Ordinance 2453CITY OF EDMONDS, WASHINGTON
ORDINANCE NO. 2453
AN ORDINANCE of the City of Edmonds, Washington,
relating to the combined water and sewerage systems
comprising the waterworks utility of the City, amend-
ing Ordinance No. 2450.
THE CITY COUNCIL OF THE CITY OF EDMONDS, WASHINGTON, DO
ORDAIN as follows:
Section 1. Section 3 of Ordinance No. 2450 is amended to
read as follows:
Section 3. For the purpose of providing a part of the
money required to carry out the plan or system for the acquisi-
tion of the additions and betterments to and extensions and
improvements of the System herein specified, adopted and ordered
to be carried out, the City shall issue the Bonds in the aggre-
gate principal amount of $194,075.
The Bonds shall be designated "Water and Sewer Revenue
Bonds, 1984" (herein defined as the "Bonds"); shall be dated as
of the date of their delivery to the purchaser; and shall be
numbered 1 and 2. Bond No. 1 shall be in the denomination of
$140,000 and Bond No. 2 shall be in the denomination of $54,075.
Bond No. 1 shall bear interest payable annually on August
1, beginning August 1, 1985, to maturity or earlier redemption
of such Bond. Interest shall accrue at a rate equal to 66% of
Rainier National Bank's announced prime rate, adjusted daily
with any changes in that prime rate, computed on the basis of a
360-day year of twelve 30-day months. Principal shall be pay-
able in three annual installments on August 1 of each year as
follows:
Installment
Payment
Date
Principal Amount
August
1,
1985
$46,666.00
August
1,
1986
46.667.00
August
1,
1987
46,667.00
Bond No. 2 shall bear interest payable annually on August
1, beginning August 1, 1985, to maturity or earlier redemption
of such Bond. Interest shall accrue at a rate equal to 67% of
Rainier National Bank's announced prime rate, adjusted quarterly
on October 1, 1984, and thereafter on the first business day of
each calendar quarter (i.e., January 1, April 1, July 1 and
October 1), with any changes in that prime rate, computed on the
basis of a 360-day year of twelve 30-day months. Principal
shall be payable in three annual installments of $18,025 each,
payable August 1, 1985, August 1, 1986, and August 1, 1987.
If any installment of either Bond is not paid when due, the
City shall be obligated to pay interest at the then applicable
percentage of prime rate from and after that installment date
until such installment, with interest, is paid in full or until
sufficient money for such payment in full is on deposit in the
Bond Fund hereinafter created, and such Bond has been called for
redemption. If the Bonds are not paid in full on the last
installment date upon proper presentment, the City shall be
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obligated to pay interest at Rainier National Bank's announced
prime rate until the Bonds are paid in full or sufficient money
for such payment in full is on deposit in the Bond Fund and the
Bonds have been called for redemption in the manner set forth in
Section 4.
The Bonds shall be issued only in registered form as to
both principal and interest on books or records (the "Bond
Register") maintained by the City Finance Director, the Bond
Registrar for the Bonds. Such Bond Register shall contain the
name and mailing address of the owner of the Bonds. The Bonds
shall not be assignable or transferable by the registered
purchaser.
Both principal of and interest on the Bonds shall be pay-
able in lawful money of the United States of America at the
Everett office of Rainier National Bank, the registered pur-
chaser, solely out of the Bond Fund. The Bonds are not general
obligations of the City.
The City Council declares that fixing the above interest
indices is in the best interest of the City.
Section 2. All actions heretofore taken consistent with
the provisions of this ordinance are ratified and confirmed.
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Section 3. This ordinance shall take effect after its
passage and five days following its publication as required by
law.
PASSED by the City Council of the City of Edmonds,
Washington at a regular open public meeting thereof and approved
by the Mayor this 14th day of August, 1984.
CITY OF EDMONDS, WASHINGTON
By
Mayor
ATTEST:
ity Clerk
FORM APPROVED:
1 ��' %�'� 4
City Attorne
O323e
FILED WITH THE CITY CLERK: August 13, 1984
PASSED BY THE CITY COUNCIL: August 14, 1984
POSTED: August 15, 1984
EFFECTIVE DATE: August 20, 1984
ORDINANCE NO. 2453
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AFFIDAVIT OF POSTING ORDINANCE
STATE OF WASHINGTON )
) ss:
COUNTY OF SNOHOMISH )
JACQUELINE G. PARRETT
, being first duly sworn
on oath deposes and says that the is over the age of eighteen (18)
years and is competent to testify as to the matter stated herein.
There is no official newspaper or other newspaper printed and
published within the City. In accordance with RCW 35A.12.160, on
the 15th day of August , 1984, affiant posted true and
correct copies of the attached Ordinance No. 2453, passed by the
City Council on the 14th day of August , 1984, at the
official posting places for City notices which are the public
bulletin boards at the following locations:
Edmonds Civic Center
250 Fifth Avenue North
Edmonds, Washington 98020
Edmonds Public Library
Civic Center, 250 Fifth Avenue North
Edmonds, Washington 98020
Edmonds Branch of United States Post Office
201 Main Street
Edmonds, Washington 98020
DAT:SD this 15th day of Aug,ist , 1984.
SUBSCRIBED AND SWORN to before me this 15th day of
August 19 84.
tary Public in and for the
State of Washington, residing
at