin~s and revenue of th~ electric light
and pot~er system ok the City and all additions im~rovem~nts ther..:to
and c-xtenaions theater.
'I"~o City o." xenai hor,_-by covenants and si'tees ui~h the hoJ.,k~r and
o,.mcr ,~ "his ';.m ! it ',i].[ l'eep and perform al the cov,~'nant~ o~- thi!i
foz ~ l~g ~ ~ of ~e b~ of
~t ~ual ~ a~ least 1.4 ti~s ~e ev...rage ~nual ~t r~uir~d
~ ~y ~e principal of interest on such
~e s~ shall ~ d~, after no~l
It lB here~ ~rtifX~d ~d d2clar~ ~%flt ~is ~ ~ ~o
3o~ of ~is tss~ ~ issued pursuit to
~i~ ~o ~o~titution nd la~s
~a~r ~ ~dl~ces ~ ~soluttons o~
C1~ ~f ~n~ ~ ~t ali acts~
II~ !~B ~OF, Tho City of Zonal, Alaska, has caused
~his ~d to ba al~mOd by 1~ l~yor, to ba at~o~d by its Clork,
~ co~r~ soal of ~o Ct~ should ~ t~r~ss~d hor~ ~
The /nterost coupono attachod ~o tlto Bondo ~haX1 ba in
s~bstantially th~ follo~inq
~O. $ SIS0. O0
O~ ~lt~-fiESt daF O~. ,. 19. , ~e City of K~nai,
Al~ka ~;ill ~y to boar:r a~ ~' o'ffi~ ~f ~tional
9~ of ll~ka~6r' at th~ ~laeha ~a~ a~, X~,
~o S~ ~E X~I~D PXFT~ ~ID 130/lO0 ~L~P~, said s~ b~inq
~d P~.~r Pavenu~ ~n~, 1969, First issue, dated Now~r l, 19(9.
CX~~~AX,
"ayor
and =; , at ",ar olus accurad
dato of d~livc~ and ~d~r th~ t:rr~ ~d conOitions aa sc~ forth l~ this
~ dO ~va~thinq necessary for the ~ro~;~t issu--c~ and
of Suoh
tho pr~cds of tho sale of tha ~nd~ at the oa~lioot possibl~ da~,
~ ~r~en~ is hereby daclarud to axi~t, ad the rules ~ov,.xntnq
~ ~eadin~, passaqo an~ a~oroval of this ordln~ aro
suo~nd~d. It is hereby fo~d and d~clar~d ~at it is
for ~ i~diato ~rosorv~ti~ of th~ pu'~lic ,~elfaro, ~eaq3, haal~h
and ~af~ty that ~is ordinanco b~c~ ~fta~tiv~ i~,~fliat'~ly upon
~t$ or4inance shall bo p~lish~d by postin~ a ~(~}I horoof
on tho official City bull.~ttn board for a pa~!od of ten days
:~ll~,ln5 /.ts paasapc '~f a;~roval.
PASSED bF ttxe Council of the City of X~nai, ala.k.a, and
c~.rov~, by its Hayor t~is '~" ~ay of _f/~,'~ ~. _, 19~i~ .
I, ..~.,~"~":''e--. ,,, TOPI',ILSEd, tho ;uly ai~point':4, qualified and aut!ng
City Cl.=r" of th. City of ;;ur,t, 'laska, dO I{~:R}:BY C}:"TIFY that tho
':or:.c"~[:v~ j" ,', ~ruc. on, cot,:. ,.~t co3y of ORDI:;AIICr: ,7o. 1'/3.r7; of ha.id
':_v, ~.,' :; .; ',y it C',a;~c, I ,n,' :O".rov~d by its ',',yor ~1-. a zcgul;~r' ',uctin,j
Of ';.,,,1 .' '. ,,' i .1 ; .... n t~,. "ay Of , I )' 9