HomeMy WebLinkAboutORDINANCE 0055-1963ORDINANCE NO ~
· y.Z
AN ORDINANCE of the City of Kenai, Alaska, author-
izing the issuance and delivery of a temporary
electric light and power revenue bond in the
principal sum of $~25,000, and declaring an
emergency.
W~ERFA$, pursuant to a special election held in the City
of Kenai, Alaska, on February 5, 1965, and proceedings duly and
54of the city, the city authorized the issuance of $~25,000 prin-
cipal amount of electric light and power revenue bonds of the city,
which boncls are to be dated October 1, 1965 and to be in the
denomination of $1,000 each; and
WEEREAS, on October 10, 196~, the City Council accepted
the offer of Marshall and Meyer Incorporated of Seattle, Wash-
ington, to purchase said bonds at par plus a premium of $100 plus
accrued interest and to bear interest at the rate of 5% per annum;
and
k~EREAS, it will take approximately thirty days to have
each definitive bonds printed, signed, sealed and delivered to
the ~archasers thereof; and
WHEREAS, it is extremely necessary that the city receive
the money from the sale of said bonds as soon as possible; and
WHF~$, Marshall and Meyer Incorporated have agreed to
purchase a temporary fully registered bond in the principal sum
of $$25,000, the same to be dated October 1, 1965 and to bear
interest at the rate of 5% per annum until paid, which bond will
be exchanged for such definitive bonds when the same are ready
for delivery;
City of Kenai, Alaska, as follows:
~ection 1. The issuance of a temporary electric light
and power revenue bond of the city in the principal sum of
$~2~,000, to be dated October 1, 1965 and to bear interest at the
rate of 5% per annum, is hereby authorized.
Said bond shall be in the £ox~n marked "Exhibit A"
attached hereto and by this reference mane a part of this ordin-
Said bond shall be delivered to Marshall and Meyer
Incorporated of Seattle, Washington, as soon as possible against
t
payment therefor of the purchase price of $425,100 plus accrued
interest at the rate of 5% from date thereof to date of delivery.
Section. 2. When the definitive electric light a~d powe?
revenue bonds of the city in the denomination of $1,000 each
authorized by Ordinance No. 5~ have been received by the city and
signed and sealed as provided in said ordinance, the same shall be
delivered to Marshall and Meyer Incorporated in exchange for the
temporary bond authorized herein. In the event that said defini-
tive bonds are not so delivered, then a payment record showing
principal payments, principal balance due, interest payments,
bond o
Section 3. An emergency is hereby declared to exist,
and the rules governing the introduction, reading, passage and
approval of this ordinance are hereby suspended, and this ordin-
ance shall be effective ~mmediately upon its passage and approval.
Publication of this ordinance shall be made by posting
a copy hereof on the City Council bulletin board for a period of
ten ~ays following passage.
PASSED by the Council of the City of Kenai, Alaska,
and approved by its Mayor this 16 day of October, 1965.
CITY OF KENAI, ALASKA
By James G. Dye
Mayor
ATTEST:
Frances Torkilsen
..... Ci~y ~lerk
I, FRANCE~ TORXILSEN, the duly chosen, qualified and
acting City Clerk of the City of Kenai, Alaska, DO N~w~y
CERTIFY that the fore$oing is a true and correct copy of
Ordinance No. 55 of said city, duly passed by its Council
and approved by its Mayor on the 16 day of October, 1965.
Frances Torkilsen
City Clerk
EXHIBIT "A"
UNITED STATES OF AIiERICA
STATE OF ALASKA
CITY OF ~I
$~25,000
ELECTRIC LIGNT AND PO~R~RREVENUE BOND, 1965
THE CITY OF KENAI, a municipal corporation of the State
of Alaska, acknowledges itself indebted and for value received
hereby promises to pay to MARSHALL AND MEYER INCORPORATED of
Seattle, Washington, or its registered assigns, the principal sam
of
FOUR HUNDRED TWENTY-FIVE THOUSAND D0?,TARS
together with interest thereon at the rate of 5% per annum payable
on the first days of April and October of each year hereafter
until the principal amount hereof 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 America at the main office
of Seattle Trust and Savings Bank, Seattle, Washington, or, at
the option of the holder, at the Kenai Branch of the Alaska State
Bank, solely out of the special fund of the city knownas "Eenai
1965 Electric Light and Power Revenue Bond Redemption Fund"
created byO~dtmmnce No. ~ of the city,
The City of Kenai has covenanted and agreed that it will
pay such principal sum in the following amounts on October 1 of
the following years and at the following prices:
Year Amount Price Year Amc,mt Price
1969 $ 9,o00 102 )~W~ 1982 $17,000 100%
i990 9,000 i02~ ~u~ ~u,--- ~--,"
1971 10,000 lO2 }g& 198;4. 19,00o 1~
1~2 10,000 1025 198~ 20,000 10~
197} 11,000 102~ 1986 21,000 IOW~
1~ 11,~0 102 % 1987 22,000 lO~b
197~ 12,000 101 ~ 19~ 2},000 IOW~
1976 12,000 101% 1989 2~,000 ~ow~
~7 ~,000 100 ~% 1990 25,000 1~
1970 1~,000 100 % 1991 26,000 iOW~
1979 15,000 100 % 1992 27,0~ lOW~
1980 15,000 100 % 199~ 26,0~ 100%
1901 16,000 100 %
The City of Ken~i has reserved the right to redeem the
principal amount d,-'e on this bond on any interest payment date on
and after October 1, 1975, at the followin~ times and at the follow-
ing prices expressed as a percentage of such principal amount,
plus accrued interest to t.be date of redemption:
On October 1, 1975 and April 1, 19~.~$, at 10~
On October 1, 19~ and April 1, 19~, at 10~
On October 1, 197~ and April 1, 1976, at 103
On October 1, 19~6 and April 1, 19~7, at 102
On October 1, 19~7 and April 1, 19~8, at 101
On October 1, 1978 and any interest
payment date thereafter, at 100.
Notice of any such redemption shall be given at least
thirty days prior to the redemption date by mailing to the regis-
tered o~mer of this bond a notice fixing such redemption date.
This bond is issued pursuant to the laws of the State
of Alaska, the Charter of the City of Kenai, a vote of the qualified
electors of the city, and duly adopted ordinances and resolutions
thereof, for the pus-pose of providing funds to pay the cost of
acquiring, improving, extending and repairing the electric power,
lighting plant and distribution facilities of the Kenai Power
Corporation, all as more specifically provided in Resolution No.
56 of the city passed December 26, 1962. This bond is payable
solely out of the gross revenue of the electric light and power
system of the city and all additions and improvements thereto
and extensions thereof.
The City of Eenai hereby covenants and agrees with ~he
owner and holder of this bond that it ~Jill keep snd perform all
of the covenants of this bond and of Ordinances No. ~ and No, ~5
to be by it kept and performed.
The City of Kenai does hereby pledge and bind itself to
set aside from its Electric Light and Power Revenue Fund created
~- ~-~, ..... ~^ ~ ~e ,.~ ~.4e.y~ and to ~ay into and maintain in
said 196~ Bond Redemption Fund and the R~serve Accoun~ -..r~atea
therein by said Ordinance No. ~, the various amounts required by
said ordinance to be paid into and maintained in said Fund and
Account, all within the times provided by said ordinance. The
city has further pledged and bound itself to pay into said Electric
~ight and Po~er Revenue Fund as collected all of the gross earn-
ings and revenue derived by the city from the operation of its
electric light and pov~er system and all additions and improvements
thereto and extensions thereof.
Said amounts so pledged are hereby declared to be a
prior lien and charge upon the money in said Electric Light and
Power Revenue Fund superior to all other charges of any kind o~
nature except the necessary costs of maintenaoce and operation
of such system, a~d equal in rank to any charges that ay be made
upoo the money in said Fund to pay and ~ecure the payment of the
principal of and interest on any electric light and power revenue
bonds of the city which may later be issued on a parity with this
bond.
The City of Kenai has further bound itself to maintain
said system in good condition and repair, to operate the same in
an efficient manner and at a reasonable cost, and to establish,
maintain and collect rates and charges for light and power for
as long as this bond is outstanding that will provide revenue
available for revenue bond debt service in an amount equal to at
least 1.$ times the average annual amount required to pay the
principal of and interest on this bond as the same shall become
due, as provided herein and in Section 2 and 8 of said Ordinance
No. ~4, after normal costs of maintenance and operation of said
system have been paid but before depreciation and any taxes or
payments in lieu of taxes have been paid to the city.
This bond shall be exchanged for the ~425,000 of defin-
itive electric light and power revenue bonds of the city in the
denomination of $1,000 each, dated October 1, 1965, and bearin~
interest at the rate of 5%per annum, as the same are authorized
by said Ordinance No. ~, when said definitive bonds are ready
for delivery.
It is hereby certified and declared that this bond is
issued pursuant to and in strict compliance with the Constitution
and laws of the State of Alaska and the Charter and ordinances
of the City of Eenai, and that all acts, conditions and things
required to be done precedent to and in the issuance of this bond
have happened, been done and performed.
IN WITNESS WHEREOF, the City of Kenai, Alaska has caused
this bond to be si~ned by its .M~_yor, to be attested by it~ ¢!er~
and the corporate seal of the city to be impressed hereon, this
first day of October, 1965.
CITY OF EENAI, ALASKA
ATTEST:
Frances Torkilsen
City "O~erk
By James G. Dye
Mayor
ASSIGN;lENT
FOR VALUE REOEIVED, the undersigned registered owner
thereof hereby sells, assigns and t~ansfers the within bond to
Dated:
In the presence of:
~-~ O~X~CE o~ the C~ty of ~i, Alas~ author-
~zln~ t~ issuance an~ ~v~ o~ a
electric light ~d powe~ z'~v~nue bond in the
pr~.aclpal ~a of $425,000, an~ aeclaxi~ an
e~rgoncy.
Wt~REAS, puz'su;~nt to a special e!e~zi¢.n he~_d in the City
l~i, AlaO~, on Feb~ry 5, 1963, and proceedin~s duly an~ regularly
tmk~n ~d m~o s~ci~ically set ~orth in ~dinan~ ~o. 54 of thu city:
~o e~ a~hor~d the issuance of $425,000 principal amount o~
0IcONic l~ht a~ powe~ ~evenue ho~s of ~he ci~ ~;hich bonds a~e
to be dated ~tober 1, 1963 and to ~e in tho den~lnation cZ
ea~; a~
~~, on October 10, 1963, the Cl~ Council accepted the
o~ex o~ ~shall and ~&eyer inc~porated o2 seattlu~ WaslL%ngton~ to
plus accrued intor~sk
p~o sa~d bo~s at par ~1~ a preml~ o2 $100~nd to bear
a~ ~he ~ Off 5~ ~er a~n,~; and
W~, it %~ill t~o a~pro~aat~i~ thizty days to ha%-~ such
~B, It 1~ e~emeZy necoo~a~ that tho city ~ecclve the
~n~ ~ th~ sale of said bonds as soon as poss~le; ~d
WI~B~8~ [.~'shall and ~4eyur Incorporated huv~ agreed
~4~,000~ the s~ to be ~t~ ~tobow 1, 1963 and to bear interest
Section !. '~h~ l~suance of a t~mD~a~, electric light and
l~c~wor revenue bond of tho city In the principal, sum of $425,000, t~
~nn~, is hereby
O~ thio o~:~nco
~u~ J~a~ly ~ t~o passage and approval.
ATTI~Tz
CJ.t:,; ' J
..
I, FRANC~g TOI~.Z. IL-$EI~, the duly chosen, qt~ltfied and act-
i~ City Ciurk o~ the City of ~i, Alaoka, DO ~F(BBY CERTi~ that
the foregoing ~8 a true and correct
ci~, ~uly pa~aed by ita C~ncil a~4 approv~ by ita I~yor on the
. _ 1963.
.d~y of October,
h~O. aol ,~425~000
~ ~ ~ ll~llBil BBVBMIIB BO~D~ 1963
~ CZTr Of ]~lgl~ a uamJ~paZ corpoz~tLon of the State of
promises to pay to IIM~HRLL MID ~ ~ of Seet~%o;
Ua~hington, or Zte zegfatezod usLges, tho prfaelpel sum of
together ~th Interest th. zion at tho rate of 5~ per re'mum
Ga tho tJaet daye ot ApzA% and CMtomr o~ mob yo~r hezoaftez until
tho prinotlpaL mmmmt boreo~ ehmll l~ve been IPB~ o~ duly provided
8~ttlo T~t ~ tav~8 ~, G~tt~ ~M~t~, or; at t~ o~
Bo, 54 oE ~ city,
much pz~%pm% wa, fa~ tho roLl.wAng ~w on o~o'~_r I of tho
fo%lme~ years m~l at the £o%ZovAng p%%cesf
19~g $ 9,000 102 1/2~ 1902 117j000
1970 9~ 102 1/~ 1983 MAO00 10~
Lg?~ 10~000 102 ~ 1~ ~9~
1~12 AOw~O 102 ~ lWS ~0~0
197~ ~ 103 1/~ 1~ 21~000 10~
LG74 ~ 10~ I~7 22e0~ 10~
1975 ~OOG 101 ~ 1~ 23,000
%07G ~0 10~ %S89 24~000 10~
1977 %3~000 100 1/~ 19~ 3Sago 10~
%OM M~O~ ~ 199% 2G,~ 10~
197~ 15~0 1~ 199~ ~7~000
1~ ~ X~ 1993 26,000
Wotf~e of mnM s,~h ~mdmu~ti~n ~I~-XX ~ ~Av~ at ~t thJ~t¥
~mym l~toz to tim zedm~tA0m date by umLLJ~g to tho zegl~,tezed ounmz
thio t~md · notice fixing such redemptiom date.
This tx~d Am taluS! puzwumnt to the ]M o~ t~ Etite o~
~~ of t~ o~tr~ X~ ~ ~r fyst~ of tho otty ~
~ ~ of
thio
o~
~ ~ ~rfo~d,
~~ ~tm of ~~ae ~ o~ret~ of e~h
oX~rto X~t &~ ~ r~e ~e of tho
~ ~o~ ~ m ~ty vith t~ ~d.
tn good condition an~l EopmLe, to operate thc same An mn e£ftctmnt
and mt a r~amoaml~Xo c4~mt, and to establish, ,~ntaLn n~ coXXect
~ ahmz~ for XZght. mngl ps,mr ~or mm Long ~m thtm bond J~ out-
itmndAztg that ~ttt provtdt :cronus mvmtLml~Xe £o~ 3:evenum bond debt
service An an amount e~X to at least 1.4 tram9 the average annual
tho within 10ond to ,,
the ~"__q~n~o of 8
owner