ORD 67-05 IMPROVEMENTS TO THE WATER SYSTEMs
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AN ORDINANCE of the Town of Winslow, Washington
providing for the acquisition, construction and
installation of certain additions and improvements
to the water system of the Town; declaring the
estimated cost thereof; providing for the issuance
of water revenue bonds in the total principal sum
of $70,000 to pay the cost of improvements author-
:- ized by this ordinance and to redeem and retire
outstanding water revenue warrants of the Town
dated March 1, 1966; fixing the date, form, terms
and maturities of said revenue bonds to be issued;
providing that said bonds be issued on a parity
with the water revenue bonds of the Town issued
under date of May 1, 1953 and May 1, 1962; pro-
. viding and adopting certain covenants safeguarding
the payment of the principal and interest on said
parity bonds; reserving the right of the Town to
issue additional water revenue bonds on a parity
with said bonds: creating a special fund for the
payment of the principal and interest of such
bonds; and confirming the sale of said bonds to
A":cLean & Company, Inc.
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WHEREAS, the Town now owns, maintains and, operates a water
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ORDINANCE N0. ~'"-s.._.
system as cre«ted b,y Ordinance r1o. 12 of the Town, which is in
need of certain additions, improvements and extensions in order
to provide the Town, its inhabitants, and people living in the
vicinity thereof caith an adequate supply of potable water; and
WHEREAS, by Ordinance No. 66-6 the Town authorized the
acquisition, construction and installation of certain additions
and betterments to said tivater supply and distribution system,
and further provided that the cost of carrying out such plan
of additions and betterments should be paid out of the proceeds
of sale of water revenue warrants of the sum of $12,000; and
WHEREAS, it is deemed necessary and advisable that said
water revenue warrants dated March 1, 1966 be called for payment
and retired and that funds necessary to redeem the same be pro-
vided out of the proceeds of the sale of the bonds authorized
herein; and
WHEREAS, the Town now has outstanding $27,000 par value of
its 3.75% water revenue bonds and $39,500 of its 4% water revenue
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bonds, issued under date of May 1, 1953 pursuant to Ordinance No. 22,
and $55,000 par value of its ~.2~ water revenue bonds issued under
date of May 1, 1962 pursuant to Ordinance No. 115, and such 1953
and 1962 revenue bonds are the only bonds which the Town now has
outstanding to the payment of oahich the gross revenues of the water
supply system are pledged; and
WHEREAS, the Town has heretofore provided in Section 8 of
Ordinance No. 22 and in Section _ 9 of Ordinance P1o. 115 that
additional water revenue bonds of the Town could be issued on a
parity with the outstanding 1953 and 1962 revenue bonds if certain
conditions were met; and
WHEREAS, it is to the best interests of the Town and its
inhabitants that the water revenue bonds to be issued under this
ordinance be issued on a parity with the outstanding 1953 and
1962 water revenue bonds of the Town and it appears to the
Council that the conditions required in said Section 8 of
Ordinance No. 22 and Section 9 of Ordinance No. 115 have been,
or at the time of issuance of the bonds provided to be issued
hereunder will be, met and that said $70,000 of water revenue
bonds may now be issued on a parity with the 1953 and 1962 water
revenue bonds: and
WHEREAS, to pay the cost of such additions and betterments,
and to redeem and retire such outstanding water revenue warrants,
it is deemed necessary that the Town issue and sell its water
revenue bonds in a single issue in the principal amount of
$70,000; and
WHEREAS, the Town has accepted an offer from McLean &
Company, Inc., Tacoma, Washington, an investment banking
corporation of Tacoma, to purchase the $70,000 principal amount
of water revenue bonds, at the interest rates and under the
terms and conditions set forth herein;
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NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE TOWN
OF GIINSLOW, WASHINGTON, as follows:
Section 1. As used in this ordinance the following words
shall have the following meanings:
A. The word "Town" shall mean the Town of Winslow,
Washington, a municipal corporation duly organized and
existing under the laws of the State of Washington.
B. The word "council" shall mean the duly elected,
qualified and acting town council of the Town of
Winslow.
C. The word "syystem" shall mean the existing water
supply and distribution system of the town as the
same may be added to and. bettered out of the proceeds
of the sale of the bonds, and as the same may be
later added to and bettered for as long as any of
such bonds or any parity bonds are outstanding, and
shall include any sewer system of the Town ~P the
same is ever combined with and made a part `o~° the
water supply and distribution system of the town
by the council.
D. The word "Bonds" shall mean the $70,000 of bonds
issued pursuant to and for the purposes provided in
this ordinance.
E. The words "1953 bonds" shall mean the outstanding
$27,000 par value 3.75% water revenue bonds and the
$39,500 par value ~I% water revenue bonds issued May
1, 1953.
F. The words "1962 bonds" shall mean the outstanding
$55,000 par value 4.2% water revenue bonds issued
May 1, 1962.
G. The words "parity bands" shall mean any and all
water revenue bonds issued after date of issuance of
the Bands and on a parity therewith.
H. The words "Bond Redemption Fund" shall mean the
"Winslow 1967 Water Revenue Bond Redemption Fund"
created herein for the purpose of paying and securing
the payment of the principal of and interest on the
Bonds.
I. The words '°Reserve Account" shall mean the account
of that name hereinafter created in the Bond Redemption
Fund to secure the payment of the principal of and
interest on all outstanding bonds of this issue.
J. The words "Water Revenue Fund" shall mean the
fund of that name of the Town heretofore created into
which all of the gross earnings and revenue of the system
will be paid.
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K. The words "gross earnings and revenue" shall mean
all of the earnings and revenue including penalties
and interest received by the Town from the operation
of its system
L. The words "balloon maturity year" shall mean the
year 1978.
Section 2. The following plan and system of additions and
improvements to and extensions of the water supply system of the
Town is hereby proposed, specified and adopted, to-wit:
A. The Town shall acquire, construct and install the
following described water mains in the following general locations:
Beginning at the end of an existing 12 inch line
on Grow Street directly East of the 150,000 gallon
tank; Thence a 12 inch line South 150 feet along
Grow Street to an alley, 300 feet South of High
School Road;. Thence a 12 inch line East 1020 feet
along the alley to Madison Road; Thence a 12 inch
line South along Madison Road 100 feet; Thence a
1?_ inch line East 975 feet along an alleys Thence
a 10 inch water line South 200 feet along a water
line easement: Thence a 10 inch water line South-
easterly 210 feet along an easement to the western
margin of State Highway No. 305; Thence a 10 inch
line through a 16 inch steel encasement South-
easterly 177 feet to the eastern margin of said
highway and connecting to an existing 8 inch water
line.
A six inch line starting at a point on the 12 inch
water line along Madison Road 440 feet South of
High School Road, and running South along Madison
Road a distance of 1260 feet to the end of an
existing six inch water main.
A six inch water main cross connection running a
distance of approximately 1850 feet between Weaver
Road and Grow Avenue along Shepard Way and an
extension of Shepard Way westward.
13. The foregoing water improvements shall be constructed
complete with all hydrants, valves, fittings and appurtenances
and shall be connnected to the existing water system of the Town.
C. The Town shall acquire property for the purpose of
drilling a well, and if the feasibility of installing a well at
the place of drilling is .established, a well will be constructed
thereon. The location of the drilling will be determined by a
ground water geologist.
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The Town shall acquire all property, both real and personal,
or any interest therein, equipment, rights of way and easements
necessary to carry out said water system improvements which are
all as more specifically described in maps and plans prepared by
consulting engineers employed by the Town and now on file in the
office of the Town Clerk.
It is hereby further provided that such plans shall be subject
to such additions or changes as to details or other changes not
affecting the main general plan or plans or the service to be
rendered thereby, as may be authorized by the Town Council either
prior to or during the actual course of construction.
Section 3. 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 $59,000.00.
Section ~. The Town Council hereby finds and determines as
required by Section 8 of Ordinance No. 22 as follows:
First: That the bonds will be issued for the purpose of
acquiring, constructing and installing additions and improvements
to and extensions of the water system.
Second: That at the time of the adoption of this ordinance
and at the time of the issuance and delivery of the bonds there
is not nor will there be any deficiency in the Bond Redemption
Account or Reserve Account created b,y Ordinances Nos. 22 and 115
of the Town.
Third: That at the time of the issuance of the bonds the
Town shall have on file a certificate from an independent licensed
professional engineer experienced in the design, construction and
operation of municipal utilities showing his estimate of the
net earnings to be received b,y 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 bonds; showing that such 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
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the Bond Redemption Fund and Reserve Account for the principal
and interest on any revenue bonds then outstanding, on such
additional revenue bonds being issued, and on any parity bonds.
Section 5. That for the purpose of providing the funds nec-
essary to construct and install the above described additions and
improvements and extensions to the water supply and distribution
system of the Tou~rn and for the purpose of providing the moneys
necessary to redeem and retire the water revenue warrants dated
March 1, 1966, on the first date on which said revenue warrants
may be called for redemption, the Town shall now issue its water
revenue bonds in the total principal sum of $70,000.
Said bonds shall be dated May 1, 1867, shall be in the
denomination of $1,000.00 each, shall be numbered from 1 to 70,
inclusive, shall bear interest at a rate of not to exceed 5-1/4%
per annum payable semiannually on the first days of May and
November of each year, beginning November 1, 1867, and shall
mature in order of their number as follows:
Bond Nos. Maturity Dates Amount
1 May 1, 1979 $ 1,000
2 May 1, 1980 1,000
3 May 1, 1981 1,000
4-5 May 1, 1982 2,000
6-7 May 1, 1983 2,000
8-g May 1, 1884 2,000
10-11 May 1, 1985 2,000
12-13 r.~ay 1, 1986 2,000
14-15 May 1, 1987 2,000
16-17 May 1, 1988 2,000
18-1g May 1, 1988 2,000
20-21 May 1, 1990 2,000
22-23 May 1, 1991 2,000
24-26 ray 1, 1992 3,000
27-34 May 1, 1993 8,000
35-42 May 1, 1gQ4 8,000
43_51 May 1, 1995 9,000
52-60 r~7ay 1, 1996 9 , 000
61-70 May 1, 1897 10 , 000
Both principal and interest of said bonds shall be payable
in lawful money of the United States of America at the office of
the Town Treasurer in Winslow, Washington, solely out of the
special Bond Redemption Fund. created by this ordinance.
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The Town hereby reserves the right to redeem any and all bonds
issued herein in inverse numerical order on the following interest
payment dates and at the following prices expressed as a percentage
of the principal amount, plus accrued interest to date of redemption:
On May 1 and
On May 1 and.
On May 1 and
On May 1 and
On May 1 and
On May 1, 19
November
November
November
November
November
82 or any
1,
1,
1,
1,
1,
in
1977
1978
179
1980
1981
teres
at 102-1/2%
at 102%
at 101-1/2%
at 101%
at 100-1/2%
t payment date thereafter at 100%.
Notice of any such intended redemption shall be given b,y one
publication thereof in the official-town newspaper not more than
40 nor less than 30 days prior to said redemption date and by
mailing a like notice at the same time to McLean & Company, Inc.,
at its place of business in Tacoma, titi'ashington, or its successor
in business, if a.ny, at its main place of business. Interest on
any bonds so called for redemption shall cease on such redemption
date unless the same are not paid in full upon presentation made
pursuant to such call.
Section 6. There is hereby created a special fund of the
To~~1n known as the "Winslow 1867 Water System Construction Fund"
(hereinafter called the "construction fund"). Immediately upon
the sale of the bonds authorized herein, the proceeds thereof
(except for the praceeds paid into the "Winslow 1966 Water Revenue
Warrant Redemption Fund" created b,y Ordinance No. 66-6 as is more
fully stated hereinafter) shall be paid into the construction fund.
The money in such construction fund shall be used for the sole
purpose of acquiring, constructing and installing the additions
and improvements to and extensions of the Town water system
authorized by this ordinance, and for paying all of the expenses
incidental thereto. If, after the payment of all of such costs
and expenses, any money shall remain in the construction fund,
the same shall be transferred to the Bond Redemption Fund.
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Section 7. Out of the proceeds of the sale of the bonds the
Town obligates and binds itself to deposit in the "Winslow 1966
Water Revenue Warrant Redemption Fund" a sum sufficient, together
with the moneys on hand at that time in said fund, to pay all costs
of redeeming the outstanding 1966 warrants, including principal and
interest. All outstanding 1966 water revenue coupon warrants shall
be redeemed not later than March 1, 1968. Moneys remaining in the
"Winslow 1966 Water Revenue Warrant Redemption Fund" following
such redemption, including any moneys deposited therein out of the
proceeds of the sale of the bonds, shall be transferred to and
deposited in the Bond. Redemption Fund.
Section $. There has heretofore been created b,y Ordinance
No. 22 of the Town a special fund of the Town known as the "Water
Revenue Fund". All of the gross earnings and revenue of the system
of the Town shall be paid into such fund as collected, and the moneys
in such fund shall be kept segregated from any and all other moneys
of the Town.
All costs of maintaining and operating the system, all costs
of additions, betterments, improvements and repairs to, and replace-
ments and extensions of the system (except when the same are
financed by the issuance of bonds or coupon warrants), all payments
required to be made into the bond redemption fund created for the
bonds issued in 1953 and the bonds issued in 1962, the Bond
Redemption Fund created b,y this ordinance, and the reserve accounts
for. all bond redemption funds, all payments which may be required
by subsequent ordinances of the Town to be made into any other
bond .redemption fund and reserve account created for the purpose
of paying and securing the payment of the principal of and interest
on an,y subsequently issued water revenue bonds of the Town and
all other legal and proper expenses of the system and charges
against the gross earnings and revenue thereof shall be paid out
of the Water Revenue Fund.
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Section 9. That there be and is hereby created in the office
of the Town Treasurer a special fund of the Town to be known as
"~~linslow 1967 Water Revenue Bond Redemption Fund", which fund is
to be drawn upon for the sole purpose of paying the principal and
interest of the bonds authorized herein as the same shall become due.
The Town hereby obligates and binds itself to set aside and
pay into said Bond Redemption Fund, out of the money in said Water
Revenue Fund and other available funds, certain fixed amounts nec-
essary to pay the principal and interest of the bonds authorized
herein as the same respectively become due and payable. Said pay-
ments shall be made into said Bond Redemption Fund on or before the
20th day of each month in the amounts hereinafter specified:
A. Beginning with M a y 1, 1967, and continuing as long
as any of the bonds authorized herein are outstanding and unpaid,
an amount equal to at least one-sixth of the interest to become
due and payable at the end of the next ensuing six-months period
on all of said bonds then outstanding.
B. Beginning with May 1, 1978, and continuing as long as any
of the bonds authorized herein are outstanding and unpaid, an
amount equal to at least one-twelfth of the principal of said bonds
to become due and payable on the next principal payment date.
When there is sufficient money in the Bond Redemption Fund
and the Reserve Account hereinafter created to pay the principal
and interest to maturity of all the outstanding bonds of the issue
authorized herein, then no further payments need be made into
said Bond Redemption Fund.
Section 10. A Reserve Account is hereby created in said Bond
Redemption Fund, and the Town hereby agrees that it will set aside
and pay into said Reserve Account, out of the moneys in said Water
Revenue Fund and out of any other moneys which it may now or later
have on hand available for such purpose, the sum of $5150.00 ,
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which sum is to be paid into said Reserve Account at-the rate of
at least $ 85.83 per month, commencing with May 1 , 1967 ,
so that the full sum of $ 5150.00 shall be paid into said
Reserve Account by May 1, 1972.
All money in the Reserve Accaunt above provided for may be
kept on deposit in the official bank depositary of the Town of
k'inslow or in any national bank or may be invested in United
States Government obligations maturing not later than April 1,
1997, and. in no event later than the last maturity of any out-
standing bonds that are payable out of the Bond Redemption Fund.
Interest on an,y 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 accumulated therein as
aforesaid, after which such interest shall be deposited in the
Bond Redemption Fund.
The Town further covenants and agrees, when said required
amounts have been paid into the Reserve Account, that it will at
all times maintain those amounts therein until there is a
sufficient amount in the Bond Redemptian Fund and Reserve Account
to pay the principal of, premium if any, and interest on all
outstanding bonds payable out of such Fund, at which time the
money in the Reserve Account may be used to pay such principal,
premium if any, and interest.
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In the event there shall be a deficiency in the Bond Redemption
Fund to meet maturing installments of either interest on or prin-
cipal of and interest on the outstanding bonds payable out of
such Fund, such deficiency shall be made up from the Reserve
Account by the withdrawal of cash therefrom. Any deficiency
created in the Reserve Account by reason of any such withdrawal
shall then be made up from the money in the Revenue Fund first
available after making necessary provision for the payments
required to be made into the Bond Redemption Fund to pay the
principal of and interest on ail outstanding bonds payable out
of such Fund. and next coming due.
Section il. The amounts pledged to be paid into the Bond
Redemption Fund and the Reserve Account created by this ordinance
are hereby declared to be prior lien and charge upon the money
in the Water Revenue Fund superior to all other charges of any
kind or nature except the normal costs of maintenance and operation
of the water supply and distribution system and equal in rank to
the charges which have heretofore been made upon the money in the
Water Revenue Fund to pay and secure the payment of the principal
of and interest on the 1959 bonds, the 1962 bonds, and any charges
which may later be made upon the money in the Water Revenue Fund
to pay and secure the payment of the principal of and interest
on any parity bonds.
Section 12. The corporate authorities of the Town hereby
declare in fixing the amounts to be paid into the Bond Redemption
Fund and the Reserve Account as hereinbefore provided that they
have exercised due regard to the cost of maintenance and operation
of the water supply and distribution system and the amounts nec-
essary to pay the principal of and interest on the 1953 bonds
and the 1962 bonds, and have not obligated the Town to set aside
and pay into said Fund and Account a greater amount of the revenue
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of the system than in their judgment will be available over such
cost of maintenance and operation and the amounts necessary to
pay such principal and interest.
Section 13. The Town hereby covenants vaith the owner and
holder of each of the bonds for as long as any of the same remain
outstanding as follows:
A. That it will establish, maintain and collect rates and
charges from customers of the system for as long as any 1953 bonds,
1962 bonds, the bonds and any parity bonds are outstanding, that
will make available for the payment of the principal of and interest
on all of such bonds as the same shall become due, an amount equal
to at least 1.5 times the greatest amount required in any calendar
,year thereafter (except for any balloon maturity year) to pay the
principal of and interest on all of such bonds after normal costs
of maintenance and operation of the water supply and distribution
system have been paid, but before depreciation.
B. That it will at all times keep and maintain the system
in good condition and repair, and will at all times operate the
system in an efficient manner and at a reasonable cost.
C. That it will not sell or dispose of any of the properties
of the system (unless the same are no longer used, useful or
necessary in the operation thereof) unless provision is made for
payment into the Bond Redemption Fund of a sum sufficient to
redeem and retire all of the outstanding bonds payable out of
such fund in accordance with the terms thereof.
D. That it will not furnish service from the system to any
customer whatsoever free of charge.
Section 14. The Town hereby further covenants and agrees
with the owner and holder of each of the bonds as follows:
A. That it will not create any special fund or funds for
the payment of any other revenue bonds which will rank on a
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parity with or have any priority over the payments out of the
Water Revenue Fund into the Bond Redemption Fund and the Reserve
Account created herein, except that the Town hereby reserves 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 installing
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 water supply and distribution system is
hereafter combined with any sewage disposal system, then for
the purpose of acquiring, constructing and installing additions
and improvements to said combined system, or purchasing nec-
essary equipment theefor, 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 interest
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 conditions:
(a) That at the time of the issuance of such
additional revenue bonds there is no deficiency in
any Bond Redemption Fund or Reserve Account created
therein, or in any Bond Redemption Fund or Account
~tiw
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which may have been created for the payment of the
principal of and interest on any revenue bonds here-
tofore or hereafter issued on a parity with the
outstanding water revenue bonds of the Town authorized
herein.
(b) 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
year from the date of issue of such additional bonds
an amount which plus the amounts to be paid into
the Reserve Account created herein, and all Reserve
Accounts heretofore created, will equal the maximum
principal and interest required to be paid in any
calendar ,year (exclusive of any balloon maturity
,year) on the bonds authorized herein and on such
additional outstanding bonds.
(c) That at the time of the issuance of such
additional revenue bonds the Town shall have on file
a certificate from an independent licensed professional
engineer or engineering 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, con-
structed 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 there-
after (exclusive of any balloon maturity year) into the
Bond Redemption Fund and Reserve Account for the
principal and interest on any revenue bonds then
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outstanding, on any revenue bonds whicth may have been
later issued on a parity therewith, and on such
additional revenue bonds being issued.
Section 15. The bonds shall be in substantially the following
form:
UNITED STATES OF AMERICA
N0.
STATE OF ~tiTASHINGTON
TOWN OF WINSLOW
WATER REVENUE BOND, 1967
$1,000
The Town of Winslow, Kitsap County, Washington, a
municipal corporation of the State of Washington, hereby
acknowledges itself to owe and for value received promises
to pay to bearer on the first day of May, 19 , the
principal sum of
ONE THOUSAND DOLLARS
together with interest thereon at the rate of o per
annum payable on the first day of November, 1967 and semi-
annually on the first days of May and November of each
,year thereafter as evidenced by and upon presentation
and surrender of the attached interest coupons as they
severally become due, or until such principal sum shall
have been paid or duly provided for.
Both principal of and interest on the bonds of this
issue are payable in lawful money of the United States
of America at the office of the Treasurer of the Town
of Winslow, ~^Wnslow, Washington solely out of the special
fund of the Town known as the "4v'inslow 1967 Water Revenue
Bond Redemption Fund".
The Town has reserved the right to redeem the bonds
of this issue in inverse numerical order, on the following
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interest payment dates and at the following prices expressed
as a percentage of the principal amount, plus accrued interest
to the date of redemption:
On May 1 and November 1, 1977 at 102-1/2%
On May 1 and November 1, 1978 at 102%
On May 1 and November 1, 1979 at 101-1/2%
On May 1 and November 1, 1980 at 101%
On May 1 and November 1, 1981 at 100-1/2%
On May 1, 1982 or any interest payment date thereafter
at 100%.
Notice of any such intended redemption shall be given
by ,,one publication thereof in the official town newspaper
not more than 40 nor less than 30 days prior to said redemp-
tion date and b,y mailing a like notice at the same time to
McLean & Company, Inc. at its main office in Tacoma,
Washington, or to the successor in business of said cor-
poration, if any, at its main office.
This bond is one of an issue of 70 bonds of like
amount, date and tenor, except as to number, interest
rate and date of maturity, aggregating $70,000 in
principal amount. All of said bonds are issued pursuant
to ordinances of the Town duly and regularly adopted for
the purpose of providing funds to acquire, construct and
install certain additions and betterments to the water
supply and distribution system of the Town and for the
purpose of redeeming and retiring certain outstanding
water revenue warrants of the Town.
The bonds of this issue are payable both principal
and interest out of the gross earnings and revenue of
the vrater supply and distribution system of the Town.
The Town hereby covenants and agrees with the owner
and holder of this bond that it will keep and perform
all the covenants of this bond and of Ordinances Nos.
22 and 115 to be b,y it kept and performed.
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The Town does hereby pledge and bind itself to set
aside from the money in its Water Revenue Fund and pay
into and maintain in the Bond Redemption Fund created
by Ordinance No. and into the Reserve Account
created therein the various amounts required by said
ordinance to be paid into said funds and accounts, all
within the times provided b,y said ordinance. The Town
has further pledged and bound itself to set aside and
pay into said. Water Revenue Fund as collected all the
gross earnings and revenue of its water supply and
distribution system and all additions and improvements
thereto and extensions thereof.
Said amounts so pledged to be paid into the Bond
Redemption Fund and Reserve Account are hereby declared
to be a prior lien and charge upon the money in said
Revenue Fund superior to all other charges of any kind
or nature except the normal charges of maintenance and
operation of such water supply and distribution system,
and equal in rank to any charges that may be made thereon
to pay and secure the payment of the principal of and
interest on the 1953 bonds and the 1962 bonds and equal
in rank to any charges that may be later made upon the
money in said Fund to pay and secure the payment of the
principal of and interest on any revenue bonds which the
Town may hereafter issue on a parity with the bonds of
this issue.
The Town has further bound itself to maintain its
water supply and distribution system in good condition
and repair, to operate the same in an efficient manner
and at a reasonable cost and to establish., maintain and
collect rates and charges for water which, together with
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other revenue of the water supply and distribution system
including any interest and penalties required to be paid
into the G~~ater Revenue Fund, that will make available for
the payment of principal of and interest on the 1953 bonds,
the 1962 bonds, the bonds of this issue and any bonds issued
on a parity therewith, an amount equal to at least 1.5 times
the greatest amount required in any calendar year to pay
such principal and interest (exclusive of any balloon
maturity ,year) on all of such bonds after normal costs of
maintenance and operation of such system have been paid.
It is hereby certified and declared that the bonds of
this issue are issued pursuant to and in strict compliance
with the constitution and laws of the State of Washington
and ordinances of the Town of Winslow, and that all acts,
conditions and things required to be done precedent to any
issuance of this bond have happened, been. done and performed.
IN WITNESS WHEREOF, the Town of Winslow, Washington, has
caused this bond to be signed b,y its Mayor, to be attested
by its Clerk, the corporate seal of the Town to be impressed
hereon, and the interest coupons attached hereto to be
signed with the facsimile signatures of said officials
this lst day of May. 1967.
TOWN OF 47INSLOW, WASHINGTON
By
Mayor
ATTEST:
Town Clerk
The interest coupons attached to the bonds shall be in sub-
stantially the following form:
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Y
N0. $
On the first day of , 19 , the Town of
Winslow, Washington, will pay to bearer at the office of
the Town Treasurer in Winslow, the amounts shown hereon
in lawful money of the United States of America, out of
the special fund of the Town known as "Winslow 1967 Water
Revenue Bond Redemption Fund", said sum being the semi-
annual interest due that day on its water revenue bond
dated May 1, 1967 and numbered
TOWN OF WINSLOW, WASHINGTON
B,y
Mayor
ATTEST:
Town Clerk
Section 16, The bonds shall be signed on behalf of the Town
by its Mayor, shall be attested by its Clerk, and shall have the
corporate seal of the Town impressed thereon. The interest coupons
attached thereto shall be executed with the facsimile signatures of
said officials.
Section 17. The written offer of McLean & Company, Inc.,
Tacoma, Washington, an investment banking corporation, dated April
3, 1967, to purchase the bonds under the terms and conditions of
said bonds as set forth herein is hereby accepted on the terms set
forth in said offer.
Section 38. The proper Town officials are hereby authorized
and directed to do everything necessary for the prompt issuance,
execution and delivery of the bonds to such purchaser and for the
proper use and application of the funds derived from such sale.
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PASSED b,y the Council of the Town of Glinslow, Washington and
approved b,y its Mayor at a regular meeting of said Council held
~ this ~~~ day of April, 1967.
TOW INSLOtnr, WASHINGTON
By ~ ~~ ,SSG
Mayor
ATTEST:
~ /
T n Cle k
APPROVED AS TO FORM:
_ ~' ...~
Town Attorney
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