The URL can be used to link to this page

Home My WebLink AboutORDINANCE 0099-1966 O~D£NA~C~ NO _ AN ORDiNAnCE of ~he C~t;y of Kenal~ ~;~a, ~Onflrml:~g the results of speclal electlcnn held ~ltbtr. the clty on May il, 1965 and March 25, 1966; Drovldlng fnr the !~u~na~ and sale of $~50.00~ principal 83nount of airport terminal facllltles revenue _~lOllc~ the ci~y for the purpose of .ft~_to construct Certain airport termlna! ~J.11tles as provlded in OrdlnaDce No. 81-65 of the city passed Aprli 7, 1965 and Ordinance No~ 95-66 passed March'2, 1966, and as authorized by the qualified vosers of the city at such special electlon~; establishing a Construction Fund, a Non-Operating Airport Land System, a Non- Operating Airport Land Revenue Fund ~ccount, an Airport Terminal Facilities System, a Terminal Revenue Fund Account, a Terminal Revenue Bond and Interest Slnklng Fund Account, and a Terminal System Repair and Replacement Reserve Account; fixing the date, form, terms, maturities and covenants of said bonds to be ~ssued; providing certain covenants and protective features safe- guarding the payment of the principal of and int,rest on such bonds; reserving the right the city to issue revenue bonds on a parity w~th such bonds to be issued, upon compliance wlth oertaln conditions; and declaring an emergency.. WHEREAS, at a special election held in the City of Kenal, Alaska (hereinafter called the "City") on the llth day of March, 1965 the proportion of the qualified voters of the Cl~y required by law for the adoption thereof voted In favor of a proposition authorizing the issuance of airport terminal facll:ties revenue bonds Jn the principal ~ount of $550,000 for the purpose of providlng funds needed to construe5 airport terminal facilities, including but nat lima. ted to an a:rport terminal building, motor vehicle parking, approaches to the berm!hal building, necessary utility system~ and nacetsar~ fixed equlpment on the Kenai Municipal ~rpcrt of the City, as more part3':ularly provided in Ordinance No~ 81-65 of the C~ty passed April ?, 1965, which bDnds were to be payable solely from th~· re'~enuc.~ cf ..,u.~!. a]rp'.rt terminal faciliti~s; and WHEREAS, at a ' ~'~ : ,~,, ~'.~ .~ t~..~, 25th op.. 18] ,~l¢_<t. lo,~_ b,-']~l r; . ./ _ day of March, 1966 the proportion c,l the quo l l f/ ,_'d v,:t~l"~ of the Clt~ ~equlred by law fo'r the ad,',pt, j.D~ ti~,.,reof voted Ir, fa~,,,: ~-f ,i [fg[,oslt. lon extending the source of payment oI such bonds to revenues that the C1Ly may receive from the rental, ]ease or sale of any part or all of the Kenal Airport area not needed for terminal facilities, landlng strips and other airport terminal purposes, as more particularly provlded in Ordinance No~ 95-66 of the City passed March 2, 1966; and WHEREAS, it is now found ne¢-$aary and to the best Interest of the City and its inhabitants that it sell and issue $450,000 principal amount of said bonds so authorized ~n order to pay part or all of the cost of such improvements; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of Kenai, Alaska, as follows: ~ectlon 1o The result of the special election held wlthln the Oity on May ll, 1965 at which the proportion of the qualified voters of the Olty required by law for the adoption thereof voted in favor of a proposition authorizing the issuance of airport terminal facilities revenue bonds in the amount of $550,000 for the purpose of providing funds to pay the cost of constructing certain airport terminal facilities, and the result of the special election held within the City on March 25, 1966 at which the ~roportion of the qualified voters of the City required by law for the adoption thereof voted in favor of a proposition extending the source of payment of such airport terminal facilities revenue bonds to revenues that the City may receive from the rental, lease or sale of any part or all of the Kenai Airport area not needed for terminal facili- ties, landing strips and other airport terminal purposes, are hereby in all respects confirmed° Section 2o The Non-Operating Airport Land System (hereinafter called the "Airport Land System") of the C1ty is hereby created, which shall consist of that part of the Kenai Airport area (heremnafter de- fined) not needed for airport terminal facilities, airport terminal buildings and approaches thereto, motor vehicle parking area, necessary utility systems, landing strips and other airpor~ terminal related facilities, and all other land whlch may be added to such Airport Land System, for as long as any of tha B¢,n~D ar.~ any PaI'l~y bonGb ~as herein- after defined) a~e outstanding. Section 3. The Airport Terminal Facllltles System (herelna£ter called the "Terminal System") of the Clty 15 hereby created, which shall consist of the airport terminal facilities, alrport ter~nlnal buildings and approaches thereto, motor vehicle parking areas, necessary utility systems, landing strips and airport termlnai related facilities, and all other related facilities which may be added to the Termlnal System for as long as any of the Bonds and any Parity Bonds are outstanding (1) in accordance with the provisions of this ordinance hereinafter set forth relating to the issuance of Parity Bonds, or (2) by o~her lawful pro- ceedings in which such additional related facilities are specifically declared to be a part of the Terminal System by the City Council. Section ~o As used in this ordinance the following words shall have the following meanings: ac The words "Authorized Bonds" shall mean the $550,000 prin- cipal amount of airport te~lnal facilities revenue bonds authorized by the qualified voters of the City at the special election held therein on May I1, 1965o b. The word "Bonds" (sometimes herein referred to as "Terminal Revenue Bonds") shall mean the $~50,000 principal amount of Authorized Bonds of the City issued pursuant to this ordinance. c. The words "Kenal Airport" shall mean "all those certain lands comprising the Kenai Airport, Kenai, Alaska, located in T. 5 N., R. 11 Wo, and T. 6 N., Ro 11 W., SCM., north and northwest of the Town Site of Kenai, Alaska situated In the Kenai Recording Precinct Third Judicial Dist.!ct, State of Alaska, o "acquired by the City from the United States of America pursuant to a quitclaim deed dated as of the first day of December, 1963 and recorded in Book 27 of Deeds at page 30~, Kenai Recording D~strlct, Kena~, under Serial No 6~-528, d. The words "Land Fund ~ccount" shall mean the Non-Operating Airport Land Revenue Fund Account of the City created in this ordinance for the uses and purposes berets T~rcv:d:'-d ~ The words "Terminal ?c';e~u~ F,Jo.d .4c(ou~r" shall mean the account of the Clty of that name creating in this ordinance for the uses and purposes herein provided. f. The words "Sinking Fund Account" shall mean the Termlnal Revenue Bond and Interest Slnklng Fund Acco~nt of the City created in this ordinance for the uses and purposes herein provided. go The words "R & R Reserve Account" shall mean the Terminal System Repair and Replacement Reserve Account of the City created in this ordinance for the uses and purposes herein provlded~ ho The words "Parity Bonds" shall mean any revenue bonds of the City issued after the date of the l&Juance of the Bonds and having a llen upon the money in the Land Fund Account and the Terminal Revenue Fu~d Account fo~ the payment of the principal thereof and lntereab thereon equal to the lien upon the money in such Accounbs for the payment of the p~incipal of and interest on the Bonds~ io The word "Project" shall mean the airport terminal building, moto~ vehicle parking area, approaches ~o such building, necessary utility systems and necessary fixed equipment on the Kenal A~rport being conm~racted out of the proceeds of sale of the Bonds° Section 5o For the purpose of providing the funds necessary ~o construct the Project as a par~ of the Terminal System as provided in 0Pdinance Nco 81-65 of the Cl%y and a% authorlzed by the qualified voters thereof at the first above-mentioned ~peczal election, the C~.ty shall issue the Bonds in the amount of $~50,000. The Bonds shall be dated as of December 1, 1965, shall be ~n ~he denomination of $5,000 each, shall be registrable as %o principal only, and shall bear lnterest at a rate of not to exceed 3 3/9% per annum payable semiannually on thc f~rst days of June and December of each year from date of issue as evidenced by coupons to be attached thereto~ The Bonds shall be numbered from 1 up, and shall mature in order of thelr nymbeP on December first of each of the fcllowlng years iD the folJowJng amounts: 1968-75 $30,000 3986-91 ~o,~0o 1976-85 15,000 199P-95 Both principal of and lnterezt or: the Bcods shall be payable in lawful money of the United States of America at the Kens] Branc~ of the Alaska State Bank in Kenal, Alaska, or at the optlom of the holder at the Chemical Bank New York Trust Company In New York, New Yopk~ Section 6~ The City hez'eby reserves the right to redeem Bonds n~mbered 67 through 90, maturlog December 1, ]991 through December 1, 1995, in whole, or in part in ~nverse numerical order, on any interest payment date from date of issue, upon at least thirty days' prlor notice, at par plus accrued interest to the date of redemption. The City hereby further reserves the I'ight to redeem Bonds numbered 17 to 66, maturing December 1, 1976 through December 1, 1990, in whole, or in part in inverse numerical order, on any lnterest payment date after December 1, 1975, upon at least thirty days' prior notice, at the prindpal amount thereof plus accrued interest to the date of redemp- tion and a p~'~ml~m for each Bond as follows: 35 if ~edeemed June 1, 1976 through December 1, 1980 25 if ~edeemed June 1, 1981 through December 1, 1985 1% if redeemed a~ter December 1, 1985~ None of ~he Bonds n~bered 17 through 66, maturing December 1, 1976 through December 1, 1990, shall be redeemed ahead of thalr flxed maturities, however, until all Bonds numbered 67 through 90, maturing December 1, 1991 through December 1, 199~ stall have been redeemed.. The agreement of the City with the Un,ted States Government relative to the sale of the Bonds provides that if add as long as the Government holds any of the Bonds it has waived and will waive (1) the nonoallable provisions applicable to the Bond8 so held, (2) the right to collect the specified premiums for the redemption of the Bonds so held, (~) the publication of notice of redemp$].on of the Bonds to be redeemed. Notice of any such intend,~d redemption sha~J be given by registered mall sent to the registered owners of the Bonds to be redeemed at Bhelr addresses appearing on the registry book ~t ]ea~t tb]r'ty days prior to the redemption date and, u.r,i:.o~. ¢1] of the Bond~ t~ be redeemed are registered Bonds, by pub].lcatlon on~-. Jr, a fJnar,cJ, al Journal printed in the English language and of genera]. ,.lrc.Jl~tion %n the City of New York, New York, such publication to be not mor~ than forty-five nor less than thirty days prior to said redemption date. The redemption notice shall state the serial numbers of the Bonds called for redemption and that interest thereon will cease on the redemption date, and shall direct that such Bonds, together wlth ali coupons, if any, maturing on or after the redemption date, shall be presented by the holders for payment and cmxloella$1on at the Kenal Branch of the Alaska State Bank in Kenai, Alaska, or at the Chemical Bank New York Trust Company in New York, New York. Section ~o The Bonds shall be in substan5lally the following form: UNITED STATES OF AMERICA NOo $5,000 STATE OF ALASKA CITY OF KENAI AIRPORT TERMINAL FACILITIES REVENUE BOND OF 1965 The City of Kenat, Alaska, for value received hereby promises to pa~ to bearer or, if this bond be registered, to the registered holder hereof, on the first day of December, 19~, the principal sum of FIVE THOUSAND DOLLARS together with interest thereon at the rate of $ per annum payable semiannually on the first days of June and December of each year from date hereof as evidenced by and upon presentation and surrender of the attached interest coupons as they severally become due, or until such principal sum shall have been paid or duly provided for, Both principal of and interest on this bond are payable in lawful money of the United States of ^merlca at the Kenal Branch of the Alaska State Bank ~n Kenal, Alaska, or at the optlon of the holder, at the ?n~,mI'.-~'. }. ,':' :;, >, '; '~ '."r':..~L f ;'.',f, )ny New York, N,.,w York. Both BUCb pr~clf, a) ar/~ ~r.t,'.~ ,~ ar,. ~.~yi~b~r. ~ ~h the provisions of Ordtnar::~ ko. 'h~'r~'.tr, '.~]l~.d the "Bond Ordtnanee") adopted by tr~. Counct~ c~ the C~j of (herein called the "C:ty"' or~ ~,- ~_. day of , )966, o~ of the T~]na] Revenu~ Bo~d and lnt~rr.:~ ~;],~R~ng Fund A~eou~t (heretn caiIed th~ "CInk]n~ Yu~d A_count"', of the o~e~ted by such Bond Ordinance. The Ctty has reserved the rtght to redeem bonds of thts issue numbered 67 through 90, maturing Dece~ber 1, ]991 through Peoembe~ 1, 1995, tn who].e, or zn part In ~nverse numerical order, on ~y interest payment date from date of ]~sue, at p~r plus ~ued interest to the date of redemptton. The Oity has further reserved the rzgh~ to redeem bonds of thfs issue numbered 17 to 66, maturing December i, 1976 through De0ember 1, ]990, ~n whoIe, or in part zn ~nverse n~e~i~al o~der, on any Interest payment date after December 1, 1975, ~t the principal amount thereof pi. us accrued Interest the d~te of ~edemption and a premtum for each bond as fo]lo~s: 3% i~ ~edeemed June ], 1976 through December ~, 1980 ~% ~f redeemed June 1, ~98] through December ~, ~985 1% ff redeemed after December 1, ~985. None of the bond~ numbered 1.7 through 66, maturZng De,ember 1, 1976 through December ] , ~ 990, zba ~ ~ bt' redeemed ~he~d of their fl~ed maturtttes, however, untt] ail bonds ~mbered 67 through 90, maturing Dect~mber ~ 199] t. hrough D~ember 1, ~995, shal] nave been rede,:med. Not,ce of any such Intended redemption :,ha]] be given She m~tter provided ].n Section 6 of ~h~' Bond This bond ].s o~e of ,~n ~-~:.uo of a]~-~,or! tc-r~r~dl ~evenue bonds of the City c,f ]tRe a~m~ur~L, da~. a~d t(~nor r'~cept ~S to n~ber and date of m;tLur~ty, ~c, t.t.~ <ql,[¢r~.F ~.., amount of $450,000, an3 1~. lz:,,~.,:,/~ [,,,r',.~,~,,t ''. ;',?,.' qf the qua2.1- ' ;' r:,, 95-66 and the Bond Ordinance of the Clty for t?,,..~:,Jrf,,~;~: ,,f [,r,,vld~n~, funO:~ nece~=ar;! to construct certain a~rpo~ ~, r:n:r,al fd¢!}~.tle.-'; of the City as more spec.~f~cally prov:ded ~.n :';a~; Or~lr~a.,',".,::~,. N,;, 81-65 and No. 95-66~ All of the bonds of thls l~.~',~e ar~ peyab~.e out of tha money~ in the Non-Operating Airport Land F, ewmue ?und ~ccount of the City (heI, ein called the "Land Fund Account"), ~nto which the Clty has pledged shall be paid all income and r~,v~*nue~ arizlngfrom the ~ental, lease or sale of land In the Non-Operating Airport Land System of the City (hereJ. n called the "A3 rport Land System") as She same is defined in the Bond Ordinance, and out of the moneys In the Terminal Revenue Fund Account lnto which the City has pledged shall be paid all charges, lncome and revenue arlslnE f~om the operation or ownership of the Terminal System of the City as the same is defined in the Bond Ordinance~ The City hereby covenants and agrees with the owner and holdeF of this bond that it will keep and perform ali. the covenants of this bond and of the Bond OrdJnance to be by it kept an~ per- fo~med. The City does hereby pledge and bin(] itself to ~et aside f~om the money in the Land Fund Account and ~tz Terminal ~evenue Fund Account, and to pay into and mslntaln In the SlnRlng Fund Account the various amounts requlred by the Bond Ordlnancn to be paid into and maintained 1n said $1nklng Fund ~¢co,mt, ail wlthin the tlmes provided by the Bond Ordinance The amounts so pledgcd to be pa~d 3nrc and ma3ntalned In said Sinking Fund Account are hereby declared to be. a pr[or ]l(-'n and charge upon the money Revenue Fund Account superlor to all ,',Lhr. r ,_'.b~',;~' of ,.'~ny k~nd or nature except the chilt'F_?3 fr)t' Cur'r',>nf' E:,;:,'n;,r.".. ~,{ the op,;ratlon of the Alrport r ..... · ........ ._ :~.L ., .,,': ~1', .~ ~,': '", Expense8 and S'jz~tr:m' ar',. q,-f~r,~J ir, '",, ;:.'~,'1 '~;,'-~'.". , ~r~d equal in rank ,c, ...... a~y ~ha~.,,,~.~. ..... ev,.~, ::.,y ~.~, ma~,:. ]a*o~ ,~r,'m, ,~,~.. money in such Accounss ts pay a~(: sr-f:'.~re the payment of the principal of and lntere:,t on ar,~ may X~sue later on a par~'y w;t.h The City ha:~ further boun'l Al~ort Land System in good ~fm~".i,,n and th~ Tormlr, a' in good repair, working or~,,r an~ conrJttion; ~[, operate the business in connection with such .,y~ .em~ 1m an ~fflcl~nt ma~er and at a reasonable cost; f3) e~tab]lsh, malntaln and collect ~a$es and charges for servlceb rendered by .such Temlnai System and the lease of lands of such Airport Land System; and [4) sell lands of such Airport Land System at not .eo;, than the fair maFke$ value thereof as determined by an !mdependent appralse~ ~d approved by the City Council, as may be necessary to provide fo~ ~he opera, lng and maintenance expenses of such Systems, the ~ounts ~equl~ed to be paid into the Slnk]ng Fund Account to pay ~he p~inc~pal of and interest on the bonds of this issue and any ~onds ~hich may ~e i~ued later on a par!ty the~ew~bh, all DaymenSs into bhe Tcrm~na~ System ReDa~r and Replacemenb Re- $~we Account of ~he Clty, a~l ~s required by ~he Boud Ord~nance~ I$ is hereby cert~fled and declared that ail act~, conditions and things requlPed to exist, to have b, appe,)~.d add to have been performed precedent to a~d in the lzs~]ance o~' thl. s bond do exlst, have happened sod have been performed in r,.gu[ar form, time and manne~. IN WITNESS WHE~OF, the C~ty of ~enal, Alaska, has caused thl~ bond to be nlgned by 1ts Mayor, to b~ attested by lt~ Clerk, the official seal oF the City t? ~ !mr.,r.,n:~ed he:,.On, and the ln$erest coupons attached h-rcbo [ob," :~]gned with the fac:~lmlle signature of ssld off1,:]al.;, a~ cf ~',,., f~r'.~t d~y ,~f ~,,.,:,q,b~,c, 1965 ATTEST: City Clerk The lntere~t coupons substantially the following form: NOw On the first day of 19__, ~Y=e C!ty of Kenal, Alaska, will pay to bearer a~ ~he [er, a? Brar~, cf tb~ AJaska State Bank in "- , , . ,,=nal Alaska or ,~t 'b~' option of the bolder at the Chemical Bank New York Trust Company In f~ew York, New York, the amount shown hereon in lawful money of the Unlted States of America, said amount being the semiannual lnterest due that day on its Airport Terminal Faclllt~e~; Revenue of December 1, 1965, and CiTY OF KENAI, ALASKA By Mayor ATTEST: City Clerk The Bonds shall nave endorsed tbereor~ thc· following reglstr'atlon certificate: REGISTRATION CERTCF! C ~,TE This bond may b~. reg~c, ter,~d a~ to prl~,c~pal only on the bond FeglsCry book of the C~ty malnta~ne~] ,~% ~h~. K~'na: [~ranch of the Alaska State Bank In Kenal, Alaska, r, uch r,,glztratlon to be noted hereon, and thereafter the prtnc~pa} ~f tb,u bored :~hai} be payable o~ly to the regl. ster,..d holder, ~,~;3 /o;~.al ,'epr't~o~'.rlt;](tw~ or a~uJ. gns. Thxs bond, If ~egisterod, th.~iI ~,,? t~,~.~;f~-rab/~: to another ~eglstered holder or back to b,.ar','., or,~y ,~p~r, pr,~-,rm[ati-~ to said bank with the legal a:3slgnm,~nt .i,1~.7 .'~"~,~wlc,i~t,::l ,'.' pr,,'/eO of the coupon.~ ~tt.~:he,l b,..~,.' ,,.-.'.:.~ -, ~ .',, ' , ':,r.r-- ~-,' Lr~.ns retable by delivery Date of Name and Addr~.~ of 2zg~at~ze of ~~ -., Registered 9v;c~r AutOmatized Office(. ; : Section 8. The Bonds shalJ be signed on behalf of the City by its Mayor, shall be attested by the City Clerk, a~d ~hall r, ave the offi- cial seal of the City impressed thereo~.. Each of the interest coupons attached thereto shall be signed with the facsimile signatures of said officials. Section 9. Any purchaser of any block or blocks of the Bonds as advertised for sale by the City may elect to accept a nonnegotiable bond registered as to both principal and i~ter~t w~th a face value in the amount of such p~rchase, in lieu of Individual coupon bonds, Any such fully registered bond shall be executed in the manner provided for the Bonds, and shall be of type composition on paper of sufficient weight and strength to prevent deterioration throughout the life of the loan represented by such fully registered bond. Fully ~egistered bonds shall be dated a~ of December 1, 1965, shall beaF such rate or rates of Interest from such date as msy be fixed upon the sale or sales thereof, sha].] mature ~n ~nstallments in the years and amounts set forth in Section 5 of this ordinance, and ~hall be in substantially the following for.m, wlth such vartatl(ms, omissions and inse~tions a~ may be necessary under the UNITED STATE., OF NO. R- STATE OF' ,~"l'fY OF ~ENA, acknowledges itself ~ndr:b~.d ~..:,'~ !.,~ ',~.;,,, r,~c,'..J'~,.d ,~,rorr~.~':,-?. to pay to ~he UNITED STATES G? AMRH:tA, :JEC~P, rA;~¥ O? UHL DSP~[~TMENT OF HOUSIN~ AND U~BAN DEVELOPMENT ,~r L::: ~.;ce::.~;~: ~,e~e:n some- :i~es called the "Payee"~ or hSs registered asz:gna (nerein sometimes called the "Alternate Payee"), the prin~.~pal sum of 4, r;i,LAKL on the fil~st day of December ~n in:,ta].lment$ a:~. follow~: Year Principal Amount Year __Prlnc:p~l Amount (Here insert maturity schedule of Bond5 purchased) ~n lawful money of the United States of Ame£1¢a, and to pay interest o~ the balance of sald pr~.ncipa] from time to time remaining unpaid ~n like lawful money at the rate of % per annum on the first day8 of June and December of each y.~m from date hereof until the p~nclpal amount hereof has been paid or such payment has been duly provided for, Both principal of and lnterest on thi~ bond are payable in lawful money of the United States at the Kenal Branch of the Alaska StaSe Bank in Kcnai, Alaska, or at the option of the holder at the Chemical Bank New York Trust Company in New York, New York, Payments of principal and interest, ~ncludlng prepayment~ of installments of principal as hc:~einaf~er provided, shall be noted on the Payment ~ecord made a part of th).s bond. Upon final pay- · ent of principal and ~nter-r,t tb3~, bond ~haJl bo nubmltted tO the Cl~y for cancellation and surrender. Both principal of and inter~,~t on 'ch~ t..ond are payable solely out of the spectral account of the ~'!t2 P. now~ .~-. '.h,' "Terminal Reven~e Bond and Tnt. erect f;lnkl, nf/, F,Jr~d Ac,'~;,,~" ~h,,r'eln called ~he "S~nking Fund Account") cu,.a",.d b.,/ O'r~l,,.m,',- Us ~/_/.' of the City adopted ,'/,~F , ]~j66 'b,:,cln cal~;-.'l th,.. "Bond Ordinance" ). / ~n addIgl ~n t', 'r.~ ir.' ' : , r , · ! , , i paid by the Cluy as shaJ.[ have the r'~gh?, ct $1~000~ ]m the lnver~r- ae the principal amount th,.r-.,t ;., ~., ..: ,,.~ ~n~,,r,':.' ', ?.,,. dar- of prepayment and, at menta maturing after Decemb~.r ], ~99q ..hal 1 h.~v,~ hc,:n ~ai,l ,~P d.u]y p~ovlded fo~, shall have the r~ght to pr~.~,;xy ~n any ~nt. er,.:~t pay- merit date after December 1, 1975 lnstallm~mt~, due December ], 1976 through December !~ 1990, In the lnverse rhr~mo]r~g~ca] or. der of such Installments, In mult~pler~ of $1~00r~ az it may O~termlne, at She prtnc~pal ~ount thereof p]u:, accrued lnter,.st to the date of p~epayment and a premum of the follows: 3% If prepald June 1, 19T6 through D~:cembr:r 1, 1980 2~ if prepaxd June 1, 198] through December 1, ]985 1% If ~edeemed after December ], 1985.. As !on~ as the ~egl~tered owner hereof shal] be the Payee, ~he 0t$y may prepay on any ln~erer, t payment date the entlre un- pa~d principal amount hereof, or from time to time, In the lnver~3e chronological order of ~ald ~n~tallment~, may prepay .~uen portion thereof In multiples of $i,r)~O a.~. th,-, C~ty may d~.termlne, at the principal amount thereof p]u: ac"r-jed 3~t<.r,,:~ to thr: date o~ such prepayment Notice of any such uptio~al pr,~p,~ym~.~t [,ha~.L b, thirty days prlof to the prepaymcr, t d~t,_, by m~l!ln,~, t~ thr. tered owner of thls bo~,d a nOtl,'~, f~z!ng su,'h i~c~.p~ymf-r~t the amount of bhe principal, ;~r,,J th~: pf'nrfl]Ultl If ;,r,y, tr, be prepald As p~'ov3d-d in %he Bond r~(lll~d,~-,', th}". ,~'~,,'ld ).:~ at the sole expen:3e of th- Cl~y at dr~'/ ' ]~1,. ,~S,~',,~ ,)~,-'.'.y ,]a.,/r',' notice at the r~que~t of the ~P[,'.lr.t,'l, ,1 ,,wl}~t I,,.r,.~,f, ~r,d ,~[,~, Of thls bond to the City, f,,r <.~.f,t~)~ ~u,' ~.~.,..~... F.:'./,,I '" ,~, 4 each (except ti, at b;;no. :, 'r. .:', ..... ',' ',-,r, · ;.'r~' rn.j/. ~,... this bond~ wlth the :.ame r:~?' definitive bonds aggregate principal omo,Jo; of this bond and In the f::~m cf ..:;-h :~upon hsno:. ~:. pro'~lded for in Sectlon ? of the Bom.] This bond ts 156ued pursuant ~o ';otr'~ of' the qus]~f~ed vo~ePs of She 0:%y and Ordinances, No. ~!-65, No. 95-66 and %be Bo~d OPdinance, for the purpose cf ;;ro';;d~n~ fund5 ~o cons$~uct certaln alrport terml~al facl]ltl~5 of the C'/ty as more specifically provlded t~ sald Or~lnanc~r3 Mo. 8!-65 and No, 95-66. This bond ls payable cub of the moony5 in the l~on-0pe~a$lng Ai~ort L~d Revenue Fund Account of the City (he~cln called the "Land Fund AccouDt"), ~n%o which the C1%y has pledged shall b$ ~aid ail income and revenue5 a~ls~ng f~om %he rental, lease oP sale of land In She Non-0pe~atlng Airport [and System of the ClSy (herein called the "A~rpoft Land Syatem"~ a~ %ne same defined In the Bond O~dlnance, amd out of %b~ moneys In the Te~lnal Revenue Fund Account 1nrc which the Clty has pledged shall be pa~d ail charges, lncom~ add ~evenue ..tr~'~lng from the operation or ownership of ~ae T,'~m~oa] Sy...tom of ~he City s~e l~ defined in the Bond The City hereby corona.ts and agrees wl~h th~ owner holder oF th~s bond that ~t w~l] ~-~.p 2r~d ~,r, rfgrm ail the covenanSs of tbl~ bond a~d c,f th,, I~or~d Or,]ln~.c,~ tr~ be by kept and performed The City dons hor'oby [ "'~'" ,r;,J t ,ri,: ]~'~ If' ~r, r,,'~ f~om the money In the l,and F,~,,'$ &-,",d~,t .-~,,,! ~,..' T,~m,,~1 Fund Account, and to pay ir,- .,r,,I ,,,:,lr,, ,:,~ ~,, '~,,- :'~'~"F, I I: I ACCOUnt- the various?, a~'r ;t-,t. :' ; .~ :',- ' ! . ' ' · :' r.J ' ' : ' k-i,- ~ L .~.,- pald Into and n,a!stalu~-'] :.-, L.,;:. "-f:. ~ '--,: ~ A:--.:.' , 3.. wlt~!.rl the times provided by The amounts ~.o p.~edg:.d t-.. t', pa;:l '.r,,~: .-,qd rr,.::.:'.~:r;~.'~ tn ~aid Slnklng Fund Account a-e ?,er,,by rJ.~.ti'~r~d tq be ~ pr:or l~en ~d charge upon the mon,~y i:. :,a~J I aa'~ ~un,J ~,:2our~' ~nd T~na! Revenue Fund Account ~uper:cr tc ali :;:t,~:' ch~r~l~:~ cf any ~nd or nature except the charges for Current Expem:e.% cf the operation Expenses and Systems are defined la tr.~: B'~nd Ord~nanze~, and ~qua! in rank to any ~har~es that may br. ma~e [at,:r upon tr, e mcne~ in such Acso~ts to pay and ~ecure th~ p:~ymeat of Lhf prin~pai of and inter~t on any reveuue bouds which th~ City may issue later on a parity with th~s bond The City has further bou~d itueif to (!' maintain the Alrport Land System in 6cod condition and the Terminal System ~n good ~epa~r, workin~ o~de~ and condition; (~) operate the business In connection w~th such Systems In sn efficient manner and at a rea- sonable cost; (~) e~tabllsh, maintain and collect rates and charges for services rendered by such Te~lnal System and the lease of lan~S of such Airport Land System; and (~) sell lands of such Air~or~ Land System at not less ~han the fair market value thereof' a~ dete~lned by an independent appraiser and approved by the City Co~nc~.l, as may be necessary to provide for the operating and · aintenance expenses of such Systems, ~he amounts required to be paid into the Sinking Fund Account ~c pay tbn principal of and interest on this bond and a~y bonds which ~,my be issued later on a parity therewith, and to make all payme,]t~ into the Te~mlna! System Repair and Meplacemeot Re$,.,~"~e Account' of the City, all as Fequlred by the Bond Ordlo. anc~:, This bond may be assigned, and upon such asa)gnment the asslgno~ shall promptly notify ~,~ ~'~y a~ ';'~,, ~.~;,, ;~a,'~h of ~d thI9 bon~ ~k, ai.* t.h,-q b,: ' ~- y, ~ ..... -i, ~,-u · ~ tlr ~'~ ~ ~,, ,~ ~r,~.~. , in exchange for a r,e~ f ~' _y r,;~'',,' on the regl~tratlon recor'l.. -,','; ments ~ade 0~ the Paymr~nt P,, cr-"3 ~ '.; ~,. '1 ~ .... t'. . . . of the pr~n6lpal a~ount her¢.¢.f .~,,'1 :r'.~rr, :,t h, t,.',r, t.a;q cr pre- such condlti on I~ Zs hereby cer~lf~e,~ ...... and ~ ~hl~g8 req~g, lred t,o ~xlnt., to have happr-q~.d ~nd to hart- been per- fo~m~d precedent to and In th(- lr~r;us~c~' (~[ hk,~ s bond do ~.xlst, have happened and have been perfo2mea ~r, r¢'E;,l;,r forte, time rand manner. IN WITNESS W~EREOF, the City r,t E~.na~, &la:;ka, has caused this bond to be signed by l t;~ Mayor, t.., be attested by iL~ Clty ClePk, and the offlctal seal of the C~ty to be ~mpressed hereon, all a~ of the first day of December, i965. CITY OF KENAI, ALASKA By Mayor ATTEST: City Clerk (Form of Assignment) Pot value received, the undersigned rt:gl:.*~.r~d owner thereof hereby sells, assigns and transf,.r:~ th~ withln bond unto Dated: In the presence of: .t the Kena.', Bt:,,? r.., .... ;.., ~ , ',' ,: :' , . .. , : ,,, and upon recr::pt of as tO beth pr'Iht:l;/:' ,;;"~' .~nt;'..-,-- ... ':.,. ;,, 'F;~tl',r, ~.,r..;- In the name of have the rlgh% to ~equ',, 'xtra-r.'; ,: ~''~ L',r,q for ;rf'f- .,_ exchanEe fgr a new f',l 3 ~r.~.~ ,.;,.d ~,-.,. P A?M;??!' ,~,:, .-.r.-. Due Date Pr~.nclpa~ Print:pa 'n'.,-rc .: [,:,;, I;a~,e ,)£ [-,~yir~ hgc. nt Payment ~alance t';, y:r,~..r, ' ra~d ~ut. hcr ~ zed Offlclai Due eT~.nter amounts; (ente~ dates for principal and ~nterest ) blank) fbi ar, k' rt;tank' ( due dates--leave one-naif inch '~r,a:c bet. we. eh each due date', etc~, for manual lnter!lning, ~f necessary; also half a page at end fo~ any e~planat~on Sec~;ion 10~ Any fully regl~;t¢:red bond or bonds shall be redeem- It~le, ~.n whole or in part, to the extent, at the t~mc., ~n the manner and at ~he pF~ce set forth In Section 6 hereof, except that thePe need be publication of notice of ~edemptlcn; prr;v!dr~d, how~-ver, that the United States of America or any dcpaztr~,,mt ,;r' cec?taPy of aoy dr, part.- merit o~ any~ency ov administrator ~,f' ar~y a;~ncy th,:neof own5 any such fully ~egistered ~ond, the Un~ed 3tat(:. cf t.m~.rtc,~ r~r such department, 8ecPe~a~y, agency or adm[nJstz'ator h~,~ wa~veQ and will wa~, negotiable provXslons applicable and the ~,peclflod premiums for r'edemptJon set forth in satd Sect ion 6 Any fully reg~5ter~d bond ~'~' ~'_.,,d. ,,ay ,,.,:.o be t, ra,~aferred ~he ~egiotered owner th,~recf, prov;d'.d ~),.,t '~u, ~. ~r.a,~-.,f~.r rc.)a~e5 ~0 tho entire principal smount ~f ~h, fu]Jy r,-.,t~.,~,.~.,.d b~.,,~ ~r'ar,.,f,..rr','.d, by proper execution of tho aa:,~gr,'~,'r,~ ,'~.'J"".~.: c,, ,.,~,,, b,,~,d, t~a~sfer ~hall be hr, tod on thc bond ~:,~',' r.~' ''.r, ~,~,~,~. '.f ~,~. ~'~.y o£ Pond., (,~j~ k, ~ -. ;, -; shall dates cf such prepay?,r inverse nu rrna. Bonds sealed prof,,~-:. The ~',, of . . · cause a short fr;r:l! ',f ' '~"- ' ff l' ' -. ' · '. -,' · ': l'. '. 1.. ' ~. be ptibllshed at least once in 7'k:e :"~'.'~ ],~ , .', .~'. to the date when s,~ch tl~z w,zl ~.~- :,::,: ~d acted upon of ~he City to be known ~s the "Hu,,~::~l~..~,,'' ..... ~ ':',~:~:~. Bu~i~:n~ Con- struction Fund" ~here~n ~ll~d ~h,: "~.m:,ts.~..~.:,.:, Fu,,'~"' ~ 5he Kerml Br~nch of the Al~sk~ State b.~nk in ~e~,.~', of the Bonds (except for ~c~ru~d .~.t~,.~.-~... SXnkXn~ Fund Accou~t)~ 81~ o~her te~pcr~:'y ~ c.: ,u.._..-.a of the Projeat ~d all other moneys of the City r,,-,~dcJ f~f shall be paid into the Cons..ructlom Fund and 2h.:!] be ezpended 5olely for paying the cost of the Project ~d ali cos.*.:, :q¢~.dr-uta/ thereto. Money In the Constf'uct~on Fund f:P, a3) %,~ :,ecured by such de- pOSitory bank In the manner required by stat.~tes r~!atlng to the securing of public funds~ When the money on deposlb ]n the Cor~structlon Fund ex- ceeds the estimated ~ount needed In the next minety days roi' the construe- ' ~ depository bank *o invest $1on of the Project, the City may direct such excess funds In direct obligations f;f, or obi:gatlons the principal of ~d interest on which are guaranteed by, ~.be Ua~ted States Government which shall mature not late~ them ei~¢btee~ mo~',ths al!er the date of such investment ~d which shall be subject to hold~ thereof. The esrnlngs from ~ny r:'d~'~ in ~he Constructzon F~nd. Any money remaining In the C.~,~,t.r,~':' ~ .,, F'~;;,r~ after all costs of the Project have been paid~ which coztz :,~-,~l ~n..ludc ali .ct,~s of the issuance of the Bonds and co,if, Jac~flr. ct,; used to the extent j.o:~nib],.- t(',~ ~,,, r',.~,::,;,r:',, 'F h .,,'J:,~ c')d an,~ reslduc however, that the City e~b.~][ ha..'~: r;,.,. ,,,~,:, the Construction Fund~ ov,.r t,t,,: pr ,:.,.,.'. k' .' ', ..f '.1,,, i'..u.~u arid any Construction Fu~d tr~ f!r~','."- L:.' were not used therefor. account of the Clt. 2 to be knc.~,n ¢~.. th?? " "- F~d Account" (hereinbefore defined a:~ 'ho- "],~nd [..~r..- .; cc .punt " ') The C~ty hereby covenants and agree~ that ail ].r,:cm,~ az~d ~e'~enues arl3i, ng from the depot&ted to the cre~it of 2a~i ~ .... ~,~. sac Treasurer of the , ,. ~l~y separate ~ud ap'~rt f~om a]l other funds. Such L~d Fund Account shall be malnta~r~ed for ~:~ ]cng as any of the ~d ~y Parity Bonds are cut~,ta[,dlug, I~, a ba~,k ¥;n3. cL la a member' of the Federal Deposlt Insurance CorporatZcn, and a~al], be e~pended and used by the City only for the purposes and ]r~ the or.~er nerelnafte~ specif~ed, Seotiu~ "" .~ Current Expens~s of the airport L~nd System shall be payable as a first charge from the Land Fu~d Account as the same be- come due and payable, Current Ew. penses of the Airport Land System shall include all necessary operatin~ expenses, curr(-nt maintenance charges, expenses of reasonable upkeep and repairs and ~' a,, other exp~nses ~ncident to the operation ne the A=rport Land Sy~:tem, but shall exclude deprecia- tion ~d all general administrative expenscf~ ~f the City. The balance cf the money r~maln:ng. ~;~ ~he Land F,md after the payment of Current Exp~ns, ca cf tL,- ~irp.r?t [.~nd System hereby defined as "Alrpsrt Le.~J._Sy~t,m N~t. ~..~:ve~',u~." ior tlc p,.,rpose of this ordinance. Sectlon 15 Tbar t~,:~'e c.f f,,:d ;..~ h.~,3~.~· created another speckal account of the City to be known ~. the .- .... .r:.~.. R?ver~'.~e b'~nd -. J any of the Bona- is a member of thc F, ic: ~,. ", r-.' ' - expended and used by th,- ~ 'z" / t ..... specified below Section 16. Current Ezr;er,~ :;f ''r., ,,:.:-~:r,.-;j :~,,~,~ :.?;~ be same become due and payaoie. ':',lr?..nL E~:p~.n:~,~.t · I ~:;{, '?erm;r~a' shall include ali necess, ary opecat~% ,~-aD~.m::, ~, ~,,~'-?~ charges, expc~se~ cf ~'~-.iz~.'~.-~: ~ '~ ~ .' '; I _ ~ ':' , ~.:-- ~ , - ': ~.. -.~..~, operation of the Term~r~al System, but -[~a': -~: i.3Ge ,!~:p~.?C~d%!O~l~ general a~lnlst~ati~ ~.x .(~n~e~ ~ ~r],' ~: ..... R & R Reserve Account hereznafte~ p~cv:~ded The balance of the money ~'~ma~s~Dg ~.n ~:be Term].na] Re',enuw Fund Acco~2 after the payment of Current E~.pe:'3,:~ ~,[ 'n~~ Term:f~al Lystem~ hereby defined as "Terminal System Net HeveDue" for the purpos~ of this o~dinance, Section 1~ That there be and is hereby created anethe~ accost o~ the City to be known ss the "Term:hal Revenue Bond and Intel- est S~nkin~ Fund Account" (hereinbefore defined as the "S~klng Fund A~coun~") which s~all De at ali t]m~s c~mpl~t~iy segregai~d and apar~ from ali other funds of the City and c. hai~ be ,~ trust fund for the security and payment of the pF3. u~lpa~ ~' an~ %~[~rest on the Bonds ~d of and on any a~d ail Parity Bonfls ,~, ~.h~, ::..~,,, ~ha~l bncome due~ thereof. Sinking Fund Account' fr.-m ti.; -,,: ... .... . .... funds of the City Novembe~ 15 co~enclng wlth November i5, '.v~6, a sum whtch, ~c. gether with the sum fo~ accrued tn:erect therc-:n ar, d ~,"~:~,%~ "'~ ~b,~ curre~:.t shall be sufflclen% %o pa~, tb~ :u%(.~cat .--.', '17,9 Bcod:: ~% ~k9 ..,~7'- become due. 1968 ~d on or before each Nov¢.mb~r ~% an:i Nay 17 thereafter 1' wll], after providing for the payment of Cur.r'cn~. E.zp~n,3ez of the Airport La,~d System ~d Terminal System, transfer- from thc. Land F,.md Account add Temlnal Revenue Fund Account and deposit to thr credlt of the Sinking ~nd Account, the batanc~ in the La,)d F%,n,J ~c,~ount and Terminal Revenue Fund Account until the funds and/or l,vestments tn the Sinking Fund Account are sufficient t,o meet the Interest on the outstanding Bonds due on the next interest payment date and one-half of the principal due within the next succeeding twelve months, plus a debt service reserve In the s~ of $52,500, and thereafter on o~ b~fcre each Nay 15 amd November 15 will pay such ~.uma. fr.cm the La~d Fund f~ccount and ~he Term:ns! Revenue Fund Accoun~ Znto the Sinking Fu~)d A. ccount az: may be nec. essary to meet the interest dua on th~~ BoBd:- ..%,~. ~b~- ncxi. :~t{,r~:3t paymeDt date and one-half of the principal .3f tb~~ Bc.?;!a 'in,-. ~,';th:n thc ne~t succeeding twelve months, and Dill] ma/nla!n 3u-k -J<bt ~cr'zl".'. rc.f)ervc. I, thc sum $5~,500. be earned thereon ;r. &m,'_'.ur}l.~: ...'.)!'f; .!,' .... accordance wlth th~'li' *.e?.-l, ,ir-,.' :.,"). effect such r,.,d~mpt Ion o~' r,'.:: .... n. ~,~' .,., of and Interest on :~uch obl]~i,.'t' :".':,. -,," for such purpose, th,: ) ri': I'.~,~},~ ~ ~'. .... ,,' d unless and until, the follc,~:r.,6 :o:'.J'~t:,,.'mz !.a.r ~,,..n ',. ~, Dhe Lo'al f~,,!.. ;,,',(~ ac j,.:.'~ ~'t.m~-~,t:~ r~...~ .~. ,~ (~,.t~(. :~c: reserve in the Sln~lng. Fund i,"::::'.' a~c .:' l,.-',;' ~:.'.'..o,) or :,..:i, debt scrv~:~ res~r.:~~ ~.ac,m' ~ .;:. ...' -:': ..",'.",' ' ' .... ., ': ..... .' Account because c,f the ts:~.~:~'~cc. --.~' ~%, ~'.~.'~'., b-',.'~' , B. The az~nua! T('"mtL.:'. .-.,':t';'~: ::'"' f:."'.;(-'.~u~'f'"~ :~.,¢, ': '~' :n,.,,:- flSoal ~ears are :e~'.]fled b~' tt~,; ":c;.' 7'r, ~32-, :' ~,"'; .::.,t~..:cd c3, ~d CO~nCll of the Cl%~ to b(: equal t:, a~ if.,t::.t i~Y9 ~ l~?r, the i~ual ~equi~e~ent5 fo~ prlnclpal aha i,~t,,.'r-~3t or~ al!. bond:~ :.Kea s~anding ~d pa~able out c~ the Slaktna F:m4 Section 20~ Any ~olleb:~ oil deposit Lo TD~' ..z¢~dlU of the Lan~ Fund Acoount~ ~he Terminal Rc.'cnue Fund a¢:.¢~nt-, tn~" Z!ck'lD~ PUllet ~d ~he R S R Reserve Account ma~ be ]n~,es~pd by the C].l'y In dlrec~ obll~a~lons of~ or ob!.tgatlons the prln~Zpal of and in~eres% on which a~e guaranteed by, %he United Stat:e~, Government mat. urzna prior to, the di~e on whloh an~ of such moneys may be needed for the purpos~'a for they are being hel~. ~y ~bllii~,ltlDn;.. 5o p~.~r.'har, c,d ::ha'' be d~,~med at times to he part of the respect!v'(~ ~'lc')~.![]t, a~,d a,,) ~,,tcr,~at ,-.,~r,~,'d or income dol'!ve~ fzcm the ~,,:~.;.," %h,"~, Cf ';~:~.['. b" 'i, ~' l.' '""J t", i,~N part of such re~peT, tl~(- ,~cccunt Th.-: 'Ji'., ':n.'t[~ :'1' .~ the b,"~t obtainable the ob!lga'.:,~r,~ ' c. },,",! i,'. .~n.,: '.~;.~a ~ ....... ..~r;, ,e .... r' 't be necessary so to d.o in orde; t.. ;,~:. i.i,. ; ..e,y Sectl on 2 1 the owner and hoi4e: remain outstanding a:~ a~ That pr~c~' or purchasers thereof tional amount that may h~_ nc':,.:5:,a:',.. -..: p ~, ' !.. --:,',, f -z;,-.f.i::' "~': ' kc construction of the Project. b. That. it wl'i at ;:~! , l,~,,~:- Ir,.~:'r-*~', ~l,,' q;:p,~rt Land f~...;~t~'m In good condition an,:: t~,,~ ~'"" ~' ~. -"[ .. , . :,'~'.F ~d condition, and will c;:.,~at.:. ~,:.:, ..; c. That it will eS~.f:b];'~:~ :~Jlv:' ~ :~f~"~ C.b' C" r~tcs cha~ges for services rendered by ~L,- 7', yf:~%:,-:l 2},SL,'n] aud thc lease lands of the Airport Landoyo° ~tem, a,~~ ..... ?~i1 ':,-1] ~nds · f ~..~:h Airport System at not less than the fair market value thereof as d~term~ned by an independent appraiser and approw-d by $.t'.~ ?lty OOu~CL!, ~a m~y 0''~ sary to provide sufficient money ,:o pa? Current E~penbes of such Systems, the ~ounts required to be paid ln~o the Slnklng Fund Account to pay The p~lncipal of and interest on the Bonds and any Parity Bonds, and ts make all payments into the R & R Reserve Account as required d. That It will not sell o: dispcso of the propertl,~s of th= Te~inal System (unless the same are z,c i..:.t:g:-r :~ed, ~:~oful cz n-~cesuar'y In the operation thereof'~ unlcs6 p:.?.-:sl.~q ih .:~:u' for f. aymeat, into ~he SIBkl~g Fund Account of a s:~m sufflz~::'~t tc ruder:, and ~-,-,.l:'e ali cf outstanding bonds payable cut of ~;uf~, ~-:-'.., * in accor,l~r, ce ','lt~; thu terms thereof., e. That. If such lnsura~ce i.: ~.:~' al.',:ady In !'~r'e, 1~ wlil procure and malntaln flre portions of the less than full ~e~:~,'-=ry not exceed 80~ of the full the event of any dama&c portion thereof'~ the Clt3 %:~..!. [.rn...:.~ '_:.- .:::' ."..._o £ '','. :f:£,'-:'..:%l'3n -,f t¥~e Insurance proceeds for t!l,- :'~a~f .[ ,'.-:[': ~.t ..'~ ]-,,, , f '.' , '?,-:'~:ln;~ Cystem or of the damaged or de~t~-?[~,~-d ~:r~:~'~ That If such insurance ls ;"..'t a'.r,-:~?, 'r~ for'~;, .It wk[[ pr'ocure and malnta~n p~bllc liability lnsuranf~ xe!at!~':L2 to t~-~. <;poratlon of the Terminal System with l~mits of not les-, .... t,han $~00,000 f~r one p ..... .ro,~.~; $300,000 for more than one person involved i,t on,~ acc]dent, to protect ~he Olty f~om claims for bodily ~n3ury and/or d,l. ath, .~nd not leas $10~0DO ~Dm claims fo~ damage to pr'operty of othe:-5 ~hlch may arise from ~he Oxty's opera, ion and/or ownership cf uuch System.. That if such insurance ls not aJready In force and if the City owns or opera, es a vehlcle in the operation of the Terminal System oludin~ ~y non,owned vehicles operated for the beneflt of the City, the Ol~y w~ll p~oeure and ma~n%aln vehfcular public liability insurance wlth l~m~s of not less than $~00,000 for one person and $300,000 for more ~h~ one pe~son involved in one accident, to protect the City from .claims fo~ bodily injury and/or death, and not less than $10,000 from claims for d~aEe :o p~ope~y of o~hers w~lch may arise from the City's operation of such f~ That it wlll keep prope~ records and books of accouter relating ~o ~he Ai~po~ Land System and the Terminal System and to any other facili- ties ~he mevenues of which are pledged to secure the Bonds In accordance w~h generally accepted 8cccunt~ng praetleer~ for fa:.~.~ ~tte~ of llke type and ~ize, in which complete and correct cattles shall be made of all per- ~a~n~n~ :~ansao~ons., All such records and kooks of account shall at al'l ~mes du~ln~ no~al business hours be snb.3ect to the ~nspection of the holders of not less than I0% of the pt'~nc~pa! amount of the Bonds than ou~standin~ or to theft' authouized ~,p.. ,; That so lon8 as the Untted St~ttes :]?.'~'r~:m~:,t ] .... d,, any of the Bonds the City will furnlth to the C:-',',3,'~-%,r.t :'c:"t~.'tc c;:,'rat ~n$ 5tat. o- merits for the Airport Land System at~d t?:,' '",'r~.~;n,~' .'.y:;~ cm ~n ~;ucb form and 8Bbstance and for such per~ods ~:'; m~..', t,e r~:q'.~m',~ ~,v.., 'he. Gow, rnment of each fiscal y,'.a¢ :, ,,~[~ £ :'.' ? ' the same In writing ~q:l t,". t,,, .'i .., Bonds, copies of an ann.~,a.[ a.:.:' -:.;* *, : accountant or a state aud;', i:.g ...'.~ '. ,' ' .... ' .* ..- . .... '** ..... ~.. ~. ~ ,' *~ , :'.? b: ~.'... preceding fiscal yeau Sa~d .... "'' . ,.. - ' . ~.~,~,,a. '~'~J tt '~ooft ~hf~,J. FOil'" able detail the flnanc2¢i ,;(.,hdZ%l,-.:l .:~,~'J -~ ~'..-:'d ::i' opcratlott o:' 'rte C'ty, ~he Airport Land System and the m~-rm.:~... ~ .: .... *'"., '*~ ~*m, lnclu~log but not 'imlted to the following ~nformat1--r (1) Cements regardln& the maDr:a~ , .... -.;ch uno City with the covenants of this ordlr,an~. ¢,n..., ':,¢ t.can A~jreen, en~ wkth the Government as amended. (2) A statement of operating lncoF~e and c~penses for the Termlnal System and ~he Airport Land System, (3) A statement showin~ anaiysl¢, of each Fund and Account created herein, includin8 deposits, wlthdrawal~ an~ be&inn!rig and ending balances., (~) A ~eneral balance sheet~ (5) A statemen~ showln~ the schedule of rates charged for each ~lass of service reDdered by the TermJnai ~' "t ,¢,y¢~em, t~e ~ross revenue~ Fece&ved from the operat&ons of the &~.rpcrt Land System and t~e Te~ln~]. System, and a listing of Airport Land System and Term/nat System lease ~d rental agreements, thc payments duc and the c~'plratiom dar. co thereof. (6) A schedule of 'ln:-u:'ance poll(.]c-:, :ind ';'I%:ltty bo~)da in ['or'c,, 8howlng with respect to each policy a~:,J h-)r;d thC nature and risk covered, the e~plratlo~ "'- t . (7) A list of' name% and ti~¢c.. *'-'[ '.t:f' prc~,;.f'rtt, r~['flccr~, 9f which might possibly af[ect tt,e flr, f~¢,:131 ;;I<t.¢.:- :[' thc A!rpoft l.and System and the Termly:a! flyst Sectlo~ 22- Tnt. City ?,'*r, '.,;. f, .... '' .., r~ ..~,.. ~r',~ af;,,-e'.:, with the owner and holder' ~.,f ,',:';, ,'.,f t.,, :.,,-..:: ",' , .,l.:; .~ .:,7 ,:,f funding Parity Bonds lo or, c, (.:' r.,;;e ..' : :, '.y 2 :... }.-. ...'..- , t.:~t. sition or construction of~:,,',',., 5'},,r' .... [.-'x,r i. .... f.,.~ .,..:.-. .... .'.~;.I,'? .~.':/ ~-r, to the Terminal System as p'r:;t'Jr:d 1,', .(~'":....r,,) i i,",',.'oI'~ ;:. t- f.':r~j ':r fund any obligations of the 7Jty ~:b::~ ?..;.vt ~ L!,-:~, ,;.r.?r, ,~.,. ;'. "' .v~ Land Fund Account and the Termlnal [:.eucr, u,- Fucd be'cunt ,, ~'-,.- %.- to the lien thereon created hcrcln £,';r ~hc p:~y~g,o~ of' th,..r)~±qc~pa.1 c,f and l~terest on the Bonds, and ~o p!ed~e r.h.;;L payu:{'r,t,s ~.r;aL[ Lo ~4~~ out $he L~d Fund Accoun% and Terml~lal ~over~u.? FL~r,c] Account Into the Slnklng F~nd Account to pay and secure ~he pa~merAt of' the pulr, c. lpal of and on s~ch Parity Bonds on a parity wl. th the p:]yme~lI. 5 t'equlrc, rI~b, this nance to be made out of the Land Fund Account and Tem!na] [{evenue Fund Account into the S~nking Fund Account to pay and secure thc payment of the pPinolpal of and lnte~est on 5he Bonds, upon compliance wl%h %he following conditions: (1) That ~he facility' or facl[ltle% to be acquired o~ constructed from She pPoceeds of sale of the additional Pa~i~y Bonds !s oJ' are made a pa~t of the Terminal System as hepelrAbefoPe provided In Sec- glen 3 hereof and l$s o~ their, revenues are pledged bo the Terml. nal Revenue Fund Account and as addltlona] securlty for the Bonds ou¢- standing and such Parlgy Bonds, (2) That at the t~m(, c~f the Issuance of r, uch PaI'%by Bcmda Clt2 IS.tn full compliance w/th all so',(,nant, s ar)d ur)oertaklngs In connection w~th the Bonds a~,.] an~, ?.~:-~,~ ~,.)n(ls t.h~,u out::~andln~ (3) That at the ~tmc of the l.:~:.uanc,~ oI buch d':id'ltLc)qal Par,ty Bonds the Airport Land Sy~;t'em NpI. ~ ~,,.,~uc 5L,] tl-,r. Termlr,;~l Net Revenue for the I'lSca~ y'-~r ~]~.,' ~,r,'c~.dln/, th,, ]:~.'~,u~r},'" accountant, employed b7 tb~' r'l,~. -~r: ~..~. 1:~ ,.~, ~qu.,! ia ,,. ~,,. !:~0 times the a~',?ra~,,= .~?n,~al , · '~,." ""q,~l ,.,~ t:.,,r,'..,f', .. ,'.... .j, service on all outsL;mdl,'~; }: .' {"~.j-")~ "'~ tf ~, ..',,: ~,,- Account ~ Bonds the .;: ty -n.~[ ...: -.: f :.- operatlon of alr'port~. .~.r.d .::.:rp:-.~' '' '~:"- , ..... .'.,.-, wh' !, ..'' mate shall be appr.-,':od ~.y tk., .t,-)u:,-.: ,-.,:..; ,i~-,.,, ,.; '.~:e ~;tt), ~;,~.,%w'r,~ to be ccnstru:%c'J tr a:q'::: .d f,--:.- at least 1,50 tlme5 *be merits for prlnc~pa.! and ~:'.' of the SinklDg Fund Acco¢::t an, d .t.r, '.~-:' ,-'~ .... .-,u(:~ ~ ~"'",' r-)nd-.: ? ,~, estimated future Net Rev~ue of ('.'~:h .... b ~y-t,:~ sha]! b,~ hazed upon the actual Net Revenue of each ~..~ch 3y:,t~:m for thc prcc~d~ year, adjusted to reflect change.5 .:~ ~u,~h ::,-t .r,,c';~-nuc under cxef. uted leases o The term "average aanua] c~bt ~r:,"'/.'..ce" .. , aa ',~.ed 'in the prec,."Jl.og paragraph, as of any date ~hal] mean for each .15sue or series of bonds the aggregate of all future -"-~al and :ntr.:'er~~ *o become d,:.TM :'n the bonds of each such [.~ue or s~.,z'3e2 In all years ¢ipal is to mature in accordance ~.~th thc then och~,duled maturities thereof, dlvlded by the nu,,be~- of ,'~¢'h y~ar.: The term .... 'comoin,'.d average annual debt ............... ,,. :.,~ ...... ,ilr,~ paragraph ~hall mean the aggregate of ~he ~:~e . ~.. . each separate ~ssue or S~nki~g Fu~d A,: , ..,' . .- : . ' and the T,',f:f~i~i.:~' [-:,.. for ~he payment, of C~ ~, ¢,, ~., ', .. ~'" ' ... ,'.::'f,.... ;....i -., ",:'. and the Te~ln;J.~ the maxlmum annual de'ri ze.~'.~t: 2,: ,'r, 2i, ~":-1, t.~,c-r, i,.:o;'~blo cut. of the Sinking Fund Account an:l that such increased debt se provided in said Sectlon b. That it will lncrea:s¢, the ma×~':,m~: am.,,:r,t re:4ui~,?d ¢.~ be deposited annually /nrc the R & R kes~:t'~,e A:.,':¢~ur~t h.y a~ ar. cunt equal to 3/10 of 1% of the esti:n~ted :on~tructlon ¢o:;t of the facility or facilities to be added to .~,he 'ferralr~al System and itlcrease the balance to be acc. hmulated and malntalned in said R & R Reserve Account by au amount equal to 35 of the estimated construction cost of such faell~ty or fac. i ll~iec,~ c. That such Parity Bonds shall be made payable as to principal on December 1 of each year 'in .which principal falls due, and pay- able as to interest on June 1 and December ] of each year~ Bo The City further reserves the rlght to issue refunding Parity Bonds for the purpose of refunding by exchange or purchasing at Or p~io~ to their maturity any part or all of any bonds payable out o£ the Sinking Fund Account, and to pledge that payments shall be made out of the Land Fund A~count and Terminal Revenue Fund Account into the Sinking ~und Account to pay and secure the payment of the principal of a~d lntemest on such refunding Parity Bonds on a parxty w~th the payments ~eg~i~ed in this ordinance to be made out of the Land Fund Account and Terminal Revenue Fund Account into the S~nklng Fund Accou~,t to pay and secu~ ~he pa~meng of the pzLn¢ipal of and Interest on the Bonds and any Parity Bonds that might then be outstanding, if the cor;dltlons fixed in subparagraphs (1), (2) and (5) ~e subse~t3, on A of th1~. :~ect~ol] are ,n-.-~ and if the lssuance of such refunding Par~ry ~or,d:3 doe~ tlct require u g~eater ~ount to be pa~d out of the ~.]nl(.~.tJ~ }~u~d ~c(,nupt ill any calendar yea1- thel~eafter to pay the principal r,f a~,! ::~te .... .~ :.~ :-;u~;h refunding Par Bonds bhan wa~ r,qulr~',d, to ~'~,., , ..... . :,u.. ,,. ..... ~,-,- ~,:-,*......,,. ..,,,~ *~o~.,,. name calendar year to pay the principal, o!' and [.,.:t,?r:'zr t.~:~ th,. l,(m,i:, be.lin: { refunds, d, ~ny F?'~.'"' ':' : :: -. ' ,'. ',.r,,'. shall not b~., cc,.~p~;,~,,] ir, '~, ~,. :..,...' .'. · ' .... ' .... ~' q::' ' :~ ,'. ~' : ;. Z :': C In the event ;.' ' ,.: -;, r, ~r.:/ .' : . Fund Account shall b, ,,z,.-<] ,... :,' '!,-.m ·. ., ;.. :, .-; scheduled maburlties ,~? ;f t?-. o~tsts~dlng bonds payable out scheduled maturities, Jt 1:; ha? [.,~ - · ,..,.:~.:,.] will be applied to eac. b ::.or',:: ..r , . ,c- .f ,,'~.". ;.-'~j.~r , ,,~, , f ,.~,,. Sinkin~ Fund Account on an r,,.;~] i.~" rat', .,.~-~ ,,.f'~ .... t ~,~% t,r,,, prcl,~,rtl~,n Of the o~iglnal ~cunt of each /,,-: :' l , ,: :.~ '. ,,'}; ,',.~trl.,~ndl,:,; at the t.J:~, Such call), and (2) that calla o[ [,c, rl.j-, fl~ ~'~,'I; :,,'ti,..'. rf i_.jr, w~_'. {.c i: accordance wlth the call provJ~:~ons <f the ~',.op~-ctlve bond :-..ri,~s issues. Nothing he~eln c~:~:ta:~,~..~, h,,.,:,...., ,. , :~.!~ pr'~vont th,, City calling, subject to the call prov:s~o~,s, ~,f ,_ha. r,-,t4,(,ct~.vr, bond issues, 8~y or all outstandln~ r:onds payabic out of' thc. S~Dking Fund Account which may be called at par prior to .calling any such bonds that are callable at a premium° Section 23.. This ordinance ~:3 necean.~ry for the lmmedlatr. preservatlo~ o£ the public welfare, An mnez'[~ew;y ls hel'eby declared exlst~ aBd the rules 8overnin~ thc introduction, reading, pad, sage and approval of this ordinance are hereby :,u~d,c,,,je,J ~nd thl;~ ordinance be effective l~edlately upon lt.:. pa:,%:,.[~,..~,d '~pp~',,., Publication of tl',l:: ~.r,il,~r,<,' .h.,!i ~,, z :'h by p':Llll~ a he,eof on the Clty Council b~l]i,'L~n I,o.t~ ' c., ~ ~,~ i.:~i -.. '~,: 't,l~ i.,~_ lowtn~ its passage, PASSED by thc Cou,~c~l '~t' ~h~ :;~'./ ,f F,,'4'., ~J~..k ,, day of ~._, ATTEST: / 1 CERTIFY: 1 That respects .tn accordant,, w'lth law, dt, J '" '1.'- , .'.',t r .:..i;r,.d Ly !aw due and proper not!cc, cf ,ucL was present throughout the mC. ct:,;'; ,=.q :' l,, .'~ff'i. ~,.~:' ~,.,,t,," . ;' tlle~ber~ of the Governing [.~:,~;, .,,.t,.r~ Ir, :~:, [ ! .,:..: r,,;,,.~*,,.r '~"~ th~ ,,'",:,pt'~,~ of said Ordinance; that a.~] tO the prope~ adoptlon or' par,.'_a,~, of c,~1'1 C;rdJrianc,~ hay:: t..c(~ duly fulfilled, carried out and ~o execute thio cert!f~cate. .... r.' · ~,"C,' t.t,, ,,"' 'ny N. and arid IN WITNESS WIII',T,E ,. , : l.a'.,. ........ . ... ,.,, //.._, the official ~eal of th, .... .. Fund As,,r'ur,' f'; '', ;.. ' Bond[;, it?" th,. ~ .... ~' '~ -: '~ t~tled t~ any .'~r., account of the '~l.y t'~ kt,'.wt, ,~ ',' .'- '. placement ~eserve Ac'cunt" h:,.,-'rr "'', '~,' Ar; .oun~ . T:.e ,'.: ', t.~ ~" ..., , · . requlred In Settlor, '7 from the Te~na! P~ tt~al year. t~ sum transfer annually, unt]l *n~ f'~r,-J, ,~r,,J/,[ ',.',,, Account shall aggregate $1;',O'~O, .,~,,: :~,,:, :f',~; 'L.~t ;t w"_. ~t t:'4::~f; such sums, but not more than ~,2fiO ,m~.,x,~::y, ,~', rr.;i~ b,, :',.q,.~l:','"~ ti, store and maintain such balance of' All moneys In the [~ & }~ P~::~-f"e A~.,~r~t may m. dr~,wn ;,r, a,,'~ used by the City For the purpose of paying tr~e Cast of unusual or e/tra- ordinax, y maintenance or repairs, r(f~owa[q and roplacemcnts to the System not paid as part of the or,ir, ar:/ a,-.,: -',r'ma~ c.~ppnsc:, of T~rmln~l System operatlon~, It ls hereby ~urtl;,~ prr, vi,ir-,], ~,,wr.v,.:~ , I~, ';., ,,vr~t tr;~: f'.,:~d'; In the Slnkin~ Fund ~ccount th~.al.,l bc r,,du~ b,-.i.-~, iL., .'JoLt ,;er:/l:~. serve of $5?,500, that f,.mJ~, on depi;:;~t :,, ,~., }' t ~'. f;,.:t,.r".',' shall be transferred t', *t., ":n~'l~,g F~.,.,i fi,' · · ~' * I,, ] :,t ' ,,.. ' to ellmlnate the def~:'l~*n,;y .. . vided In fit, vt ' ~t ~ ~I t,-, ~ p ~ ..... ., ~ fund~ 1~ tho l.and F,~.,t t~:. ,~,,~, :.,: ,~,. lntev,~st paTm~nt d.',', , ', '-' .... less than $5,q3q p.~r ~ ,~, ,' ,'.. '. Lei4 '~lt~ ~n the etty ~n ~ay ~1~ 1~5 ~ I~r~h 2~ IgC; p~i~ for the ~aln o~ ?F,O~(,~ ;,rtn,:ipal ~,~ o~ atr~r~ t~i~l ~aciliti~s row~e bo~ city for th~ pur~e ~ providi~ ~u~s to co~st~6 oe~ain ai~ te~l as pr~t4ed tn Ordt~ ~, 81-65 of t~o city ~.seod l~il 7~ 19~, ~ as To~I ~enue F~d Aeeo~ a TerCel R~enu~ Bo~ and I~ere~t 3i~ Fu~ iooo~, a~ a Temt~al System ~ir a~ Repla~ tMoe~e Aoeo~; ftxi~ the date~ ~turlties s~ cove~ of ~aid bonts to b~ is~uodl providi~ eertaia coyness a~ pr~e~lve ~oaturea 8efe-~rdin~ the ~eu~ of t~ prtnoi~l of ,nd ~ernst on such ~dsl re~i~ ~h~ rl~ tn tho city to i~sue rovonuo bonds on a pari~ to-~ ~ss~d, upon o~plianee wi~h ee~i~, co~itio~, a~ deelar~ an I hol~ within ~h~ el~y on Ihy 11~ 196~ s~d Harsh 2~ 19~S providi]~ for ~he ssl~ of ~450~000 prinoipal a~oun~ of sirpor~ ~erminal ~aeilitl~e revenue bond to ~he for th~ pu~ose of py~vidl~ funds to ~on.~ruo~ oer~itn sirpo~ &eminal fsoili~ies bondss rese~vts~ ~h4 rtl~b in tho city to issu~ ~evenuo bonds on a parity wi~h such bonds