HomeMy WebLinkAboutOrd1953-228
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RT HF 5-1-53 8
ORDINANCE NO. 228
AN ORDINANCE of the City of Seward, Alaska, amending
Section 2 of Ordinance No. 226 of the city, passed
and approved April 1), 1953.
BE IT ORDAINED by the Common Council of the City of Seward,
Alaska, as follows:
Section 1. That Section 2 of Ordinance No. 226 of the city,
passed and approved April I), 1953, and entitled
"AN ORDINANCE of the City of Seward, Alaska, confirming
the result of elections held therein on September 17, 1951,
and February 26, 1952; providing for the issuance of water
revenue bonds of the city in the total principal sum of
$400,000; fixing the date, form, terms and maturities of
said bonds; creating a Water Revenue Fund and a Surplus
Account therein, a Water Department Maintenance and Operation
Fund, a Bond Redemption FUnd for the payment of the principal
and interest of said bonds and a Reserve Account; providing
certain covenants safeguarding the payment of the principal
and interest of said bonds; and confirming their sale"
is hereby amended to read as follows:
"Section 2. That for the purpose of providing funds to pay
the cost of the acquisition of all of the assets of the Seward
Water Company and to acquire, construct and install necessary
additions, betterments and improvements thereto and repairs,
replacements and extensions thereof, the city shall now issue
and sell its water revenue bonds in the total principal sum of
$400,000.
Said bonds shall be dated May 1, 1953, Shall be in denomina-
tions of $1,000 each, shall be numbered from 1 to 400, inclusive,
and shall bear interest at the rate of 6% per annum to and in-
cluding May 1, 1956, except for bonds numbered 1 to 8 inclusive
which shall bear interest at the rate of 6% per annum to the date
of their respeotive maturities, and thereafter at the rate of
4 3/4% per annum, all of said interest being payable semiannually
on the first days of May and November of each year. The interest
payable upon said bonds from the date thereof to May 1, 1956,
shall be evidenced by two coupons for each installment thereof.
One form of ooupon shall evidenoe interest due at the rate of
4 3/4% per annum to the date of maturity of each bond, and the
other form of coupon shall evidence interest due at the rate
of 1 1/4% per annum up to and including May 1, 1956, except
for bonds numbered 1 to 8 inclusive, where such coupons shall
only evidence such interest due to the date of their maturity.
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Said bonds shall mature in order of their number as follows:
May 1, 19.54
May 1, 19.5.5
May 1, 19.56
May 1, 19.57
May 1, 19.58
May 1, 19.59
May 1, 1960
May 1, 1961
May 1, 1962
May 1, 1963
May 1, 1964
May 1, 196.5
May 1, 1966
,,- 1 190/7
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$ 4,000
4,000
4,000
9,000
9,000
10,000
10,000
11,000
11,000
12,000
12,000
13,000
14,000
14,000
May 1, 1968
May 1, 1969
May 1, 1970
May 1, 1971
May 1, 1972
May 1, 1973
May 1, 1974
May 1, 197.5
May 1, 1976
May 1, 1977
May 1, 1978
May 1, 1979
May 1, 1980
$1.5 , 000
.16,000
17,000
17,000
18,000
19,000
20,000
21,000
22,000
23,000
24,000
2.5,000
26,000
Both principal and interest of said bonds shall be payable in
lawful money of the United States of America at the Main Office of
the Seattle Trust and Savings Bank in Seattle, Washington, and
shall be obligations only against the special Bond Redemption Fund
created by this ordinance.
The City of Seward hereby reserves the right to redeem the
outstanding bonds of this issue at par in inverse order of annual
maturities only, on any interest payment date on and after May 1,
1963. Notice of any such intended redemption shall be given by
one publication thereof in the Seattle Daily Journal of Commerce
not more than forty nor less than thirty days prior to said re-
demption date and by mailing a like notice at the same time to
the places of business of Foster & Marshall and Blyth & Co., Inc.
in Seattle, Washington, and Allison-Williams Company in Minneapolis,
Minnesota. Interest on any bond or bonds so called for redemption
shall cease on such redemption date."
Section 2. This ordinance shall take effect immediately upon
its passage and approval as required by law.
PASSED by the Common Council of the City of Seward, Alaska,
and approved by its Mayor this ~..Et day of May, 19.53.
ATTEST:
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Mayor
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