Ordinance 0307ORDIS:ACE L 0. 307 .
An Ordirance providing for the Form and Details of 25,000.00
General Seeger Boris of the City of Edmonds, and providing for the
levy of taxes for the payment of the principal and irterest thereon.
f W�J NEM AS, At a special election held in the City of Edmonds,
ashirgton, or June eighth, 1920, under and pursuant to the pro-
visiors of Ordinance' lo. 306 of said City, the issuance of
$25,000.00 General Sewer Bords of said City was authorized, said
Bonds to be as hereifiafter provided with respect to denominations,
interest rate, maturities, time and place of payment, etc., and
�
tp'� WHEliE9.5, the State of Washington, through its State Board of
�■■r,[Finarce, by vrritter_ proposal dated July 13, 1920, offered to pur-
�`TT�� chase all of said Bonds bearir_g interest at the rate of six jer-
cert., payable semi-ar_rually, same to be in der.ominatiors of 1000.00
each, to be payable, both principal and interest, at the office of
the State Treasurer in Olympia, and to mature twerty years after
date, with optior reserved to said City to redeem all or any number
of said Bonds ore year from the date of issuance, or on ary inter-
est payment date thereafter, provided the monies to be used in
the exercise of such option be not raised by the issuance and sale
of refunding Bords, 'Which said bid of t}p�e State of WashingtoF for
said Bonds has been duly accepted, and
Vy, WHEREAS, the State of Washingtor is now ready to take delivery
��f said Bonds and it is necessary to provide for the Form and Be -
ails of the same, and for the payment of the principal and inter-
est thereof,
167
L OW,THEREFORE the City Council of the City of Edmonds
does ordain as follows: n
SECTI0F 1: That said City issue its General Negotiable
Coupon Bonds in the sum of $25,000.00, to be dated September
1, 1920, same to be known as General Sewer Bonds and to bear
interest at the rate of six percent. per arum, payable semi- p�vt
annually, to be in denominations of $1000.00 each, numbered 1
to 25 both inclusive, to be payable, both principal and inter- G�,C,�
est, at the office of the State Treasurer in Olympia, Washington,
and to mature twenty years after date with option reserved to
said City to redeem all or any part thereof in numerical order,
lowest numbers first, one year after date, or on any interest
payment date thereafter, provided the funds used for such prior
redemption be not secured from the issuance and sale of refund-
ing Bonds. Coupors shall be attached to said Bonds to evidence
the interest paym.er:ts as the same fall due. There shall be printed
on the back of each Bond a duly authenticated copy of Chapter 150
Washington Laws 1909 as amended, together with a copy of Ordi-
nance ro.306 of said City and a copy of a signed statement by
the Mayor r Clerk showing the result of the aforesaid special
election. -Said Bonds shall be signed by the Mayor and attested
by the Clerk under the Seal of said City, and the interest
Coupons shall bear the lithographed or engraved facsimile of the
signatures of the Seal of said City. Said Bonds before being
delivered shall be registered as provided by law.
SECTIOE 2: There shall be levied by the proper authorities �/ dl
of said City during the year 1920, and annually thereafter, a a�v✓tVNV1_
tax upon all the taxable property in said City sufficient to pay Ax
the interest upon said Bonds which becomes due and payable during
the next year, and in addition to the aforesaid tag to be levied
for interest, there shall be levied by the proper authorities of
said City during the year 1930, and annually thereafter, a tag
upon all the taxable property in said City sufficient to accumu-
late a fund sufficient to redeem the principal of said Bonds at
maturity thereof. The tag to be levied as provided herein shall,
as collected, be by the proper authorities of said City appor-
tioned into a special fund hereby created and to be known as "1920
General Sewer Bond Fund", and no portion of the monies in said
Fund shall be used for any other purpose than for the payment of
the principal and interest of said Bonds.
SECTIOIT 3: Said Honda and Coupons shall be in substantially
the following form:
UNITED STATES OF AMERICA
STATE OF WASHIEGTON
COUNTY OF Sri OH02USH
CITY OF EDMOEDS
1920 GE , ERAL SEWER BOND
ro. $1,000.00
EB OW AIL MEr, BY THESE PRESE11TS that the City of Edmonds in
the County of Snohomish, State of Washington, is justly indebted
and for value received hereby promises to pay to the State of
Washington the sum of One Thousand Dollars on September 1,1940,
together with interest thereon at the rate of six percent. per
arum, payable on the -first days of_March and September, upon
presentation and surrender of the annexed interest Coupons as
they severally mature. Both principal and interest of these Bonds
are payable in Gold Coin of the United States of the present
standard of weight and fineness at the office of the State Treas-
urer in Olympia, :iashington.
This Band is one of a series of twenty-five Bonds of like
tenor aggregating -twenty-five Thousand ($25,000.00) Dollars,all
authorized by the requisite vote of the qualified electors of
said City of Edmonds voting thereon at a special election held
in said City on June eighth, 1920, under and pursuant to Ordi-
nance ro.306 of said City, a copy of which Ordinance is printed
on the back of this Bondq all of which Bonds are issued for the
purpose of constructing a system of Sewers in said City pursuant
to a system or plan specified and adopted by said Ordinance.
Said City hereby expressly reserves the right to redeem all
or any part of said Bonds in numerical order, lowest numbers
168
first, one year after date, or on any interest payment date
thereafter, provided the funds to be used for such prior re-
demption be not secured from the issuance and sale of refund-
ir_g Bonds.
i
It is hereby certified and declared that all acts, cordi-
(tiors and things required by the Corstztutior azd Laws of the
State of Washington ara the Ordinances of said City to be dote
precedent to,and in,the issuance of this Bond have beer pro-
perly dote, happened at& been performed it regular and due
form and time as required by lar, and that the total indebted-
ness of said City, ira-, ding this Bond, does rot exceed ary
Constitutional or Statutory limit
II. WITLESS WIMRLOr , said City of Edmonds,by its City Coun-
f, cil,has caused this Bond to be signed by its Mayor, attested by
its City Clerk and its corporate Seal to be hereunto affixed
ara has caused the arrexed interest Ooupons to be signed with
the facsimile signatures of said officers end this Bond to be
dated September 1, 1920.
THE CITY OF EDMUDS,
Attest:
City Clerk. Mayor.
INTEREST COUPOU
1Qo. $30.00
or first day of 19 the City of Ed-
monds, Snohomish County, Washiror, gill pay�o the State of
Washington, at the office of the State Treasurer at Olympia,
Washington, the sum of Thirty Dollars Gold Goin of the United
States of America, b6irg the semi-annual interest due at that
date on its ^1920 General Sewer Bond to.
Attest:
i y lerk Mayor.
v( '" SECTION 4: The Mayor and Clerk are hereby directed to have
said Bonds prepared and to deliver the same duly executed to the
State Board of Finance upon payment of the agreed purchase price
therefor.
SECTIO11 5: This Ordinance, after its passage and approval by
the Mayor and attestation by the City Clerk,shall take effect up-
on its publication as provided by law.
Passed the tenth day of August 1920.
Il Attest: Ot �o D. I Anderson, City Clerk. F.R.Beeson, Mayor.
Published 4his 20th day of August A.D. 1920.
I hereby certify that the above and foregoing is a true and
correct copy of Ordinance No.307 of the City of Edmonds, ;dash.
Otto D. Anderson, City Clerk.