ORD 81-23 CONSOLIDATED LOCAL IMPROVEMENT DISTRICTCITY OF WINSLOW, WASHINGTON
ORDINANCE NO. ~_
AN ORDINANCE establishing Consolidated Local Im-
provement District No. 5/7 and Consolidated Local
Improvement Fund, District No. 5/7; fixing the
amount, form, date, interest rate, maturity and
denominations of the Consolidated Local Improvement
District No. 5/7 Bonds; and providing for the
sale and delivery thereof to Wm. P. Harper & Son &
Company, a Division of Harper, McLean & Company,
Seattle, Washington.
WHEREAS, the City Council of the City has heretofore created
Local Improvement Districts Nos. 5 and 7 for various purposes; and
WHEREAS, RCW 35.45.160 authorizes the establishment of con-
solidated local improvement districts for the purpose of issuing
bonds only and provides that if the governing body of any munici-
pality orders the creation of such consolidated local improvement
district, the money received from the installment payment of the
principal of and interest on assessments levied within original
local improvement districts shall be deposited in a consolidated
local improvement district bond redemption fund to be used to
redeem outstanding consolidated local improvement district bonds;
NOW, THEREFORE,
THE CITY COUNCIL OF THE CITY OF WINSLOW, WASHINGTON, DO
ORDAIN as follows:
Section 1. For the purpose of issuing bonds only, those
local improvement districts of the City of Winslow, Washington (the
"City"), established by the following ordinances, respectively, the
30-day period for making cash payment of assessments without inter-
est in each local improvement district having expired in the case of
the assessments for each local improvement district, are hereby con-
solidated into a consolidated local improvement district to be known
and designated as "Consolidated Local Improvement District No. 5/7":
LID No.
5
7
Section 2.
Created by
Ordinance No.
Assessments
Balance on 7/1/81
78-32 $90,268
79-21 17,709
There is hereby created and established in
the office of the City Clerk-Treasurer for Consolidated Local
Improvement District No. 5/7 a special consolidated local im-
provement district fund to be known and designated as "Consolidated
Local Improvement Fund, District No. 5/7" (hereinafter called
the "Bond Fund"). All money presently on hand representing col-
lections pertaining to installments of assessments, and interest
thereon, in each of the local improvement districts listed in
Section 1 shall be transferred to and deposited in the Bond Fund
and all collections pertaining to assessments on the assessment
rolls of those local improvement districts when hereafter received
shall be deposited in the Bond Fund to be issued to redeem out-
standing Consolidated Local Improvement District No. 5/7 bonds.
Section 3. "Consolidated Local Improvement District No.
5/7 Bonds" (hereinafter called the "Bonds") shall be issued in
the total principal sum of $107,977, being the total amount on
the assessment rolls of Local Improvement Districts Nos. 5 and 7
remaining uncollected after the expiration of the 30-day interest-
free prepayment period. Bond No. 1 shall be in the denomination of
$2,977, and the remaining Bonds numbered 2 to 22, inclusive, shall
be in the denomination of $5,000 each. The Bonds shall all be
dated August 1, 1981, and shall be payable on August 1, 1993, with
the right reserved to the City to redeem the bonds prior to maturity
on any interest payment date, in numerical order, lowest numbers
first, whenever there shall be sufficient money in the Bond Fund to
pay the Bonds so called and all earlier numbered Bonds over and
above the amount required for the payment of the interest on all
- 2 -
unpaid Bonds, by publishing notice of such call once in the official
newspaper of the City or, if there is no official newspaper of the
City, then in a newspaper of general circulation in the City, not
less than 10 nor more than 20 days prior to the call date, and by
mailing a copy of such notice within the same period to the main
office of Wm. P. Harper & Son & Company, a Division of Harper,
McLean & Company, in Seattle, Washington, and upon such date the
interest on Bonds so called shall cease and each and every coupon
representing interest not accrued on such date shall be void. The
Bonds shall bear interest at the rate of /~_% per annum, payable
annually, beginning August 1, 1982, to be represented by interest
coupons to maturity attached to each Bond.
Section 4. The Bonds and coupons shall be printed or
lithographed on engraved paper in a form consistent with this
ordinance and state law. The Bonds shall be signed by the fac-
simile signature of the Mayor and attested by the manual signature
of the City Clerk-Treasurer under the seal of the City, and the
coupons shall bear the facsimile signatures of the Mayor and the
City Clerk-Treasurer.
Section 5. Wm. P. Harper & Son & Company, a Division of
Harper, McLean & Company, of Seattle, Washington, has submitted an
offer to purchase all of the Bonds at a price of par, plus accrued
interest from the date of the Bonds to the date of their delivery
to the purchaser, the City to furnish the printed Bonds and the
approving legal opinion of Roberts, Shefelman, Lawrence, Gay &
Moch, municipal bond counsel of Seattle, Washington, at the City's
expense. Bond counsel shall not be required to review nor express
any opinion concerning the completeness or accuracy of any official
statement, offering circular or other sales material issued or used
in connection with the Bonds, and bond counsel's opinion shall so
- 3 -
state. The City Council, deeming that it is in the best interest
of the City that such offer be accepted, hereby accepts the same.
The Bonds shall, therefore, immediately upon their execution, be
delivered to Wm. P. Harper & Son & Company, a Division of Harper,
McLean & Company, Seattle, Washington, upon payment therefor in
accordance with such offer.
Section 6. This ordinance shall take effect from and after
its passage and five (5) days following its publication as required
by law.
PASSED by the City Council and APPROVED by the Mayor of the
City of Winslow, Washington, at a regular open public meeting
thereof, on the 6th day of July, 1981.
Mayor
ATTEST:
APPROVED AS TO FORM:
City Attorney
I do hereby certify this 0r~dinance was signed by the Mayor
this ~/- ~,.~ day of ~./~ _. and thereafter posted
this /7Z7~ day of ~ ~'_ .~-~ at the Ferry Terminal,
C~erk/~eas~er
S EAL
- 4 -