ORD 51-13 GENERAL OBLIGATION BONDOBT HF ~ ?15~ 6
ORDINANCE NO. f ~
AN ORDINANCE of the Town of Winslow, Washington, providing
for the issuance and sale of general obligation bonds
of the to~Tn in the principal sum of $30,000 to provide
Dart of the funds to pay for the cdnstruction of a
~ater supply and distribution system of the to~m as
more specifically provided in Ordinance No. 12, passed
and approved July 31, 1951, and authorized by the
qualified electors of the town at a special election
held therein on Aukmist 16, 1951, providing the date,
form,terms and maturities of said bonds and for annual
tax levies to be made without limitation as to rate or
amount to pay the principal and interest thereof, and
creatin~ a fund for their payment.
WHEREAS, the Town of Winslow, Washington, by Ordinance No. 12,
~assed and approved July 31, 1951, provided that a special election
should be held within the town on August 16, 1951, for the submission
to the qualified electors thereof of a proposition for the construc-
tion and installation of a water supply and distribution system and,
to pay therefor, the issuance of general obligation bonds in the
~orincioal sum of $30,000 and of water revenue bonds in the principal
sum of $100,000; and
WHEREAS, at said election the number and proportion of the
Qualified electors of said town required by law voted in favor of
said proposition; and
WHEREAS, it is deemed necessary and to the best interest of the
to~m and its inhabitants that said general obligation bonds be now
issued and sold to provide part of the funds necessary for said
purpose;
NOW, THEREFORE, BE IT ORDAINED by the Council of the Town of
l'~inslow, Washington, as follows:
Section 1. That for the purpose of providing part of the funds
necessary to construct and install a water supply and distribution
system for said town, as more specifically provided by Ordinance
No. 12, passed and approved July 31, 1951, and as authorized by
the qualified electors of the town at a special election held
therein on August 16, 1951, the town shall now issue and sell
its general obligation bonds in the principal sum of $30,000.
Said bonds shall be dated September l, 1951, shall be in de-
nominations of $500 each, shall be numbered from I to 60 inclusive,
and shall bear interest at a rate of not to exceed 4% per annum
payable semiannually on the first days of March and September of
each year as evidenced by coupons to be attached to said bonds.
Both orincioal and interest of said bonds shall be payable in
].awful money of the United States of America at the office of
the Town Treasurer in Winslow, Washington, and said bonds shall
mature in order of their number as follows:
September 1, 1,500
September 1, 1955 2,000
September I, 1956 2,000
September l, 1957 2,000
September l, 1958 2,000
September l, 1959 2,000
September 1
September 1
September 1
September 1
September 1
Seotember 1
September i
1960 $2,000
1961 2,500
1962 2,500
1963 2,500
1964 2,500
1965 2,500
1966 2,500
The town hereby reserves the right to redeem any or all of the
outstanding bonds of said issue at bar in inverse numerical order on
any interest oayment date on and after five years from date of issue
by giving thirty days' notice of such intended redemption by one pub-
lication thereof in a newspaper of general circulation within the
town not more than forty nor less than thirty days prior to said
redemotion date. Interest on any bond or bonds so called for re-
demption shall cease on such redemption date.
Section 2o Said bonds shall be in substantially the following
form:
NO ·
~1,000
UNITED STATES OF AM~ERICA
STATE OF WASHINGTON, TOWN OF ~NBLOW
GENERAL OBLIGATION BOND, 1951
KNOW ALL MEN BY THESE PRESENTS:
That the Town of Winslow, Washington, acknowledges
itself to owe and for value received hereby promises to
pay to bearer on the 1st day of September, 19__, the
principal sum of
FIVE HUNDRED DOLLARS
with interest thereon at the rate of. % per annum
payable semiannually on the first days of March and
September of each year upon presentation and surrender
of the attached interest coupons as they severally be-
come due. Both principal and interest of this bond are
payable in lawful money of the United States of America
at the office of the Tovm Treasurer in Winslow, Washington.
The town has reserved the right to redeem any or all
of the outstanding bonds of this issue at par in inverse
numerical order on any interest payment date on and after
five years from date hereof by giving thirty days' notice
of such intended redemption by one publication thereof in
a newspaper of general circulation within the town not
more than forty nor less than thirty days prior to said
redemntion date.
This bond is one of an issue of general obligation
bonds of the town in the orinci'oal amount of $30,000 is-
sued pursuant to Ordinances No- 12 and No. for the
purpose of providing part of the funds to c~"n'~truct and
install a water supply and distribution system for the
town as ~rovided by Ordinance No. 12 of the town.
The Town of Winslow has irrevocably covenanted by
said Ordinance No. __ that it will levy taxes annually
upon all the taxable property within the town without
limitation as to rate or amount in an amount sufficient
to pay the principal and interest of said bonds as the
same shall accrue, and for the prompt payment of said
orlncipal and interest the full faith, credit and resources
of said town are hereby irrevocably pledged.
It is hereby certified that all acts, conditions and
things reeuired to be done precedent to and in the issuance
of this bond ~ave happened, been done and performed as re-
quired by law, and that the total indebtedness of the town,
including this bond, does not exceed any constitutional or
statutory limitation.
IN WITNESS WHEREOF, the Town of Winslow, Washington,
has caused this bond to be signed by its Mayor and attested
by its Clerk under the official seal of the town, and the
attached interest coupons to be si~ned with the facsimile
signatures of said officials this 1st day of September,
1951.
ATTEST:
Town Clerk
Mayor
The interest coupons to be attached to said bonds shall be in
substantially the following form:
On the first day of , 19 , the Town of
Winslow, Washington, will pay to bearer at the office of
the Town Treasurer in Winslow, Washington, the sum of
DOLLARS in lawful money of the
United States of America? said sum being the semiannual
interest due that day on its General Obligation Bond dated
September l, 1951, and numbered
ATTEST:
To~m Clerk
Mayor
Section 3- Said bonds shall be si~ned by the }~yor of the town
and attested by the Clerk under the official seal of the town, and
each of the interest coupons attached thereto shall be signed with
the facsimile signatures of said officials.
Section 4. All moneys derived from the sale of the bonds
authorized herein shall be expended solely to pay part of the cost
of constructing and installing a water supply and distribution system
as provided by Ordinance No. 12 of the town, passed and approved
July 31, 1951, and none of said moneys shall be used for the
replacement of equipment or for any other than a capital purpose.
Section 5. That there be and is hereby created a special fund
of the town in the office of the Town Treasurer to be known as
"Winslow 1951 General Obligation Bond Redemption F~nd." The town
hereby irrevocably covenants that it will make annual levies of
taxes upon all the taxable property within the town without limita-
tion as to rate or amount in an amount sufficient to pay the prin-
cipal and interest of the bonds authorized herein as the same shall
accrue, that all such taxes so collected shall be paid into such
Bond Redemotion Fund in amounts sufficient to pay such principal
and interest at least thirty days prior to the dates upon which
any such interest or principal and interest shall become due and
bayable, and that no ~s, rt of such fund s~all be used for any other
Ourpose than the payment of the principal and interest of said
bonds. The full faith, credit and resources of the town are hereby
irrevocably pledged for the annual levy and collection of such
taxes and the prompt payment of such principal and interest as
~,.foresaid.
Section 6. The To~m Clerk is hereby authorized and directed
to advertise these bonds for sale in the manner required by law,
and the town officials are hereby authorized and directed to do
everything necessary for the prompt issuance, sale and delivery
of said bonds and for the proper application of the proceeds of
such sale.
Section 7. This ordinance shall take effect immediately upon
its passage~ approval and -~ubtication as required by law.
PASSED by the Council of the Town of Winslow, Washington, and
approved by its Mayor this 21st day of August, 1951-
ATTEST:
Clerk
TOWN . ~/ , WASHINGTON
Nayor