HomeMy WebLinkAboutORDINANCE 0069-1964No. ?
A~ ORDIBA~CE o£ the City o£ Kenai, Alaska, con£izming
the result o~ a special elect~on held the~e~ on
F~b~ 5, 1~3, at ~h~ch t~ ~al~ed electors
o~ the c~ty autO, ired the ~sua~e o~ general
obl~ation ~nd~ in an a~t not to e~eed ~100,000
~or the ~se of ~izi~ ~d conat~ct~
cezta~ capital tmprove~nts to the ae~e~ system
o~ the cityl p~ovidi~ ~o~ t~ Issuance o~ ~75,000
of s~h autho~ized ~nds to pay the cost o~ ca~-
~ ~t part o~ said plan o~ ~p~ovements; [~ing
the date; to~ te~, mtu:tties ~d cove~nts o~
8~h ~nd~ to ~ issue; cr~tt~ a b~d redempti~
f~d ~o~ the pa~ent of the principal
~te:est on ali et such ~nd8 authorized; p~ovidi~
~or ~l~ited t~ levies ~ othe~ f~ds o~ the city
to pay t~ ~i~ipal t~eo~ and
confi~9 the sale o~ said ~nd8
decLari~ an emergency.
~Hg~d~, at a special election held in the City of Kenai,
Alaska (he~etna£ter called the '~tty"), on February 5, 1963 pursuant
to the City Charter, to Resolution No. 57 and other resolutions and
ordinances of the City Counall, the qualified electors o£ the City
authorized the issuance o£ general obligation bonds o~ the City in
the sum o£ not to exceed ~100,O00 £or the purpose o£ providing ~inds
to pay the cost o£ construction o£ sewers and sewage treatment works
~tthin the City ltmlts Including the acquisition of necessary lands,
appurtenances, £txturee and all other appurtenances; and
~HBRBA8, It is deemed necessa~ and advisable that the City
no~ issue $75,000 o£ such bonds to provide ~unds to pay the cost o£
carrying out part o£ said plan o£ improvements; and
~HSRBAB, on August 5, 1964 the City Council accepted the
~tttsn og£er o£ ~arshall and ~eyer ~ncorpo~ated, an investment
bankin~ corporation o£ Seattle, ~ashlngton, dated ~uly 31, 1964~
to purchase such ~75,000 of bonds at par plus accrued interest to
dat~ o£ delivery and under the terms and conditions of such bonds
as heretna£ter provided;
~09~. TH~?~FORE~ BE IT ORDAINED by the Council of the City
of Kena£, Ala~a~ as follows:
~ection I. As used in this ordinance the following words
shall have th~ fo!lo~ing meanings=
a. The word "City" shall mean the City of Kenai, Alaska,
a municipal corporation duly organized and existing as a city under
the laws of the State of Alaska.
b. The word "System" shall mean the sewage collection and
disposal system of the City as the same shall be added to, bettered,
improved end extended for as long as any of the Bonds are outstanding.
=. The words "Authorized Bonds" shall mean the $100,000 of
g~neral obligation sewer system bon~s of the City authorize~ pursuant
to Resolution No. 57 of the City and a vote of the qualified electors
thereof at a special election held on February 5, 1963.
~. The word "Bonds" shall mean the $75,000 principal amount
of the Authorized Bonds issued pursuant to and for the purposes pro-
vided in this ordinance.
Section 2. That the result of the special election held in
the City on February 5, 1963, whereby the qualified electors of the
City adopted a proposition for the issuance of not to exceed $100,000
of general obligation bonds for the purpose of providing funds to pay
the cost cf the construction of sewers and sewage treatment works
~ithin the City limits including the acquisition of necessary lands~
app_urtenances and the installation of all necessary equipment, appli-
ance~, f£xtures and all other appurtenances, be and the same is in all
respects ratified and confirmed=
Section 3. For the purpose of providing funds to pay the
cost of carrying ou~ part of the above-described plan of acquiring
and constructing certain necessary capital improvements to th~ System,
the City shall issue the Bonds.
1
The Bonds shall be dated September l, 1964, shall be in the
denom~nation of ~1,000 ~o~, shall bear interest at the rate of 5% per
annum payable semiannually on the first days of ~4arch and September of
each year from date of issue, and shall be numbered and mature in order
of their number as follows:
Bond Nos. M~_~rit¥ Date Amount
1-5 September 1, 1965 $5,000
6-10 September 1, 1966 5,000
11-15 September 1, 1967 5,000
16-20 September 1, 1968 5,000
21-25 September 1, 1969 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 September 1, 1974 5,000
51-55 September 1, 1975 5,00~
56-60 September 1, 1976 5,000
61-65 September 1, !977 5,000
66-70 Septe=ber 1, 1978 5,000
71-75 September 1, 1979 5,000
Both pr~nc~al of and interest on the Bonds shall be payable
in law~ul money of the United States of America at the main office of
the Seattle Trust and Savings Bank in Seattle~ washington, or, at the
option of the holder, at the Kenai Branch, Alaska State Bank, ~n the
City.
Section. 4. The City hereby reserves the right to redeem the
Bon~s~ in whole, or in part in inverse numerical order, at par plus ac-
crued interest, on any interest payment date on and a~ter September 1,
Notice of any such intended redemption shall be g~venby
one publication thereof in a business and financ~al Journal or a news-
paper of general circulation in the City of Seattle, Washington, not
more than forty nor less than thirty days prior to such redemption date
and by mailing a like notice at the same time to M~hall and Meyer
Incorporated at its main place of business in Seattle, washington, or
to the business successor of sa~d corporation, if any, at its main
e
place of business. Interest on t~e Bonds so called for redemption
shall cease on such redemption date unless the same are not redeemed
upon presentation made pursuant to such call.
Section.5. That there be and is hereby created a special
fund of the city to be k~ownas the "Kenat !964 General Obligation
Belier Bond Redemption Fund," which Fund shall be drawn upon for the
sole purpose of paying the principal o~ and interest on the Authorized
Bo~ds as the same shall become due and payable.
The City hereby irrevocably covenants that it will make
an~ua~ levies of ad valorem taxes upon all the prOl~£ty within the
City subject to taxation without limitation as to rate or amount and
in an amount sufficient~ with other moneys of the City on hand in such
Fund as hereinafter pledged and provided and together with any other
moneys legally available th¢:'efor, to pay the principal of and in-
terest 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 princ~pal and interest.
The City hereby further irrevocably covenants that it will
also pay into such Bond Redemption Fund all charges heretofore estab-
~shed for connections with the System as the same are collected.
All of such taxes and connection charges so collected shall
be pald ~to said Bond Redemption Fund at least thirty days prior to
the dates upon which any installmont of interest on or principal of
and interest on such bonds shall become due and payable, in amounts
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
outsta~ding bc41ds payable out of such Fund.
The City may also pay such amounts of the gross earnings
and revenue of the S~tem into such Bond Redemption Fund as shall be
deemed necessa~' ~nd advisable by the City Council.
Section 6. The City hereby agrees, as soon as practicable
after a legal petition or petitions for the construction and installa-
tion of sever lines and other improvements to the System as p~-ovidedby
statutes; the Charter and ordinances of the City and in this ordinance
has or have been filed and such work authorized, that it will levy
assessments against the properties specially benefited by such improve-
ments ~n an amount not to exceed two-thirds of the cost thereof, and
will deposit such assessments in such Bond Redemption Fund as collected.
Such assessments shall be used for the purpose of paying the principal
of and ~nterest on the Bonds.
The City hereby covenants and agrees that it will create a
sewer improvement district and levy and assess all of the cost of the
improvements constructed out of the proceeds of the sale of the Bonds
ag~nst the property within such district specially benefited by such
improvements. Such assessments shall be made payable in not more than
ten annual ~lstallments and, when collected, shall be deposited in said
Bond Redemption Fund and shall be used for the purpose of paying the
pr~ncipal of and interest or~ the Bonds.
Section ~. The Bonds shall be in substantially the following
foEm:
NO.
UNITED STATES OF AMERICA
STATE OF ALASKA
$1,000
CITY OF KENAX
GENERAL OBLIGATION SEWER BOND, lg64
KNOW ALL MEN BY THESE PRESENTS:
That the City of Kenai, a municipal corporation of the
State of Alaska, for value received hereby promises to pay
to bearer on the first day of September, 19~_, the sum of
ONE THOUSAND DOLLARS
together with interest thereon at the rate of 5% per annum
payable semiannually on the first days of March and S~ptember
of each year from date hereof upon presentation an~ surrender
of the attached interest coupons as they severally become due
or until such principal amount shall have been paid or duly
provided for.
Both principal of and ~nterest on this bond are payable
~n lawful money of the United States of America at the ma~n
office of the Seattle Trust and Savings Bank in Seattle,
Washington, or, at the option of the holder, at the Kenai
Branch, Alaska State Ba~k, in Kenai, Alaska.
This bond is one of an issue of seventy-five bonds of
like amount, date an~ tenor except as to number and date of
maturity, aggregating the principal amount of $75,000, and 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 providing funds to pay the cost of acquiring, con-
structing and installing certain capital improvements to the
sewage collection and d~sposal system of the city.
This bond and the bonds of the issue of which it is one
are payable both principal and interest out of the special
fund of the city entitled "Kenai lg64 General Obligation Sewer
Bond Redemption Fund" created by Ordinance No. ~_~of the city.
The c~ty has irrevocably covenanted that it will levy and
collect ad valorem taxes annually upon all the taxable property
within the city without limitation as to rate or amount and in
amounts sufficient to pay the principal of and interest on the
bonds of this issue as the ~ame shall bocome 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 are hereby irr~vocably pledged.
The City of Kenai has further irrevocably covenanted that
it will pay into ~uch Bond Redemption Fund as collected all
sewer connection charges and all improvement 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 things 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 in the issuance of this bond have
happened, been done and performed, and that the total indebted-
ness of the City of Kenai including this bond add the bonds of
this issue does not exceed any debt limitation prescribed by law.
IN W2TN~SS ~EREOF, the City of Kena~, Alaska, has caused
this bond to be signed by its Mayor, to be attested by its
Clerk, the official ~eal of the city to be ~mpressed ~ereon,
and the interest coupons attached hereto to be signed with the
facs~mile signatures of said officials, this first day of
September, 1964.
CITY OF KENAI~ ALASKA
Mayor
ATTEST:
City Clerk
The interest coupons attached to the Bonds shall be in
~ubstantially ~he following fozm:
$25.00
On the first day of ..~
· 19__~ the City of
Kenai, Alaska, will pay to bearer at the main off~ce of the
Seattle Trust and Savings Bank in Seattle, Washington, or, at
the option of the holder, at the Kenai Branch, Alaska State
Bank, in Kenai, Alaska, the sum of TWENTY-FIVE AND NO/100
DOLLAR~, said sum being the semiannual interest due that
date on its General Obligation Sewer Bond dated September 1,
1964, and numbered .
CITY OF KBNAI~ ALASNA
Mayor
ATTEST:
City Clerk
Section 8. The Bonds $hal1 be signed on behalf of the City
by its Mayor, shall be attested by its Clerk, and shall have the
corporate seal o£ the City impressed thereon. Each of the interest
coupons attached thereto shall be signed with the facsimile signatures
of said officials.
Section 9. The action of the City Council taken on August
1964 in accepting the written offer of Marshall and Meyer Incorporated,
an ~nvestment banking corporation of Seattle, Washington, dated JuLy
31, 1964, to purchase the Bonds at par plus accrued interest to date
of delivery and under the terms and conditions of the Bonds as set
forth in th~s ordinance, is hereby in all respects ratified and con-
firmed.
The proper City offic~als are hereby authorized and directed
to do everything necessary for the prompt issuance and delivery of the
Bonds and for the proper u~e and application of the proceeds of such
sale.
Section .10.. Because of 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 exist, and the rules governing the
reading, passage and approval of this ordinance are hereby suspended.
Se
!
It is hereby £ound and decla=ed that it is necessary £o= the immediate
preservation of the public welfare, peace, health and safety that this
ordinance become effective immediately upon ~ts passage, approval and
publ~cation 1~ posting a copy hereof on the City Hall bulletin board
;o~ a p~iod of ten days foiiowin9 its passage and approval.
PA~S~.D and APPROVED by the City Council of the City of[
Kenai~ Alaska,
ATTF~T:
City Clerk
this ,,~ day of ,,.~ 1964.
ayor
tb_a._.t ~_.he ~o~ego~_ng o~d~_n~nc~ _is & ~rue and cor~ec~ copy o£ OEdinance
~o. ~ of said city, duly passed by its Council and signed 1~ its
l~ayor at a meeting o~ said Counc_il held on the ~ day o£~,
1964,