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HomeMy WebLinkAboutOrd1957-273 r" ....\11. '...i ORDINANCE NO. 273 AN ORDINANCE of the City of Seward, Alaska, confirming the result of a special election held on October 2, 1956 within the city for the adoption of a plan to issue general obligation bonds of the city in the sum of $75,000 for the purpose of providing funds to pay the city's share of the cost of constructing a combined armory and gymnasium building on city-owned property adjacent to the Seward High School and within the city, providing for the issuance and confirming the sale of such bonds, fix- ing the date, form, terms and maturities thereof, creating a special fund for the payment of the principal thereof and interest thereon, and declaring an emergency. WHEREAS, at a special election held in the City of Seward, Alaska, on October 2, 1956 pursuant to Ordinance No. 270 and other ordinances of the city, the qualified electors thereof authorized the issuance of general obligation bonds of the city additionally secured by the city's share of the Territorial tobacco tax funds, in the total principal sum of $75,000 or so much thereof as may be necessary to provide funds for the purpose of paying part of the cost of the construction of a combination armory and gymnasium building on property owned by the city adjacent to the Seward High School and within the city limits; and WHEREAS, the city's obligation to pay its part of the cost of constructing said armory gymnasium building is past due and, therefore, it is urgent that the bonds authorized to provide the funds for such purpose be issued and delivered as soon as possible; and WHEREAS, it has been determined that all of said bonds so authorized must be issued to provide the funds required for such purpose; and r~.. WHEREAS, the city has heretofore entered into an agreement with The First National Bank of Anchorage whereby said bank has agreed to purchase these bonds at par and accrued interest to date of delivery and under the terms and conditions thereof as herein- after set forth; NOW, THEREFORE, BE IT ORDAINED by the Conunon Council of the City of Seward, Alaska, as follows: Section 1. That the adoption by the qualified electors of the city at a special election held therein on October 2, 1956 of a proposition providing for the issuance of general obligation bonds of the city additionally secured by a pledge of the city's share of the Territorial tobacco tax funds, in the total principal sum of $75,000 or so much thereof as may be found to be necessary to pay part of the cost of constructing a combined armory and gym- nasium building on city-owned property adjacent to the Seward High School and within the city, be and the same is hereby in all respects ratified and confirmed. Section 2. That for the purpose of providing funds to pay part of the cost of constructing such combined armory and gymnasium building, the city shall issue and sell its general obligation bonds in the principal sum of $75,000 as authorized by Ordinance No. 270 of the city, passed and approved September 4, 1956, and by the quali- fied electors of the city at the above mentioned special election. Said bonds shall be dated May 1, 1957, shall be in denomina- tions of $1,000 each, shall bear interest at a rate of 4 1/2% per annum payable semiannually on the first days of May and November of each year as evidenced by coupons to be attached thereto, and shall be numbered and mature in order of their number as follows: -2- r- Bond Nos. Maturity Date Amount 1-7 November 1, 1957 $7,000 8-15 November 1, 1958 8,000 16-22 November 1, 1959 7,000 23-30 November 1, 1960 8,000 31-37 November 1, 1961 7,000 38-45 November 1, 1962 8,000 46-52 November 1, 1963 ~,OOO 53-60 November 1, 1964 ,000 61-67 November 1, 1965 7',000 68-75 November 1, 1966 8,000 Both principal of and interest on said bonds shall be payable in lawful money of the United States of America at the Seward Branch of The First National Bank of Anchorage. Section 3. The City of Seward hereby reserves the right to redeem any or all of the outstanding bonds of this issue in inverse numerical order on November first of any year from 1957 through 1966 at $105 per $100 par value plus accrued interest. Notice of any such intended redemption shall be given by one publication thereof in a newspaper of general circulation in the City of Seward, Alaska, not more than forty nor less than thirty days prior to said redemption date and by mailing or delivering a like notice at the same time to either the Seward Branch or the main office of the First National Bank of Anchorage. Interest on any bond or bonds so called for re- demption shall cease to accrue on such redemption date unless the same shall not be redeemed upon presentation made pursuant to such call . Section 4. Said bonds shall be in substantially the following form: -3- r UNITED STATES OF AMERICA NO. $1,000 TERRITORY OF ALASKA CITY OF SEWARD GENERAL OBLIGATION ARMORY GYMNASIUM BOND 1957 KNOW ALL MEN BY THESE PRESENTS: That the City of Seward, a municipal corporation of the Territory of Alaska, for value received hereby promises to pay to bearer on the first day of November, 19__, the principal swn of ONE THOUSAND DOLLARS together with interest thereon at the rate of 4 1/2% per annwn payable semiannually on the first days of May and November of each year as evidenced by and upon presentation and surrender of the attached interest coupons as they severally become due. Both such principal and interest are payable in lawful money of the United States of America at the Seward Branch of The First National Bank of Anchorage. The City of Seward has reserved the right to redeem any or all of the outstanding bonds of this issue in inverse nwnerical order on November first of any year from 1957 through 1966 at $105 per $100 par value plus accrued interest. Notice of any such intended redemption shall be given by one publication thereof in a newspaper of general circulation in the City of Seward, Alaska, not more than forty nor less than thirty days prior to said redemption date, and by mailing or delivering a like notice at the same time to either the Seward Branch or the main office of The First National Bank of Anchorage. -4- r-' This bond is one of an issue of seventy-five bonds of like amount. date and tenor aggregating $75.000 in total principal amount. and is issued pursuant to laws of the United States of America and the Territory of Alaska, a vote of the qualified electors of the city. and duly adopted ordinances thereof. for the purpose of providing funds to pay part of the cost of constructing a combined armory gymnasium building on property owned by the city. This bond and the bonds of the issue of which this bond is one are payable out of the fund of the city created by Ordinance No. 273 and entitled "Seward 1957 General Obliga- tion Armory Gymnasium Bond Redemption Fund." The city has irrevocably covenanted that it will levy and collect taxes annually upon all the taxable property within the city within the tax limitation permitted municipalities by law in amounts sufficient to pay the principal of and interest on said bonds as the same shall become due. and 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 Seward are hereby irrevocably pledged. The city has further irrevocably covenanted that the payment of such principal and interest is additionally secured by a pledge of the city's share of the Territorial tobacco tax funds. It is hereby certified and declared that all acts. con- ditions and things required by the laws of the United States of America and of the Territory of Alaska and ordinances of the City of Seward to be done precedent to and in the issuance of this bond have happened. been done and performed. and that -5- r ,. the total indebtedness of the City of Seward, including this bond and the bonds of this issue, does not exceed any debt limitation prescribed by the laws of the United States of America or the Territory of Alaska. IN WITNESS WHEREOF, the City of Seward, Territory of 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. this first day of May. 1957. CITY OF SEWARD TERRITORY OF ALASKA .) /j;~ i''M~~ By ,~~ -../ { ., '. " V ATTEST: /0--4/.k~lerk The interest coupons attached to said bonds shall be in substantially the following form: NO. On the first day of $22.50 . 19__, the City of Seward. Territory of Alaska. will pay to bearer at the Seward Branch of The First National Bank of Anchorage the sum of TWENTY-TWO AND 55/100 DOLLARS in lawful money of the United States of America. said sum being the semiannual interest due that date on its General Obligation Armory Gymnasium Bond dated May 1, 1957. and numbered . ATTEST: C. ~~ --~ city Clerk CITY OF SEWARD TERRITORY OF ALASKA By ~? L~, _-,( J~r: j k..: Ie ~( May6r -6- r~ Section 5. Said bonds shall be signed on behalf of the city by its Mayor, shall be attested by its Clerk, and shall have the official seal of the city impressed thereon. Each of the in- terest coupons attached thereto shall be signed with the facsimile signatures of said officials. Section 6. There is hereby created a special fund of the city to be known as "Seward 1957 General Obligation Amory Gymnasium Bond Redemption Fund, II which Fund shall be drawn upon for the sole purpose of paying the principal of and interest on the bonds authorized herein. The city hereby irrevocably covenants that it will make annual levies of taxes upon all the property within the city sub- ject to taxation within the tax limitation permitted municipalities by law in amounts sufficient to pay such principal and interest 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 prin- cipal and interest. The city hereby further irrevocably covenants that the payment of such principal and interest is additiona1y secured by a pledge of the city'S share of the Territorial tobacco tax funds. All of such taxes so collected and all of such tobacco tax funds necessry for the payment of such principal and interest shall be paid into said Bond Redemption Fund at least thirty days prior to the dates upon which any installment 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 and payable. The moneys so paid into said Bond Redemption Fund shall not be used for any other purpose than the payment of the -7- principal of and interest on the bonds authorized herein. Section 7. The action of the city officials and Common Council in negotiating the sale of the bonds authorized herein to The First National Bank of Anchorage, at par plus accrued interest to date of delivery, and under the tenns and conditions of said bonds as set forth in this ordinance, is hereby in all respects ratified and confinned. The proper city officials are hereby authorized and directed to do everything necessary for the prompt execution, issuance and delivery of these bonds to the purchaser thereof, and for the proper use and application of the proceeds of such sale. Section 8. The rules governing the reading of ordinances are hereby suspended. This ordinance is declared to be one neces- sary for the immediate preservation of the public peace, property, welfare and safety of the people of the City of Seward, Alaska. An emergency is hereby declared to exist, and this ordinance shall take effect immediately upon its passage, approval, execution and pub- lication by posting a copy thereof in three public places in the city, one of which shall be the City Hall. PASSED and APPROVED at a regular Council held this 20th day of May, 1957. meeting of the Common CITY OF SEWARD, ALASKA By ~.~ ~ -,l;:;'~~Ir' Mayor A~T: /~k~Clerk -8-