Ordinance 664CITY OF ELMO.NW, WAj'iPCTL N
uliLINANCL iKl.6 /, �Z
Ali 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
• S8,000.00 par value of "General Obligation Bonda,
1955," to provide the funds to pay the cost thereof;
specifying tae maturities and fixing the form and max-
imum interest rate on said condo; and pruviding for
the sale thereof.
WdEfdlS, 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
WHERF,AS, the outstanding general indebtedness of the City, as of
August 1, 1955, is the sum of U 3,087.50, to vhicri should be added the amount
for vhicb bonds are hereinafter authorised to be issued, to -wit, &8,000.00,
making a total of $2i,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 $21080,625.00; AOW, TtERENIf,
THE CITY COUNCIL OF THE CITY OF EDMOiCS, WASHINGTON, DOES ORDAIN
AS FOLLOWS:
Section 1. The City of Edmonds, Washington, for strictly municipal
purposes, shall renovate and improve the City hall in the City by replacing
the roof thereof, 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 �81000.00. The City shall borrow money on the
. credit of the City and issue negotiable general obligation boards 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 ba
in denominations of 000.00 each; shall bear interest at a rate or rates not
to exceed 5% per annum, payable semiannually on March lot and September let
of each year, interest to maturity to be evidenced by coupons attached to the
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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 Mabers Amounts 14aturities
• 1 and 2 $1,000 September 1, 1957
3 and 4 $1,000 September 1, 1958
5 and 6 U'DOO September 1, 1959
7 and 8 $1,000 September 19 1960
9 and 10 r1,000 September 1, 1961
11 to 13 $1,500 September 1, 1962
14 to 16 $1,500 September 11 1963
The bonds are issued without the right or option z)f the City to re-
3eam the same prior to their respective maturity dates.
Section 3. The Cit, of Edmonds hereby irrevocably pledges itself
to levy tames ennually, 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 Hill 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 follov-
i!, foxes.
UNITED STATES OF AMERICA
STATE OF WAS HINGTON
CITY OF EDMONDS
(ENERAL OBLIGATION B00, 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
lot DAY OF SF.PIFMBER, 19 , the principal sum of
FIVF HUNDRED DOLLARS
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tocetner with interest at tr.e rate of
per cent ( 16) until paid,
payable semiannually on 1arch 1st and September 1st
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 the 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 ,paid in full. Both iheprincipal of and
the interest on this bond are payable in lavful money
of the United states of America at the office of th,
City Treasurer of hdmor_ds, Washington.
This bond is one of an issue of ;6,000.00 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 cost of renovating and improving the City
all in the CiLy, all as provided in Ordinance !+o.
of tbF Oity, and is issued in ful. compliance with the
ord}ances of the City of Edmonds and the laws and Consti-
tution of the State of Washington.
This bond is issued without the right or option of
the City to redeem tr, same, prior to its stated maturity
date.
"he Ci.y 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 ai,d interest on the
bonds as the same shall accrue. The full faith, credit
and resources of the City are hereby irrev�cahly pledged
for the payment of t.ne 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 bonu have been done, 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 limitatioM
IN WTI'iY.SS 6HFh1:OF, the City of }dmonds, 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 and the interest coupons to be signed by the fac-
simi-e signatures of said officials this 1st day of Sept-
ember, 1555.
C1'1'Y OF' ELhiU,,LA� , iiASHIrJG1'0'.
�JY
A Y 0 R
A1,71 S'I :
C 1'1' Y C Lf h K
The; form of the interest coupon shall be substantially as follows:
Un the ls6 day of (March)(september), ly__, Tnt. CITY
OF hDMONIZ, WASr1IWTUiv, will pay to bearer at the office
of the City Treasurer the sum of
llOLLnii in lawful money
of the United State,° a being the semiannual
interest due that date upon its "Ueneral Obligation Bond,
1955," dated September 1, 1955, ar,d numbered
CITY OF EDMOhW , WASRINGTOA
BY
M A Y 0 R
ATTEST:
C I T Y C L E R K
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
shell bear the facsimile signatures of the Mayor and Clerk.
Section 5. The bonds shall be sold for cash at public sale for
not less 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, 189 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 ?call on September 99 1955, up to
8:OU 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
Ulympia, Washington.
bids shall be invited for the purchase of said bonds with
fixed maturities according to the schedule specified in Section 2 above.
the notice shall specify the maximum rate of interest the bonds
shall bear, to -wit, 5-1 per annuc: 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 cost over the life of the bands
and the net effective interest rate of such bid,
ie 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.
A11 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 tt,e 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 c-uccessful 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 ovinion of Yiessrs. Weter, Roberts & Shefelmen, 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
APP%NED by the Mayor of the City of Edmonds, this 2nd day of August, 1955,
ATWST s
C I T Y C L E R K
APPROVED:
C 1 11,Y ATT0RPLY
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14 A Y O R
NOTICE OF BOND SALF
$8,C0U.00
CITY OF EDMOND6
I A: iINGTOIJ
(,I.*RAL OBLICATIUli ROUE, 1955
6FAL1D 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 fall until 8:00 o'clock p.m. (P.O.T.) on the
9TH DAY OF SEPUMSER, 1955
at which time they will be publicly opened and considered fcr the purchase
of ;8,C00.00 of "i;eneral Obligation Bonds, 1955," authorized by Ordinance
No. , adopted on August 2, 1955, for the purpose of providing funds
strictly fornunicipal purposes, to -wit, to pay the cost of renovating and
improving the City }fall in the City.
The bonds will be da-..ed as of Septembez 1, 1955, will be in denom-
inations of 4500.00 each, will be. numbered from 1 to 16, 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 bIarch let and September ist
of each year, interestto 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.
and :vumbers Amounts Y4.tr _ -ies
1 and 2 ti,000 :;er+:.ember 1, 1957
3 and 4 �1,CW September 1, 1958
5 and 6 g'1,000 September 1, 1959
7 and 8 $1,000 September 1, 1960
9 ano 1C M,Coe September 1, 1961
• 11 to 13 $1,50C September 19 1962
14 to 16 :1,SW September 1, 1963
The bonds are issued without the ri,,ht or option of the City to
redeem tr.e same prior to their respective maturity dates.
the City of Edmonds has, by Ordinance No. irrevocably
piecCed itself to levy taxes annually, witnin 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 fain:, credit and resources of
the Citylave 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 acnum. Each bidder is re-
quired to and stall 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 trio bonds at par. No bid
will be considered for the bands for less than par and accrued interest or
for less thar. the entire issue. :he purchase must pay accrued ;aterest to
date of delivery of the bonde. Each bidder shall state the total interest
cost over the life of the bonds and the net effective interest rate of such
bid.
The bonds will be sold to the highest ar.a 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 the 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 kesh-
_ngton, snall be accompaniec by a deposit of 51, either in cash or certified
the City of
check, payable to the City Treasurer oAkAnonas,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 snall fail and neglect
to complete the purchase of the bonds within thirty days following the accept-
.nce of his bid, the amount of his deposit shall be forfeited to tt-� City of
• Edmonds, and in that event, the Gity Council may accept the bid of the one
making the next best bid. The bonds shall be delivered to the successful
ttie City of
bidder at the office of the City Treasurer op' Edmonas. The City of -Edmonds
will cause the bonds to be printed or lithographed and signed without expense
to the successful bidder, and the City will furnish the aprrovinf legal
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opinion of Messrs. Weter, Roberts a Shefelman, bond counsel of Seattle,
Washington, relative to the issuance of these bonds.
DATED at Edmonds, iiashington, this :./— day of August, 1955.
AKTA b1SCH, City Clerk
EDMONDS, WAS UNIGTON
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