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HomeMy WebLinkAboutOrd1956-265 BOND OODlNANCE NO. cR65: An Ordinance providing for the incurring of an indebtedness of Two Hundred Twenty- Six Thousand Dollars ($226,000) pursuant to a Project Construction and Sales Agreement between the CITY OF SEWARD, AlASKA, and the UNI1ED STATES OF AMERICA. as authorized by the Alaska Public Works Act of 1949 (63 Stat. 627, 48 U.S.C. 486- 486j) the issuance of General Obligation Bonds in an amount not to exceed Two Hun- dred Twenty-Six Thousand Dollars ($226,000) fixing the form and details of said Bonds, providing for the payment thereof with interest thereon at the rate of two per cent (2%) per annum and for the delivery of said Bonds to the United States of America. WHEREAS, the City of Seward, a municipal corporation duly organized in the Territory of Alaska, is authorized to acquire from the United States of America a high school building with equipment and to incur an indebtedness therefor pursuant to a Project Construc- tion,and Sales Agreement; and WHEREAS, at an election duly called, held and conducted in the City of Seward on October 14, 1952, the duly qualified electors whose names then appeared on the last tax assessment roll of the City of Seward authorized the incurring of said indebtedness, and the issuance of General Obligation Bonds of the City of Seward in an amount not exceeding Six Hundred Thousand Dollars ($600,000) for the purpose of financing the acquisition of said high school building with equipment; and WHEREAS, it is desired to approve the form and details of said Agreement and bonds; NOW, THEREFORE, BE IT ffiDAINED by the City Council of the City of Seward, Alaska: r I I Section 1. It is hereby determined that the public work for the purchase of which the indebtedness is incurred consists of a two story, concrete, steel, and wood high school with equipment; containing a domestic science area, a commercial instruction area, a cafeteria and multipurpose room with adjacent kitchen, a science lab- oratory, a library, a study hall, a manual arts area, three class- rooms, an administrative suite including a nurses room, a boiler room, and other appurtenant and incidental space; along with site development including drainage and grading, constructed by the United States of America under the direction and supervision of the Office of Territories, Department of the lnterior and described in a certain Project Construction and Sales Agreement dated November 9, 1954, (Contract No. 14-04-001-187), covering Project No. Aaa. 50-A-160, heretofore entered into, pursuant to a resolution of this City Council. Section 2. This Council hereby reaffirms its action in authorizing the execution of said Agreement and acknowledges the responsibility of the City of Seward to perform its obligations thereunder. The Certificate of Election hereto filed with the Clerk of the City of Seward states that the duly qualified electors whose names appeared on the last tax assessment roll or record cast 347 ballots in the election held on the 14th day of October, 1952, which was called and conducted for the purpose of authorizing the issuance of general obligation bonds in an amount not to exceed Six Hundred Thousand Dollars ($600,000); ~hat 324 votes were for the proposition, and 23 votes were against the proposition. The City Council of the City of Seward hereby officially accepts the results so certified, and hereby finds that the issuance of said bonds for the purpose - 2 - specified has been authorized by the qualified electors of the City of Seward, Alaska. Section 3. For the purpose of financing the cost of acquiring said public work there is hereby authorized the incurring of an indebtedness of Two Hundred Twenty-Six Thousand Dollars ($226,000), to be evidenced by delivery to the United States of America, of general obligation bonds in the principal amount of Two Hundred Twenty-Six Thousand Dollars ($226,000) with interest thereon at the rate of two per cent (2%) per annum. Said bonds shall be designated "City of Seward General Obligation School Bonds of 1956", herein referred to as the "Bonds". Said Bonds shall be general obligations of the City of Seward, payable as to both principal and interest from the City's share of the annual Alaska Tobacco Tax dis- tribution, and by the levy of ad valorem taxes which may be levied upon all the taxable property in the City of Seward without limita- tion as to rate or amount. The full faith and credit of the City of Seward are hereby pledged to the payment of the principal of and interest on the bonds. To the extent that special funds and revenues are available for that purpose, such funds and revenues may be applied to the payment of the principal of and interest The Bonds shall be dated ~..t J 1 on said Bonds. , 1956, numbered from 1 to 226 inclusive, each in the denomination of One Thousand Dollars ($1,000), shall be payable serially in numerical order $11,000 on March 1, 1957, $10,000 on March 1, 1958, and the same anwunt annually thereafter through March 1, 1971, $15,000 on ~mrch 1, 1972, and the same amount annually thereafter through }'larch 1, 1976. . - 3 - r I I , The Bonds may be redeemed before maturity at the option of the City in inverse numerical order on any interest payment date by payment of the principal amount of the Bond or bonds to be redeemed with interest accrued thereon to the date of redemption. The Bonds shall bear interest at the rate of two per cent (2%) per annum, payable semi-annually on March 1 and September 1 of each year commencing September 1, 1956. The principal of and interest on the Bonds shall be payable in lawful money of the United States at the Seward Branch, First National Bank of Anchorage, Seward, Alaska, or at the option of the holder at the Seattle Trust and Savings Bank, Seattle, Washington, or if registered in the name of the United States, or any agency or officer of the United States, at such place as may be designated by the United States. Section 4. Each of the Bonds and annexed interest coupons, together ~th the provisions for registration to be endorsed on the Bonds shall be in substantially the follo~ng form, to ~t: - 4 - t I I UNIlED STAlES OF MlEiUCA '!ERRI TORY OF ALASI\/\. City of Seward General Obligation School Bond of 1956 No. $1,000.00 The City of Seward, a public body and municipal corporation of the Territory of Alaska, hereinafter called the City, acknowledges itself indebted and for value received hereby promises to pay to the bearer hereof, or if this Bond be registered as to principal, to the registered owner hereof, on the first day of ~mrch, 1957, the princi- pal sum of One Thousand Dollars ($1,000) and to pay interest on said principal amount from the date hereof at the rate of two per cent (2%) per annum, payable semi-annually, on the first day of ~larch and the first day of September, in each year, commencing September 1, 1956, until the maturity thereof, or if default shall be made in the payment of the principal hereof or interest hereon when the s~ne shall become due and payable, at the rate of four per cent (4%) per annum on such defaulted amounts until the paynlent in full of such amounts, but in the case of interest due and payable on or before maturity, only upon presentation and surrender of the respective interest coupons hereto attached as they severally become due. This Bond may be redeemed before maturity at the option of the City on any interest payment date by payment of the principal amount with interest accrued thereon to the date of redemption. Both principal of and interest on this Bond are payable at the Seward Branch, First National Bank of Anchorage, Seward, Alaska, or at the Seattle Trust and Savings Bank, Seattle, \{ashington, or, if registered in the name of the United States, or any officer or agency of the United States, at such place as may be designated by the United States. This Bond and the issue of which it fonus a part are issued for the acquisition from the United States of America of a high school building with equipment which has been constructed by the United States under the Alaska Public Works Act, the laws of the Ter- ritory of Alaska and proceedings of the City Council of said City of Seward duly taken and adopted. It is hereby certified, recited and declared that all acts, conditions and things required by the Constitution and Acts of the Congress of the United States of America and laws of the Territory of Alaska to exist, to happen and to be performed, precedent to and in the issuance of this Bond, do exist, have happened and have been per- formed in due time, fonn and manner as required by law, specifically, the Alaska Public Works Act, particularly Section 6 thereof, and the full faith and credit of the City of Seward are hereby irrevocably pledged to the punctual payment of the principal of and interest on this Bond according to its tenus. This Bond is a general obligation of the City of Seward, payable as to both principal and interest by the levy of ad valorem taxes which may be levied upon all the taxable - 5 - t I I I I property in the City of Seward, without limitation as to rate or amount. To the extent that special funds and revenues, particularly the City's share of the Alaska Tobacco Tax distribution, are avail- able for that purpose, such funds and revenues may be applied to the payment of principal of and interest on this Bond and the issue of which it forms a part. IN WITNESS.mEREOl", the City of Seward by its City Council has caused this Bond to be executed in its behalf by its Mayor and its corporate seal to be hereunto affixed, attested by its Clerk as of the day of , 1956. CI TY OF SEWARD By Mayor ( SEAL) ATTEST: City Clerk (FOlt'1 OF INTEREST COUPON) No. $10.00 On ,19 the City of Seward, Alaska, will pay to the bearer, at the Seward Branch, First National Bank of Anchorage, Seward, Alaska, or at the Seattle Trust and Savings Bank, Seattle, Washington, the sum of Ten Dollars ($10.00), in lawful money of the United States of America, being six months' interest then due on its City of Seward General Obligation School Bond of 1956, dated , 19_, No. By Mayor City Clerk - 6 - (PROVISION FOO REGIS1RATION) 'fuis Bond may be registered as to principal only in the name of the holder on books to be kept by the City Clerk as Regis- trar, at the option of the holder, upon presentation hereof to said Registrar, such registration being noted hereon in the registration blanks belolV', and thereafter payment of the principal amount hereof when due shall be made only to the registered owner hereof, and no transfer hereof shall be valid unless made on said books by the reg- istered owner, or his attorney thereunto duly authorized, which transfer shall be similarly noted in said registration blanks below. 'fue registration of this Bond as to principal only shall not impair the transferability of the coupons by delivery only. This Bond when registered as to principal only may be discharged from registration by registry to bearer after which it shall be transferable by deliv- ery, and may thereafter be again and from time to time in like man- ner registered or discharged from registration, but the Registrar shall not be required to make such transfer within 10 days preceding any interest payment date. Any tax in respect of a transfer hereof shall be paid by the holder hereof prior to such transfer. (No writing below on this Bond except by the Registrar above-named) Date of Re.e;istration In Whose Name Re.e;istered Re.e;istrar Section 5. 'fue Bonds shall be signed in behalf of the City of Seward by the Mayor and sealed with the corporate seal of the City attested by the City Clerk. 'fue interest coupons attached to said Bonds shall be authenticated either by the signatures of said Mayor I I I !I \1 and said Clerk or by facsimiles thereof. In case any Bond shall be mutilated, destroyed or lost, the holder thereof may obtain a dupli- cate thereof in the manner and in accordance with the terms pre- scribed by the City Council of the City of Seward from time to time. In case either of the officers who shall have signed, attested, - 7 - r I I i I authenticated or sealed any of the Bonds or interest coupons pertain- ing thereto, or the facsimile of whose signature shall be used thereon, shall cease to be such officer before the Bonds or interest coupons pertaining thereto so signed, attested, authenticated, or sealed shall have actually been issued, such Honds or interest cou- pons pertaining thereto shall be valid nevertheless and may be issued by the City with the same effect as though the persons who had signed, attested, authenticated or sealed the same had not ceased to be such officers. Section 6. The Bonds shall be printed from type composi- tion on stock forms of sufficient weight and strength to prevent deterioration through ordinary handling and having a lithographed or steel engraved border. Their size and that of the attached cou- ponll shall conform to standard practice. The Bonds shall be delivered to the United States of America in payment of the purchase price of the public work referred to in Section 1 hereof, pursuant to the Project Construction and Sales Agreement referred to in said Section. If the United States shall consent thereto, a temporary Bond or bonds may be issued in lieu of the definitive Bonds herein prescribed. Said Bond or bonds may be typewritten on legal cap bond paper of sufficient weight and strength to prevent deterioration through ordinary handling and shall be in the same form, as is herein prescribed for definitive Bonds, except that if the United States concurs, a single bond payable to the United States of America as registered owner and numbered 1 through 226 and reciting the num- bers and maturities of the Bonds to mature in each year, may be issued for the entire indebtedness and annual payments credited - 8 - r I against maturities of individual Bonds as though actually issued pursuant to this authorizing resolution. Provision shall be made for the endorsement of payment receipts thereon. Definitive Bonds shall be substituted for the temporarY' Bond or bonds at any time on demand of the registered holder thereof. Such definitive Bonds shall be signed in behalf of the City of Seward by the person hold- ing the office of Mayor at the time the definitive Bonds are substi- tuted for the temporary Bond or bonds and shall be sealed with the corporate seal of the City attested by the person holding the office of City Clerk at that time; the interest coupons attached to said definitive Bonds shall be authenticated by the signatures of the Mayor and Clerk holding office when the definitive Bonds are substi- tuted for the temporary Bond or bonds or by facsimiles thereof. Section 7. In each year while any Bonds delivered as evidence of the City's agreement to pay said purchase price or any part thereof are outstanding and unpaid, there shall be assessed, levied and collected upon the taxable property in the City of Seward, in the same manner and at the same time that other taxes are assessed, levied and collected, a sufficient tax to pay the princi- pal of and the interest on said Bonds as the same become due. To the extent that special funds or revenues may be available for the payment of such principal of and interest on the Bonds, such funds or revenues may be used for such payments. - 9 - Section 8. This Ordinance shall take effect illBllediately and all ordinances or parts thereof in conflict herewith are hereby repealed. Passed and approved this ~day of ~ 1956. CITY OF SEWARD By. O~ Q AfTJ~ Mayor ATTEST: ~L/~~ ~ City Clerk - 10 -