Ordinance 664CITY OF ELMONDS, WASH1NGTON
O LItvANCE ;w). 6 la,9
AN ORLINANCE of the City of Edmonds, Washington,
providing for the renovating and improving of the
City Hall; declaring the estimated cost thereof, as
near as may be; providing for the incurring of a
general indebtedness and the issuance and sale of
$8,000.00 par value of "General Obligation Bonds,
1955," to provide the funds to pay the cost thereof;
specifying tare maturities and fixing the form and max-
imum interest rate on said bonds; and providing for
the sale thereof.
WHEREAS, the City is in urgent need of the renovating and improving
of the City Hall and the City does not have available any funds to meet the
estimated cost thereof; and
WHEREAS, the outstanding general indebtedness of the City, as of
August 1, 1955, is the sum of $13,087.50, to vhicn should be added the amount
for which bonds are hereinafter authorized to be issued, to -wit, $8,000.00,
caking a total of $21,087.50, and the assessed valuation of the taxable pro-
perty in the City, as ascertained by the last preceding assessment. for City
purposes, is $2,080,625.00; NOW, THEBEYORE,
THE CITY COUNCIL OF THE CITY OF EDMOAS, WASHINGTON, DOES ORDAIN
AS FOLLOWS:
Section ja. The City of Edmonds, Washington, for strictly municipal
purposes, shall renovate and improve the City Hall in the City by replacing
the roof tnereof, installing a new heating plant, repairing or replacing the
cement steps in the front of said City Hall which lead up to the library, and
completing the reconstruction of the jail by the installation of two cells
for male prisoners and one cell for female prisoners, the estimated cost of
which, as near as may be, is $8,000.00. The City shall borrow money on the
credit of the City and issue negotiable general obligation bonds in payment
thereof.
Section 2. The bonds shall be called "General Obligation Bonds,
1955," of the City of Edmonds, Washington; shall be serial in form; :hall be
in denominations of 000.00 each; shall bear interest at a rate or rates not
to exceed 5% per annum, payable semiannually on March 1st and September let
of each year, interest to maturity to be evidenced by coupons attached to the
bonds; shall be dated as of September 1, 1955; and shall nature in from
two to eight years from date of issue, the life of the improvements to be
acquired by the issuance of the bonds being at least eight years, in accord-
ance with the following schedule, to -wits
Bond Numbers Amounts Aaturities
1 and 2 81,000 September 1, 1957
3 and 4 $1,000 September 1, 1958
5 and 6 $1,000 September 1, 1959
7 and 8 $1,000 September 1, 1960
9 and 10 4.,000 September 1, 1961
11 to 13 $1,500 September 1, 1962
14 to 10 $1,500 September 1, 1963
The bonds are issued without the right or option Jf the City to re-
leem the same prior to their respective maturity dates.
Section 3. The Citj of Edmonds hereby irrevocably pledges itself
to levy taxes ennua11y, within the constitutional and statutory tax levy
limitations provided by law, upon all property in the City subject to taxation
in an amount sufficient to pay the principal of and interest on the bonds as
the same shall accrue. The full faith, credit and resources of the City are
hereby irrevocably pledged for the payment of the principal of and interest on
said bonds.
Section 4. This issue of bonds shall be in substantially the follow-
- form:
UNITED STATES OF AMERICA
STATE OF WASHINGTON
CITY OF EDMONDS
GENERAL OBLIGATION BOO, 1955
• o. $500.00
KNOW ALL MEN BY THESE PRESENTS that the City of
Edmonds, Washington, acknowledges itself to owe and
for value received, promises to pay to bearer on the
1st DAY OF SE P1FMBER, 19 , the principal sum of
FIVE HUNDRED DOLLARS
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to+•etner with interest at tr.e rate of
per cent ( t) until paid,
payable semiannually on March 1st and September lst
of each year upon the presentation and surrender of
the attached interest coupons as they severally mature
up .o the bond maturity date, and with full obligation
on tne part of the City to pay interest at the same
rate from and after the bond maturity date, in the
absence of interest coupons, until this bond with
interest is ?aid in full. Both iheprincipal of and
the interest on this bond are payabl' in lawful money
of the united :'tates of America et the office of tilt
City Treasurer of Edmonds, Washington.
This bond is one of an issue of ;,d,000.00 of bonds
of like date, tenor and effect, except as to maturities,
and is issued by the City of Edmonds for the purpose of
providing funds strictly for municipal purposes, to -wit,
to pay the coat of renovating and improving the City
$11 in the City, all as provided in Ordinance No.
of the City, and is issued in fulcompliance with the
ordtances of the City of Edmonds and the laws and Consti-
tution of the State of Washington.
This bond is issued without tne right or option of
the City to redeem th' samc prior to its statea maturity
date.
The City of Edmonds hereby irrevocably pledges itself
to levy taxes annually, within the constitutional and
statutory tax levy limitations provided by law, upon all
property in the City subject to taxation in an amount
sufficient to pay the principal of and interest on the
bonds as the same shall accrue. The full faith, credit
and resources of the City are hereby irrevocably pledged
for the payment of tne principal of and interest on said
bonds.
It is hereby certified that ail acts, conditions and
things required to be done precedent to and in the issu-
ance of this bona Have been cone, have happened and have
been performeu as required by law, and that the total in-
debtedness of the City, including this bond issue, does
not exceed any constitutional or statutory limitation%
IN Wfi;FiS LHFJ'EJF, the City of Fdnonds, Washington,
has caused this bond to be signed by its Mayor and attested
by its City Clerk and its corporate seal to be hereto
affixed ana the interest coupons to be signed by the fac-
simi..e signatures of said officials this lst aay of Sept-
ember, 1955.
CITY UE' EL1.10,t1. , iiASHIrJCTU'.
Y
A11161:
C 1T Y CLE h K
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A YOH
The; form of the interest coupon shall be substantially as follows:
Un the lsk, day of (March)(september), 19, TaE CITY
UF kLMOND8 , WASHINGT(n, will pay to bearer at the office
of the City Treasurer the sum of
DOLL& ($ ) in lawful money
of the United State, s s,tkS being the semiannual
interest due that date upon its "Ueneral Obligation Bond,
1955," dated September 1, 1955, aLd numbered
CITY OF EL1M0hL6, WAS HINGTOA
BY
MAYOR
ATTEST:
CITY CLERK
The bonds shall be printed on lithographed forms and shall be
signed by the Mayor and attested by the Clerk of the City of Edmonds, and
the seal of the City shall be affixed thereto, and the interest coupons
shall bear the facsimile signatures of the Mayor and Clerk.
Section 5. The bonds shall be sold for cash at public sale for
not leas than par and accrued interest upon sealed bids to be received at
the office of the City Clerk up to the day and hour stated in the Notice
of Sale hereinafter described to be given.
Notice calling for bids for the purchase of the bonds shall be
given by publication thereof in the Edmonds Tribune -Review, the official
newspaper of the City of Edmonds, in its issues of August 11, 18, 25 and
September 1 and 8, and such notice shall also be published once in the
Daily Journal of Commerce of Seattle, Washington, at least fifteen days
before the bid opening date.
Bids for the purchase of the bonds shall be received by the City
Clerk in the Council Chambers in the City Hall on September 9, 1955, up to
8:00 o'clock p.m., at which time bids will be publicly opened and the notice
shall specify such place and time of opening such bids.
A copy of the notice shall, at least three weeks prior to the
date fixed for such sale, be mailed to the State Finance Committee in
Olympia, Washington.
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Bids shall be invited for the purcuase of said bonds with
fixed maturities according to the schedule specified in Section 2 above.
'he notice shall specify the maximum rate of interest the bonds
shall bear, to -wit, 5L per annum, and shall require bidders to submit a
bid specifying:
(a) The lowest rate of interest and premium, if any,
above par at which the bidder will purchase the
bonds; or
(b) The lowest rate of interest the bidder will pur-
chase the bonds at par.
Each bid shall state the total interest coat over the life of the bands
and the net effective interest rate of such bid,
e bonds shall be sold to the bidder making the best bid, sub-
ject to ..he right of the City Counci_ of the City of Edmonds to reject any
and all bids and to re -advertise the bonds for sale in the manner provided
by law, and no bid for lees than the entire issue shall be considered.
All bids shall be sealed a except the bid of the State of
Washington, shall be accompanied by a deposit of 5%, either in cash or
the City of
certified check, payable to the City Treasurer of/Edmonds,of the amount of
the bid, which shall be returned if the bid is not accepted. (Only one
deposit shall be required of each bidder). If the successful bidder shall
fail and neglect to complete the purchase of the bonds within thirty days
following the acceptance of his bid, the amount of his deposit shall be
forfeited to the City of Edmonds, andin that event, the City Council may
accept the bid of the one makinr ti,e next best bid. The bonds shall be
delivered to the successful bidder at the office of the City Treasurer
the City of
of/Edmonds.
The City Clerk of the City of Edmonds shall be and is hereby
authorized and directed to publish notice for the purchase of these bonds
in the manner required by law and in accordance with the provisions of
this Section. Such notice shall provide that the City of Edmonds will
cause the bonds to be printed or lithographed and signed without expense
to the successful bidder, and that the City will furnish the approving
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legal opinion of Messrs. 'meter, Roberts & Shefelman, bond counsel of Seattle,
Washington, relative to the issuance of these bonds.
Section 6. This Ordinance shall, after its passage and approval,
be published in the official newspaper of the City and shall take effect
upon such publication.
PASSED by the City Council at a regular meeting thereof and
APPROVED by the Mayor of the City of Edmonds, this 2nd day of August, 1955.
ATTEST:
CITY CLERK
APPROVED:
CIjtY ATTORNEY
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NOTICE OF BOND SALE
$8,000.00
CITY OF EDMONDS
WA.`,-TINOT0N
(,I:NE•RAL OiiLIGATION BONDS, 1955
SFALLD PROPOSALS will be received by the City Council of the
City of Fdmonds, Washington, at the office of the City Clerk in the Council
Chambers in the City Hall until 8:00 o'clock p.m. (F.s.T.) on the
9TH LAY OF SEPPEMSER, 1955
at which time trey will be publicly opened and considered fcr the purchase
of $8,000.00 of "i;eneral Obligation Bonds, 1555," authorized by Ordinance
No. / (o4 , adopted on August 2, 1955, for the purpose of providing funds
strictly for municipal purposes, to -wit, to pay the cost of renovating and
improving the City hall in the City.
The bonds will be da...ed as of September 1, 1955, will be in denom-
inations of 4500.00 each, will be numbered from 1 to ib, inclusive, will bear
interest at a rate or rates to be hereafter fixed by ordinance not exceed-
ing five per cent (5%.), payable semiannually on March let and September 1st
of each year, interest. to maturity being evidenced by coupons to be attached
to the bonds, will be payable, toth principal and interest, at, the office of
the City Treasurer of Fdmor.dF and mature serially, annually, as follows:
%or.d :numbers Amounts
1 and 2 ¢1,000 .;er;,ember 1, 1957
3 and 4 11,000 September 1, 1958
5 and 6 g1,000 :September 1, 1959
7 and 8 $1,000 September 1, 1960
9 anc 10 S.1,000 September 1, 1961
11 to 13 $1,50C September 1, 1962
14 to 16 :1,500 September 1, 1963
The bonds are issued without the right or option of the City to
redeem the same prior to their respective maturity dates.
the City of Edmonds has, by Ordinance No. 1 6 .' , irrevocably
pieoged itself to levy taxes annually, within the constitutional and statutory
tax levy limitations provided by law, upon all property in the City subject
to taxation in an amount sufficient to pay tne principal of and interest on
the bonds as the same shall accrue. The full fait!:, credit and reeources of
the City have been irrevocably pledged for the payment of the principal of
and interest on said bonds.
Bidders are invited to name the rate of interest which the bonds
are to bear not exceeding five per cent (5%) per annum. Each bidder is re-
quired to and shall specify: (a) the lowest rate of interest and premium,
if any, above par at which the bidder will purchase the bonds; or (b) the
lowest rate of interest the bidder will purchase tne bonds at par. No bid
will be considered for the bands for less than par and accrued interest or
for less than tne entire issue. The purchase must pay accrued ;aterest to
date of delivery of the bonds. Each bidder shall state the total interest
cost over the life of tne bonds and the net effective interest rate of such
bid.
The bonds will be solo to the highest and best bidder with the
right reserved by the City to reject any or all bids, and if all bids be
rejected the City Council may re -advertise tne bonds for sale in the manner
provided by law. No bid for less than the entire issue shall be considered.
All bids shall be sealed and, except the bid of the State of Wash-
_ngton, srall be accompanied by a deposit of 5i, either in cash or certified
the City of
cneck, payable to the City Treasurer oi'F..trionds,of the amount of the bid,
whicn shall oe returned if the bid is not accepted. (Only one deposit shall
be required of each bidder). If the successful bidder snail fail and neglect
to complete the purchase of tne bonds within thirty days following the accept-
-.rice of his bid, the amount of his deposit shall be forfeited to tt.! City of
• Edmonds, and in that event, the City Council may accept the bid of the one
making tne next best bid. The bonds shall be delivered to the successful
tne City of
bidder at the office of the City Treasurer op' Edmor:as. The City of Edmonds
will cause the bonds to be minted or lithographed and signed without expense
to the successful bidder, and the City will furnish the approving legal
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opinion of Messrs. iieter, Roberts & Shefeiman, bond counsel of Seattle,
Washington, relative to the issuance of these bonds.
DATED at Edmonds, Washington, this,44.day of August, 1955.
ANITA � b1SCH. City Clerk
EDMO;a6, WAS UiVGTON