Loading...
ORD 62-115 WATER REVENUE BONDSTOWN OF WINSLOW, WASHINGTON o D NANcE N0./1 ' AN ORDINANCE specifying and adopting a system or plan of additions to and bet- terments and extensions of the waterworks utility of the Town of Winslow, Washington; declaring the estimated cost thereof as nearly as may be; providing for the issu- ance and sale of "Water Revenue Bonds, 1962," in the principal sum of $55,000.00 par value to provide the funds required to pay the cost thereof and to refund $8,000.00 of outstanding water revenue warrants; creating a special fund to pro- vide for the payment of said bonds; fixing the date, form, maturities, interest rate, terms and covenants of said bonds; and pro- viding for the sale and delivery of said bonds to McLean & Company, Inc., Tacoma, Washington. WHEREAS, the existing waterworks utility of the Town is in such condition that the public health, welfare, safety and convenience require the making of additions thereto and betterments and extensions thereof, including the acquisition of the Wing Point water system, as hereinafter provided; and WHEREAS~ the Town of Winslow, pursuant to Ordinance No. 12, passed and approved July 30, 1951, and Ordinance No. 22, passed and approved April 16, 1953, has heretofore issued, under date of May l, 1953, $100,000.00 par value of "Water Rev- enue Bonds, 1953," said bonds having been issued for the purpose of providing funds for the construction and installation of a water supply and distribution system for the Town, which water supply and distribution system, including the additions thereto and betterments and extensions thereof hereinafter provided for and including any sanitary sewage disposal system of the Town and any additions and improvements thereto and extensions thereof, if the same shall be combined with the said water supply and distribution system, in the manner provided by law, shall hereinafter be referred to as the "waterworks utility of the Town"; and WHEREAS, by Section 8 of said Ordinance No. 22, the Town of Winslow covenanted that it would not create any special fund or funds for the payment of any other revenue bonds which would rank on a parity with or have any priority over the pay- ments out of the "Water Revenue Fund" of the Town created by said Ordinance No. 22 into the "Winslow 195B Water Revenue Bond Redemption Bbnd" created by said Ordinance No. 22 for the pay- ment of said "Water Revenue Bonds, 1953," except that the Town reserved the right for "(1) the purpose of redeeming or purchasing and retiring prior to their maturity any outstanding water revenue bonds of the town, or "(2) the purpose of acquiring, constructing and install- ing additions and improvements to and extensions of, acquiring necessary equipment for, or making necessary replacements or other capital improvements to the water system, or "(3) if said sewage disposal system lis hereafter combined with said water system, then for the purpose of ac- quiring, constructing and installing additions and improvements to said combined system, or purchasing necessar~ equipment therefor, or making replacements or other capital improvements to such combined system, to issue additional revenue bonds therefor and to create a special fund or funds for the payment of the principal and in- terest thereof, into which fund or funds payments may be made from the Water Revenue Fund of said town sufficient to pay the principal and interest on such additional bonds and to maintain an adequate reserve therefor if the same is required, which such payments may rank equally with the payments out of the Water Revenue Fund into the Bond Redemption Fund and Reserve Account created herein, upon compliance with the following con- ditions: "(1) That at the time of the issuance of such addi- tional revenue bonds there ~is no deficiency in said Bond Redemp- tion Fund and Reserve Account created therein, or in any bond redemption fund or account which may have been created for the payment of the principal of and interest on any revenue bonds issued on a parity with the outstanding water revenue bonds of the town authorized herein. "(2) That it will provide in each ordinance creating a fund for the payment of the principal and interest of such additional revenue bonds for a reserve account into which must be paid within five years from the date of issue of such addi- tional bonds an amount which, plus the amounts to be paid into the Reserve Account created herein, will equal the maximum principal and interest required to be paid in any calendar year on the bonds authorized herein and on such additional bonds (exclusive of any balloon maturity year or years). "(B) That at the time of the issuance of such addi- tional revenue bonds the town shall have on file a certificate from an independent licensed professional engineer or engineer- ing firm, setting forth his or its estimate of the net earnings to be received by the system as a result of the additions and improvements thereto and extensions thereof to be acquired, constructed or installed from the proceeds of the sale of such additional bonds, showing that such net earnings will equal at least 1.5 times the greatest amount required to be paid in any calendar year thereafter (exclusive of any balloon maturity year) into the Bond Redemption Fund and Reserve Ac- count for the principal and interest on any revenue bonds then o~tstanding, on any revenue bonds which may have been later issued on a parity therewith, and on such additional revenue bonds being issued"; and WHEREAS, the Town Council hereby finds and declares that there is no deficiency in the "Winslow 1953 Water Revenue Bond Redemption Pund," including the "Reserve Account" created therein, in the payments required to be made therein for the outstanding "Water Revenue Bonds, 1953," that provision is hereinafter made for the accumulation of the necessary reserve amount for the additional bonds proposed to be issued, and that ~h~ .~. X)o,::/f~'~ , an independent licensed professional engineer, has certified that his estimates of the net earnings to be received by the waterworks utility of the Town are sufficient to meet the 1.5 coverage requirement speci- fied above, as evidenced by his certificate to such effect on file with the Town Clerk; and WHEREAS, the Town of Winslow, pursuant to Ordinance No. 55, passed and approved March 19, 1957, heretofore issued and sold $7,000.00 par value of water revenue warrants of the Town, dated May 1, 1957, and, pursuant to Ordinance No. passed and aDDroved August 5, 1958, issued and sold $8,000.00 par value of water revenue warrants of the Town dated August l, 1958, both of said revenue warrant issues bearing interest at the rate of 4% per annum, of which $4,000.00 of each issue of said water revenue warrants are presently outstanding and unpaid; and -4- WHEREAS, it is necessary to pay, retire and cancel all of said outstanding water revenue warrants in order to issue and sell the water revenue bonds herein proposed to be issued on a parity with the outstanding "Water Revenue Bonds, 1953," as a first lien and charge upon the gross revenues of the waterworks utility of the Town, and the owners and holders of said outstanding water revenue warrants have consented to the surrender of said outstanding water revenue warrants for payment and retirement at par at any time the Town shall request such surrender, NOW, THEREFORE, BE IT 0RDAINEDBY THE COUNCIL OF THE TOWN OF WINSLOW, WASHINGTON, as follows: Section 1. The gross revenues and benefits to be derived from the operation and maintenance of the waterworks utility of the Town and the additions, extensions and better- ments thereto herein provided for, at the rates to be charged for water service on the entire utility, will in the Judgment of the Town Council be more than sufficient to meet all expenses and of operation and maintenance thereof/to permit the setting aside, out of the gross revenues of the entire utilit~ to be paid into the "Water Revenue Fund" of the Town created by Ordi- nance No. 22, of sufficient amounts to meet the debt service requirements to be paid into the "Winslow 1953 Water Revenue Bond Redemption Fund" created by Ordinance No. 22 for the payment of the outstanding "Water Revenue Bonds, 1953," and into the special fund hereinafter created of sufficient amounts to pay the interest on the bonds herein authorized to be issued as such interest becomes due and payable, and to pay and redeem all of the said bonds at maturity. Section 2. The Town of Winslow hereby specifies and adopts a system or plan for making additions to and better- ments and extensions of the existing waterworks utility of the Town which shall consist of the following: (1) There shall be constr~cted and installed ap- proximately 750 lineal feet of 6-inch water main along Madison Street connecting two stub lines from Winslow Way to Wyatt Avenue, including the installation of one fire hydrant. (2) There shall be constructed and installed approx- imately 250 lineal feet of 4-inch water main along Gow Street connecting two stub lines from Winslow Way to Wyatt Avenue. (3) There shall be constructed and installed a 100,O00-gallon or larger water tank at a location to be hereafter determined to serve the main Town of Winslow system. (4) A new well shall be drilled and installed at a location proven by test drilling, together w~th the ~cquisition of adequate property around well site. (5) The Town shall acquire the Wing Point water system consisting of distribution lines, service connections and meters and improved well and pumping unit. (6) There shall be constructed and installed approx- imately ll50 lineal feet of 6-inch water main to serve the Wing Point water system. (7) There shall be constructed and installed approx- imately 950 lineal feet of 4-inch water main to serve a new area north of the present Wing Point Golf Club, including the installation of one fire hydrant. (8) A pressure system to serve areas of inadequate pressure shall be constructed and the existing pump house shall be modernized. -6- (9) There shall be included in the foregoing the acquisition and installation~of all necessary air valves, blow-offs, fittings, couplings, connections, equipment and appurtenances, and the acquisition of any easmments, rights- of-way and water rights that may be required, and there shall be included the performance of such work as may be incidental and necessary to the foregoing construction and installation. The foregoing improvement shall be in accordance with plans and specifications therefor to be prepared by Roats Engineering, the Town's engineers, and to be filed in the office of the Town Clerk. The Town Council may modify the details of the fore- going system or plan where in its Judgment it appears advisable, provided such modifications do not substantially alter the propositions hereinabove set forth. Section 3. The life of the foregoing additions, bet- terments and extensions is hereby declared to be at least 30 years. Section 4. The estimated cost, as nearly as may be, of the aforesaid system or plan of additions, betterments and extensions, including the cost of the issuance of the water revenue bonds herein proposed to be issued, is hereby declared to be $47,000.00. Section 5- For the purpose of obtaining the funds required to pay the cost of acquiring, constructing and making the foregoing additions to and betterments and extensions of the waterworks utility of the Town and to pay, retire and cancel $4,000.00 par value of outstanding water revenue warrants issued May l, 1957, and $4,000.00 par value of water revenue warrants issued August 1, 1958, there shall be issued and sold "Water Revenue Bonds, 1962," of the Town of Winslow (hereinafter called the "Bonds") in the principal sum of $55,000.00. The Bonds shall be in denominations of $1,000.00 each, shall be numbered from I to 55, inclusive, shall be dated May l, 1962, and shall bear interest at the rate of 4.20% per annum, payable semiannually on May i and November i of each year, interest to maturity to be evidenced by coupons to be attached to the Bond~ with full obligation on the part of the Town to pay interest at the same rate from and after the bond maturity dates until the Bonds with interest are paid in full. Both principal of and interest on the Bonds shall be payable solely out of the special fund hereinafter created and the Bonds shall be a valid claim of the holder thereof only as against such fund and the fixed amount of the revenues of the waterworks utility of the Town pledged to such fund, and shall not be a general obligation of the Town of Winslow. Both principal of and interest on the Bonds shall be payable in lawful money of the United States of America at the office of the Town Treasurer of the Town of Winslow. The Bonds shall mature in order of their numbers in accordance with the following schedule, to-wit: Bond Numbers ( Inclusive ) Amounts 1 to 3 S3,000 4 to 6 S3,000 7 to 9 S3,'000 10 to 12 S3,000 16 to 19 20 to 23 S4,000 24 to 27 $4,000 28 to 31 S4,000 32 to 35 84,000 36 to 40 ~5,000 41 to 45 S5,000 46 to 50 S5,000 51 to 55 S5,000 Maturities May 1, 1979 May 1, 1980 May 1, 1981 May 1, 1982 May l, 198E May l, 198 May l, 1985 May l, 1986 May l, 1987 May l, 1988 May l, 1989 May l, 1990 May l, 1991 May l, 1992 Section 6. The Town of Winslowlreserves the right to redeem the Bonds in whole or in part in inverse numerical order, on Nay l, 1967, or on any semiannual interest payment date thereafter, at the following percentages of par if redeemed on the following dates, plus accrued interest to date of redemp- tion in each case: On May 1, 1967, or November 1, 1967, at 102,%, On May l, 1968, or November l, 1968, at 102%, On May l, 1970, or November l, 1970, at On May l, 1971, or November l, 1971, at 100}~, On May l, 1972, and thereafter, at par. Notice of any call for redemption of any of said Bonds prior to their stated maturity dates shall be published once in the official newspaper of the Town not less than thirty nor more than forty-five days prior to the date of redemption. Notice of such call for redemption shall also be mailed to McLean & Company, Inc. at its principal place of business at Tacoma, Washington, or its successor, within the same period. Interest on any Bonds so called for redemption shall cease on the date fixed for such redemption on payment of the redemption price into the Bond Fund. Section 7. There is hereby created and established in the office of the Town Treasurer a special fund to be known as "Winslow 1962 Water Revenue Bond Redemption Fund" (hereinafter called the 'bond Fund"), which fund is to be drawn upon for the sole purpose of paying the principal of and interest upon the Bonds from and after the date thereof. The Bond Fund ls~hereby divided into a "Principal and Interest Account" and a "Reserve Account." So long thereafter as Bonds are outstanding against such fund, the Town Treasurer of the Town of Winslow shall set aside and pay into such fund, out of the gross revenues of the -9- waterworks utility of the Town, to be paid into the "Water Revenue Fund" created by Ordinance No. 2~, a fixed amount with- out regard to any fixed proportion, as follows: (a) Into the "Principal and Interest AccountS' monthly, on or before the 20th day of each month, beginning with the month of 6 May, 19 2, 1/6th of the next ensuing six months requirements of interest and, begin- ning with the month of May, 1978, 1/12th of the next ensuing twelve months require- ments for both principal and interest; (b) Into the "Reserve Account," monthly, beginning with the month of June, 1962, not less than the sum of $100.00 until a total sum of $5,850.00 shall have been accumulated therein, which total reserve amount shall be accumulated therein by no later than May l, 1967. The "Reserve Account" may be accumulated from any other moneys which the Town of Winslow may have available for such purpose in addition to using such revenues therefor. The Town further agrees that when said required amounts have been paid~into the "Reserve Account" it will at all time~ a~cept for withdrawals therefrom as authorized herein, maintain those amounts therein until there is a sufficient amount in the Bond Fund, including the "Reserve Account" therein, to pay the prin- cipal of and interest on the Bonds to the final maturity thereof at which time the money in the Bond Fund, including the "Reserve Account" therein, may be used to pay such principal and interest. In the event that there shall be a deficiency in the Bond Fund to meet maturing installments of either principal or interest, as the case may be, on the Bonds, such deficiency shall be made up from the "Reserve Account" by the withdrawal of cash therefrom for that purpose. Any deficiency created in the "Reserve Account" by reason of any such withdrawal shall then be made up from the moneys from the revenues of the water- works utility of the Town first available after making necessary -10 - provision for the required payments into the Bond Fund. All money in the "Reserve Account" above provided for may be kept on deposit in the official bank depository of the Town of Winslow or in any national bank or may be invested in United States Government obligations maturing not later than April l, 1992. Interest on any such investment or on such bank account shall be deposited in and become a part of the "Reserve Account" until the required reserve amount shall have been ac- cumulated therein as aforesaid, after which such interest shall be deposited in the "Principal and Interest Account." The gross revenues from the waterworks utility of the Town are hereby pledged to such payments, and the Bonds shall constitute a charge or lien upon such revenues prior and super- ior to any other charges whatsoever, excluding charges for main- tenance and operation, except that the charge or lien upon such gross revenues for the Bonds shall be on a parity with the charge or lien upon such gross revenues for the outstanding "Water Revenue Bonds, 1953," and any parity water revenue bonds hereafter issued, in accordance with the provisions of Section 8 of Ordinance No. 2~. Section 8. The Town Council and corporate authorities of the Town of Winslow hereby declare that in creating the said Bond Fund and ~fixing the amounts to be paid into it as set forth herein they have exercised due regard to the cost of oper- ation and maintenance of the waterworks utility of the Town, and the Town of Winslow has not bound and obligated itself to set aside and pay into the Bond Fund a greater amount or propor- tion of the revenues of the waterworks utility of the Town than in the judgment of the Town Council will be available over and above such costs of maintenance and operation and the debt service -ll- requirements for the outstanding "Water Revenue Bonds, 1953," and that no portion of the revenues of the waterworks utility of the Town has been previously pledged for any indebtedness other than the said outstanding "Water Revenue Bonds, 1953~" Section 9- The Town of Winslow hereby covenants and agrees with the owner and holder of each Bond at any time out- standing, as follows: (a) That it will establish, maintain and collect such rates and charges for water, including hydrant rentals (and, if the sewer utility is combined with the water- works utility, rates and charges for sanitary sewage disposal service), so long as any Bonds .are outstanding as will make available for the payment of the principal of and inter- est on, as the same shall accrue, all "Water Revenue Bonds, 1953," and the Bonds, and any bonds hereafter issued on a parity with said 1953 bonds and the Bonds, in accordance with Section 8 of Ordinance No. 22, at any time outstanding, an amount equal to 1.5 times the amount required each year for the prin- cipal and interest due on all of such out- standing bonds exclusive of any balloon maturity year or years. The amount "avail- able for the payment of the principal of and interest on as the same shall accrue, all ~uch bondS" is hereby "the defined as gross revenues of the waterworks utility of the Town less expenses of maintenance and operation but before depreciation." (b) That it will at all times maintain and keep the waterworks utility of the Town in good repair, working order and condition, and also will at all times operate such utility and the business in connection therewith in an efficient manner and at a reasonable cost. (c) That it will not sell, lease, mort- gage or in any manner encumber or dispose of all the property of the waterworks util- ity of the Town unless provision is made for payment into the Bond Fund of a sum suffi- cient to pay the principal of and interest on all Bonds at any time outstanding, and that it will not sell, lease, mortgage or in any manner encumber or dispose of any part of the property of said utility that is used, useful and material to the opera- tion thereof unless provision is made for -12- replacement thereof or for payment into the Bond Fund of the total amount of revenue received, which shall not be less than an amount which shall bear the same ratio to the amount of outstanding Bonds as the revenue available for debt service for such outstanding Bonds for the twelve months preceding such sale, lease, encumbrance or disposal from the portion of the utility sold, leased, encumbered or disposed of bears to the revenue available for debt service for such Bonds from the entire utility for the same period. 'Any such money so paid into the Bond Fund shall be used to retire such outstanding Bonds at the earliest possible date. (d) That it will while any of the Bonds remains outstanding keep proper and separate accounts and records in which complete and separate entries shall be made of all trans- actions relating to its said utility and it will furnish the original purchaser or pur- chasers of the Bonds or any subsequent holder or holders thereof, at the written request of such holder or holders, complete operating and income statements of said utility in reasonable detail covering any calendar year not more than ninety (90) days after the close of such calendar year, and it will grant any holder or holders of at least twenty-five per cent (R5%) of the outstand- ing Bonds the right at all reasonable times to inspect the entire utility and all records, accounts and data of the Town relating there- to. Upon request of any holder of any of said Bonds, it also will furnish such holder a copy of the most recently completed audit of the Town's accounts by the State Auditor of Washington. (e) That it will carry the types of in- surance on its utility properties in the amounts normally carried by private water companies engaged in the operation of water- works utilities, and the cost of such insur- ance shall be considered a part of operating and maintaining said utility. If, as, and when, the United States of America or some agency thereof shall provide for war risk insurance, the Town further agrees to take out and maintain such insurance on all or such pertions of said utility on which such war risk insurance may be written in an amount or amounts to cover adequately the value thereof. (f) That it will pay costs of maintenance -13- and operation of the said utility and the debt service requirements for the outstand- ing "Water Revenue Bonds, 1953," and other- wise meet the obligations of the Town, as herein set forth an~ as set forth in Ordi- nance No. 22 pertaining to the outstanding "Water Revenue Bonds, 1953." Section 10. The Bonds shall be in substantially the following form: $1,000.00 UNITED STATES OF AMERICA STATE OF WASHINGTON TOWN OF WINSLOW WATER REVENUE BOND, 1962 .2o% KNOW ALL MENBY THESE PRESENTS: That the Town of Winslow, a municipal corpora- tion of the State of Washington, for value received promises to pay to bearer on the 1ST DAY OF MAY, 19 , the principal sum of ONE THOUSAND DOLLARS together with interest thereon at the rate of FOUR AND TWENTY-HUNDREDTHS PER CENT (4.20%) per annum, payable semiannually on the 1st days of May and November of each year upon the presentation and surrender of the attached interest coupons as they severally mature up to the bond maturity date and with full obligation on the part of the Town to pay interest at the sama rate from and after the bond maturity date until this bond, with interest, is paid in full. Both principal and interest are payable in lawful money of the United States of America at the office of the Treasurer of Winslow, Washington, solely out of the special fund of the Town known as the "Winslow 1962 Water Revenue Bond Redemption Fund," created by Ordinance No. of the Town (hereinafter called the "Bond Fund"). This bond is one of a total issue of $55,000.00 par value of bonds, all of like date, tenor and effect, except as to matur- ities, all payable from the Bond Fund and all issued by the Town of Winslow under and -14- pursuant to the laws of the State of Wash- ington and Ordinance No. of the Town, for the purpose of provid~'~'the funds with which to carry out a system or plan for making additions to and betterments and ex- tensions of the waterworks utility of the Town and to pay, retire and cancel $8,000.00 par value of outstanding water revenue warrants of the Town. Reference is made to said ordinance as more fully describing the covenants with and rights of holders of bonds of this issue. The Town of Winslow has reserved the right to redeem the bonds of this issue as a whole or in part in inverse numerical order, on May l, 1967, or on any semiannual interest payment date thereafter, at the following percentages of par if redeemed on the follow- ing dates, plus accrued interest to date of redemption in each case: On May l, 1967, or November l, 1967, at On May l, 1968, or November l, 1968, at On May l, 1969, or November l, 1969, at On Nay l, 1970, or November l, 1970, at On May l, 1971, or November l, 1971, at On Nay l, 1972, and thereafter, at par. loo , Notice of any call for redemption of any of said bonds prior to their stated maturity dates shall be published once in the offi- cial newspaper of the Town not less than thirty nor more than forty-five days prior to the date of redemption. Notice of such call for redemption shall also be mailed to McLean & Company, Inc. at its principal place of business at Tacoma, Washington, or its successor, within the same period. Interest on any bonds so called for redemption shall cease on the date fixed for such redemption on payment of the redemption price into the Bond Fund. The bonds of this issue constitute a charge or lien upon the gross revenues from the waterworks utility of the Town prior and superior to any other charges whatsoever, excluding charges for maintenance and oper- ation, except that the charge or lien upon such gross revenues for the bonds of this issue shall be on a parity with the charge or lien upon such gross revenues for the out- standing "Water Revenue Bonds, 1953," and any parity water revenue bonds hereafter issued, in accordance with the provisions of Section 8 of Ordinance No. -15 - The Town of Winslow has covenanted to establish, maintain and collect such rates and char es for water, including hydrant rentals ~and, if the sewer utility is com- bined with the waterworks utility, rates and charges for sanitary sewage disposal service), for so long as any of the bonds of this issue are outstanding as will make available for the payment of the principal of and inter- est on, as the same shall accrue, all "Water Revenue Bonds, 1953," and the bonds of this issue, and any bonds hereafter issued on a parity with said 1953 bonds and the bonds of this issue, in accordance with Sec- tion 8 of Ordinance No. RR, at any time out- standing, an amount equal to 1.5 times the amount required each year for the principal and interest due on all of such outstanding bonds exclusive of any.balloon maturity year or years. The amount available for the payment of the principal of and interest on, as the same shall accrue, all ~uch bonds_~" has been defined as "the gross revenues of the waterworks utility of the Town less expenses of maintenance and operation but before depreciation." The Town further covenants and agrees to maintain in good condition and to operate the said utility and all additions thereto and betterments, replacements and extensions thereof and to establish, maintain and collect such rates for water as will produce gross revenues from the said utility sufficient to permit payment into the Bond ~und of the amounts required for the payment of the prin- cipal of and interest on the bonds of this issue as the same shall become due and the amounts required to be paid into the "Reserve Account" in the Bond Fund, and in addition thereto to pay all costs of maintenance and operation of said utility and the debt ser- vice requirements of the outstanding "Water Revenue Bonds, 19~3," and otherwise to meet the obligations of the Town as herein set forth. It is hereby certified and declared that the bonds of this issue are issued pursuant to and in strict compliance with the Consti- tution and laws of the State of Washington and the ordinances of the Town of Winslow, and all acts, conditions and things required to be done precedent to and in the issuance of this bond have happened, have been done and have been performed as required by law. IN WITNESS WHEREOF, the Town of Winslow, -16 - Washington, has caused this bond to be signed by its Mayor and attested by its Clerk and its corporate seal to be hereto affixed and the interest coupons attached to be signed with the facsimile signatures of said offi- cials this 1st day of May~1962. TOWN OF WINSLOW, WASHINGTON ATTEST: By AYOR TOWN CtRRK The interest coupons attached to the Bonds shall be in substantially the following form: Coupon No. $ 1.oo On the 1ST DAY OF (MAY) (NOVEMBER), 19 the TOWN OF WINSLOW, WASHINGTON, upon pre- sentation and surrender of this coupon, will pay to bearer at the office of the Town Treasurer the sum of TWENTY-ONE AND NO/HUNDREDTHS DOLLARS ($21.00) in lawful money of the United States of America from the special fund of the Town known as the "Winslow 1962 Water Revenue Bond Redemption Fund," said sum being six months' interest then due on its "Water Revenue Bond, 1962," dated May 1, 1962, and numbered . TOWN OF WINSLOW, WASHINGTON ATTEST: MAYOR TOWN CLERK The Bonds shall be printed on lithographed forms, shall be signed by the Mayor and attested by the Clerk, and shall have the seal of the Town of Winslow affixed thereto, and the coupons shall bear the facsimile signatures of the Mayor and the Clerk. Section ll. McLean & Company, Inc. of Tacoma, Wash- ington, has offered to purchase the Bonds at a price of $97.00 per each $100.00 par value thereof plus accrued interest to date of delivery of the Bonds, the Town to furnish at its ex- pense the printed Bonds and the approving legal opinion of Roberts, Shefelman, Lawrence, Gay & Moch, municipal bond counsel of Seattle, Washington. The Town Council, being of the opinion that no better price can be secured for the Bonds and that it is in the best interests of the Town to accept such offer, hereby accepts the same. The Town officials are hereby author- ized and directed to deliver the Bonds immediately upon their execution to McLean & Company, Inc. of Tacoma, Washington, upon payment therefor in accordance with the offer of said purchaser. The accrued interest received shall be deposited in the Bond Fund. Four thousand dollars ($4,000.00) of the principal proceeds received from the sale of the Bonds shall be deposited in the "Winslow May 1st, 1957 Water Revenue Warrant Redemption Fund" and shall be used to pay, retire and cancel all remaining out- standing water revenue warrants of the Town issued May l, 1957, the holders of which having agreed to surrender the same at any time upon call for redemption by the Town Treasurer, and the Town Treasurer is hereby authorized and directed to call said warrants for retirement as soon as the proceeds from the sale of the Bonds are available. Four thousand dollars ($4,000.00) of the principal proceeds received from the sale of the Bonds shall be deposited in the "Winslow August 1st, 1958 Water Revenue Warrant Redemption Fund" and shall be used to pay, retire and cancel all remaining outstanding water revenue warrants of the Town issued August l, 1958, the holders of which having agreed to surrender the same at any time upon call for redemption by the Town Treasurer, and the Town Treasurer is hereby authorized and directed to call said warrants for retirement as soon as the proceeds from the sale of the Bonds are available. The balance of the principal proceeds received from the sale of the Bonds shall be deposited the Town and used for the sole purpose of making the additions to and betterments and extensions of the waterworks utility of the Town as authorized herein and of paying the costs and ex- penses connected therewith, and the Town of Winslow, through its proper officers and agents, shall proceed forthwith with the making of such improvements in the manner provided by law. PASSEDby the Town Council of the Town of Winslow, Washington, at a regular meeting thereof, and APPROVEDby the Mayor of the Town of Winslow, Washington, this 1st day of May, 1962. ATTEST: