ORD 69-08 OBLIGATION BONDS ORDINANCE NO. ~f'~"'
AN ORDINANCE of the Town of Winslow, Washington
providing for the issuance and sale of limited
levy general obligation bonds of the Town in the
principal amount of $25,000 for the purpose of
providing funds to pay part of the cost of
acquiring, constructing and equipping a combi-
nation Town Hall and Fire Station building and
Equipment Shed of 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 limited 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, construction costs and other costs are higher
than anticipated at the time of the election, and it is now deemed
necessary and advisable that the Town sell and issue its limited
levy general obligation bonds in the sum of $25,000 to provide
money ~o pay part of the cost for such purposes; and
WHEREAS, the Town is in need of an Equipment Shed to be
located on property owned by the Town;
NOW, THEREFORE, the Town Council of the Town of Winslow
does ordain:
Section 1. That there shall now be issued and sold
$25,000 principal amount of limited tax levy general obligation
bonds of the Town (hereinafter called the "bonds") for the purpose
of providing additional funds necessary to pay part of the cost
of acquiring, constructing and equipping a ~ombination Town Hall
and Fire Station building for the Town, all as more specifically
authorized and provided in Ordinance No. 68-20 of the Town passed
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and approved September 16, 1968 and approved by the voters November
5, 1968, and for construction of an Equipment Shed to house town
equipment, said shed to be located on property belonging to the
Town. The bonds shall be dated June l, 1969, shall be in the
denomination of $1,000 each, shall bear interest at a rate not
to exceed 6% per annum, payable on the first day of June, 1970,
and semiannually on the first days of each December and June
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
2
3
4
5
6
7
8
9
10
11
12
13
14-15
16-17
18-19
20-21
22-23
24-25
June l, 1971 $1,000
June l, 1972 1,000
June l, 1973 1,000
June l, 1974 1,000
June 1, 1975 1,000
June 1, 1976 1,000
June 1, 1977 1,000
June 1, 1978 1,000
June 1, 1979 1,000
June 1, 1980 1,000
June 1, 1981 1,000
June 1, 1982 1,000
June l, 1983 1,000
June l, 1984 2,000
June 1, 1985 2,000
June 1, 1986 2,000
June 1, 1987 2,000
June 1, 1988 2,000
June 1, 1989 2,000
Section 2. The Town reserves the right to redeem any or
all of the bonds of this issue in inverse numerical order on any
interest payment date at par and accrued interest.
Section 3. The bonds shall be in substantially the
following form:
UNITED STATES OF AMERICA
No. $1,000
STATE OF WASHINGTON
TOWN OF WINSLOW
LIMITED LEVY GENERAL OBLIGATION BOND, 1969
The Town of Winslow, a municipal corporation of
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the State of Washington, acknowledges itself to owe
and for value received hereby promises to pay to
bearer on the first day of June, 19 , the principal
sum of
ONE THOUSAND DOLLARS
together with interest thereon at the rate of %
per annum payable on the first day of June, 1970 and
semiannually on the first days of each December and
June thereafter 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 reserved the right to
redeem any or all of the bonds of this issue in inverse
numerical order on any interest payment date at par
and accrued interest.
This bond is one of an issue of limited levy
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 $ 25,000 and is issued pursuant
to Ordinance No. (hereinafter called the "bond
ordinance") for the purpose of providing funds necessary
to pay part of the cost of acquiring, constructing and
equipping a combination Town Hall and Fire Station
building for the Town, and for construction of an
Equipment Shed for the Town, all as provided in said
bond ordinance.
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The Town of Winslow has irrevocably covenanted by
the bond ordinance that it will include in its annual
budget and levy taxes annually upon all the taxable ,.
property within the Town within and as a part of the
tax levy permitted to towns without a vote of the
people, amounts sufficient to pay the principal of and
interest on said bonds as the same shall become due.
For the annual levy and collection of such taxes and
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 as of this 1st day of June, 1969.
TOWN OF WINSLOW, WASHINGTON
By
Mayor
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 limited levy general
obligation bond dated June l, 1969 and numbered
TOWN OF WINSLOW, WASHINGTON
ATTEST:
By
Mayor
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 has heretofore been created by Ordinance
No. 68-23 adopted November 18, 1968 the "Town of Winslow 1969 Town
Hall-Fire Station Construction Fund." The money derived from the
sale of the bonds (except for accrued interest, which shall be paid
into the Bond Redemption Fund hereinafter created) shall be paid
into such fund and a separate account created therein for such
money. 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 building and Equipment Shed for the Town,
nor shall any of the bond proceeds be used for any other than a
capital purpose. Any portion of the moneys remaining in the
separate account created therein 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 TownsTreasurer to be known as the "Town
of Winslow 1969 Limited Levy General Obligation Bond Redemption
Fund." The Town hereby covenants that it will, commencing with
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the budget for the year 1970 and continuing for as long as any of
the bonds are outstanding, include in each town budget and levy
an ad valorem tax upon all the taxable property within the Town
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 Town further pledges that the annual tax provided
for herein to be levied for payment of principal and interest shall
be within and as a part of the tax millage levy permitted to towns
without a vote of the people and that a sufficient portion of
each annual levy to be made by the Town prior to full payment of
principal and interest on the bonds will be set aside and appropriated
for the payment of principal and interest on the bonds as aforesaid.
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.
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.
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Section 8. The assessed valuation of the taxable
property within the Town, as fixed by the last preceding assess-
ment thereof, is $2,618,816. The Town has, at this time
an outstanding general indebtedness of $100,000, which together
with the indebtedness to be incurred hereunder will total
$125,000.
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~tf~_~t~~' ,
1969.
ATTEST:
APPROVED AS TO FORM:
Town Attorney
Introduced and read the first time:
Passed:
Published:
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