HomeMy WebLinkAboutOrd1967-360
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ORDINANCE No.3 b 0
AN ORDINANCE of the City of Seward, Alaska, confirming
the result of a special election held within the city
on October 5, 1965; providing for the issuance
and sale of general obligation bonds of the city
the principal amount of $270,000 for the purpose
providing part of the funds necessary to dredge,
and improve the small boat harbor of the city as
provided in Resolution No. 464 of the city passed
and approved September 7, 1965, and authorized by the
qualified voters of the city at such special election;
creating a construction fund, a bond and interest
sinking fund account; providing the date, form, terms,
maturities and covenants of said bonds, and for the
annual levy of taxes to be made without limitation as
to rate or amount to pay the principal thereof and
interest thereon; and declaring an emergency.
in
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WHEREAS, at a special election held in the City of Seward,
Alaska (hereinafter called the "City"), on October 5, 1965, the
proportion of the qualified voters of the City required by law for
the adoption thereof voted in favor of a proposition authorizing the
issuance of general obligation bonds in the principal sum of not to
exceed $270,000 for the purpose of providing the funds necessary to
dredge, extend and improve the small boat harbor of the city, as more
particularly provided in Resolution No. 464 of the City passed and
approved September 7, 1965: and
WHEREAS, it is now necessary and to the best interest of
the City and its inhabitants that it sell and issue said bonds so
authorized in order to pay part of the cost of such improvements;
NOW, THEREFORE, THE CITY OF SEWARD, ALASKA ORDAINS by the
City Council of the City of Seward, Alaska, as follows:
Section 1. The result of the special election held within
the City on October 5, 1965, at which the proportion of the qualified
voters of the City required by law for the adoption thereof voted in
favor of a proposition authorizing the issuance of general obligation
bonds in the principal sum of not to exceed $270,000 for the purpose
of providing funds necessary to dredge, extend and improve the small
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boat harbor of the City, is hereby in all respects confirmed.
Section 2. There shall now be sold and issued $162,000
principal amount of general obligation bonds of the City (hereinafter
called the "Bonds") out of the $270,000 of such bonds authorized by
the qualified voters of the City at the above-mentioned special
election, for the purpose of providing part of the funds necessary
to dredge, extend and improve the small boat harbor of the City as
provided for in its Resolution No. 464 passed and approved September 7,
1965.
The Bonds shall be dated as of June 1, 1967, shall be in
the denomination of $1,000 each, shall be numbered from 1 upwards
consecutively, shall be registrable as to principal only, and shall
bear interest at a rate of not to exceed 4 1/8% per annum payable
December 1, 1967 and semiannually thereafter on the first days of
June and December of each year from date of issue as evidenced by
coupons to be attached thereto. The Bonds shall mature on June 1
of each of the following years in the following amounts:
Maturity Year Amount Maturity Year Amount
1968 $5,000 1978 $ 8,000
1969 5,000 1979 9,000
1970 6,000 1980 9,000
1971 6,000 1981 9,000
1972 6,000 1982 9,000
1973 7,000 1983 9,000
1974 7,000 1984 10,000
1975 7,000 1985 11,000
1976 8,000 1986 11,000
1977 8,000 1987 12,000
Both principal of and interest on the Bonds shall be payable
in any coin or currency which is legally acceptable on the respective
dates of payments for debts due the United States of America, at the
office of the City Treasurer, Seward, Alaska, or at the option of the
holder at National Bank of Alaska, Anchorage, Alaska.
Section 3. The City hereby reserves the right to redeem
outstanding Bonds in whole, or in part in inverse numerical order, on
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any interest payment date after December 1, 1976, upon at least
thirty days' prior notice, at par plus accrued interest to the date
of redemption.
Notice of any such intended redemption shall be given by
registered mail sent to the registered owners of the Bonds to be
redeemed at their addresses appearing on the registry book at least
thirty days prior to the redemption date and, unless all of the Bonds
to be redeemed are registered Bonds, by publication once in a financial
journal printed in the English language and of general circulation in
the City of New York, New York, such publication to be not more than
forty-five nor less than thirty days prior to said Tedemption 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 with all coupons, if
any, maturing on or after the redemption date, shall be presented by
the holders for payment and cancellation.
Section 4. The Bonds shall be in substantially the
following form:
UNITED STATES OF AMERICA
NO.
$1,000
STATE OF ALASKA
CITY OF SEWARD
GENERAL OBLIGATION BOND, 1967
The City of Seward, Alaska, for value received hereby
promises to pay to bearer, or if this bond be registered, to
the registered holder hereof, on the first day of June, 19___,
the principal sum of
ONE THOUSAND DOLLARS
together with interest thereon at the rate of 4 1/8% per annum
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payable December 1, 1967 and semiannually thereafter 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
any coin or currency which is legally acceptable on the
respective dates of payments for debts due the United States
of America, at the office of the City Treasurer, Seward,
Alaska, or at the option of the holder, at National Bank
of Alaska, Anchorage, Alaska.
Both such principal and interest are payable in accordance
with the provisions of Ordinance No. -360 adopted by the
Council of the City of Seward (herein called the "City") on
the~day of August, 1967, out of the 1967 General Obligation
Bond and Interest Sinking Fund Account of the City (hereinafter
called the "Sinking Fund Account") created by such ordinance.
The City has reserved the right to redeem the outstanding
bonds of this issue in whole, or in part in inverse numerical
order, on any interest payment date after December 1, 1976,
upon at least thirty days' prior notice, at par plus accrued
interest to the date of redemption.
Notice of any such intended redemption shall be given in
the manner provided in Section 3 of said Ordinance No. ~.
This bond is one of an authorized issue of negotiable general
obligation bonds of the City of like amount, date and tenor
except as to number and date of maturity in the aggregate
principal amount of $162,000, and is issued pursuant to a
vote of the qualified voters of the City, Resolution No. 464
and Ordinance No. S~O of the City, for the purpose of
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providing part of the funds required to dredge, expand and
improve the small boat harbor of the City as more specifically
provided in said Resolution No. 464.
The City has irrevocably covenanted by said Ordinance
No. ~ that it will levy 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 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.
It is hereby certified 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 and that the
total indebtedness of the City, including this bond and the bonds
of this issue, does not exceed any constitutional, statutory
or charter limitation.
IN WITNESS WHEREOF, the City of Seward, Alaska, has caused
this bond to be signed by its Mayor, to be attested by its
Clerk, the official seal of the City to be impressed hereon, and
the interest coupons attached hereto to be signed with the
facsimile signatures of said officials as of the first day
of June, 1967.
CITY OF SEWARD, ALASKA
By
Mayor
ATTEST:
City Clerk
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The interest coupons to be attached to the Bonds shall be
in substantially the following form:
NO. $
On the first day of , 19 , the City of
Seward, Alaska, will pay to bearer at the office of the City
Treasurer, Seward, Alaska, or at the option of the holder
at National Bank of Alaska, Anchorage, Alaska, the sum shown
hereon in any coin or currency which is legally acceptable on
such date for debts due the United States of America, said sum
being the semiannual interest due that day on its General
Obligation Bond, 1967, dated as of June 1, 1967, and numbered
CITY OF SEWARD, ALASKA
By
Mayor
ATTEST:
City Clerk
The Bonds shall have endorsed thereon the following
registration certificate:
This bond may be registered as to principal only on the
bond registry book of the City maintained at the office of the
City Treasurer, Seward, Alaska, such registration to be noted
hereon, and thereafter the principal of this bond shall be
payable only to the registered holder, his legal representative
or assigns.
This bond, if registered, shall be transferable to another
registered holder or back to bearer only upon presentation to
the City Treasurer with the legal assignment duly acknowledged
or proved.
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Registration of this bond shall not affect the negotiability
of the coupons attached hereto, which shall at all times be
transferable by delivery.
Date of
Registration
Name and Address of
Registered Owner
Signature of
Authorized Officer
Section 5. The Bonds shall be signed on behalf of the City
by its Mayor, shall be attested by the City Clerk, and shall have the
official seal of the City impressed thereon. Each of the interest
coupons attached thereto shall be signed with the facsimile
signatures of said officials.
Section 6. Any purchaser of the Bonds as advertised for
sale by the City may elect to accept a nonnegotiable bond registered
as to both principal and interest with a face value in the amount of
the Bonds, 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.
Such fully registered bond shall be dated as of June 1,
1967, shall bear such rate or rates of interest from such date as
may be fixed upon the sale or sales thereof, shall mature in installments
in the years and amounts set forth in Section 2 of this ordinance, and
shall be in substantially the following form, with such variations,
omissions and insertions as may be necessary under the circumstances:
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UNITED STATES OF AMERICA
NO. R-l
$162,000
STATE OF ALASKA
CITY OF SEWARD
GENERAL OBLIGATION BOND, 1967
The City of Seward, Alaska (hereinafter called the "City"),
acknowledges itself indebted and for value received promises to
pay to the United States of America, Economic Development Adminis-
tration, or its successor (herein sometimes called the "Payee"), or
its registered assigns (herein sometimes called the "Alternate
Payee"), the principal sum of
ONE HUNDRED SIXTY-TWO THOUSAND DOLLARS
on the first day of June in years and installments as follows:
Maturity Year
Amount
Maturity Year
Amount
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
$ 5,000
5,000
6,000
6,000
6,000
7,000
7,000
7,000
8,000
8,000
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
$ 8,000
9,000
9,000
9,000
9,000
9,000
10,000
11 ,000
11,000
12,000
in any coin or currency which is legally acceptable on the respective
dates of payments for debts due the United States of America
and to pay interest on the balance of said principal from time
to time remaining unpaid in like coin or currency at the rate of
4 1/8% per annum on December 1, 1967, and semiannually thereafter on
the frist days of June and December of each year from date hereof
until the principal amount hereof has been paid or such payment
has been duly provided for.
So long as the Payee is the registered owner of this bond,
the Federal Reserve Bank of Richmond, Virginia, shall act as collectior
agent for the Payee for collection of both principal of and interest
on this bond. So long as an alternate payee is the registered
owner hereof, said payments shall be made at the office of the
City Treasurer, Seward, Alaska, or at the option of the holder, at
National Bank of Alaska, Anchorage, Alaska.
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Payments of principal and interest, including prepayments
of installments of principal as hereinafter provided, shall be
noted on the Payment Record made a part of this bond. Upon final
payment of principal and interest this bond shall be submitted
to the City for cancellation and surrender.
Both principal of and interest on this bond are payable
solely out of the special account of the City known as the
"1967 General Obligation Bond and Interest Sinking Fund Account"
(herein called the "Sinking Fund Account") created by Ordinance
No. ~Of the City adopted August ,1 , 1967, (herein called
the "Ordinance ") .
In addition to the installments of principal required to
be paid by the City as hereinabove set forth, the City, at its
option, shall have the right to prepay installments corning due after
June 1, 1977 on any interest payment date after December 1, 1976,
in whole or in part, in multiples of $1,000, in the inverse
chronological order of such installments, at the principal amount
thereof plus accrued interest to the date of prepayment.
As long as the registered owner hereof shall be the Payee,
the City may prepay on any interest payment date the entire
unpaid principal amount hereof, or from time to time, in the
inverse chronological order of said installments may prepay
such lesser portion hereof, in multiples of $1,000, as the City
may determine, at the principal amount thereof plus accrued interest
to the date of such prepayment.
Notice of any such optional prepayment shall be given at
least thirty days prior to the prepayment date by mailing to the
registered owner of this bond a notice fixing such prepayment
date, the amount of the principal, and the premium if any, to be
prepaid.
As provided in the Ordinance, this bond is exchangeable,
at the sole expense of the City, at any time upon ninety days'
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notice at the request of the registered owner hereof, and upon
surrender of this bond to the City, for definitive bonds payable
to bearer, registrable as to principal only, of the denomination
of $1,000 each, bearing interest at the same rate as this bond,
with the same rights of redemption as provided for definitive
bonds in Section 3 of the Ordinance, in an aggregate principal
amount equal to the unpaid principal amount of this bond and in
the form of such coupon bonds as provided for in Section 4 of the
Ordinance.
This bond is a general obligation bond of the City and has
been duly issued by it pursuant to Resolution No. 464 of the
City, to a vote of the qualified electors thereof, and to the
Ordinance, for the purpose of providing part of the funds to
dredge, extend and improve the small boat harbor of the City.
The City has irrevocably covenanted by the Ordinance that
it will levy taxes annually upon all the taxable property within
the City without limitation as to rate or amount in amounts
which will be sufficient to pay the principal of and interest on
this bond 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.
This bond may be assigned, and upon such assignemnt the
assignor shall promptly notify the City Treasurer by registered
mail. The City may require presentation of this bond for
verification of the Payment Record or, at its option, for exchange
for a new fully registered bond.
It is hereby certified 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, and that the total
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indebtedness of the City including this bond does not exceed any
constitutional, statutory or charter limitation.
IN WITNESS WHEREOF, the City of Seward, Alaska, has caused
this bond to be signed on behalf of the City by its Mayor, to be
attested by the City Clerk, and the seal of the City to be
impressed hereon, as of the first day of June, 1967.
CITY OF SEWARD, ALASKA
By
Mayor
ATTEST:
City Clerk
A fully registered bond shall have endorsed thereon the
following form of assignment:
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned registered owner
thereof hereby sells, assigns and transfers the within bond
unto
DATED
In the presence of:
(Repeat this form of assignment)
(As provided in the within bond, notice of any assignment
thereof shall be given by the assignor by registered mail to
the City Treasurer, Seward, Alaska, and upon the receipt of such
notice the bond shall be registered as to both principal and
interest on the registration books in the name of the assignee
named above, but the City shall have the right to require
surrender of said bond for verification of the Payment Record
or, at the option of the City, in exchange for a new fully
registered bond.)
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PAYMENT RECORD
Due Date
Principal
Payment
Principal
Balance
Due
Interest
Payment
(4 1/8%)
Date
Paid
Name of Paying Agent
Authorized Official
and Title
(enter
amounts)
(enter dates
for principal
and interest)
(leave blank) (blank) (blank)
(40 due dates--leave one-half inch space between each due
date, etc., for manual interlining, if necessary; also
half a page at end for any explanation which might be
required)
Section 7. Any fully registered bond or bonds shall be
redeemable, in whole or in part, to the extent, at the time, in the
manner and at the prices set forth in Section 3 hereof, except that
there need be no publication of notice of redemption; provided, however,
that as long as the United States of America or any officer or
Department thereof owns any such fully registered bond, or any
definitive coupon bond, the United States of America, or such officer or
Department has waived and will waive the noncallable provisions applicabll
and the specified premiums for redemption set forth in said Section 3.
Any fully registered bond or bonds may also be transferred by
the registered owner thereof, provided that such transfer relates to
the entire principal amount of the fully registered bond transferred,
and any such transfer shall be noted on the bond registration book of
the City.
Upon ninety days' written notice by the holder of any fully
registered bond, the City shall cause to be prepared and shall deliver
to such holder, at its sole cost and expense, definitive coupon bonds
of type composition and on bond paper of weight and strength that is
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customarily used for serial bonds of an issue comparable to this
issue of Bonds.
Such definitive bonds shall be in the denomination of
$1,000 each, shall have coupons attached bearing dates representing
all installments of interest due on each of said bonds, shall be in
the total principal sum of the unpaid balance due on such fully
registered bond, shall be numbered and mature as provided in Section 2
hereof on those dates of maturity which have not yet occurred on the
date of such exchange, except that if any prepayment authorized herein
shall have been effected, such prepayment shall be deemed to have
redeemed such definitive bonds in inverse numerical order. Such
definitive bonds and the coupons attached thereto shall be executed
and authenticated as herein provided for the Bonds.
Section 8. The Bonds shall be sold after advertisement on
ssealed proposals to the highest and best private bidder or bidders
submittinga bid or bids with an effective rate over the life of the
Bonds bid for of 4 1/8% or less, plus accrued interest to the date
of delivery. Such bidders may submit bids for consecutive full
annual maturities covering the first maturity and all maturities
thereafter through at least June 1, 1977.
If no such bid is received from a bidder other than the
United States of America or any officer or department thereof for
part or all of the Bonds, the Bonds shall be sold to the United States
of America or any such officer or department submitting a sealed bid
at the rate agreed upon for the Bonds in the offer of the Economic
Development Administration of the United States Department of
Commerce to purchase said Bonds, dated November 2, 1966.
The Clerk of the City is hereby authorized and directed to
cause a short form of the official notice of sale of the Bonds to be
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published at least once in The Bond Buyer, at least fifteen days prior
to the date when such bids will be received, publicly opened,
considered and acted upon.
Section 9. A special account of the City known as the
"Harbor Improvement Construction Account" (herein called the
"Construction Account") is hereby created. The proceeds of the sale of
the Bonds (except for accrued interest, which shall be paid into the
Sinking Fund Account hereinafter created) shall be paid into the
Construction Account and shall be expended solely for the purpose of
paying part of the cost of the capital improvements to be constructed
out of the proceeds of the sale of the Bonds and all costs incidental
thereto.
Any moneys remaining in the Construction Account after all
of the above-mentioned costs have been paid shall be promptly used
to the extent possible for the redemption of Bonds, and any
residue shall be deposited in such Sinking Fund Account for the uses
and purposes herein provided; provided, however, that the City hereby
reserves the right to withdraw any funds) other than moneys received
from the sale of the Bonds or grants received from the Economic
Development Administration, which it may have deposited in the
Construction Account which are found to be unnecessary for such
purpose.
Section 10. That there be and is hereby created another
special account of the City to be known as the "1967 General Obligation
Bond and Interest Sinking Fund Account" (herein called the
"Sinking Fund Account") which shall be at all times completely
segregated and set apart from all other funds of the City and shall
,
be a trust fund to be used solely for the security and payment
of the principal of and interest on the Bonds as the same shall become
due.
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The City hereby irrevocably covenants that it will make
annual levies of ad valorem taxes upon all the taxable property within
the City without limitation as to rate or amount in amounts which
will be sufficient to pay the principal of and interest on the Bonds
as the same shall become due, and that it will pay such taxes into the
Sinking Fund Account upon collection thereof. The full faith, credit
and resources of the City are hereby irrevocably pledged for the
annual levy and collection of such taxes and the prompt payment of
such principal and interest as aforesaid.
In the event that money and/or direct obligations of the
United States of America maturing at such time or times and bearing
interest to be earned thereon in amounts sufficient to redeem and
retire the Bonds in accordance with their terms are set aside in the
Sinking Fund Account to effect such redemption or retirement, and
such money and the principal of and interest on such obligations are
irrevocably set aside and pledged for such purpose, then no further
payments need be made into the Sinking Fund Account for the payment
of the principal of and interest on the Bonds, and the Bonds and
the appurtenant coupons shall cease to be entitled to any lien, benefit
or security of this ordinance except the right to receive the funds so
set aside and pledged, and the Bonds and/or such coupons shall be
deemed not to be outstanding hereunder.
Section 11. For so long as the bonds shall be held by
the United States of America or any office or department thereof, the
City covenants as follows:
(1) That it will not dispose of or encumber
its title or other interest in the facilities and
improvements constructed and made out of the proceeds
of the bonds, including the underlying realty, or its
interest in any property necessary for the access to
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and the use thereof without first obtaining the written
consent of such bondholder.
(2) That it will carry insurance of such types
in such amounts and with such insurance carriers as are
acceptable to such bondholder.
Section 12. In order to enable the City to sell the Bonds
as soon as possible so that it can pay part of the cost of making
the harbor improvements provided for herein, an emergency is hereby
found to exist affecting the proper and immediate preservation of the
public peace, welfare, health and safety, and this ordinance shall
become effective immediately upon its passage and publication as
required by law.
PASSED by the Council of the City of Seward, Alaska, and
approved by its Mayor at a regular meeting of said Council held this
~day of August, 1967, after notice thereof given as required by
law.
CITY OF SEWARD,
By ;P {V':
Mayor
ATTEST:
~~;;~ ~ :F?dcfT~.
City Clerk
16.
CITY CLERK'S CERTIFICATE
I, the undersigned, the duly chosen, qualified and acting
Clerk of the City of Seward, Alaska, and keeper of the records of the
Council of the City (herein called the "Government Body"), DO HEREBY
CERTIFY:
1. That the attached ordinance (herein called the "Ordinance")
is a true and correct copy of an ordinance of the City of Seward as
finally adopted at a meeting of the Governing Body held on the ~/~
day of August, 1967, and duly recorded in my office.
2. That said meeting was duly convened and held in all
respects in accordance with law, and to the extent required by law
due and proper notice of such meeting was given; that a legal quorum
was present throughout the meeting and a legally sufficient number of
members of the Governing Body voted in the proper manner for the adoption
of said ordinance; that all other requirements and proceedings incident
to the proper adoption or passage of said Ordinance have been duly
fulfilled, carried out and otherwise observed; and that I am authorized
to execute this certificate.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed
the official seal of the City this~~day of August, 1967.
~'-I&~~;r~/ ~ 7~k~
City Clerk, Seward,. Alaska