HomeMy WebLinkAboutORDINANCE 0047-1963RN
ORDINANC~ t~o. 47
ORDINANCE of the City o£ Kenai, Alaska~ confirming the result of a
special election held thercln on November 6, 1962; ptovidin& for
tbs issuing, ce and aais of $1ol15~000 of general ;~iiiation bonds at
the City ~oz the put.se of'~o~idi~ iua to pay t~ cost of ~n-
~tructtng a n~ high school ~i~tng iftthtn the City~ included t~
acquistt~n of necessary l~a and the ~ggha~ ~ i~tlllat~ of
all neceasagy ~uipm~t, appli~ces, ~turea ~ all oth~ ap~-
t~ces~ all a6 ~re specifically provld~ in Reaolut~n No. 38 o~
the City oassed September 26, 19621 fixia the ~te. fora. terms~
~tu:ttie~ a coven~to thereot~ ple~t~ the City's sha~e o~ State
To~cco T~ ~ ~ the levy o~ general t~es nec~sazy to ~y t~
~ci~l thezeo~ ~ inter~t thereon~ creati~ a s~ial fund for
t~ payment o~ such principal ~ interest~ co~i~t~ the sale of
sa~ bo~ repealed ~dtnance No. 46 ~pt~ ~y 22, 1963~ ~d
~clering ~ ~erg~cy.
l~lBit~S~ at a special election held in the City of Kenai, Alaska (hereinafter
ca!!e~ th~ ~City') on ,~ove~bc~ 6, 1962. pursuant to Reaolut~n No. 38 a~ oth~ re~-
t~n~ a~ otdin~cea o~ the ~uncil o~ the City~ the quali~ied electors theg~ ~t~r-
ized t~ tsau~ce oF g~etaX obligation bonds o~ the City in a 8~ o~ not to ~xce~
$1~4~0~0~ (~tein~tet called the '~ut~rtza Bonds"}~ ~or the put.se o~ ~ovidiU
fun~ ~or the construction o~ a n~ hi~ school bui~g vith~ the City~ ~cl.d!~ the
8c~tsit~n oI necessary lands and the purchase and installation o[ all n~essGry equip-
mentt appl/ances~ fixt~es and all otheg ap~rtenances~ all as more speci[ically provided
In aa~ Re~lution No~ 38I a~
~HBP~AS, the City receives from the State of Alaska certain State Tobacco Tax
funds ~hich may be used for the purpose of the construction of new school facilities
for the Ctt,/s and
~E~EAS, Marshali and Meyer Incorporateds an investment banking cor~oration
o£ Seattle, Washinston, has agreed to purchase $1,115,000 o£ said Authorized Bonds at
par plus accrued lnte~eest to date o£ delivery and under the terms and conditions of
such ~onds aa hereina~ter set forth; and
WHBRBA$, it is necessary and to the best interests of the City and its inhabi-
tants that such $1,115,000 of bonds (hereinafter called the '~onds") be now issued and
Sold and that the date, form, ter~ ~aturities and covenants thereof be fixedl
~ow, therefore, BE IT ORDAINED by the City Council of the City of lenai~ Alaska
as follo~s:
Section 1. That the results of the special eXection held in the City on
November 6~ 1962 whereby the qualified electors of the City adopted a proposition provid-
in8 for the issuance of not to exceed $1~450~000 of general obligation bonds for the
Purpose of providing funds to pay the cos~ of con~tructing a new high school within the
City, inclgding the acquisition of necessary lands and the purchase end installation of
ail necessary equip~ent~ appliances, fixtures and all other appurtenances~ be and t~e
same ts in all respects ratified and con~irmedo
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Section 2_z That to provide tungs to pay the cost of constructing a nell high
school within the City, !nclugtng thc acqu$it£on o£ necessary lands and thc purchase o£
i~stallation of all necessary equipment., appl£ances~ fixture~, and othe~ appi~te~ancea as
p~ovided in Resolution No, 38 of the City, and a5 authorized by the quali£ied electors
of the City at the special election held therein on November 6, 1962, the City shall
issue and as11 the Bongo.
The Bonds shall be dated June 1~ 1963, shall be in the denomination of $$,000
each, shall beer interest at a rate of 4-1/2 .per cent per annum payable on December l,
1963 and eemim~.~taXly on the first days o£ June and December of each year thereafter
from date of issue as evidenced by coupons to be attached thcreto, and shall mature in
order of their number as followss
BOm/, NOs° .~.t.ur.ity Dates Amounts
1-7 June 1~ 1965 $ 35,000
8-15 June 1, 1966 40,000
!6-23 June 1 s 1967 40,000
24-32 June 1~ 1968 4SRO00
33-41 June 1, 1969 45,000
'42-$1 June 1, 1970 50,000
S2-61 June 1, i97i 50,000
62-72 ~me 1, 1972
7.~83 June 1, 1973 55,000
84.-94 Jtme 1, 1974 55,000
95-106 June l~ 1975 60,000
107-118 June 1~ 1976 60~000
119-131 June 1, 1977 65,000
132-145 June 1~ 1978 70,000
146-1~9 June 1~ 1979 70,000
160-174 June 1, 1980 75,000
175-190 June 1~ 1981 SO~O00
191-206 June 1~ 1982
207-223 June 1~ 1983 85~000
Both principal of and interest on the Bonds shall be payable in la,u1 money
of the United State~ o~ Aaerica at the main~fice of the Seattle Trust and Savings Bank
in Seattle, gaahington,
Section 3. That there be and is hereby created a special ~und of the City
to be k~own as the ~enai 1963 General Obligation ~echool bad Redemption Fund," which
£umt shall be ~taun upon ~or the sole purpose o£ paying the principal of and interest on
the Authorized Bonds as the same shall become due and payable.
The City hereby irrevocably covenants that it will make annual levies ct taxes
upon a11 the property within the City without limitation aa to rate or amount and in
an mt 8ttfficient, together with the City's share of the State Tobacco Tax £unda
hereinafter pledged, and together ~ith any other moneys legally available therefor, to
pay the principal of and interest on the Bonds aa the same shall become due. The £ul1
faith, credit and resources, of the City are hereby irrevocably pledged for the annual
ievy an~ collection si such taxes and £or the prompt payment o~ such principal and interest.
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The City he=eby i~rcvocab[7 p[edge~ to the payment o£ euch principal and
in~ere~t the City's aha~c o£ thc 5~a~e Tobac¢~ Tax £unda £or as 1or4 as any o£ the
~on~a re~atn outst[ndin~..
All 9uch ia~e~ os collected ~.nd all o£ ~uch tobacco tax funds necessary for
the payment o£ ~uch p~incipal and !~i~r¢;~ cLall be paid into said Bond Redemption Fund
at lea~t thirty (30) day~ p~i~: to ~h~ dates upon ~hich an7 installment of interest
on or principal o£ and in~crc=~ ~n ouch ~onda aha11 become due ami payable~ in amounts
tu~£1ctent to pay ~uch insta!'.~,en~c a~ t~a ...~,~ ~ha!l bc~o~ due, The ~eney
eatxl~m$ Redemption Fund shall no~ be used £0; any other ~Poae than the pay~ent o£ the
p~incipal st and intereot on the luthorJaed
~?tiop 4~ The ~ond~ aha11 be tn =ubotantially the £ollo~ln& fo~s
UNIT~D ~AT~= O.u RI4~RICA
· ,~aTt OF ALASKA
G~I~RAL OBL~_OA~IONSCHOOLBC~a)~ 1963
ALL t~?~
That the City o£ ~en~i~ a t~in£cipal corporation of the State o~
Alaska~ for value received~ hereby promioeo to pay to bearer. ~ t~
~irot da7 of Jun~ 19~ the p~tncipal sum o~
together vith intc~eo~ Zhercon a~ the rate of 4-1/2 per cent per
atmumpay~ble on the ft~t day of December~ 1963 and saul-annually
on the £irat days o£ Juue and Decc~bez o£ each year thereafter upon
presentation and su:r~de~ o£ the cttached interest coupons aa they
severally become due,
Both principal o£ cad interest on this bond are payable in law~ul
money o~ the United States of ir, er£ca ~t the main o£fice~ the Seattle
Trust and Sav£n~o Bank in Seattle, Washington,
The bond is one o£ an £asuc o£ 223 bonds o£ like ~ount, date and
tenor ~:cept a~ to n,~bor and date o£ maturity, aggregatin~ the pzinci-
pal amount o£ $1~115~000 ~nd ia ia~ued pursuant to the la~s of the
State o£Alaoka~ a ~oto o£ ~he qua/i£ied el~¢tozs of the City oIKena/,
and duly adopted o~d£nnacen ~nd r~golutiu~a thereof, £or the purpose o£
providir~ £undo to pay thc coG~ o£ constructing a ne~ hi&h ~c~..ol ~iM-
/ng~lthin the City~ includin~ ~he acquioit!-- o~ necessary lands ~d
the~rchaoe and ~otallation o~ all necessary equt~t~ applt~a~
fixtureo and all other ap~rten~ncea,
?his bond and the bonds O~ the
........ --,, Il ia one are paya~ie
principal and in~ereat out o£ the special £und o£ the City entitled
'Kenai 1963 General Obligation $chool Bond Redemption Fund" created by
Ordinanco No, __.o£ the
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~f~- ~;0o 47
City h~ ~revacably covenanted that .it ~Lll levy and collect taxes
a~Iy u~n ~11 t~ te~ble pgo~ty ~th~ the C~ty ~t~ut l~t~t~o~
t~j o~ 8ugh ta~ a~ the pron~ ~y~t
The City bm3 £ugther irrevocably pledged to the .flayment of such
¢ipal a~d interest the Cit?~, ohare o£ the State Toba~co Tax ~tmd~.
It ia hereby ce~tified and declared that all acta,
thee r~u/r~ ~ the la~a o~ the United Stat~ o~ A~tca ~ the State
o~ A~o ~ ordL~o and ~eoo~t~ o~
~o~, ~ ~at the ~tal i~e~as og the City o~ ~L, incl~Lflg
Lq Y4Z3~a.~ ~HBRP. OP, the C~tF o£ Keflat, ~l~ka has c~_~ed th/; t~nd t~
be mi~ed by its Mayor, to be attested by it~ Clerk, the O~ficial Seal of
the City to be imp~eased hereon, and the inte~eat coupons attached hereto
to be signed with the £acsL~lle aJ~fJa~u~e~ o£ said of£~cLals tb~ firmt
day of ~ep 1963,
CITY aP IU~JAX, A~AS~A
Mayor
C~tY Clerk
The intereat coupona attached to the Bondo aha11 be in aubatantlally the
~o.2_=__= $1~.~o
OA the £trmt day of , 1~.~., the C~ty c~ J~enai, Alaaka ~tll pay
t~ bea~ez at t~:e main o~tce o~ Seat*~e Trus~ and SavL~a aa~ tn ~attle,
~a~nston, the a~ o~ ~ ~u~r~ and T~elve a~ 50/1~ ~11~s in I~uX
~n~ o~ the UfiLtcd Stateo o~ A~r/ca.
tete0t
1963 a~ nmbe~ed
ATT~F: ~ayor '
City Clerk
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.!
,~,,ftLon ~ The gondo shall be sLgned on ~hG~ o[ the CLty ~ Lt~ ~y~,
~. Ea~ o~ the interest ~ attac~ ~ ~1~ ~ ~L~ wL~ the ~*
e~Le s~atureo of aa~ officials.
Section ~ The action o£ the City off/c/aLe in neKot/ating the sale 0£ the
Bend~ to ~$hall a~ ~ez lnco~tat~ at p~ plus acc~ interest ~ ~te of ~lLve~y
~ u~ t~ te~ a~ ~it~ of the ~8 ~ 9et forth in th~s o~d~nce, La hereby
in all .~empe~t$ ~atL~ a~ ~t~m~.
for the pre;~ issuance a~ ~livery o~ the go~ a~ for the proof ~e a~
.S~. etlon ~ Ordinance t;o, 46 adopted May 22. 1963 and entttleds
result o~ a o~ctaL elect~fl he~ t~reLn on ttovm~r 6,
o( $~al o~i~ga~ion ~ o~ the C~ty ~or the ~r~$c o~
~Mi~ fu~ to ~y ~e ~$t of ~truct~ s fla high
$c~1 ~~ ~LthLn ~ City. Lncl~ t~ ~u~t~n
o~ ~e8e~y Xan~ and the ~ch~e
~l$1~y ~L~t~ appliance, fixtures a~ all otbe~ mp-
~gt~n~ee, aZ1 em ~ge m~ct~tca1Zy pt~d
~. ~ of t~ C/ty p~s~ $ept~et 26, 19621 f~tn$ t~ date,
Ctty*B Bha~o o~ State Toba~ Tax ~ ~ the ~y o~ ge~eX
c~emt~8 a special ~ ~o~ the paym~t
tfltef~t; ~L~t~ t~ sale of oa~ ~f e~ decLe~/~ an
~gency..
/~ hereby in ill respects fepeaLedo
Sect ,/,~ 8_~ An e~e~ge~cy is heteby declared to exist sad the tulsa .e~er_n~_~g
.-aa ~,~~n. re~. paee~e and ep~ovaX o~ ~ ord~ce ~e here~y $~d
~ t~ ordt~fl~ shell be effective t~tatoly u~n Lis P~eaee 8~ ap~oval.
~blicatton of this ordinance shall be made by postLe~ a copy hereof on the
City Cmmcil bulletin board for a perLed of ten (10) ~&ys f, ollo-~in$ l~esage,
PASSGD BY THB COUNCIl. OP THE CITY OP I~BI~AI. ALR6%a.. this 12 day of Jane, 1963.
City CLet~