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Ordinance 2530ORDINANCE NO. 2530 AN ORDINANCE OF THE CITY OF EDMONDS, WASHINGTON, RELATING TO LOCAL IMPROVEMENT DISTRICT NO. 210; FIXING THE AMOUNT, FORM, DATE, INTEREST RATES, MATURITY AND DENOMINATIONS OF THE LOCAL IMPROVEMENT DISTRICT NO. 210 BONDS; PROVIDING FOR THE SALE AND DELIVERY THEREOF TO SEATTLE-FIRST NATIONAL BANK IN SEATTLE, WASHINGTON; AND FIXING THE INTEREST RATE ON LOCAL IMPROVEMENT DISTRICT NO. 210 ASSESSMENT INSTALLMENTS. THE CITY COUNCIL OF THE CITY OF EDMONDS, WASHINGTON, DO ORDAIN AS FOLLOWS: Section 1. The total amount of the assessment roll in Local Improvement District No. 210 in the City of Edmonds, Washington (the "City"), created under Ordinance No. 2237, passed September 29, 1,981, as amended, was $1,080,196.00. The 30-day period for making cash payments of assessments without interest in the District expired on October 8, 1985, and the total amount of assessments paid in cash was $229,737.06, leav- ing a balance of assessments unpaid on the assessment roll in the sum of $850,458.94. Local Improvement District No. 210 Bonds (the "Bonds") shall, therefore, be issued in the total principal sum of $850,458.94. The Bonds shall be dated November 1., 1985, and shall be numbered from 1 to 170, inclusive, in the manner and with any additional designation as the Bond Registrar (collectively, the fiscal agencies of the State of Washington located in Seattle, Washington, and New York, New York) deems necessary for the purpose of identification. Bond No. 1. shall be in the denomination of $5,458.94 and Bonds Nos. 2 to 170, inclusive, shall be in the denomination of $5,000.00 each. Interest shall be computed on the basis of a 360-day year of twelve 30-day months. The bonds shall bear interest, payable annually beginning November 1, 1986, and shall mature on November 1 of each year in accordance with the following schedule: Bond Numbers Interest Maturity (Inclusive) Amount Rate Year 1 to 6 $30,458.94 10.00% 1986 7 to 13 35,000.00 10.00 1987 14 to 20 35,000.00 9.75 1988 21 to 27 35,000.00 9.75 1989 28 to 34 35,000.00 9.50 1990 35 to 41 35,000.00 9.00 1991 42 to 48 35,000.00 8.50 1992 49 to 55 35,000.00 8.75 1993 56 to 62 35,000.00 9.00 1994 63 to 69 35,000.00 9.25 1995 70 to 93 120,000.00 8.25 1999 94 to 103 50,000.00 9.00 1999 104 to 123 100,000.00 9.80 1999 124 to 170 235,000.00 10.00 2012 The Bonds shall be issued only in registered form as to both principal and interest on books or records maintained by the Bond Registrar (the "Bond Register"). Such Bond Register shall contain the name and mailing address of the owner of each Bond and the principal amount and number of Bonds held by each owner. Bonds may be transferred only if endorsed in the manner provided thereon and surrendered to the Bond Registrar. The - 2 - transfer of a Bond shall be by the Bond Registrar's receiving the Bond to be transferred, cancelling it and issuing a new certificate in the form of the Bonds to the transferee after registering the name and address of the transferee on the Bond Register. The new certificate shall bear the same Bond number as the transferred Bond but may have a different inventory reference number or control number. Such exchange or transfer shall be without cost to the owner or transferee. Both principal of and interest on the Bonds shall be pay- able solely out of the Local Improvement Fund, District No. 210 (the "Bond Fund") and from the Local Improvement Guaranty Fund of the City, and shall be payable in lawful money of the United States of America. Interest on the Bonds shall be paid by check or draft mailed to the registered owners at the addresses appearing on the Bond Register fifteen calendar days prior to each interest payment date. The principal of the Bonds shall be payable upon presentation and surrender of the Bonds by the registered owners at the principal offices of either of the fiscal agencies of the State of Washington in Seattle, Washington, and New York, New York, at the option of such owners. Bonds maturing in 1986 to,1995, inclusive, shall be issued without the right or option of the City to redeem the same prior to their respective maturity dates. The City reserves the right to redeem the Bonds maturing in 1999 and 2012 prior to their stated maturity on any interest payment date, in numerical - 3 - order, lowest numbers first, at par plus accrued interest, whenever there shall be sufficient money in the Bond Fund to pay the Bonds so called and all earlier numbered Bonds over and above the amount required for the payment of the interest on all unpaid Bonds, by mailing, not less than 30 nor more than 60 days prior to the date fixed for redemption, notice of such redemp- tion by first class mail, postage prepaid, to the registered owner of any Bond to be redeemed at the address appearing on the Bond Register. The requirements of this section shall be deemed to be complied with when notice is mailed as herein provided whether or not it is actually received by the owner of any Bond. In addition, such redemption notice shall be mailed within the same period, postage prepaid, to the Seattle -First National Bank, at its principal office, but such mailing will not be a condition precedent to the redemption of the Bonds. The interest on the Bonds so called for redemption shall cease on the date fixed for redemption unless such Bond or Bonds so called are not redeemed upon presentation made pursuant to such call. Section 2. The Bonds shall be printed, lithographed or typed on good bond paper in a form consistent with the provi- sions of this ordinance and state law, shall be signed by the Mayor and the City Clerk, both of whose signatures shall be in facsimile, and shall have a facsimile reproduction of the seal of the City printed thereon. - 4 - Only such Bonds as shall bear thereon a Certificate of Authentication in the following form, manually executed by the Bond Registrar, shall be valid or obligatory for any purpose or entitled to the benefits of this ordinance: CERTIFICATE OF AUTHENTICATION This bond is one of the fully registered City of Edmonds, Washington, Local Improvement District No. 210 Bonds described in the Bond Ordinance. Washington State Fiscal Agency Bond Registrar By Authorized Officer Such Certificate of Authentication shall be conclusive evidence that the Bonds so authenticated have been duly executed, authen- ticated and delivered hereunder and are entitled to the benefits of this ordinance. In case either or both of the officers who shall have executed the Bonds shall cease to be such officer or officers of the City before the Bonds so signed shall have been authenti- cated or delivered by the Bond Registrar, or issued by the City, such Bonds may nevertheless be authenticated, delivered and issued and upon such authentication, delivery and issuance, shall be as binding upon the City as though those who signed the same had continued to be such officers of the City. Any Bond also may be signed on behalf of the City by such persons as at the actual date of execution of such Bond shall be proper offi- cers of the City although at the original date of such Bond any such person shall not have been such officer of the City. - 5 - Section 3. The Bond Registrar shall keep, or cause to be kept, at its principal corporate trust office, sufficient books for the registration and transfer of the Bonds, which shall at all times be open to inspection by the City. The Bond Registrar is authorized, on behalf of the City, to authenticate and deliver Bonds transferred or exchanged in accordance with the provisions of such Bonds and this ordinance and to carry out all of the Bond Registrar's powers and duties under this ordinance and Ordinance No. 2451 of the City. The Bond Registrar shall be responsible for its representa- tions contained in the Registrar's Certificate of Authentication on the Bonds. The Bond Registrar may become the owner of Bonds with the same rights it would have if it were not the Bond Registrar, and to the extent permitted by law, may act as depository for and permit any of its officers or directors to act as members of, or in any other capacity with respect to, any committee formed to protect the rights of Bond owners. Section 4. The Bonds shall be negotiable instruments to the extent provided by RCW 62A.8-102 and 62A.8-105. Section 5. The City covenants that it will spend the principal proceeds of the Bonds with due diligence to completion of the purposes specified in this ordinance and will make no use of the proceeds of the Bonds or other funds of the City at any time during the term of the Bonds which will cause the Bonds to be arbitrage bonds within the meaning of Section 103(c) of the - 6 - United States Internal Revenue Code of 1954, as amended, and the applicable regulations promulgated thereunder. Section 6. Seattle -First National Bank in Seattle, Washington, has submitted an offer to purchase all of the Bonds at a price of par plus accrued interest from the date of the Bonds to the date of their delivery to the purchaser, the City to furnish the printed Bonds and the approving legal opinion of Roberts & Shefelman, municipal bond counsel of Seattle, Washington, at the City's expense. Bond counsel shall not be required to review or express any opinion concerning the completeness or accuracy of any official statement, offering circular or other sales material issued or used in connection with the Bonds, and bond counsel's opinion shall so state. The City Council, deeming that it is in the best interest of the City that such offer be accepted, accepts the same. The Bonds shall, therefore, immediately upon. their execution, be delivered to Seattle -First National Bank in Seattle, Washington, upon payment therefor in accordance with such offer. Section 7. The interest rate on the installments and delinquent payments of the special assessments in Local Improvement District No. 210 are revised and fixed at the rate of 10.13% per annum. - 7 - Section 8. This ordinance shall take effect five days after passage and publication as provided by law. APPROVED: , -Larry V . rjaugffton ATTEST/AUTHENTICATED: TY LERK, Jacqueline G. Parrett APPROVED AS TO FORM: OFFICE OF THE CITY ATTORNEY: By ( 6� FILED WITH THE CITY CLERK: PASSED BY THE CITY COUNCIL: October 15, 1985 POSTED: EFFECTIVE DATE: October 29, 1985 PUBLISHED: October 24, 1985 ORDINANCE 2530 0434e STATE OF WASHINGTON, COUNTY OF SNOHOiYISH, ss. ORDINANCE NO., ' N ORDINANCE•OF THE CITY OF EDMONDS,-WASH{ , `:GTON, RELATING TO.LOCAL IMPROVEMENT DIS ".. RICT�NO. 210;" FIXIN_G_THE AMOUNS :FEORM DATE _', N TER EST- -RATES, MATURITY -AND DENOMINA IONS. -OF THE LOCAL IMPROVEMENT DISTRICT NO.210 BONDS; PROVIDING FOR THE SALE AND D.ELIVERY"THEREOF TO. SEATTLE-FIRST"NATION- 'AL -'BANK IN SEATTLE, WASHINGTON;AND1 FIXING THE INTEREST RATE ON LOCAL IMPROVEMENT DISTRICT NO.:210 ASSESSMENT INSTALLMENTS. " THE ,;CITY COUNCIL OF THE CITY OF.EDMONDS, - WASHINGTON, DO ORDAIN AS FOLLOWS Section 1. The, total amount of :the -assessmentroll in ,Local Improvement District No. 216 (n the City `of. Edmonds; Woshington`-(the".City"): created under ordinance N0-:2237, Passed 'September -29, 1981, as amended, was.$1..080,196.00. The.-36dav period for making cash -payments of assess- ments without interest in the District, expired on.October 8, 1005, :and the total amount of assessments "Paid in cash was $229.737.06, leaving o'balance of assessments unpaid on the assessment roil in -the sum of $850,458.94. Local lmprOve- mentDistrict No, 210-Bonds (The "Bonds") shall, therefore, be ts8ed in. the [total_ principal sum of .$850,458.94. The Bonds -shall- be .doted',November 1, 1985,_ and shall be numbered from 1 to 170, inclusive, in -the -manner- and with any ;additional designation. as the Bond Registrar (collective- _ Iy,�ahe 5tiscal"agencies of the State of Washington.: located In Seattle, Washington,and New York, New York) deems necesspry for the purpose of identificdfion:`Bond No. 1 shall be in the'denomination of S5,458.94 and Bonds Nos. 2 to 170, 'inclusive, shall be in the denomination of $5,000.00. each. 'Interest shall be computed on thebasis. of -a 360-day year -of twelve-30,dav months. The bonds shall bean -interest, pay- able annually beginning November- 1; 1986, dnd.shall mature - on. November 1 of each year in accordance with the follow- ingschedu)e: Bond Numbers Interest Maturity (Inclusive) Am -Rate , Veor:.. ].to ,to $ 0,458.94 1986. 7 ,to 13 33'060.00 10.0Q 1987 14 to 20, 35,000.00 i 9:75 1§88 21-to, 27 35,000.00 9.75 1989 28 to'"34 35,000.00 9.50 r 1990 35. to 41 35,000.00 9.00 , 1991: . 42 To 48 35,000.00 8.50 -1992. --49. to 55 35,000.00 ..8.75 1993 56 "to-.-62 35,000.00 .9.00 - .1994 63 to .69. - 35,000.00 9.25, 1995 70 to :93 120,060.00 8,25 1999 94 to 103- ` 50,000.00 - ;9.00,,, 1999 •104 to 123 100,000.00 9 80 - 1999 � 124 to 170 235 000.00 •10 00 2012 The bonds shall be issued only in regrstered form as to both principal and interestonbooksor rocords-inalntdined by. the:,Bond Registrar (the 'Tond Re§islet ) Such Bond Register shall contain the na"me and :mading.addrese of the. oWner,'of each Bond and the principal brrlount a'nd number Of Bonds held by each owner ' . ' Bonds; maybe transferred only d:endorsed lathe. manner. provided thereon and surrendered'to.the 8ondRegistrar. The transfer of. a Bond shall be: by .the Bond -:Registrar's receiving the, Bond to be transferred, cancelling it and issuinp;a new certificate in the.fordi of'ihe Bonds to The transferee after registering the name and -;address of the transfeme' on the .Bond Register. -.The- new certificate shall. paVabie'soiel Nd;- 210i - (the meht" Guarar owners fteen . t The pi New,York, New York, dtthe option of:su - Bondsmaturing in. 1986 to 1995,'lnclus without the right or option, of the.City ,.1 "prior- to their - respective., -maturity :dates the right toredeem the Bonds maturir prior to their. stated maturlWon any Int in numerical order, lowest numbers fit crued,Interest, wheneverthere shall be .the Bond Fund to pay the Bonds so c2 :numbered Bonds over and above the r the Payment of the Interest on; all:unpah not less than 30 nor more than 60 - do, fixed.J6i redemption,. -notice of such closs.-mbll; postage', prepaid; -to . The'"regi Bond td�be- redeemed at the address.ap �. Register• ;The requirements of this, sect Totie camplied with when. notice is mail ed'whether.or not it:is. actually receh ,onV-:Bond. Ify addiition,,`such. redemp mailed 'within the some period,, post Seattle -First National` Bank, at its prim mailing.will not be a condition precede of (the Bonds. The interest on 'the;.. E I redemntion shall cease on the date f be hington, and - ers. III, be issued -m the some my reserves N9and 2012 iyment date, par; plus ac- !nt money In id all ;earlier required for by mailing, ',to they date tion; by first owner of any on.the Bond it be deemed ,e[Rin"provid- the:"owner of Lice shall` be ;paid, to the i 'ice, but such e redemption ;o called ;for r redemption Affidavit of Publication The undersigned, being first duly sworn on oath deposes and says that she is Principal Clerk of THE HERALD, a daily newspaper printed and published in the City of Everett, County of Snohomish, and State of Washington; that said newspaper is a newspaper of general circulation in said County and State; that said newspaper has been approved as a legal newspaper by order of the Superior Court of Snohomish County and that the notice ........................................ (i -il C F'.----� --------- �-'- )------------------------------------------------- -------------------------- ---------------------- --------------------------------------------------------------------------------- .---- ' a printed copy of which is hereunto attached, was published in said newspaper proper and not in supplement form, in the regular and entire edition of said paper on the following days and times, namely: s r. r t)ctol,Lr 2l�, .LO . u5 .......................................... .------- .......................................... and that said newspaper was regularly distributed to its subscribers 1 during all of said period., ) / / f I - /L. ?� ...may_ _ ..- -� .............. ...- ---- - >/-- - --'-.-'. --.. Principal Clerk 2 5 t h Subscribed and sworn to before me this-... -_-_--------------- day of '= --------------------- - 1 9... . � l'• y � .sue � / Nota yjPubl1 in and for the State of Washington, re'sr g at Everett, Snohomish County. Rey n ment date. The principal of the Bonds shalLbe'payable upon presentation and surrender of the Bonds; by the registered., owiiers-at:the principal offices of elther'of the fiscal oxen- cies.ot,the State of Washington in Seattle, Washington, and New.York, New York, at the option of such owners. -Bonds maturing1n.1906 to'1995,.inclusive, shalt".be.issued without the right or the Cltv to :redeem:.ihe, some prior to their respective maturity dates. the City reserves the; right to redeem the Bonds maturing in 1999and 2012 prior 10 their staled maturity -on, any-3nlerest payment date, in .numerical order; -lowest numbers first; l'ot: por;; plus oc- crued,.interest, whenever. there 'shall be sufficient money In the Bond ,Fund topay the Bonds so tolled and all earlier numbered .Bonds over and above theamount .required for the.'payment of theinterest on:all unpaid Bonds, by moiling, not. less than 30 nor more, than 60 days .prior to..the.date Mixed for redemption," notice of such redemption.- by ,Mrst class -moll,. postage ,prepoid;.to.the regfstered. owner of any Bond to�be• redeemed ot.'the address. appearing on.the _Bond Register;,The.-requirements. at this section. shall be deemed to be complied with When notice is mailed.. as' herein arovid- ed whether or not. it is. actually received - by the owner: of any Bond.- lif addition,: -such redemption' haute shall be mailed .within.:the same period, postage arepold,: to the Seattle -First NationalBank, at its principal offlce,,60t such_ mailing=willnot.be 6'condition'precedent to the•redemptign" of ahe. Bonds.' -The interest on the -Bonds so called for redemption shall cease on the date fixed for redemption unless such. Bond or Bonds to called.are not redeemed upon presentation made pursuant, to such call. ' Section 2: The, Bonds shall be printed, lithographed or typed on good bona Puper if, form consistent with the' j provisions of this,ordlnance and state law, shall be signed by the Mayor and the City Clerk, both'of:whose signatures. shall behin facsimile,: and shalt- have a facsimile :reproduc- tion_ of the seal of the City printed thereon. Only such Bonds �as'shall bear thereon a Certificate of ` Authentication In, the foltowino form, manually executed by the Bond Registrar,: slwh be valid or, obligatory for any purpose or entitled to the benefits of this ordinance:: _ - . CERTIFICATE OF.AUTHENTICATION This*. bond is one of the fully.. registered City- of Ed- mohds, Washington, Local improvement District No. 2110 Bonds described In Bond Ordinance. Washington State Fiscal Agency Bond Registrar Authorized Officer. Such Certificate; of Authentication shall be conclusive evl_ dence that the of so authenticated.. hove. been duly executed,;authenticated and delivered, hereunder :-:and .are entitledto the benefits of this ordinance.'- ":' ., - In case' eitherorboth: of, the officers who shall have executed the Bonds shall ceoseto be such officer ;orr officers ` of the;City before the Bonds. so signed shalt hale' been authenticated or delivered by: the Bond. Reylstrar,;or Issued by. the City; such Bonds m' OV"hevertheless b6 authenticated,- aeuverea:an enrtCaTIlS1T,-7ellvery7 and Issuance, shall be as binding upon the City:arthough - those who signed- the;same -had continued to besuchofficers of the City. Any Bond also may signed on behalf of the, City by such Persons: as at the actual date of execution of.: such Bond shall be. proper officers of the City although of the�originol-date of. such Bond any such person shall not hove been such officer of the. City. Section 3. The .Bond Registrar shall keep; or cause to be. kepTaT-f s principal corporate trust office, sufficient books for the registration and transfer of-the-Bonds,.which -shalt - at all ffrri be open' to -inspection -by'the•City.-The'Bond Registrar is authorized, on beholf,.of the City, .to outhenti- cafe and deliver Bonds transferred.: or exchanged in actor-. dance: -.with the: provisions of such Bonds and .this ordinance, and to 'carry out all of the -Bond Registrar's :bowers and duties under this ordinance and Ordinance No. 2451 'of the -. City. - - The:Bond. Registrar shall.be.responsible for its represen- tation S contained In the,Registrar's Certificate of Authentl- - cation n• the Bonds. The Bond Registrar may. become the ow ner 'of -Bonds .with -the some rights It would have if. it were not:the.Bond-Registrar, and to the extent permitted by law, may act as.. 'depository for : and 'Permit any of its 'officers or directors to act as members of, or in any other. capacity- with respect'tor any committee formed. to; protect ` the rights of Bond owners. r - ` Sq�TIpn�4 The Bonds shall be negotiable instruments to the ezTenf provided by RCW 62A.0 102: and 62q.8-105. - $eciion Tire city" covenants that 11 will spend. the Princi- pa -T oceeas of, the Bonds with due.diligence to completion ofthe purposes.specifled.in-this ordinance and will mokie no use of the proceeds%of.the -Bonds or other funds of fhe.City at any. time during. the:terni of the: Bonds which will. cause`. the.- Bonds'to tie -arbitrage. - bonds within the meaning of Section 103(c) of the United States Internal .Revenue Code of 1954,-as amended, and the. oppllcabWregbiations promulgot: ed-ihereunder. e Section 6. Seotile-First National Bank In Seattle,' Washing- ton- - has SU milted on offer to purchase oil of the Bonds at a . price. -of, our plus accrued` interest from the 'date at the Bonds -to -the dafe-of.their. delivery: tothe purchaser, the City to furnish the printed Bonds, and the approving legal n opinioof Roberts & Shefelmon, municipal bondcounsel of :Seattle,. Washington, -at-the--City's expense.. Bond counsel shall not be required'. to review or express any opinion concerning :the , completeness" or accuracy of -any official statement, offering circular. or other sales material issued or used in connection with- the Bonds, and bond counsel's opinion `shall so state. The City Council, deemingthat ItIs..in the best interest of the City that such . offer be accepted, accepts the some. The Sondi'.sholl, therefore, immediotely upon their execution; be delivered, to Seattle -First National 'Bank -In Seattle,, Washington, upon payment'. therefor In - accordance withsuch offer.. - • - Se t_y Ion- 7: The interest rate. on the installments and delln- quent Payments of .the special assessments:%in Local Irn- provement District No..210. are revised and fixed at the rate of.10.13q per annum,� Section. li This ordinance .shall take effect five days after passage and Publication as provided by low._ APPROVED: - LARRY S. NAUGHTON, Mayor ATTEST/AUTHENTICATED: JACQUELINE G.PARRETT•, City Clerk APPROVED AS TO. FORM: OFFICE OF THE CITY ATTORNEY:' ByW,SCOTT. SNYDER '.FILED WITH THE.'CITY CLERK. - ' PASSED BY THE CITY. COUNCIL: October 15,1985. POSTED' ` EFFECTIVE DATE: October 29, 1985. ':ORDINANCE 2530,, _Published: October 24, 1985.