Ordinance 1316CITY OF EDMONDS , WASHINGTON
ORDINANCE NO. (ff ! b
AN ORDINANCE amending Ordinance No. 1314, passed
by the City Council and approved by the Mayor on July 5,
1967, to change the manner of execution of the "Water and
Sewer Revenue Bonds, 1967, " authorized to be issued by
such Ordinance.
THE CITY COUNCIL OF THE CITY OF EDMONDS , WASHINGTON, DO
ORDAIN as follows:
Section 1. Section 14 of Ordinance No. 1314, passed by the City Council
and approved by the Mayor on July 5, 1967, is hereby amended to read as follows:
"Section 14. The Bonds shall be in substantially the following form:
No.
$5,000.00
UNITED STATES OF AMERICA
STATE OF WASHINGTON
CITY OF EDMONDS
WATER AND SEWER REVENUE BOND, 1967
KNOW ALL MEN BY THESE PRESENTS: That the City of
Edmonds, Washington, for value received, promises to
pay to bearer on the 1ST DAY OF JULY, 19_, the principal
s um of
FIVE THOUSAND DOLLARS
together with interest thereon at the rate of
PERCENT ( %) per annum ,
payable semiannually on January 1 and July 1 of each year,
upon presentation and surrender of the attached interest
coupons as they severally mature up to the bond maturity
date and with full obligation on the part of the City to pay
interest at the same rate from and after the bond maturity
date until this bond with interest is paid in full, or funds
are available in the "Water and Sewer Revenue Bond Re-
demption Fund, 1959," (hereinafter called the "Bond Fund")
for payment in full. Both principal of and interest on this
bond are payable in lawful money of the United States of
America at the office of the City Treasurer of Edmonds,
Washington, solely out of the special fund created by
Ordinance No. 773, and referred to herein as the "Bond
Fund, " into which fund the City of Edmonds hereby irre-
vocably binds itself to pay certain fixed amounts out of
the gross revenues of the waterworks utility of the City,
including the sewerage system as a part thereof, now
.� yam-
belonging to or which may hereafter belong to the City,
including all additions, extensions and betterments thereof
now or at any time made or constructed, without regard to
any fixed proportion, namely, amounts sufficient to pay the
principal of and interest on this issue of bonds , on the out-
standing "Water and Sewer Revenue Bonds, 1959, " "Water
and Sewer Revenue Bonds, 19 6 0, " "Water and Sewer Rev-
enue Bonds, 1961 , " "Water and Sewer Refunding Revenue
Bonds, 1964, " "Water and Sewer Revenue Bonds, 1965, "
and "Water and Sewer Revenue Bonds, 1966," as they re-
spectively become due and to maintain a reserve, all at the
times and in the manner set forth in Ordinances Nos. 773,
814, 909, 1042, 1141, 1207 and 1314.
The gross revenues from the combined water and sewer-
age systems, comprising the waterworks utility of the City,
are hereby pledged to such payment, and the bonds of this
issue constitute a lien and charge upon such revenues prior
and superior to any other charges whatsoever, excluding
charges for maintenance and operation, except that the lien
and charge upon said revenues for this issue of bonds shall
be on a parity with the lien and charge upon such revenues
for the outstanding "Water and Sewer Revenue Bonds, 1959 , "
"Water and Sewer Revenue Bonds, 196 0, " "Water and Sewer
Revenue Bonds, 1961 , " "Water and Sewer Refunding Revenue
Bonds, 1964, " "Water and Sewer Revenue Bonds, 1965, "
"Water and Sewer Revenue Bonds, 1966, " and any additional
water and sewer revenue bonds which may be hereafter issued,
in accordance with the provisions of Section 13 of Ordinance
No. 773.
This bond is one of a total issue of $400 , 000. 00 par value
of bonds , all of like date, tenor and effect, except as to
maturities, interest rates and option of redemption, all pay-
able from the Bond Fund and all issued by the City under and
in pursuance of the laws of the State of Washington and
Ordinance No. 1314 of the City, for the purpose of pro-
viding the funds to pay the cost of (a) carrying out the sys-
tem or plan of additions to and betterments and extensions of
the waterworks utility of the City, including the system of
sewerage as a part thereof, specified and adopted by Ordin-
ance No. 1314, (b) completing the system or plan of addi-
tions to and betterments and extensions of the waterworks
utility of the City, including the system of sewerage as a
part thereof, specified and adopted by Ordinance No. 1194,
passed April 5, 1966, and (c) reimbursing the Water and
Sewer Department Operating and Maintenance Funds for a
temporary loan as the City's participation in the construction
of a lift station in Local Improvement District No. 138. Ref-
erence to Ordinance No. 1314 is hereby made as more fully
describing the covenants with and rights of holders of bonds
of this issue.
Bonds numbered 1 to 46, inclusive, of a par value of
$ 23 0 , 000. 00 maturing from July 1 , 1968, through July 1,
1980, are issued without the right or option of the City to
call the same for redemption prior to their respective matur-
ity dates.
The City has reserved the right to redeem outstanding
bonds numbered 47 to 80, inclusive, of a total par value
of $170 , 000.00 maturing from July 1 , 1981 , through July 1 ,
-2-
1986, in whole, or in part in inverse numerical order,
highest numbers first, at par plus accrued interest to
date of redemption on July 1, 1980, or on any semi-
annual interest payment date thereafter.
Notice of such call for redemption shall be published
once not less than 30 nor more than 45 days prior to the
call date in the official newspaper of the City and shall
also be mailed to Foster & Marshall Inc, at its main of-
fice in Seattle, Washington, presently 400 Norton Build-
ing, or its successor, within the same period. Interest
on any bonds so called for redemption shall cease on the
date fixed for such redemption upon payment of the re-
demption price into the Bond Fund.
The City of Edmonds hereby covenants and agrees with
the holders of each and every one of the bonds of this
issue to fully carry out all covenants and meet all obliga-
tions of the City, as herein set forth and as set forth in
Ordinance No. 1314.
It is hereby certified and declared that the bonds of
this issue are issued pursuant to and in strict compliance
with the constitution and the laws of the State of Wash-
ington and the ordinances of the City of Edmonds, and
that all acts, conditions and things required to be done
precedent to and in the issuance of this bond have hap-
pened, have been done and have been performed as re-
quired by law.
IN WITNESS WHEREOF the City of Edmonds, Washing-
ton, has caused this bond to be signed by the manual
signature of the Mayor and attested by the facsimile signa-
ture of the City Clerk and its corporate seal to be hereto
affixed and the interest coupons attached to be signed
with the facsimile signatures of said officials this 1st day
of July, 1967.
CITY OF EDMONDS , WASHINGTON
By
ATTEST:
(facsimile signature)
City Clerk
Mayor
The interest coupons attached to the Bonds shall be in substantially the
following form:
Coupon No.
On the 1st day of (JANUARY) (JULY) , 19_, the City of
Edmonds, Washington, upon presentation and surrender
of this coupon, will pay to the bearer at the office of the
City Treasurer the amount shown hereon in lawful money
of the United States of America from the special fund of
said City, known as the "Water and Sewer Revenue Bond
Redemption Fund, 1959," said sum being six months'
-3-
interest then due on its "Water and Sewer Revenue Bond,
1967, " dated July 1, 1967, and numbered
CITY OF EDMONDS , WASHINGTON
By (facsimile sianature)
Mayor
ATTEST:
_ (facsimile _signature)
City Clerk
The Bonds shall be printed on lithographed forms, shall be signed by
the manual signature of the Mayor and attested by the facsimile signature of
the Clerk and shall have the seal of the City of Edmonds affixed thereto and
the interest coupons shall bear the facsimile signatures of the Mayor and the
Clerk. "
PASSED by the City Council at a regular meeting thereof and APPROVED
by the Mayor of the City of Edmonds, Washington, this lst day of August,
1967.
ATTES
City Clerk,
FORM APPROVED:
City Attorn4y
-4-
Mayor