HomeMy WebLinkAboutOrd1962-317
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ORDINANCE NO..3 / 7
AN OabI~NCE of the City council of the City of
SeWard~ Alaska; providing for the 1seuance
ahd sale of general obligation bonds of the
city, in the principal sum of $226,000 in
order to provide money to pay the cost of
acquiring, cohstructing and installing certain
capital improvements to the existing water
supply and distribution system of the city as
approved by the qualified electors of the city
at a special election held therein on the 10th
day of April, 1962; providing the date, form,
terms and maturities of said bonds, and for
unlimited tax levies to pay the principal thereof
and interest thereon.
WHEREAS, at a special election held in the City of
Seward, Alaska on the 10th day of April, 1962, the number of
qualified electors of the city required by law for the adoption
thereof voted in favor of a proposition authorizing the issuance
of general obligation bonds of the city in the principal amount
of not to exceed $226,000 to provide money to pay the cost of
acquiring, constructing and installing certain capital improve-
ments to the existing water supply and distribution system of the
city; and
WHEREAS, it is necessary and advisable that the city
now sell and issue all of said bonds to provide the money
necessary for said purposes;
NOW, THEREFORE, the City of Seward, Alaska ordains as
follows:
Section 1.
That there shall now be sold and issued
the $226,000 of general obligation bonds of the city authorized
by the qualified electors of the city at a special election held
therein on the 10th day of April, 1962 for the purpose of
providing money to acquire, construct and install certain capital
improvements to the existing water supply and distribution system
of the city, all as more specifically described in Resolution
No. 255 of the city.
Said bonds $hall be dated September 1, 1962, and, unless
the purchaser or purchasers elect to t.ke the fully registered
bonas as hereinafter provided, shall be in the denomination of
$1,000 each, may be registrable at the option of the holder as
to principal only. and shall bear interest at a rate of not to
exceed six per cent (6%) per annum payable semiannually on the
first days of March and September of each year as evidenced by
coupons to be attached thereto. Both principal of and interest
on said bonds shall be payable in any coin or currency which on
the respective dates of payments of such principal and interest
is legal tender for the payment of debts due the United States
of America at Seward Branch, First National Bank of Anchorage
at Seward, Alaska. or. at the option of the holder. at Chase
Manhattan Bank, New York, New York. Said bonds shall be numbered
and mature in order of their number as follows:
Bond Nos. Maturitv Date Amount
1- 5 September 1, 1964 $ 5,000
6-10 September 1, 1965 5,000
11-15 September 1, 1966 5,000
16-21 September 1, 1967 6,000
22 -27 September 1, 1968 6,000
28-33 September 1, 1969 6,000
34-39 September 1, 1970 6,000
40-45 September 1. 1971 6,000
46-52 September 1, 1972 7,000
53 -5 9 September 1, 1973 7,000
60-66 September 1. 1974 7,000
67-73 September 1, 1975 7,000
74-80 september 1. 1976 7,000
81-88 September 1, 1977 8,000
89-96 September 1, 1978 8.000
97-104 September 1, 1979 8,000
105-113 September 1. 1980 9,000
114-122 September 1, 1981 9,000
123-131 September 1, 1982 9,000
132-140 September 1, 1983 9,000
141-150 September 1, 1984 10,000
151-160 September 1, 1985 10,000
161-170 September 1, 1986 10,000
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Bona Nos. Maturitv Datt':! Amount
171-181 September 1, 1987 $ 11,000
182 -192 September 1, 1988 11,000
193...203 september i, 1989 11,000
204"214 september 1, 1990 11,000
215-226 Sf'ptember 1, 1991 12,000
Section 2. The city hereby reserves the right in the
event it issues negotiable serial coupon bonds, to redeem any
and all of said bonds in inverse numerical order on any interest
payment date on and after September 1, 1973 at par plus accrued
interest and plus a premium of one-fourth of one per cent (1/4 of
1%) for each year or fraction thereof from the date of redemption
to the date of maturity of each bond to be redeemed, such premium
in any event not to exceed three per cent ()%) of the principal
amount of any bond to be redeemed.
The city hereby reserves the right in the event that
it issues single bonds in lieu of negotiable serial coupon bonds,
as hereinafter provided in Section 4, to prepay on any interest
payment date on and after September 1, 1973 the entire principal
amount thereof then remaining unpaid, or such lesser portion
thereof as it may determine upon, in inverse chronological order
of installments and in multiples of One Thousand Dollars ($1,000)
at the principal amount plus a premium of one-fourth of one per cent
(1/4 of ~) for each year or fraction thereof from the date of
prepayment to the due date of such principal, plus accrued
interest; such premium in any event not to exceed three per cent
()%) of the principal amount to be prepaid.
Notice of any such intended redemption or prepayment
shall be given by registered mail sent to the registered owners
of the bond or bonds to be redeemed or prepaid at their addresses
appearing on the Registry Book at least thirty (30) days prior
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to the redemption or prepayment date and, unless all of the bonds
to be redeemed or prepaid are registered bonds, by publication
of said notice in SOme newspaper of general circulation printed
and pUblished in the City of Seward, Alaska not more than forty
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(40) nor less than ~hirty (30) days prior to such redemption
or prepayment date. Ihterest on any such bond or bonds so called
for redemption shall cease to accrue on such redemption date
unless such bond or bonds shall not be redeemed upon presentation
made pursuant to such call.
Section 3.
The bonds, other than fully registered bonds,
shall be in substantially the following form:
UNITED STATES OF AMERICA
NO.
$1,000
STATE OF ALASKA
CITY OF SEWARD
GENERAL OBLIGATION WATER SYSTEM BOND, SERIES 1962
KNOW ALL MEN BY THESE PRESENTS:
That the City of Seward, a municipal corporation of the
State of Alaska, acknowledges itself to owe and 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 September, 19
. the principal sum of
ONE THOUSAND DOLLARS
together with interest thereon at the rate of
% per
annum payable semiannually on the first days of March and
September of each year upon presentation and surrender of
the attached interest coupons as they severally become due.
Both principal of and interest on this bond are payable in
any coin or currency which on the respective dates of payment
of such principal and interest is legal tender for the payment
of debts due the United States of America, at the Seward
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Branch, First National Bank of Anchorage at Se~ard, Al.8ka.
or, at the option of the holder. at Chase Manhattan Bank.
New YOtk. N.w York.
The city of S'ward has reserved the right to redeem
any or all af the outstanding bonds of this issue in inverse
numerical order on any interest payment date on and after
September 1. 1973. at the principal amount thereof. plus
accrued interest to date of redemption and plus a premium
of one-fourth (1/4) of one per cent (1%) for each year or
fraction thereof from the date of redemption to the date of
maturity of each bond to be redeemed. such premium in any
event not to exceed three per cent (3%) of the principal
amount of any bond to be redeemed. Notice of any such intended
redemption shall be given to the registered owners of the
bonds to be redeemed at least thirty (30) days prior to said
date and. unless all of the bonds to be redeemed are registered.
by one publication of said notice in a newspaper of general
circulation in the City of Seward. Alaska not more than forty
(40) nor less than thirty (30) days prior to said redemption
date.
This bond is one of an issue of general obligation bonds
of the city of Seward of like amount. date and tenor. except
as to number. date of maturity and
in the aggregate principal amount of $226.000 and is issued
pursuant to a vote of the qualified electors of the City and
Ordinance No.~1 ;7 for the purpose of providing funds to pay
the cost of acquiring. constructing and installing certain
capital improvements to the existing water supply and distribu-
tion system of the city. The city of Seward has irrevocably
covenanted by said Ordinance No.~1 j7 that it will cause to
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be levied an annual tax upon all of the taxable property
within the city without limitation as to rate or amount and
in amounts sufficient, together with other funds legally
available therefor, to pay such p~incipal and interest as
they respectively become duei For the ~rompt payment of
8aid principal and interest the full faith, credit and
~esources of the city are hereby irrevocably pledted.
It is hereby certified and declared 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, 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 it8 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 1st day
of September, 1962.
CITY OF SEWARD, AIASKA
BYc9~~ ~/LJ
Mayor
ATTEST:
.
City Clerk
The interest coupons to be attached to said bonds shall
be in substantially the following form:
NO.
$
On the first day of
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. unless
the bond hereinafter mentioned shall have been previously
called for redemption and payment thereof made or duly
provided for, the City of Seward, Alaska will pay to bearer
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at the Seward Branch, First National Bank of Anchorage
in Seward, Alaska, or, at the option of the holder, at
Chase M&.nhattan Bank, New York, New York,
Dollars in any coin ot currency which on said date is legal
tender for the payment of debts due the United States of
America, said sum being the semiannual interest due that
date on its General Obligation Water System Bond, Series
1962 dated september 1, 1962, and numbered
CITY OF SEWARD, AIASI<A
By c:9~ ,a JJ:,~~
Mayor
ATTEST:
City Clerk
Said bonds shall have endorsed thereon the following
registration certificate:
This bond may be registered as to principal only on
the bond registry books of the city maintained at the
Seward Branch, First National Bank of Anchorage, 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 said bank with the legal assignment duly
acknowledged or approved.
Registration of this bond shall not affect the
negotiability of the coupons attached hereto which will at
all times be transferable by delivery.
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Date of Jlegistrat.1on
Name and Addre$s
of Registered Owner
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st9lla~\li'e of
Registrar
Section 4.
Any purchaser of any block or blocks of
the bonds as advertised for sale by the city may elect to
accept a fully registered bond in the form of the fully
registered bond as hereinafter set forth, registered in the name
of such purchaser or purchasers and calling for the same pay-
ments of interest and principal as the coupon bonds awarded
to such purchaser or purchasers.
Such fully registered bond shall be subject to prepayment
in whole or in part and if in part, in the inverse order of
the maturity dates of the principal installments of such
registered bonds, as more fully provided in Section 2 hereof.
payments of principal and interest otherwise than upon
full prepayment made in respect of any such fully registered
bond may be made to the registered holders thereof or to
their designated agent without presentation or surrender of
such bonds and all such payments shall fully discharge the
obligations of the city in respect of such bonds to the
extent of the payments so made. During the time that the
government is the registered owner of any such fully registered
bond, payment shall be made at the Federal Reserve Bank of
Richmond, Richmond, Virginia, or at such other fiscal agent
as the government shall designate, and such payments shall
be noted on the payment record made a part of the bond and
written notice of the making of such notation shall be promptly
sent to the city at the office of its treasurer.
The fully registered bond or bonds (with appropriate
insertions and changes therein as to principal amount, dates,
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dates of maturity, or principal installments, series, name of
payees and otherwise as may be required in the event that
only certain maturities of the bonds shall have been purchased
by the Govertuttent o~ the United States and/or by any other
purchaser or purchas~rs), the assignment, payment record and
schedule of prihcipa1 installments on which payments have been
made prior to maturity shall be in substantially the following
forms:
(rorm of Registered Bond)
UNITED STATES OF AMERICA
STATE OF AIASKA
NO.
$
CITY OF SEWARD
GENERAL OBLIGATION WATER SYSTEM BOND, SERIES 1962
The City of Seward, a municipal corporation of the State
of Alaska (hereinafter called the "City") for value received
hereby promises to pay to the UNITED STATES OF AMERICA,
HOUSING AND HOME FI~NCE ADMINISTRATOR, or his successor
(herein sometimes called the "Payee"), or his registered
assigns (herein sometimes called the "Alternate payee") the
principal sum of
TWO HUNDRED AND TWENTY-SIX THOUSAND DO LIARS
on the first day of September in years and installments as
follows:
X!W:. Principal Amount X!W:. Principal Amount
1964 $ 5,000 1978 $ 8,000
1965 5,000 1979 8,000
1966 5,000 1980 9,000
1967 6,000 1981 9,000
1968 6,000 1982 9,000
1969 6,000 1983 9,000
1970 6,000 1984 10,000
1971 6,000 1985 10,000
1972 7,000 1986 10,000
1973 7,000 1987 11,000
1974 7,000 1988 11,000
1975 7,000 1989 11,000
1976 7,000 1990 11, 000
1977 8,000 1991 12,000
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in such coin or currency of the United States of America as
at the time of payment shall be legal tender for payment of
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debts due the United states of America, and to pay interest
on the balahce of ~aid principal sum from time to time
remaining unpaid in like coin or currency at the rate of
J)er cent per annum semiannually on March land
September 1 of each year, commencing on March 1, 1963, until
the principal amount hereof has been paid. During the time
that the Payee is the registered owner of this bond, payment
of the principal installments and interest due shall be made
at the Federal Reserve Bank of Richmond, Richmond, virginia,
or such other fiscal agent as the Payee shall designate (herein
called the "Fiscal Agent"). During such time as an Alternate
Payee is the registered owner hereof, said payment shall be
made at the Seward Branch, First National Bank of Anchorage
in Seward, Alaska, or, at the option of the Alternate Payee,
at Chase Manhattan Bank, Burrough of Manhattan, City and State
of New York (herein called the "Alternate paying Agent").
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, and if
payment is made at the office of the Fiscal Agent or Alternate
paying Agent, written notice of the making of such notations
shall be promptly sent to the city at the office of its Treasurer
and such payment shall fully discharge the obligation of the city
hereon to the extent of the payment so made. Upon final payment
of principal and interest this bond Shall be submitted to the
city for surrender and cancellation.
This bond, designated as the "City of Seward General
Obligation Water System Bond, Series 1962" (herein referred to
as the "Bond") is a general obligation of the city limited to an
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accrued interest; provided, however, that such premium shall
not in any event ~kceed three pet cent (~) of the principal
amount to be prepaid. So long as the registered owner hereof
shall be 'the Payee, the city may prepay on any interest payment
date the entire unpaid principa1 amount hereof, or, from time
to time in inverse chronological order of said installments,
such lesser portion thereof 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 (30) days prior to the prepayment date by mailing
to the registered owner of this bond a notice fixing such
prepayment date, the amount of principal and the premium, if any,
to be prepaid.
This bond may be assigned and upon such assignment the
assignor shall promptly notify the city at the office of its
Treasurer by registered mail and the Alternate Payee shall
surrender the same to the city in exchange for a new fully
registered bond or for the transfer on the registration records
and verification of the endorsements made on the payment Record
attached hereto of the portion of the principal amount hereof
and the interest hereon paid or prepaid, and every such assignee
shall take this bond subject to such condition.
It is hereby certified that all of the conditions, acts
and things required to exist, to have happened or to have been
performed precedent to and in the issuance of this bond do
exist, have happened or have been performed in regular form,
time and manner.
IN WITNESS WHEREOF, the city has caused this bond to be
executed in its name by its Mayor, its corporate seal to be
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aggregate principal amount of Two HUndred and Twenty-six
Thousand Dollars ($226,000), duly issued by the city to
finance the cost of acquiring, constructing and installing
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certain capital improvements to the existing water supply and
distribution system of the city. The city has irrevocably
covenanUd by Ordinance!! No. 3/7 that it will cause to be
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levied an annual tax upon all of the taxable property within
the city without limitation as to rate or amount and in
amounts sufficient, together with other funds legally available
therefor, to pay such principal and interest as they respectively
come due. For the prompt payment of said principal and interest
the full faith, credit and resources of the city are hereby
irrevocably pledged.
This bond is exchangeable at the sole expense of the city
at any time upon ninety (90) days' notice at the request of
the registered owner hereof and upon surrender of this bond
to the city at the office of its Treasurer in sewa%d, Alaska,
for negotiable coupon bonds payable to bearer registrable as
to principal only of the denomination of One Thousand Dollars
($1,000) each and in the principal amount equal to the unpaid
principal amount of this bond and in the form of such coupon
bond as provided for in Ordinance No. 3/7 of the city
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adopted on the /..5- day of ~.J~__~' 1962.
The city has reserved the right to prepay on any interest
payment date on and after September 1, 1973 the entire
principal amount hereof then remaining unpaid, or such lesser
portion thereof as it may determine upon, in inverse chrono-
logical order of installments and in multiples of $1,000 at
the principal amount plus a premium of one-fourth (1/4) of
one per cent (1%) for each year or fraction thereof from the
date of prepayment to the due date of such principal, plus
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hereto affixed and attested by its Clerk as of the first
day of September. 1962.
CITY OF SEWARD I ALASKA
By a~ <;;i. ~~~
Mayor
ATTEST:
City Clerk
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PAYMENT RECORD
Due Date
principal
pavmen~
principal
8alance
Due
Interest
Payment
( ~)
Date paid
Name of paying
Agent Authorized
O~ficiJl . Tlt~e
(enter (enter
(dates (amounts
(for princi-
(pal and
(interest
(leave
(b lank
(leave
(blank
(leave
(blank
(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)
SCHEDULE "A II
(This should be separate sheet)
PrinciDal installments on which Davments have been made Drior to matufity.
PrinciDal Due
Principal
Payment
Balance
Date
Paid
Name of Paying Agent
Authorized Official & T\tle
Date Amount
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Secttor 5.
The bonds shall be signed on behalf of the
city by its Mayor, shall be attested by its Clerk and shall have
the corporate seal of the city impressed thereon. Each of the
interest coupons attached to negotiable serial coupon bonds 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 the "City of Seward General obligation
Water System, Series 1962 Bond and Interest Sinking Fund Account."
Such sinking Fund Account shall be held in the custody of the
City Treasurer separate and apart from all other funds and accounts
and shall be maintained so long as any of the bonds are outstanding
in a bank which is a member of the Federal Deposit Insurance
corporation. The city hereby irrevocably covenants that it will
cause to be levied an annual tax upon all the taxable property
within the city without limitation as to rate or amount in
amounts sufficient, together with other legally available funds
therefor, to pay the principal of and interest on the bonds
authorized herein as the same shall become due.
The city covenants to deposit into said Sinking Fund
Account all accrued interest received from the sale of the bonds
authorized herein, which sum shall be credited against the amount
to be deposited into the account on the next interest payment date.
The city irrevocably covenants that following the delivery
of the bonds authorized herein it will deposit on or before
February 15 and August 15 of each year at least such sums derived
from the proceeds of ad valorem taxes or other available funds
as may be necessary to pay the interest on the bonds due on
the next interest payment date and one-half of the principal due
within the next succeeding twelve months, and that no part of
such Sinking Fund Account shall be used for any other purpose
than the payment of the principal of and interest on said bonds.
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Section 7.
There is hereby created another special
fund of the city to be known as the "City of Seward Water Sy.tem
Construction Fund." All of the moneys derived from the sale of
the bonds authorized herein (exclu.ive of any accrued interest
whiCh 'hould be paid into the Sinking Fund Account created in
Section 7 of this ordinance) shall be paid into said Construction
Fund and shall be used solely for the purposes provided for by
Section 1 of this ordinance.
sectism 8.
Bids for the purchase of said bonds shall
be accepted for only the following blocks of bonds:
Block A) Bonds numbered 1 to 52 inclusive, maturing
September 1, 1964 through September 1, 1972.
Block B) Bonds numbered 53 to 88 inclusive, maturing
September 1, 1973 through September 1, 1977.
Block C) Bonds numbered 89 to 131 inclusive, maturing
September 1, 1978 through september 1, 1982.
Block D) Bonds numbered 132 to 181 inclusive, maturing
September 1, 1983 through september 1, 1987.
Block E) Bonds numbered 182 to 226 inclusive, maturing
September 1, 1988 through September 1, 1991.
The entire issue.
The bonds shall be sold on sealed proposal to the
highest and best bidder submitting a bid for the purchase of
the entire issue with an effective rate over the life of the
bonds of three and five-eights per centum (3 5/8%) or less, or
a bid for the purchase of one or more blocks of the bonds at the
following interest rates:
Block A
Block B
Block C
Block D
Block E
3 3/9%
3 3/8%
3 3/8%
3 1/2%
3 5/8%
If no such bid or bids are received the bonds shall be
sold to the United States Government or any agency thereof at the
rate ~greed upon in the Loan Agreement dated July 13, 1962
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between the city and the government.
The proper city officials are hereby authorized and
directed to do everything necessary for the prompt issuance and
execution of the bonds of this issue. for the prompt delivery
thereof to the purchasers, and for the proper use and application
of the proceeds of their sale.
Publication of this ordinance shall be by posting a copy
hereof on the City Hall bulletin Board for a period of ten (10)
days following its passage and approval.
An emergency is hereby declared to exist and the rules
governing the passage of ordinances are hereby suspended and this
ordinance is given full force and effect immediately upon its
passage and approval.
PASSED AND APPROVED at a regular meeting of the Council of
the City of Seward, Alaska, held this 15th day of November, 1962.
CrTY OF SEwARD, ALASKA
By c9~ Q~~
N yor
ATTEST:
o~c.zo~~
lty Clerk
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