Ordinance 1024CITY OF EDMONDS, 'NASHINGTON
ORDINANCE N ).
AN ORDINANCE of the City of Edmonds,
Washington, providing for (a) the com-
pletion of the new Civic Center by land-
scaping, acquiring an emergency diesel
generating �pplant, lawn sprinkling system,
plumbing a`# jail cells and miscellaneous
office equipment, (b) the acquisition of
a new fire truck an, new fire hose and
fittings for the Fire Department, (c) the
acquisition of additional park sites, and
(d) the acquisition of property for street
rights -of -wad' and construction of storm
sewers for the Street Department; declaring
the estimated cost thereof as near as may
be; providing for the issuance and sale
of $66,JOO.CO par value of "General Obliga-
tion BonJs, 1963," and fixing the form and
maximum interest rate of the bonds;
establishing a "General Obligation Bond
Fund, 1963, ; and providing for the sale
of the bonds.
WHEREAS, the City of Edmonds, Was:ington, is in
immediate need of (a) completing the new Civic Center by
landscaping, acquiring an emergency diesel ,-enerating plant,
lawn sprinkling system, plumbing a,td jail cells and miscellan-
eous office equipment, (b) acquiring a new fire truck and new
fire hose and fittings for the Fire Department, (c) acquiring
additional park sites, and (d) acquiring property for street
rights -of -way and constructing storm sewers for the Street
Department, and the City does not have available any funds
to meet the estimated cost thereof; and
WHEREAS, the assessed valuation of the taxable
• property within the City, as ascertained by the last preceding
assessment for City purposes, is $11,337,430.00, and at the
time of the passage of this ordinance the outstanding indebt-
edness of the City is $493,500.00, all of which is represented
by outstanding general obligation bonds issued within the I'-mit
of 1 112% to 5% of the value of the taxable property within the
City of Edmonds permitted for municipal capital purposes other
than the replacement of equipment, pursua-t to the vote of the
qualified vuters therein, and the City has no outstanding
Indebtedness incurred within the limit up to 1 112% of the
• assessed valuation of the taxable property within the City,
NOW, THEREFORE,
THE CITY COUNCIL OF THE CITY OF EDMONDS, WASHINGTON,
DO ORDAIN, as follows:
Section 1. Tc.e City of Edmonds, Washington, for
strictly municipal purposes, shall (a) complete the new Civic
Center by lanuscaping, acquiring an emergency diesel gener-
ating plant, lawn sprinkling system, plumbing a'h'd jail cells
and miscellaneous office equipment, (b) acquire a new fire
truck and new fire hose and fittings for the Fire Department,
(a) acquire additional park sites, and (d) acquire property
for streets rights -of -way and construct storm sewers for the
Street Department. The estimated cost of the foregoing,
including the cost of the issuance of the general obligation
bonds herein authorized, is hereby declared to be, as near as
may be, the sum of $66,000.00. The City shall borrow money
on the credit of the City and issue negotiable general obliga-
tion bonds in payment thereof.
Section 2. Th. bonds shall be called "General
Obligation Bond , 1963," of the City of Edmond3, Washington;
shall be dated December 1, 1963; shall be in denominations of
• $1,000.00 each; shall. be numbered from 1 to 66, inclusive; and
shall bear interest at a rate not to exceed 6% per nnnum,
payable semiannually on June 1 and December 1 of each year,
as evidenced by coupons a�.tached to the bonds representing
interest to maturity, with full obligation on the part of the
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City to pay interest at the same rate from and after maturity
until the bonds, both principal and interest, are paid in full.
Both principal and interest are to be paid in lawful money of
the United States of America at the office of the City Treasurer
of the City of Edmonds, Washington, and the bonds shall be
payable serially in order of their numbers, as follows:
Bond Numbers
(Inclusive) Amounts Maturities
1 to 6 [7,000
,000 December 1, 1965
7 to 13 ,000 December 1, 1966
14 to 20 ,000 December 1, 1967
21 to 27 December 1, 1966
2b to 34 ,000 December 1, 1969
35 to 42 ,000 December 1, 1970
43 to 50 ,000 December 1, 1971
51 to 56 ,000 December 1, 1972
59 to 66 ,000 December 1, 1973
Section 3. The bonds shall be issued without the
right or option of the City to call the same for redemption
prior to their stated maturity dates.
Section 4. The City of Edmonds hereby irrevocably
pledged itself to levy taxes annually, within the constitutional
and statutory tax limitations provided by law, upon all property
in the City subject to taxation in an amount sufficient to pay
the principal of and interest upon the bonds as the same shall
accrue, and the full faith, credit and resources of the City
are hereby irrevocably pledged for the payment of the principal
of and interest on the bonds.
Section 5. The bonds herein authorized to be issued
shall be in substantially the following forr,:
No. $1,000.00
• UNITED "TATES OF AMERICA
STATE OF WASHINGTON
CITY OF EDMONDS
GENERAL OBLIGATION BOND, 1963
KNOW ALL MEN FY THESE rRESENTS: That.
the City of Edmonds, Washington, is
justly indebted to and for value received
pr.,uiises to pay to bearer on the 1ST DAY
OF DECERBER, 19 , the principal s�m of
ONE THOUSAND DOLLARS
together wi6h interest thereon at the
rate of PER
CENT ( per annum, payable
• semi annua y on une 1 and December 1 of
each year, the interest to maturity being
evidenced by and payable upon the pre-
sentation and surrender of the attached
interest coupons as they severally become
due, with full obligation on the part of
the City to pay interest at the same mate
from and after the maturity date, in the
absence of coupons, until this bond with
interest is paid in full. This bond is
payable, both principal and interest, in
lawful money of the United States of
America at the office of the Treasurer of
the City of Edmonds, Washington.
This bond is one of an issue of
$66,000.00 of bonds of like date, tenor
and effect, except as to maturities (and
Interest rates if more than one interest
rate is bid), and is issued by the City
of Edmonds for strictly municipal purposes,
to -wit, for the purpose of (a) completing
the new Civic Center by landscaping,
acaiiiring an emergency diesel generating
plant, lawn sprinkling system, plumbing
aaod jail cells and miscellaneous office
equipment, (b) acquiring a new fire truck
and new fire hose and fittings for the
Fire Department, (c) acquiring additional
park sites, and (d) acquiring property
for street rights -of -way and constructing
storm sewers for the Street Department,
all as provided in Ordii:ance No. ,
including paying the cost f the ssuance
of such general obligation bonds.
This bond is issued without the right
or option of the City to call the same
for redemption prior to its stated
maturity date.
The City of Edmonds hereby irrevocably
• pledges itself to levy taxes annually,
within the constitutional and statutory
tax limitations provided by law, upon all
property in the City subject to taxation
in an amount sufficient to pay the prin-
cipal of and interest on the bonds of
this issue as the same shall accrue, and
the full faith, credit and resources of
the City are hereby irrevocably pledged
for the payment of principal of and interest
on tree bonds.
It is hereby certified that all acts,
conditions and things required to be done
precede>>t to and in the issuance of this
bond have been done, have happened and
have been performed as req fired by law,
and that the total indebtedness of the
City, Sncluding this bond issue, does not
exceed any constitutions'_ or statutory
• limitations.
IN WITNESS WHEREOF, the City of Edmonds,
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
attached to be signed with the facsimile
signatures of those officials this 1st
day of December, 1963.
CITY 0 ONDS, WA,y;HINGTON
BY —
Mayor
ATTEST:
City Clerk
The form of the interest coupoi.s shall be substantially
as follows:
Coupon No.
On the 1ST DAY OF (JUNE) (DECEMBER),
19 , the CITY OF ELM ONDS, WASHINGTON,
upon presentation and surrender of this
coupon, will pay to the bearer at the
office of the City Treasurer the sum of
DOLLARS
, n aw u money of the
Un tad States of America, said sum being
the semiannual interest due that date
upon its "General Obligation Bond, 1963,"
dated December 1, 1963, and numbered
CITY OF EDMONDS, WASHINGTON
By
Tl+ ayor
ATTEST:
City Clerk
Section u. The bonds shall be printed or lithographed
on good bond paper and shall be signed by the Mayor and attested
by the City Clerk of the City of Edmonds, Washington, under the
seal of the City and the coupons shall bear the facsimile
signatures of the Mayor and the City Clerk.
Section 7. There is hereby created and established
• in the office of the City Treasurer a special fund to be known
and designated as the "General Obligation Bond Fund, 1963," of
the City. The accrued interest, if any, received from the sale
of the bonds shall be paid into the "General Obligation Bond
Fund, 1963," and the principal proceeds received from the sale
of the bonds shall be paid into the "Current Expense Fund" of
the City and expended for the purposes of (a) completing the
new Civic Center by landscaping, acquiring an emergency diesel
generating plant, lawn sprinkling system, plumbing and jail
cells and miscellaneous office equipment, (b) acquiring a new
fire truck and new fire hose and fittings for the Fire Depart-
ment, (c) acquiring additional park sites, and (d) acquiring
property for street rights -of -way and constructing storm sewers
for the Street Department, and to pay the costs of the issuance
and sale of such bonds. All taxes collected for the payment
of the principal of and interest on the bonds shall be deposited
in the "General Obligation Bond Fund, 1963."
Section o. The bonds shall be sold for cash at public
sale for not less than par, plus 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 Bond Sale hereinafter
. directed to be given.
Notice calling f(,r bids to purchase the bonds shall
be given by publication thereof once a week for four consecutive
weeks in the official newspaper of the City of Edmonds and such
other notice small be given as the City Council may hereafter
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direct. The notice shall specify that bids for the purchase
of the bonds shall be received by the City Clerk of the City
of Edmonds up to 9 460 o'clock p.m., on December :� , 1963,
and that the bids will be publicly opened and considered by the
City Council at a meeting to be held at such time in the
Council Chambers in the City Hall, Edmonds, Washington.
• A copy of the notice shall, at least three weeks prior
to the date fixed for the sale, be mailed to the State Finance
Committee, Olympia, Washington.
Bids shall be invited for the purchase of the bonds
with fixed maturities according to ti,e schedule specified in
section 2 hereof.
The notice shall specify the maximum rate of interest
the bonds may bear, to -wit, 6% per annum, and shall require
bidders to submit a bid specifying:
(a) The lowest rate or rates of interest
and premium, if any, above par, at which
such bidder will purchase the bonds; or
(b) The lowest rate or rates of interest
at which the bidder will purchase the bonds
at par.
No bid will be considered for the bonds for less than
par and accrued interest or for less than the entire issue. The
purchaser must pay accrued interest to date of delivery of the
bonds.
Each bid shall state the total interest cost over the
life of the bonds and the net effective interest rate of such
bid. All bonds maturing on the same date must bear interest
at the same single rate. The bonds will be sold to the bidder
offering to purchase the same at the lowest net interest cost
to the City over the life thereof, subject to the right of the
City to reject any or all bids submitted. The City further
reserves the right to waive any informality or irregularity in
the bidding if it is in the best interests of the City to do so.
�i
All bids shall be sealed, and, except the bid of the
State of Washington, if one is received, shall be accompanied
by a good faith deposit of five per cent, either in cash or
by certified or cashier's check made payable to the City
Treasurer of the amount of the bid, which shall be returned if
the bid is not accepted; and if the successful bidder fails or
neglects 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, and in that event the
City Council may accept the bid of the one making the next best
bid, if such bidder agrees to purchase the bonds under the terms
provided in his bid, or if all bids are rejected, the City
Council if it decides to reoffer such bonds for sale, shall
readvertise the bonds for sale in the same manner as provided
by law for the original advertisement. If there are two or
more equal bids and such bids are the best bids received, and
not less than par and accrued interest are bid, the City Council
shall determine by lot which bid will be accepted.
The bonds will be delivered to the successful bidder
at the office of the Cit.- Treasurer of Edmonds, Washington, or
at such other place as the purchaser and the Treasurer shall
mutually agree upon.
The bonds will be furnished by the City and will be
sold with the legal opinion of Roberts, Shefelman, Lawrence,
Gay & Moch, bond counsel of Seattle, Washington, approving
the legality of the same, all at the expense of the City. A
no -litigation certificate in the usual form v+ill be included
• in the closing papers.
Tne City Clerk is hereby authorized and directed to
publish Notice of Sale of the bonds in the canner required by
law 'n accordance with the provisions of this section.
M
•
PASSED by the City Council and APPROVED by the
Mayor of the City of Edmonds, Washington, at a regular meeting
thereof, this 5th day of November, 1963.
ATTEST:
CITY rERK
APPROVED AS TO FORM: