ORD 68-23 OBLIGATION BONDSAN ORDINANCE of the Town of Winslow, Washington
providing for the issuance and sale of general
obligation bonds of the Town in the principal
amount of $100,000 for the purpose of providing
funds to pay part or all of the cost of acquiring,
constructing and equipping a combination Town
Hall and Fire Station building for the Town;
creating a bond redemption fund for the payment
of the principal of and interest on said bonds;
providing the date, form, terms, maturities
and covenants thereof, and for unlimited tax
levies to pay the principal thereof and interest
thereon.
WHEREAS, at a special election held by the Town of Winslow,
Washington (hereinafter called the "Town") on the 5th day of
November, 1968, the number and proportion of the qualified
electors of the Town required by law for the adoption thereof
voted in favor of a proposition authorizing the issuance of
unlimited tax levy general obligation bonds of the Town in the
principal amount of $100,000 for the purpose of providing funds
necessary to acquire, construct and equip a combination Town
Hall and Fire Station building for the Town; and
WHEREAS, it is deemed necessary and advisable that the
Town now sell and issue all of said bonds to provide the money
for such purposes;
NOW, THEREFORE, the Town Council of the Town of Winslow
does ordain:
Section 1. That there shall now be issued and sold the
$100,000 principal amount of unlimited tax levy general
obligation bonds of the Town (hereinafter called the "bonds")
authorized by the qualified electors thereof at aspecial
election held therein on November 5, 1968, for the purpose of
providing funds necessary to pay part or all of the cost of
acquiring, constructing and equipping a combination Town Hall
and Fire Station building for the Town, all as more specifi-
cally authorized and provided in Resolution No. 68-20 of the
Town passed and approved September 16, 1968. The bonds shall
be dated January l, 1969, shall be in the denomination of $5,000
each, shall bear interest at a rate not to exceed 6% per annum,
payable on the first day of July, 1969 and semiannually on the
first days of each January and July thereafter, as evidenced by
coupons to be attached thereto, shall be payable both principal
and interest at the office of the Town Treasurer in Winslow,
Washington, and shall be numbered and mature in order of their
number as follows:
Bond Nos. Maturity Date Amount
1 January 1, 1971 $5,000
2 January 1, 1972 $5,000
3 January 1, 1973 $5,000
4 January 1, 1974 $5,000
5 January 1, 1975 $5,000
6 January 1, 1976 $5,000
7 January l, 1977 $5,000
8 January l, 1978 $5,000
9 January l, 1979 $5,000
l0 January l, 1980 $5,000
ll January l, 1981 $5,000
12 January l, 1982 $5,000
13 January l, 1983 $5,000
14 January l, 1984 $5,000
15 January l, 1985 $5,000
16 January l, 1986 $5,000
17-18 January l, 1987 $10,000
19-20 January l, 1988 $10,000,
(Interest computed at the assumed rate of 5.25% per annum.)
Section 2. The Town does not reserve the right to redeem
any of the bonds in advance of their stated maturities.
Section 3- The bonds shall be in substantially the following
form:
UNITED STATES OF AMERICA
No. $5,000
STATE OF WASHINGTON
TOWN OF WINSLOW
GENERAL OBLIGATION BOND, 196E
The Town of Winslow, a municipal corporation of
the State of Washington, acknowledges itself to owe
-2-
and for value received hereby promises to pay to bearer
on the first day of January, 19 , the principal sum of
FIVE THOUSAND DOLLARS
together with interest thereon at the rate of % per
annum payable on the first day of January, 1970, and semi-
annually on the first days of each July and January there-
after 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 this bond are payable
in lawful money of the United States of America at the
office of the Town Treasurer in Winslow, Washington.
The Town of Winslow has not reserved the right to
redeem any of the bonds of this issue in advance of their
stated maturities.
This bond is one of an issue of general obligation
bonds of the Town of Winslow of like date, amount and
tenor except as to number, interest rate and date of
maturity, in the aggregate principal amount of $100,000,
and is issued pursuant to a vote of the qualified electors
of the Town and Ordinance No.~ ~
~-~ ~ (hereinafter called
the "bond ordinance") for the purpose of providing funds
necessary to pay part of the cost of acquiring, construc-
ting and equipping a combination Town Hall and Fire
Station building for the Town, all as provided in said
bond ordinance.
The Town of Winslow has irrevocably covenanted by
the bond ordinance that it will levy taxes annually upon
all the taxable property within the Town without limitation
as to rate or amount and in amounts sufficient to pay the
principal of and interest on said bonds as the same shall
become due. For the prompt payment of said principal and
interest the full faith, credit and resources of the Town
are hereby irrevocably pledged.
IN WITNESS WHEREOF, the Town of Winslow, Washington
has caused this bond to be signed by its Mayor, to be
attested by its Town Clerk, the official seal of the Town
to be impressed hereon, and the attached interest coupons
to be signed with the facsimile signatures of said
officials this 1st day of January, 1969.
ATTEST:
Town Clerk
The interest coupons to be attached to the bonds shall be in
substantially the following form:
NO.
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 sum shown hereon
in lawful money of the United States of America, said
sum being the semiannual interest due that date on its
general obligation bond dated January l, 1969, and
numbered .
ATTEST:
Town Clerk
| |
Section 4. The bonds shall be signed on behalf of the Town
by its Mayor, shall be attested by the Town Clerk, and shall have
the corporate seal of the Town impressed thereon. Each of the
interest coupons attached thereto shall be signed with the
facsimile signatures of said officials.
Section 5. There is hereby created the "Town of Winslow
1968 Town Hall-Fire Station Construction Fund" into which shall
be paid the money derived from the sale of the bonds (except for
accrued interest, which shall be paid into the Bond Redemption
Fund hereinafter created). None of said moneys shall be used
for any other purpose than the acquisition, construction and
equipping of a combination Town Hall and Fire Station for the
Town, nor shall any of the bond proceeds be used for any other
than a capital purpose. Any moneys remaining in the Construction
Fund after all expenses are paid shall be deposited in the Bond
Redemption Fund hereinafter created.
Section 6. There is hereby created a special fund of the
Town in the office of the Town Treasurer to be known as the
"Town of Winslow 196~ General Obligation Bond Redemption'Fund".
The Town hereby covenants that it will make annual levies of
taxes upon all the taxable property within the Town without
limitation as to rate or amount in amounts sufficient to pay
the principal of and interest on the bonds as the same shall
become due. The Town further irrevocably covenants that all
of such taxes so collected shall be paid into such Bond
Redemption Fund in amounts sufficient to pay such principal
and interest at least 30 days prior to the dates upon which
any such interest or principal and interest shall become due
and payable, and that no part of such fund shall be used for
any other purpose than the payment of the principal of and
interest on the 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 aforesaid.
-5-
Section 7. The bonds shall be sold at public sale, and bids
therefor will be publicly opened, read and acted upon at a meeting
of the Town Council to be held on the date of said sale.
The Town Clerk is hereby authorized and directed to advertise
the bonds for sale in the manner required by law, and upon the
sale of the bonds the proper Town officials are hereby authorized
and directed to do everything necessary for the prompt execution,
issuance and delivery thereof and for the proper use and application
of the proceeds of such sale.
Section 8. The assessed valuation of the taxable property
within the Town, as fixed by the last preceding assessment
thereof, is $ I~, ~. O ~ ~ . The Town has, at this time,
no outstanding general indebtedness.
Section 9. This Ordinance shall be in full force and effect
immediately upon its final passage, approval and publication as
provided by law.
PASSED by the Town Council, signed and approved at a regular
meeting of said council held this / ~ ~ day of November, 1968.
ATTEST:
Approved as to Form:
Town Attorney
Introduced and read~ he first time:
Passed:
Published:
-6-
|