ORD 83-06 LIMITED TAX GENERAL OBLIGATION BONDSCITY OF WINSLOW, WASHINGTON
ORDINANCE NO. 83 - 06
day period succeeding the date one year after the date of first
publication by the City Clerk-Treasurer of notice that the assess-
ment roll is in her hands for collection and annually thereafter
each succeeding installment shall become due and payable in like
manner. If the whole or any portion of the assessmentSremains
unpaid after the first thirty-day period, interest upon the whole
unpaid sum shall be charged at the rate as determined above, and
each year thereafter one of the installments, together with interest
due on the unpaid balance, shall be collected. Any installment
not paid prior to expiration of the thirty-day period during which
such installment is due and payable shall thereupon become de-
linquent. All delinquent installments shall be subject to a
charge for interest at the rate as determined above and for an
additional charge of 9% penalty levied upon both principal and
interest due upon such installment or installments. The collec-
tion of such delinquent installments shall be enforced in the
manner provided by law.
PASSED by the City Council and APPROVED by the Mayor of
the City of Winslow, Washington, at a regular open public meeting
Mayor
APPROVED AS TO FORM:
City Attorney
amount of indebtedness for which bonds are herein authorized to
be issued is $135,000.
Section 2. The City shall borrow money on the credit of
the City and issue negotiable limited tax general obligation
bonds evidencing such indebtedness in the amount of $135,000 for
general City purposes to provide the funds to pay the cost of
acquiring land for future City maintenance facilities and to pay
the cost of acquiring land and an existing building to be used
as a multipurpose public building of the City as above described
and to pay the cost of the issuance of the bonds. Such general
indebtedness to be incurred shall be within the limit of up to
3/4 of 1% of the value of the taxable property within the City
permitted for general municipal purposes without a vote of the
qualified voters therein.
Section 3. The bonds shall be called "Limited Tax General
Obligation Bonds, 1983" (the 'Bonds"), of the City; shall be
dated June 1, 1983; shall be in the denomination of $5,000 each;
shall be numbered from 1 to 27, inclusive; and shall bear inter-
est at the rates hereinafter set forth, payable on June 1, 1984,
and semiannually thereafter on each succeeding December 1 and
June 1 as evidenced by coupons to be attached to the Bonds
representing interest to maturity. If any Bond is not redeemed
upon proper presentment at its maturity or call date thereof,
the City shall be obligated to pay interest at the coupon rate
for each such Bond from and after the maturity or call date
until such Bond, both principal and interest, shall have been
paid in full or until sufficient money for such payment in full
is on deposit in the "Limited Tax General Obligation Bond Fund,
1983" (the "Bond Fund"), herelnafter created and such Bond has
been duly called for payment by the City Clerk-Treasurer's pub-
lishing notice of such call once at least ten days prior to the
call date in the official newspaper of the City, or if there is
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no official newspaper then in a newspaper of general circulation
in the City. Both principal of and interest on the Bonds are to
be paid in lawful money of the United States of America, which
at the time of payment shall be legal tender for the payment of
public and private debts, at the office of the City Clerk-
Treasurer or, at the option of the holder, at either fiscal
agency of the State of Washington in Seattle, Washington, or New
York, New York. The Bonds shall bear interest and mature
serlally, annually, in order of their numbers in the following
amounts on June 1 of each year in accordance with the following
schedule:
Bond Numbers Interest Maturity
(Inclusive) Amounts Rates Years
1 to 2
3 to 4
5 to 6
7 to 9
10 to 12
13 to 15
16 to 19
20 to 23
24 to 27
$10 000
10 000
10 000
15 000
15 000
15 000
20 000
20 000
20,000
8.00% 1985
8.50 1986
8.50 1987
9.10 1988
9.20 1989
9.20 1990
9.40 1991
9.40 1992
9.50 1993
The Bonds shall be issued wlthout the right or option of
the City to redeem the same prlor to thelr respective maturity
dates.
The Clty reserves the right to purchase any or all of the
Bonds in the open market at any time at a price not in excess of
par plus accrued interest to date of purchase.
Sectlon 4. The City irrevocably pledges to levy taxes
annually, within the constitutional and statutory tax limita-
tions provlded by law wlthout a vote of the electors of the
Clty, upon all property in the City subject to taxatlon in an
amount sufficient, together with other money legally available
and to be used therefor, to pay the principal of and interest on
the Bonds as the same shall accrue, and the full falth, credit
and resources of the City are pledged irrevocably for the pay-
ment of the principal of and interest on the Bonds.
Section 5. The City covenants that it will spend the prin-
cipal proceeds of the Bonds with due diligence to completion of
the purposes specified in this ordinance and will make no use of
the proceeds of the Bonds or of its other money at any time
during the term of the Bonds which will cause the Bonds to be
arbitrage bonds within the meaning of Section 103(c) of the
United States Internal Revenue Code of 1954, as amended, and
applicable regulations promulgated thereunder.
Section 6. The Bonds and coupons shall be printed or
lithographed on good bond paper in a form consistent with the
provisions of this ordinance. The Bonds shall be signed by the
facsimile signature of the Mayor, attested by the manual signa-
ture of the City Clerk-Treasurer under the seal of the City, and
the coupons shall bear the facsimile signatures of the Mayor and
the City Clerk-Treasurer.
Section 7. The Bond Fund is created and established in the
office of the City Clerk-Treasurer. The accrued interest
received upon the sale and delivery of the Bonds shall be paid
into the Bond Fund. There is also created and established in
the office of the City Clerk-Treasurer a special fund to be
known and designated as the "Public Facilities Acquisition Fund,
1983," of the City. The principal proceeds received from the
sale and delivery of the Bonds shall be paid into the 'Public
Facilities Acquisition Fund, 1983," and used for the purposes
specified in Section 2 of this ordinance and to pay the costs of
issuance and sale of the Bonds. Pending the expenditure of such
principal proceeds, the City may temporarily invest such pro-
ceeds in any legal investment and the investment earnings may be
retained in the "Public Facilities Acquisition Fund, 1983," and
expended for the purposes of such fund. All taxes collected for
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and allocated to the payment of the principal of and interest on
the Bonds shall hereafter be deposited in the Bond Fund. Pend-
ing the receipt of the proceeds from the issuance of the Bonds,
interest-bearing warrants may be drawn on the "Public Facilities
Acquisition Fund, 1983," to provide interim funds to pay such
costs, such loan to be repaid from the proceeds received from
the issuance of the Bonds. In the alternative, the City here-
after may provide by ordinance for the issuance of other short-
term obligations pursuant to Chapter 216, Laws of 1982.
Section 8. Wm. P. Harper & Son & Company of Seattle,
Washington, has submitted an offer to purchase all of the Bonds
at a price of par, less a $3,000 discount, plus accrued interest
from the date of the Bonds to the date of their delivery to the
purchaser, the City to furnish the printed Bonds and the approv-
ing legal opinion of Roberts & Shefelman, municipal bond counsel
of Seattle, Washington, at the City's expense. Bond counsel
shall not be reguired to review or express any opinion concern-
ing the completeness or accuracy of any official statement,
offering circular or other sales material issued or used in
connection with the Bonds, and bond counsel's opinion shall so
state. The City Council, deeming that it is in the best inter-
est of the City that such offer be accepted, accepts the same.
The Bonds shall, therefore, immediately upon their execution,
be delivered to Wm. P. Harper & Son & Company in Seattle,
Washington, upon payment therefor in accordance with such offer.
Section 9. Pending the printing, execution and delivery to
the purchaser of the definitive Bonds, the City may cause to be
executed and delivered to such purchaser a single temporary Bond
in the principal amount of $135,000. Such temporary Bond shall
bear the same date of issuance, interest rates, principal pay-
ment dates and terms and covenants as the definitive Bonds, and
shall be issued as a fully registered bond in the name of such
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purchaser, and shall be in such form as acceptable to such pur-
chaser. Such temporary Bond shall be exchanged for the defini-
tive Bonds as soon as the same are printed, executed and
available for delivery. In the event that either the Mayor or
City Clerk-Treasurer is not available to sign the temporary
Bond, the signature of either one of those officers will vali-
date the temporary Bond.
PASSED by the City Council and APPROVED by the Mayor of the
City of Winslow, Washington, at a special open public meeting,
notice thereof having been given as required by law, this 22nd
day of June, 1983.
ATTEST:
APPROVED AS TO FORM:
City Attorney
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