HomeMy WebLinkAboutORDINANCE 0068-1964ORDII~ANCE si the City of Kenat, Alaska, con£irmtng
the ~e~ul~ o~ a s~tal elation held there~ on
Feb~a~ 5, 1~3, at ~htch t~ quail[ted electors
o~ the cLty autho=~zed the ~ss~ce cE ~enefal
oblL~atLon ~nd; ~ an a~t not to exceed ~200,000
~o~ t~ purest o~ ~~ and conet~ct~n~
certa~ capital i~rovements ~o the ~ter sy~tm
o~ ~he cLty; provid~ ~or the ~ssu~ce o~ ~75,000
o~ such authorized ~nds to p~y t~ cost o~ car~-
i~ out pa~
the date, ~o~, te~, ~urL~es ~.d covenant~
o~ s~h ~nds to
d~mpt~on ~d ~or the pa~ent
~d ~te~est on all o~ such ~nds authorized~
pr~d~q ~or ~l~ited t~ Levies a~ othe~
ff~s o~ the city to pay t~ pr~ci~l ther~
and ~teresC t~r~on; con~ing
said ~nd~ to be
e~rqency.
~~, at a epecial el~ct~on held ~n the City of Kenai,
ALaska (hereina£ter called the "C~ty"), on Febr,a~ 5, 1963 pursuant
to the City C~rter, to Resolutton~o. 59 and other resolutions and
o=dinances of the CLty Council, the qual~£ied electors of the C~ty
au~hor~ed the Lssuance o£ general obligation bonds of the C~ty ~n
sum of not to exceed $200,000 £or the purpose o~ provid~ng £unds
to pay the cost o£ const~uction o~ ~ater .~ins and ~ater d~str~bution
woFks w~thin the City limits inelud~g the acquisition o£ necessary
lands, appurtenances and ~nstallation of all neoessa~ equipment,
appliances, £~xtures and all other appurtenances; and
~i~, it is d~emed necessa~ and advisable that the City
no~ issue $75,000 o£ such bonds to provide funds to pay the cost of
carryLng out part of said plan of improvm.ents; and
~I~IIE~, on Auqust 5, 1964 the City Council accepted the
w~tten offer of Marshall and Meyer Incorporated, an investment
banking corporation o£ Seattle, ~a~hington, dated July 31, 1964,
to purchase 9uch ~75,000 of bonds at par plus accrued interest to
date of delivery and under the ~e~tt-~ ~nd cond~_ions o£ such bonds
as here~na£ter p~ovided;
f t,
NOW, THEREFORE, BE IT ORDATNED by the Cotmcil of the City
of Kenai, Alaska, as follows:
Section1 1. As used in this ordinance the following words
shall have the following meanings:
&. The word "City" shall mean the City of Kenai, Alaska,
a mun~cipal corporation duly organized and existing as a city under
the Laws of the State of Alaska.
b. The word "System" shall mean the water supply and dis=
tribtttLon system of the City as the same shall be added to, bettered,
improved and extended for as long as any of the Bonds are outstanding.
c. The words "Authorized Bonds" shall mean the $200,000 of
general obligation ~ater system bonds of the City authorized pursuant
to Resolution No. 58 of the City and a vote of the qualified electors
thereof at a special election held on February 5, 1963.
d. The word "Bonds" ;na.~ mean the $75,000 pr.;ncipal amount
of the Authorized Bonds issued pursuant to and for the purposes pro-
vided ~n this ordinance.
~.ec.t~Sn 2. That the result of the special election held
~n the City on February 5, 1963, whereby the qualified electors of
the City adopted a proposition for the issuance of not to exceed
;200,000 of general obligation bonds for the purpose of providing
funds to pay the cost of the oonstruction of water mains and dis-
t~:ibution works within the City limits including the acquisition of
necessary lands, appurtenances and the installation of all necessary
equi~ment, appliances, fixtures and all other appurtenances~ be and
the same is in all respects ratified and confirmed.
8e.c.~ion. 3. For the purpose of providing funds to pay the
cost of carrying out part of the above-described plan of acquiring
and constructing certain necessary capital ~mprovements to the System,
the City shall issue the Bonds.
The Bonds shall be dated Se.~tember l, 1964, shall be in the
denomination of ~l,000 each, shall bear i~erest at the rate of 5% per
annum payable semiannually on the £ir~t days o£ Narch and September of
each ]fear £rc~. date o£ issue, and shall be numbered and mature in order
of their numbe~ as follows:
Bond Nos. ~..tq=t~y..Date Amount
1-5 September l, 1965 ~5,000
6-10 Septentber l, 1966 5,000
11-15 September 1, 1967 5,000
16-20 September 1, 1968 5.000
21-25 September 1, 19~9 5,000
26-30 September 1, 1970 5,000
31-35 September 1, 1971 5,000
36-40 September 1, 1972 5,000
41-45 September 1, 1973 5,000
46-50 Se~-tember 1, 1974 5,000
51-55 Septe~r 1, 1975 5,000
56-60 Septe~r 1, 1976 5,000
61-65 Septe~r 1, 197~ 5,000
66-70 Septe~eg 1, 1978 5,000
?~-75 Septe~e= Z, ~979 5,000
Both pr~ncipal of and interest on the Bonds shall b~ payable
~nlaw£ul money of the United States of America at the main office of
the Seattle T~ust and Savings B~ in Seattle, Washington, or, at the
option of the holder~ at the Kenai Branch, Alaska State Bank, in the
City.
Sect/on 4. The City hereby reserves the right to redeem the
~onds, in whole, or in part in inverse numerical order, at par plus ac-
crued interest, on any ~nterest payment date on and after September 1,
1974.
Notice of any such intended redemption shall be given by
one publication thereof in a business and financial Journal or a now~-
paper o£ general circu]atton Ln the City of Seattle, ~ashington, not
mo~e than £orty nor less than thirty days prior to such redemption date
and by mailing a like notice at the same time to Narshall and Neyer
Incorporated at its main place of business in Seattle, ~ashington, or
to the Bq~lness successor of said corporation, Lf any, at its main
e
place of bus~ness. Interest on the Bonds so called for redemption
shall cease on such redemption date unless the same are not redeem~-d
upon presentation made pursuant to such call.
S~,e~tion..5. That there be and is hereby created a special
fund of the City to be know~ as the "Kenai 1964 General Obligation
Water Bond Redemption Fund," which Fund shall be drawn upon for the
sole purpose of paying the principal of and interest on the Authorized
Bonds as the same shall become due and payable.
The City hereby irrevocably covenants that ~t will make
annual levies of ad valorem ta~es upon all the proporty within the
City subject to taxation without limitation as to rate or amount and
in an amount suff~cient, with other moneys of the City on hand in such
Fund as hereinafter pledged and provided and together w~th any other
moneys legally available therefor, to pay the principal of and
retest on the Bonds as the same shall become due. The full faith,
credit and resources of the City are hereby irrevocably pledged for
the annual levy and collection of such taxes and for the prompt
payment of such principal and interest.
The City hereby further irrevocably covenants that it will
also pay into such Bond Redemption Fund all charges heretofore estab-
lished for connections with the System as the same are collected.
All of such taxes and co~mection charges so collected shall
be pa~d into said Bond Redemption Fund at least thirty days prior to
the dates upon which any installment of ~nterest on or principal of
and interest on such bonds shall become due and payable, in amountu
sufficient to pay such installments as the same shall become due.
All moneys so paid into said Bond Redemption Fund shall be used only
for the payment of the principal of, premium if any, and interest on
oustanding bonds payable out o~ such Fund.
The City may also pay such amounts of the gross earnings
.f
and revenue o£ the System into such Bond Redemption Fund as shall be
deemed necessary and advisable by the
Section .6. The City hereby agrees, as soon as practicable
after a legal petition or petitions for the construction and installa-
tion of water lines and other improvements to the System as provided by
statutes, the Charter and ord/nance~ of the City and in this ordinance,
h~s or have been filed and such work authorized, that it will levy
assessments against the properties specially benefited by such improve-
me,ts in aw amount not to exceed two-th~rds of the cost thereof, and
will deposit such assessments in such Bond Redemption Fund as collect~.d.
Such assessments shall be used for the purpose of paying the principal
of and interest on the Bonds.
The City hereby covenants and agrees that it will create a
water ~mprovement district and levy and assess all of the cost of the
improvements constructed out of the proceeds of the sale of the Bonds
against the property within such district specially benefited by such
improvements. Such assessments shall be made payable in not more than
ten annual installments and, when collected, shall be deposited in ~aid
Bond Redemption Fund and shall be used for the purpose of paying the
principal of and interest on the Bonds.
The Bonds shall be in substantially the following
ectign ?.
UNITED STATES OF AMERICA
STATE OF ALASI(A
NO. _ _ $1,000
CITY OF KENAI
GENERAL OBLIGATION WATER BOND, 1964
I~¢OWALL MEN BY THESE PP. SSENTS=
That the City of Kenai, a municipal corporation of the
State o£ A!aska, flor value reueived hereby promises to ~
to bearer on the first day of September, 19__, the sum of
ONE THOUSAND DOLLARS
together with interest thereon at the rate of 5% p~r annum
foL'm ~
payable semlunnually on the first days of March a~d September
of each year from date hereof upon presentation and surrender
of the attached interest coupons as they severally become due
or until such principal amount sba1! have buen paid or duly
provided for.
Both principal of and interest on this bond are payable
in lawful money of the United States of America at the main
office of the Seattle Trust and Savings Bank in Seattle,
Wash~gton, or, at the option of the holder, at the Kenai
Branch, Alaska State Bank, in Kenai, Alaska.
This bond is one of an issue of seventy-five bonds of
Ilks amount, date and tenor except as to number and date of
maturity, aggregatin~ the principal amount of $?5,000, ~nd is
issued pursuant to the laws of the State of Alaska, a vote of
the qualified electors of the City of Kenai, the Charter and
duly adopted ordinances and resolutions of such city, for the
purpose of prov-£ding funds to pay =he cost of acquiring, con-
strutting and install/ng certain capital t~provements to the
water supply and distribution system of the city.
This bond and the bonds of the issue of which it is one
are payable both principal and interest out o£ the special
fund of the city entitled "Kenai 1964 General Obligation Water
Bond Redemption Fund" created by Ordinance No. ~' of the city.
The city has irrevocably covenanted that it will levy and
collect ad valorem taxes annually upon all the taxable property
w~thin the city without limitation as to rate or amount and in
amounts suffic~ent to pay the principal of and interest on the
bonds of this issue as the same shall become due. For the
annual levy and collection of such taxes and the prompt payment
of such pr~ncipal and interest the full faith, credit and
resources of the City of Kenai are hereb~ irrevocably pledged°
The City of Kenai has further irrevocably covenanted that
it will pay ~nto such Bond R~demption Fund as collected all
~ater connection charges and all ~mprovement district assessments
levied for improvements constructed out of the proceeds of sale
of the bonds of this issue.
It is hereby certified and declared that all acts, con-
ditions and th~ngs required by the law of the State of Alaska and
the charter, ordinances and resolutions of the City of Kenai to
be done precedent to and ~n the issuance of this bond have hap-
pened, been done and performed, and that the total indebtedness
of the City of Kenai including this bond and the bonds of this
issue does not exceed any debt l~mitation prescribed by law.
IN WITI~ES$ WHEREOF, the City of Kenai, Alaska, has caused
this bond to be signed by its Mayor, to be attested by
CLerk, the official seal of the city to be impressed hereon,
and the ~nterest coupons attached hereto to be ~igned with the
facsimile signatures of said officials, this first day of
September, 1964.
ATTEST:
CITY OF NENAI, ALASKA
By
Mayor
City Clerk
The interest coupons attached to the Bonds shall be in
substantially the following form:
NO.
On the first day of
$25.00
, 19__, the City of
Kenai, Alaska, will pay to bearer at the main office of the
Seattle Trust and Savings Bank in Seattle, Washington, or~ at
e
the option of the holder, at the Kenai Branch, AZaska State
Bank, in Kenal, Alaska, the sum of TWENTY-FIVE AND NO/ZOO
DOLLARS, said sum being the semiannual interest due that
date on £t~ General 0bllgatlon Water Bond dated September Z,
1964, and numbered ..
CITY OF KENAI, ALASKA
ATTEST:
Mayor
City Clerk
~ection 8. The Bonds shall be signed on behalf of the City
by its Mayor, shalZ be attested by its CLerk, and shall have the
corporate seal of the city impressed thereon. Each of the interest
coupons attached thereto sna~.£ .~e signed with the facsimile signatures
of said offioial~,
S~ction 9. The action of the City Council taken on August 5,
1964 ~naccepting the written offer of Marshall and Meyer Incorporated,
an ~nvestment banking corporation of S~attle, Washington, dated July
9~, i964, to purchase the Bond= at par plus accrued ~nterest to date
of delivery and under the te~ms and condit~ons of the Bonds as set
forth in this ordinance, ks hereby in all respects ratified and con-
firmed.
The proper City off~cials are hereby authorized and directed
to do everything necessary for the prompt issuance and delivery of the
Bonds and for t~e proper use and application of the proceeds of such
sale.
S_ection 10. Because o~ the great need of the City to obtain
the proceeds of sale of the Bonds at the earliest possible date, an
emergency is hereby declared to ~xist, and the rules governing the
reading, passage and approval of this ordinance are hereby suspended.
Se
It i~ hereby found and declared t.hat it is necessary for the immediate
preservation o£ the public wel£are, peace, health and safety that this
ordinance become e£~ective inunediately upon its passage, approval and
publication by_ post~n~ a copy hereo£ on the City Hal! bulletin board
£or a period o~ ten days £ollo~tng its passage and approval.
PA~SED and APPROVED by the City Council of the City o£
this ~ day of ~..~"~. , 1964. /
~A~T~ ~ , .
City Clerk
~ayoz a~ a meet.teg o£ sa~a ¢oune~.Z l~el~ on t~.e ~ aa~ 0£ ~
1964.
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