HomeMy WebLinkAboutOrd1957-274
r-
BOND ORDIN/"i"-lCE i~O. :J.. 7 If
An Ordinance authorizing the acceptance of an appropriate
instrument of conveyance for a public works project described
as a 31-bed hospi tal,
Alaska Public Works Project No. Aaa. 50-A-97 from the
United States of America, approving the determination of the
~estimated costs thereof, authorizing the payment of
the purchase price to the United States in the amount of Three
.. ,Dollars
Hundred Sixty Two Thousand Five Hundred!f$ 362,500 )
by check payable to the Treasurer of the United States and the
remainder of said purchase price by the incurring of an indebted-
ness and issuance of General Obligation Bonds in the amount of
Three Hundred Twenty Thousand ($ 320,000 )
fixing the form and details of said Bonds, providing for the pay-
ment 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, and declaring an emergency.
WHEREAS, the United States of America, hereinafter called the United
States, has constructed and provided for the
City of Seward
,Alaska,
hereinafter called the City
to the satisfaction of said
City
a certai n
public works project pursuant to the authority contained in the Alaska Public Works
48
Act, approved August 24, 1949, as amended (63 Stat. 627/U.S.C.A. 486-486j),
described as follows:
a one-story and partial basement, 31-bed hospital of reinforced
concrete, steel and wood frame construction, with equipment,
hereinafter called the Project, in accordance with the terms of a Project Construc-
tion and Sales Agreement dated April 27, 1956
(Contract No.14-o4-o01",294)
covering Project No. Aaa. 50-A- 97 , MMMltY1t..
r
WHEREAS, the United States, proposes to transfer to the City
all right, title and interest of the United States in and to said Project; and
WHEREAS, the lOCtIadoI estimated costs of the Project, as determin-
ed by the United States have been examined and approved by the City
and the City
is prepored to authorize the acceptance of the appropri-
ate instrument of conveyance tendered by the United States transferring the
Project to the City
in consideration of the payment to the United States
of the purchase price as set forth in said Agreement; and
WHEREAS, the said Agreement provides that a portion of the purchase
price of the Project shall be paid in cash at the time of transfer of the Project,
and the remainder in annual installments as evidenced by General Obligation
Bonds delivered to the United States at the time of the transfer of the Project
in an aggregate amount which equals the unpaid balance of the purchase price;
and
WHEREAS, the incurring of an indebtedness, and the issuance of said
Bonds by the City
hav~ ktsatbeen authorized by the duly qual-
ified electors of the
r.ty
......
whose names then appeared on the
last tax assessment roll or record, at an election held pursuant to law on
October 6
, 1953 ;
NOW, THEREFORE, BE IT ORDAINED by the City Council
of the
City of Seward
Alaska:
10 The Project, as described in the first recital of this Ordinance, is
hereby approved as to construction and substantial completion, and the amount
of Three Hundred Sixty Two Thousand Five Hundred Dollars ($362,500)
is hereby acknowledged as the estimated purchase price, in accordance
with the provisions of the Project Construction and Sales Agreement covering
said Project 0
-2-
~
~
2. The
lviayor
of the City
is hereby authorized to accept the instrument of conveyance tendered by
the United States transferring the Project to the City of Seward,
it appearing that the said instrument of conveyance is acceptable in form,
and to cause payment to be made to the United States by check payable to
the Treasurer of the United States in the amount of
Forty Two
Thousand Five Hundred Dollars
($ 42,500
)
and annual installments thereafter in accordance with the provisions of the
Bonds hereinafter authorized, in the amount of Three Hundred Twenty
Thousand Dollars
($ 320,000
) .
3. The execution and terms of the Project Con struction and Sales
Agreement dated
April 27, 195'
~ , (Contract
No. 14-04-001-294
) are hereby ratified and reaffirmed except insofar
as the said Agreement is inconsistent with the terms of this Ordinance.
The Certificate of Election heretofore filed with the City
Clerk
of the
Ci ty of Seward
states that the duly quali-
fied electors whose names appeared on the last tax assessment roll or record
407
cast/ballots in the election held on the 6th day of October ,1953,
Proposi tion No. 1 of
f,vhich wu called /IIIIlabcooduo4:eckfor ~ authorizing the issuance of
general obligation bonds in an amount not to exceed Four Hundred
Thousand Dollars
($ 400,000
)j
that 297 votes were for the Proposition, and 110
votes were against
the Proposition. The
City Council
of the City
hereby officially accepts the results so certified, and hereby
finds that the issuance of said Bonds for the purpose specified has been
72.9% of
authorized by;fhe qualified electors of City of Seward , Alaska.
- 3 -
r
4. For the purpose of financing the cost of acquiring the Project
there is hereby authorized the incurring of an indebtedness of Three Hundred
Twenty Thousand
Dollars ($ 320,000
)
to be evidenced by delivery to the United States of general obligation bonds,
to be designated
City of Seward
General Obligation Hospital Bonds of 1957 ,
herein referred to as the Bonds, in the principal amount of Three Hundred
Twenty Thousand
Dollars ($320,000
)
Said Bonds shall be general obligations of the City of
Seward, .
poyable as to both principal and interest
from the levy of ad valorem taxes, which may be levied upon all the taxable
property in the
City of Seward,
without limitation as to rate or amount, and from such special funds and
revenues as are made available for the payment of the principal of and interest
on the Bonds, particularly tb&< such amount as is paid to the City of Seward by the
Territory of "laska pursuant to the special appropriation by the .'>"Iaska Legislature,
Twenty-Second Regular Session, and set forth in Sec. l(d) Ch. 142, SLA 1955.
For the purpose of providing for payment of the final principal serial payment,
to become due May 1, 19n, in the amount of $]6QJOOO, there is hereby established in
the Seward Branch, First National Bank of Anchorage, a Federal Depository, an account
to be designated "City of Seward General Obligation Hospital Bonds of 1957 Sinking
Fund Account", into which account the City of Seward shall pay $J,OOO on or before
May 1, 1958; $7,000 on or before lV'lay 1, 1959; and $8,000 annually on or before
May 1 of each year thereafter until the entire aggregate amount paid into said account
shall equal $150,000. Withdrawals from said account may be made at any time for the
purpose of applying the entire amount of such withdrawals on the final principal serial
payment, and such wi thdrawals shall be made for no other purposes. Provi ded that,
upon payment at any time hereafter by the City of Seward to the United States of the
amount of $150,000, to be applied on the final principal serial payment, the aforesaid
sinking fund requirement shall be deemed to have been satisfied, and said sinking fund
account shall be terminated without further notice.
The Bonds shall be issued serially, in the denomination of One
Thousand Dollars ($1,000) each, shall be numbered 1 to 320 , inclusive,
shall be dated M A~ .l.. 7
, 1957 I and shall become due and payable
-4-
r- ,
in numerical order $4,000 on "!lay 1, 1953; $6,000 on May 1, 1959 and the same
amount annually theaeafter through May 1, 1961; $8,000 on May 1, 1962, and the
s~me amount annual I y thereafter through May 1, 1965; $9,000 on iv\ay 1, 1966, and
toe same amount annually thereafter through lv'lay 1, 1969; $10,000 on May 1, 1970,
and the same amount annually thereafter through r.\ay 1, 1976; and $160,000 on
IVlay 1, 1977.
The Bonds shall be payable as to principal and interest at the places
designated in the form for the Bonds hereinafter set forth in this Ordinance,
and shall be payable as to interest on the first day of each of the months there-
in designated" and may be redeemed at the option of the City in inverse numerical order on
qny inhare~t p.a~ment date byfip.pyment of W' e Drincipal <;In1oul)t of the Bond or bonds to be re-
deemed wLth 10: erEUt accr~e'" thereon to t e ~ate ot redemption.
:J ,J e Bonds sna be execute by the fviayor
of the City of Seward
, attested by the
City Clerk
and sealed with the corporate seal of the
City
The interest coupons attached to the Bonds shall be
authenticated either by the signatures of said officers or by facsimiles thereof,
and the Bonds, or any of them may be thereafter issued, from time to time, and
shall be valid, regardless of whether such persons shall have ceased to be such
offi cers, In case any Bond shall be muti lated, destroyed or lost, the holder
thereof, may obtain a duplicate thereof in the manner and in accordance with
the terms prescribed by the
City Council
of the
City
6. The Bonds shall be delivered to the United States of America in
payment of the purchase price of the public work referred to in this Ordinance;
PROVIDED, that, if the United States shall consent thereto, a single, temporary
bond payable to the United States of America as registered owner and numbered
1 to 320 , and reciting the numbers and maturities of the bonds to mature in each
year, may be issued as evidence of the entire indebtedness and annual payments
shall be credited against maturities of individual bonds as though actually issued
pursuant to this Ordinance, Provision shall be made for the endorsement of pay-
ment receipts on said single, temporary bond,
-5-
,._,.".<t'....
I-
I
The single, tempo1'Ol'y bond may be typewritten, or printed by photo-
lithographic reproduction of typewritten copYu with completion thereof by
typewritten insertions in the appropriate blank spaces, shall be on legal cap
bond paper of sufficient weight and strength to prevent deterioration through
ordinary handling, and shall be in substantially the same form as is herein pre-
scribed for definitive bondso with the exception of such changes as may be re-
quired to provide for repayment of the indebtedness by the terms of the single
instrument.
Definitive bonds shall be substituted for the single, temporary bond
at any time on demand of the registered owner thereof. The definitive bonds
shall be executed by the person holding the office of Mayor
at the
time the definitive bonds are so substituted, 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 the definitive
bonds shall be authenticated by the signatures of the persons holding said
offices when the definitive bonds are so substituted, or by facsimiles thereof.
70 In each year while any Bonds delivered as evidence of the agree-
ment of the City
to pay said purchase price or any part thereof are out-
standing and unpaid there shall be assessed, levied and collected upon the tax-
able property in the
City
D in the same manner and at the same time
that other taxes are assessedo levied and collected, a sufficient tax to pay the
principal of and the interest on said Bonds as the same become due, but this
Section shall not limit the right of the City to apply the proceeds of
special funds and revenues, in accordance with Section 4 of this Ordinance
for such purpose 0
-6-
r~
"
8. The definitive bonds shall be printed from type composition on
stock forms of sufficient weight and strength to prevent deterioration'through
ordinary handling and having a lithographed Of steel engraved border. Their
size and that of the attached coupons shaU conform to standard practice. Each
of the Bonds and annexed interest coupons, together with the provisions for reg-
istration as to principal shall be in the following form:
UNITED STATES OF AMERICA
TERRITORY OF ALASKA
CITY OF SEV,,;RD
General Obligation Hospital
Bond of 1957
No.
$10000.00
The City of Seward, a City of the first class, and
a public body and municipal corporation of the Territory of Alaskao
hereinafter called the City acknowledges
itself indebtedo and for value received hereby promises to pay to the
bearer 0 or if registeredo to the registered owner hereof 0 on the first
day of lv\ay 0195, the principal sum of One Thousand
Dollars ($10000) and to pay interest on the principal amount from
the date hereof at the rate of two per ce,nt (2%) per annum, payable
semi-annuallyon the first day of iv\ay and the first day
of November in each year, upon presentationj and surrender of
the interest coupons hereto attached as they severalty become due
and payable,.
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 redemp-
tion. Both principal of and interest on this Bond are payable in lawful
money of the UnitM States at the Seward Branch, First National Bank of Anchorage,Seward,
Alaska, or at the option of the holder at the Seattle Trust & Savings Bank,
Seattle, Washington or, if this Bond is registered in the name of the
United Stateso or any officer or agency of the United States, at such
place as may be designated by the United States.
For the prompt payment of this Bond and the issue of which
it forms a part, both principal and interest, CIS aforesaid, the full
faitho credit, and resources of the City
are irrevocably pledged.
-7-
r -
This Bond and th& issu& of which it forms a part are issued
for the purpos& of acquiring from the United States of America a
public works project constructed by the United States under the
Alaska Public Works Act, described as follows: a one-story and
partial basement, 31-bed hospital, of reinforced concrete, steel
and wood frame construction with equipment.
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 the laws of the Terri-
tory of Alaska to exist, to happen or to be perfolTned, precedent to
and in the issuance of this Bond, do exist, have happened, and
have been performed in regular and due form, time and manner as
required by law, specifically, the Alaska Public Works Act, and all
laws in effect in the Territory of Alaska relative to the issuance of
bonds of the form, type, nature and content of this Bond.
This Bond is a general obligation of the City of
Seward payable as to both principal and
interest from the levy of ad valorem taxes which may be levied upon
all the taxabl e property in the City,
without limitation as to rate or amount, and from such special funds
and revenues as are made available for the payment of the principal
of and interest on this Bond, and the issue of which it forms a partp
IN WITNESS WHEREOF, the City of Seward
by its City Council has caused this Bond to be executed in its
behalf by its Iv\ayor and its corporate seal to be hereunto affixed,
attested by its City Clerk as of the J.711. day of !'1I1Y ,
1957 .
CITY OF SEWARD
(SEAL)
By
~
lv1ayor
ATTEST:
City Clerk
~8~
r~
(FORM OF INTEREST COUPON)
No.
$10.00
On
, 195
, the City
of Seward ,Alaska, will pay to the
bearer, at the Seward Branch, First National Bank of ;\nchorage,
Seward ,Alaska, or at the
Seattle Trust & Savings Bank, Seattle, V.ashington the sum
of Ten Dollars ($10.00) in lawful money of the United States of
America, being six months' interest then due on its
General Obligation Hospital
Bond of 1957 , dated M ~ y
No.
,J..7 tl.,
, 195 7,
CITY OF SEVvi:.RD
By
Mayor
City Clerk
(PROVISION FOR REGISTRATION)
This Bond may be registered as to principal only in the name
of the holder upon the books of the City Clerk
as Registrar, such registration being
noted hereon by said Registrar, after which no transfer hereof, except
upon such books and similarly noted hereon, shall be valid unless the
last registration shall have been to bearer. Registration of this Bond
shall not affect the negotiability of the coupons hereto attached, which
shall continue negotiable by delivery only. The Registrar shall not be
required to make a transfer within 10 days next preceding any interest
poyment date. Any tax in respect to a transfer of the Bond shall be
paid by the holder hereof prior to such transfer.
(No writing below on this Bond except by the
Registrar above-named)
Da te of
Regi strati on
In Whose Name
Registered
Registrar
- 9 -
r
9. This Ordinance shall take effect immediately and all
ordinances or parts thereof in confl ict herewith are hereby repealed.
An emergency is hereby declared to exist and the rulesgoverning the
introduction and passage of ordinances are hereby suspended.
Passed and approved this J. 7 t/..
day of /V'hy
195 7 .
CITY OF SEV'L:,RD
By Vv Q At;.jh/Jr
Mayor l
ATTEST:
~/ J?~
City Clerk
- 10 -