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HomeMy WebLinkAboutOrd1948-181 r , ,.. . ,," "';"<lIIh ORDINANCE NO. 181 "An Ordinance of the City of Seward, to provide for the issuance and sale nf negotiable, interest bearing revenue bonds, with annexed interest coupons, of the said City, in the SLlIll of ;;/040,000.00, to provide for the purchase fI'O/ll the United States Government of the :)eliard i'<.arinlll "ays, said bonds to be supported and secured onl,y by a pl-dle .r the revenue of said Qrlne ..tlTs and the ,,'Larine faoilitiea to be acquired, all pIlrllUant to Ordinanoe No. 178 of the City 0 f Seward, and the Act of Cengl"esa passed and approved March 6, 1946, Ch. 52, Public Law 312, H.R. 3580, 79th Ccngreu, Second :iesdon, and pur.uant to the appro..l oy the qualified Toters of said ml1llicipality, at Ill. special eleCltian held the 29th of Uecelllber, 1947, and to pre Tide for the form, terms and mat-vitie" of such bonds and for their iSllu;mce and sale, and dillbursement of the proceeds thereof, and for the establishment of proper account. and fund. for the lJ&Ylllent of principal ;md !nt.rust. thereof." WHEREAS, the qull.lifled Toters of the City of iew&rd, on the 29th dq of Deeember, 1947, at a special el!lt:tion, called tor that pIlI'pOse aCCording to law, did approve the issuance of X'even14e bonds in the amount of \1>40,000.00, for the purchase from the United States GevenUllent of the Seward J.larine Ii&yS, and I>HEREAS, the City Council of the City of Seward deems adTisable the purchase of the Seward Marine l'illlla, to promote and foster loca.1 industry, and WIfrJU'.AS, the Council dee.r1lS it advisable to issue said revenue bonds as a single series, now BE IT ORDERED bT the City Council of the City of Seward, Alaska, as follows: 31i:CTION 1. That the City of Seward line! its offiGi&l.s, for the pur- pose of purchaai.nt from the united, States GOTOI'Illllent the Seward J.larine "qa. and frem the bond. issue of $40,000.00 d.,(ly authorized by the qualified voters of .said City at a Special ~leotion held therein on the 29th day of Uecenlber, 1947, pursllant to Ordinanc6 No. 178 of the City of Sew...rd, and the Act of Congress passed and a}lproved March 6, 1946, Ch. 52, r'ublic Lal'l 312, H.R. 35l:K), 79th Congress, Jecond Section, be and. they hereby c..re i/.utherized and direoted. to oause to be iSE>'Ued on or before the 1st day of Febru..a.ry, 1948, negotiable, int ere st-be:u-inp; , revenue bonds of the City of ~>ewar I, wldcll bondo shall be .a,,~, r- sllPported and aecured on1J' by a pledge of the rtlvenue of said jy.arine ,iqs and the Marine .faeillties to be acquired. SECTION 2. The said bOIJdS issued pu.rslAant to this ordinel.nce, uha11 be dated the first day of li'ebruary, 1948, and .hall boar interest from that date at the rat. of six per cent (6%) per &nnWll. Said bonds shall be in the denomination ot ilil,OOO.OO and shall be nWllbered seriAJ..J.7 f1'Olll No. 1 to No. 40. both nUlllbera inclu.ive. Interest at the rate of six. per \lent (6%), aYerage annual interest cost oVer the life of the bonds, shall be j.Jayable semi-iIIIl11.\uuly on the first day of February, and the first day of ''Ugust of each year, and shall be paid upon presentaticn and surrender of the several coupons which shall be attached to each bond to cover the interest that is to aocrue there- on. All such bonds and all interest coupons are to be paid to bearer upon pre- sentation for p~ent in accordance with the terms of the bonds (md of the several interest coupons in the office of the ~ity Clerk at Seward, Alaska, or the . iloth ixineipal &ld interest on said bonds shall be payable in lawfu.llllOMY of the United States of Awer1~a. S.r;CTION 3. Unless Previously ea:ued for redemption as here:1n..fter provided, the bonds iSSUed, under the authority of this ordinanae, shall lllature aerially and in the order of their !l\.lIllber in the following lJ&nner: Bonds No. 1 oIIl1d 2. . . . . . . . . . . .. .. .. .. .. .. .. . 0 . .. .. .. . February 1, 1949 Bonds No. J a.nd 4......................................... February 1, 1950 Bonds No. 5 and 6............................................. FeDrtIa"1.7 1, 1951 Bonds No. 7 a.nd 8.............................................. FebrL1&I'1 1, 1952 Bonds No. 9 and 10.. .. .. . .. . .. . .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . r"ebruary 1, 1953 Bonds No. 11 and 12. .. .. . . .. .. .. .. .... .. .. .. .. .. .. .. .. .. .. .. .. F'ebrua.ry- 1, 1954 .Bonds No. 13 and 14.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . .. .. . .. .. Febru.a.ry 1, 1955 Bonds No. 15 and 16. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . .. .. . .. F ebr\1al'y' 1, 1956 Bonds Ko. 17 an d 18........................................... February- 1, 1957 Bonds No. 19 and 20.. . .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. F'ebruary 1, 1958 Bonds No. 21 and 22.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . . . . . F'ebrl1a.rl' 1, 1959 Bonds No. 23 and 24.. ... .......... ....... . Febru.ar:r 1, 1960 Bonds No. 25 and 26....."..G...............February 1, 1961 - 2 - ..~ r Bonds No. Z7 and 28....................... . Febru.ary 1, 1962 Bonds llo. 29 and 30........................February 1, 1963 Bends no. 31 and 32........................Fe.ruary 1, 1964 Bend. No. 33 and 34........................February 1, 1965 Bonds No. 35 and 36....................... .F'ebru.aI7 1, 1966 Bonds No. 37 and 38........................February 1, 1967 Bends No. 39 aDd 4O........................Febru.ary 1, 1968 SCHEDULE 01<' n:,.Jli.Y PAYMliNTS ON 1'1UNCIPAL ,JJD INT~T Tot.u PrincipaJ. l!!E PrincipaJ. Interest and Interest 1949 $2000.00 ~2400.00 ~.OO 1950 2000.00 2280.00 4280.00 1951 2000.00 2160.00 4160.00 1952 2000.00 2040.00 4040 .00 1953 2000.00 1920.00 3920.00 1954 2000.00 1800 . 00 3800.00 1955 2000.00 1680.00 3680.00 1956 2000 .00 1560 .00 3560.00 1957 2000.00 1440.00 344D.00 1958 2000 .00 1320.00 3320.00 1959 2000 .00 1200.00 3120.00 1960 2000.00 1000.00 3000.00 1961 2000 .00 960.00 2960.00 1962 2000 .00 840.00 2840.00 1963 2000.00 720.00 2720.00 1964 2000.00 600.00 2600.00 1965 2000.00 400.00 2480.00 1966 2000.00 360.00 2.360.00 1967 2000.00 240.00 2240.00 1968 2000 .00 120.00 2120.00 ATerage interest per year....................... i3260.",IO - 3 - il~..' ;. .. '4.!!. . r" The City of Seward hereby rl'lServes the right to call for f!ayD1ent and red.eLl, in inverse rlWll.erical order, on or after the first day of AUgi.lst, 1948, ill or any one specific annual ll10lturity of this issue, by pay_nt of ene hundred and two per cent (102%) of the jJar va.lu.e tllereof, the premiwa tor Iluecessive years to be reduced one h;aJ.f lJer cent (1/2%) per annl1D1 eaeh year thereafter until one hundred per cent (100") of par is reached. Redemp- tion shall be made on a:rrr interest date .nd upon thirty (30) days notice prior to the date of redemption. If the City of .'3eV'iCi\rd desires to redeora any one or more of these bonds as above provided, a call notice of such redemption sh0ll1 be given by publication of a notice of reduption in Ii daily or weekly newspaper of general circulation printed in the City of :ieward, Alaska, and in a similar newspaper printed in the City of Anchorage, Alaska, once a week for two con- secutlve weeks, the date of the first publication thereof to be not le.. than thirty (30) d~s, nor more than forty-five (45) days, prior to said redemp- tlon date. Such notice shaJ.1 particularly set forth the number of bond. which are to bill redeemed; the date of redem}'I\:.ion, and shall notily the holders there- of that interest on the designated bonds shall cease to accrue !rom and after tho redemption date, unless the City shall default in the payment of the bonds so called for redemption. SECTION 4. The bonds, and the coupons ll.1'rixed therete, herein authorized to be executed and issued shall be substantially in the following fOrlll: UNITED ST,.TES OF ALERICA TERRITORY OF A1J\t,KA CITY Of SE..AHD MAlUNE ~ R.b.'VENUE EQ.lli2. No. (1 to 40) February 1, 1948 $1000.00 KNO~; AU W::N BY Tlms;~ PRESEN'fS: That the City of Seward, a municipal corporation of the Third Divi- s1en, Territory of Alaska, for value received, hereby promises to pay to bearer on the first day of February, 19_, (unless before that date this bond is Called for redemption <md payment thereof is duly 1Jlade) the j;'nncipal Sulll of -4- ! t.. ON;~ 'ft1r)USAND OOLI.JiRS with interest thereon at the rate of six ~r oent (6%) per annWll, payable semi-annua1J.y on the first day of Febr'.lary, and the first <Ul.y of Al1gust of each year, as evidenced by and 'ctpon the presentation and sllrrencler of the annexed interest coupons as they leverail,r beCOJlle due, both principal and interest Pll1'able in lawful money 'of the United States, at the otfioe of the City Troasurer of the City of Seward, Alas;:... The City of Seward hereby reserves the right to oill for paJ'llle1'lt and redeem, on and after August 1, 1948, all or anyone speci!1c annu.alllUltl1r- it,. of this issue ., in inverse nwaerical oreier, by paJ'lllent of one hundred and two per cent (102%) of the pa.r value thereof, the premiUlll. for successive years to be reduced one half per oent (1/2%) per annum eaoh year thereafter until one hundred per cent (100%) of par is reached. l~otice of such redomp.. tion shall be giVllll by publication of such notice in a daily or weekly news- paper of general circulation printed in the City of Se".ard, Alaska, and in a similar newspaper printed in the City of Anchorage, hlaska, cmce a week for tllO consecutive weeks, the date of the first publication thereof to be not less thar: thirty (30) days, nor i:lOre tha!l forty-five (45) days, prior to said redemption date; interest on any bonds so called for redeaption shall eea.e to acorue from and after the date fixed for redemption~ unless the City shall de!al.l.lt in the pa;yment of the bondl! as called for red6ll1ption. This bon4 is one of an issue of forty (40) bonds of like date and 8!IlO\1nt in the prinCipal sum 01' F'orty Thousand Dollars (1P4O,OOO.OO), nwnbered one (1) to forty (40), both nWllbera inClusive, lIUlturlng seriaUy at the rate of two (2) per '1'ell.r, the first maturity cOlGflncing on February 1, 1949, beu.ed b'1' said City for the purpose of providing funds for purchase of the Seward Marine ',.ays, and this bond is issued in pursuance of the Act of Congress approved Maroh 6, 194b, Chapter 52, Public Law 312, Olnd pursuant to Ordinances 178 and 181 of said Cit.r, and is issued in strict oOlnpliance with the lawa of the United States of ilmerica and the Territory of Alaska, and the ordin- anCes of the City of Seward, Alaska, inaorporatircherein previsions of attached Addenda A. - 5 - I I ! ;>!. '.this bond is payable out ot revenues pledged by Ordinances 178 and 181 of said City. By the terms of saiei Ord1nlinces, the City at Seward irrev- .oa.bl,r pledcecl itself to provide funds 1'rOll\ revenufw of said M&.rine V1qa and tactilities in IUl &IIIOWlt Bu.rficient to pq the principal <iil1d interest of the.. bend, as the same shall aCCNe. The Ci.ty 01' Seward pledges itself to set aUde and to pay into said bond fund out ot the grollS reVel1LleB ot said Marine W.,.s IUd Facilities, a.t'ter neoessary ehlii.X"ges tor BlaintenlUloe and opera- t.ion theree.t have been paid, UlOunts sL\tticient to pay the prinoipaJ. and interest of these bonds as the Blll'lle shall aeONe. The City of Se1rard pledges itself that rates will be fixed for epC'ation ot said ~in. Wtqa and Facilities, with reviaion .men I18o"R17, to provide revenll8B sufficient to pay bond principal and interest, operation and lIIaintenaa.. expenses, and all other obllg_tionu and indebtedness. 'l'he City of Seward pledges itself that the PI'OiJerty w.Ul be kept at ill tiRles in good 1lIDrld.ng Condition. It is hereby eert.iJ:led and recited that all conditions and things to be d.one, to happen, or to \)e perforlll.e<.l., prior to, and in the is_aIlee of t.his bond, have been done, have happened, or have Deen ~rforllled in du.e aM recu.lar IIAll1ner &lil provided PI' law, amd the indebtedness of uaid City.. inCluding this bend., does not exceed any constitutional or statutory debt liadtat1ons. IN WITNF;SSV,m;}U'tJF, the said City of Seward, Territory of Alaska, hu Cqsed this bond to be signed by the ~or and attested b;y the Glerk 01 said G1ty and the Seal of the said Oity to be illlpresaed thereen, IIlld haB eauaed the NUpon. hereto attached to haye printed ther.on a faca1aile 01' the s1<<JII&tures of the 8&14 officers t.his first day of Feb1'llary, 1948. CITY OF SEWARD, TERRl'roRY OF ALASKA BT (CORPOfu,TE SEAL) MaTor Attest: O1t.y Clerk -6- I The interest oeu.pon liIha.ll be in eubsta.ntia.1JJr the tollowing form, except as to date of ~nt: Intereat. Col.lpOn ) ) $30.00 No. On the first day ot August, 1949, the Clty of Seward, Territor,. of Alaelea, for value rece1nd, 1I1ll pay to Dearer at the office ot the CitT Treasurer, C1tr of Seward, Alaska, the 8U1ll of THIRTY DOLLARS, lawful mone,. .r the Un1te4 State. .t '-r18l1, aa.1d IIUl bein& the MIll1-annuJ. intorest due that date on its ReYellue Bond dated Io'ebruary 1, 1948, numbered . Att..t: CITY OF SEc,ARD, TERRITORY OF ALASKA BT lIa,-or City Clerk ADD1l:IDA A (attaChed to bonds) In tho event the City of Seward, Alaska, should fail to .et aside and ~y into the "City of Seward J.larine Vuqs Revenue Bond Redemption Fund 1948" an &mount su!fic1ent to provide fer interest and retirement of these bonds, as provided by orclinance j~o. lSl, within ninety (90) da,rlil atter said !\mda should have been so aet alillde and paid in, then </nd in that eTent these bonds shill become ... first raortgage lien on the said Seward ALarine Wars ilt<l on default in pa,rm.ent of interest llhen due or to redeem. on matur1tr date, the holder!> of these bonda may proGeed to foreclose. SECTJ;ON ~. 'l'h.it .u.d bendlil liIh&l.l boa.r the signatures of the i.la,ror and the Clerk of the (;it1 of Seward, Alaska, and ahil;U have illlpre..ed thereon the oUioiaJ. seal of said City, and eaCh of the interest. MIlpOn8 shall. be authenticat.ed with the facs1llile s1gnaturu of IJ&id officers, &rld. 8ueh facsim- ile a1,natuJree shall be bind1ng Ilpon the City. That, in cue arJT of the officers whose signatur<3s or counteraign&tures, manual or facaiDlile, appear on the bonda or bond couponlil, shall l1ease to be such officer a before such bonds are aotually delivered, such signatures and countersignatures shall nevertheJ.ess be valid and 1ega.1ly s'l!ricient for all purPO"'liI, the .ame as if such officers had r6lllained in office until such delivery. - 7 - _~'v....-,.,.";;-:";;;,.,"".,;.:-_.,."",~,.,.~__~._~,,~ ,. SECTION q. 'l'Q bonds here1n a\1thorized to be _lei aMll .e pr1ated ..,. and at t.he expense of the City 01 ~ward and the Treas\U'er of said CiV ~ reta1n said bemis for e:xeou.tion in conformity with the pro&edllre of thi. GJ."&anoo. SlCTION 7. Upon the sale of the bonds hereiR allthor1a., t.he City 'l'reuurer is her.~y orureci te deposit all proceeds Ix-. lIUeb u.1.A into an ....._t or the Cit..r of Spard as foilent "Seward llar1ne Wqs FlUld. 1948, .atabl1shed by Ord.i.nance He. 181. Su.h pro..... .hall be ued tor t.he pur.base tl'ela the Unitecl St.ates Gn.maent of the Seward liiarine "",s." SECTION $. There 18 herolty creat.ea a epeoia! UOolaUlt to be kno1lfl a. t It Seward. lIarine viaT. MlID1a1p&l Flmci. 1948." and all l'eYen..... uerW.ng froa tbe operation ot a..id Mar:l:ne Wqs and the ~ facilities to be uqdred, after ~nt of operat1n,c e:xpen8eS, shall be deposited and retained the.re:1n, au:! atbjett. to the provision. of this ordinance. mwrroN ~. Tllere 18 benbT ~ated. & .peo1&1 fund te be known ... .C1t.t of Seward .wannelirqs Reven",. Bctnd Redemption FW\Q 1948." wb1C1A twIl<< eh&ll be dra.wn Cltl for the pw.rpoaeof p&J:\a& the priAcipal and :l.nt<<re.t .. the.. bond.. The Cit1. at all tu.s, shall mainhin in sa.1d speo1aJ. tuc:l a l'MtIrYe Which shill be eCJl,al1n alIOWlt. to all pr1ne1pal. and int..rut. papaenta to be lI&de h1 the next .. _ (I) Tear period next sueeeeGing poh aatl.\:r1tT clate ..ee.rdJ.ng to the maturities here1a set forth. All 11"0" earn1rltIs and reT'" nue., alter pqaent of eperat.i.nc -expen..s, of aaid Seward ilariDe W.,.., when t.ile .ame are oollected, .hall be d.pos1te~ in the .~,!~~Di tanG. ~. preY1d.ell in s..t1en B of this ord1n~oe. Sld.t1e1ent l10lnds tor the p&1thllt or interest. on the.. bonds and redemption t.hereet mall be transterrea tl'M said. .pera- t10rul tun4 and depesited in a special accou.nt bereby created. Suff1e1eat .-1 shall be tran.terreti &M1&&1l1 f1'lNl1 said. aCulOWlt to and De depolllit_ w11'.1\ c.::4- (::.i:!?/~ ~ whish i. hereby cteaipa'toecl a. p&7i.nc acmt tor these bonds, at lout th1rt.l' (,)0) dqs prier to the ~tu.ritT date. .t a.ll principal. and interest insta.lllaents as the same be... due. - s_ ......;Ji ~\.->-....---::~..