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HomeMy WebLinkAboutOrd1964-330 ~ I I i i - . ORDINANCE NO. .5 30 ~~ ~QI~ ~~/- -')I AN ORDINANCE of the City of sewardl Alaskal providing for the issuance of general obligation bonds of the city in the total principal sum of $1351000 for the purpose of providing part of the money necessary to improve certain streets and avenues within the city as provided in ordinance No. 327, passed and approved October 21, 19631 and authorized by the qualified electors of the city at a special election held therein on November 19, 1963; creating a Construction Fund and a Bond Redemption Fund; providing the date, form, terms and maturities of said bonds, and for unlimited tax levies to pay the principal thereof and interest thereon; confirming the sale of said bonds; and declaring an emergency. ~' ~/ ~*' V~ ~ q\ ? (j1l WHEREAS, at a special election held in the City of Seward, Alaska (hereinafter called the "City"), on November 19, 1963, the proportion of the qualified electors of the City required by law for the adoption thereof voted in favor of a proposition authorizing the issuance of unlimited tax levy general obligation bonds in the amount of not to exceed $1351000 for the purpose of providing funds with an approximately like amount of a United States Government grant to make certain capital improvements to streets and avenues within the City as more particularly provided in Ordinance No. 327 of the City, passed and approved October 21, 1963; and WHEREAS, it is now found necessary and to the best interest of the city and its inhabitants that it sell and issue all of said bonds so authorized in order to provide the money necessary for such purposes and to match said United States Government grant; and WHEREAS, the City Council by its Resolution No. 352, passed and approved December 19, 1963, agreed to sell such bonds to Marshall and Meyer, Inc. of Seattlel washington, at par plus accrued interest and under the terms and conditions thereof as hereinafter set forth; NOW 1 THEREFORE, THE CITY OF SEWARD ORDAINS: ~ I Section 1. That there shall now be issued the $135#000 par value of unlimited tax levy general obligation bonds of the City au- thorized by the qualified electors thereof at a special election held therein on November 19, 1963, for the purpose of providing part of the money required to make certain capital improvements to streets and avenues throughout the City as more specifically provided in Ordinance No. 327, passed and approved october 21, 1963. Said bonds (hereinafter called the "Bonds") shall be dated January 1, 1964, shall be in the denomination of $1,000 each, shall bear interest at the rate of 4 1/4% per annum payable on the first day of July, 1964 and semiannually on the first days of January and July of each year thereafter as evidenced by coupons to be attached thereto, and shall be numbered and mature on January 1 in the following amounts and years: Bond Nos. Year Amount Bond Nos. Year Amount 1-5 1966 $5,000 59-65 1976 $ 7,000 6-10 1967 5,000 66-73 1977 8,000 11-15 1968 5,000 74-81 1978 8,000 16-20 1969 5,000 82-89 1979 8,000 21-26 1970 6,000 90-98 1980 9,000 27-32 1971 6,000 99-107 1981 9,000 33-38 1972 6,000 108-116 1982 9,000 39-44 1973 6,000 117-125 1983 9,000 45-51 1974 7,000 126-135 1984 10,000 52-58 1975 7,000 Both principal of and interest on the Bonds shall be payable in lawful money of the United States of America at the branch of the First National Bank of Anchorage in Seward, Alaska. Section 2. The City hereby reserves the right to redeem any or all of the Bonds at par in inverse numerical order on any in- terest payment date on and after ten years from date of issue. Notice of any such intended redemption shall be given by one publication thereof in a newspaper or financial journal of general circulation in the City of Seattle, Washington, not more than forty nor less than 2. r I , I i thirty days prior to said redemption date and by mailing a like notice at the same time to Marshall and Meyer, Inc. at its principal place of business or to the business successor, if any, of said corporation at its main office or principal place of business in the State of Washing- ton. Interest on any Bond or Bonds so called for redemption shall cease on such redemption date unless the same are not redeemed upon presentation made pursuant to such call. Section 3. The Bonds shall be in substantially the following form: UNITED STATES OF AMERICA NO. $1,000 STATE OF ALASKA CITY OF SEWARD GENERAL OBLIGATION STREET IMPROVEMENT BOND, 1964 The City of Seward, Alaska, a municipal corporation of the State of AlaSka, hereby acknowledges itself to owe and for value received promises to pay to bearer on the first day of January, 19__, the principal sum of ONE THOUSAND DOLLARS together with interest thereon at the rate of 4 1/4% per annum payable on the first day of July, 1964 and semiannually on the first days of January and July of each year thereafter upon presentation and surrender of the attached interest cou- pons 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 lawful money of the United States of America at the branch of the First National Bank of Anchorage in Seward, Alaska. The City of Seward has reserved the right to redeem any 3. t i , I or all of the outstanding bonds of this issue at par in in- verse numerical order on any interest payment date on and after ten years from date hereof. Notice of any such intended redemption shall be given by one publication thereof in a newspaper or financial journal of general circulation in the City of Seattle, Washington, not more than forty nor less than thirty days prior to said redemption date and by mailing a like notice at the same time to Marshall and Meyer, Inc. at its principal place of business or to the business successor, if any, of said corporation at its main office or principal place of business in the State of Washington. 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 and date of maturity in the aggregate principal sum of $135,000, and is issued pursuant to a vote of the quali- fied electors of the city and Ordinances No. 327 and No. ~ iO for the purpose of providing part of the money necessary to construct and make certain capital improvements to streets and avenues throughout the city as more specifically provided in said Ordinance No. 327. The City of Seward has irrevocably covenanted by said ordinance No. ~~O 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 col- lection of such taxes and the prompt payment of such principal and interest. 4. \ 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 or statutory 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, this first day of January, 1964. CITY OF SEWARD, ALASKA By &..LP1.a;~ Mayor ATTEST: ~d77L/a-&- City Clerk The interest coupons attached to the Bonds shall be in substantially the following form: NO. $21.25 On the first day of , 19_, the City of seward, Alaska, will pay to bearer, at the branch of the First National Bank of Anchorage in Seward, Alaska, the sum of TWENTY-ONE AND 25/100 DOLLARS in lawful money of the United States of America, said sum being the semi- annual interest due that day on its General obligation Street Improvement Bond dated January 1, 1964, and numbered CITY OF SEWARD, ~~~KA ByaH~a;~ ....,- I Mayor ~~ESTL ~O- J:7u~ City Clerk 5. I- I ! . . Section 4. The Bonds shall be signed on behalf of the city by its Mayor, shall be attested by its Clerk, and shall have the of- ficial seal of the City impressed thereon. Each of the interest coupons attached thereto shall be signed with the facsimile signatures of said officials. Section 5. That there be and is hereby created a special fund of the City to be known as the "Street Improvement Construction Fund." The proceeds of sale of the Bonds (except for accrued in- terest, which shall be paid into the Bond Redemption Fund hereinafter created), together with the United States grant and any other moneys which the City may now or later use for the purposes for which the Bonds are to be issued, shall be paid into such Construction Fund and shall be used for the sole purpose for which the Bonds are to be issued as more specifically provided in Ordinance No. 327. Any moneys remaining in the Construction Fund after all of the improvements described in Ordinance No. 327 have been com- pleted and after all incidental costs to the construction of such improvements and the issuance of the Bonds have been paid, shall be transferred to such Bond Redemption Fund. Section 6. That there be and is hereby created another special fund of the City to be known as the "1964 Street Improvement Bond Redemption Fund." The City hereby irrevocably covenants that it will make annual levies of taxes upon all the taxable property within the City without limitation as to rate or amount in amounts sufficient to pay the principal of and interest on the Bonds as the same shall become due. The City further irrevocably covenants that all of such taxes, as collected, shall be paid into such Bond Re- demption Fund in amounts sufficient to pay such principal and interest at least thirty days prior to the date on which any installment of 6. r interest on or principal of and interest on the Bonds shall become due and payable. 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. Section 7. The sale of the Bonds to Marshall and Meyer, Inc. at par plus accrued interest to date of delivery and under the terms and conditions thereof as set forth herein is hereby confirmed. The proper City officials are hereby authorized and directed to do everything necessary for the prompt execution, issuance and delivery of the Bonds and for the proper use and application of the proceeds of such sale. Section 8. Due to the necessity of obtaining the proceeds of the sale of the Bonds at an early date, an emergency is hereby declared to exist. The rules governing the introduction, reading, passage and approval of ordinances are hereby suspended, and this ordinance shall become effective immediately upon its passage, ap- proval, posting and publication as required by the City Charter. publication of this ordinance shall be made by posting a copy thereof on the City Council bulletin board and by publishing a notice of the place of posting and a brief statement of the purpose of this ordinance in a newspaper of general circulation in the City within a reasonable time. PASSED by the Council of the City of Seward, Alaska, and approved by its Mayor this~ day of February, 1964. CITY OF SEWARD, ALASKA Byt9~.a/~ Mayor ATTEST: City Clerk 7.