HomeMy WebLinkAbout236 - Resolution - Ordering and Providing for the issuance and sale of bondIRESOLU^ IOi:
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i-10VE .-Di _ , 19 35 , ORDERI: i C.
FOR TI? E ISSUA__CE t� C,: ,
n
415.
'e.PIUE EAS, in said above iae_itioiied resolutioi, it .,as provided
that `+'. 3. i''leriirlg, the tiled acting iayor, should sir :1 said bonds, and
F rail . Uivens, 6:ie duly quali fie6 and aetiiq., --ayor has
re uurned to Fort Orchard, � aS':.4:1 Lo:i, SO ie Cuil execa e tie S -_:C, and
+i EM3"' S, some minor erro, tlave Creipt inn$ Saki OriLlilal rSSO-
luU-io 1, ijIiici it is desired to correct, now, tnerefore,
BE I'2' DMSCJI:IED BY �2-:I� Oi+' ' E :20*47 OF PGiF 0RC",IA LD:
i:.at Sections 1, 2, 3, ai-L6 5 be and hereby are arienG eG to read
as follows:
Section 1. Pu_.suant to tine provisions of Ordinance -.o. 4:,1 of
the i ovin of fort Orc'harG, ' ashi:lc'toi,, vThich ordina:ice was ratified
and a proved b;; a :iajority oI .he qualified voters of said lovin-, vot-
inE at an election Duly a1d legally called an6 held in said '2ovan on
the 0_th day of :iover.,`_er, 1935, bonc!s of �:ie said: Town s'r_all be issu-
ed -..n6. sold in the principal a'_'Tiounz of 416,0O0.O0 for trie nua:poses
ar_('; as in said O di lia.hce :, o. 4ll) -orovided.
Said iioildS sr_al! be Gear"i1&teG ��%a ;iaterYrOrc;3 iigvezlue �'O`_1gS",
shall be 16 in numiLier, nuri:lered c0'_16SCuiively fro;;! 1 to 15, both in-
clusive, st all be dated u::e f first da-v of _ ove7:,be-r, 1C36, arrd stall be
of deaor iiiations aril nature in w ounrs anu on dates as folloz s:
A:.-'UUiT!' DE Ui:Ii jai I S . Iti` l' Or �i TTIRIiY
,ill ,000
$1,000.
.;ove...ber
1, li 37, to move: -ibex 1, 1952,
each near
boih
i.iclusive.
Said.
bo .ds s:_a_1 bear
i:.,.erest,
evi6er.ced by cotipolis attached
t'2ere'Go, at tie T'a':e of four (456) per ce2t per arinuil, p�.yable
wInuallr` 01 .._ay 1 and ..ove,Tiber 1 of each yea- unuil i:lazurit;y. Both
prii`lc: �.1 and interest of --aid bonds stall be payable in anv coin or
currenc;- wl,.Lc`.1, on Gl:e respective dates of pay..eilt, wall be lec-al
tende-rfor the ?;a,r.-:eiit of -public and private c ebts, at the office of
t'r;e ' reasi*,rer of t,:e '.1"awn of sort ,.'rci1a'iC: , at Port Orc:'_ai d , '.,'as-ning-
to i, or at the 2iscC:l ngellcy of the State of Wa,IhillL_tUn ii1 t'ile zoo -
rough of _-alihatt&. , tilts;' <G 5tc`lte Of J,evl Yore:, at tine option of the
old: er.
326
Said b o:.ds s','.al 1 be red i s erubl e as to pot'..,. cal a_;c.
tere: t at t2e office of the ..'reasurer of saiC. of = 0;' u "rc "!a_ 6.
Sectio.. Saic. bonds s',,.all be iss:aed i_1 s �bsta; _�" fol-
•1T
5fry�111u Cyr'
MT.2-,*
`:'he 'loTrrn of -'or-- ;, 'la '(,, in the County of I:itsar, State of
yilas'nirlgton, :ereby ac no�ledt es itself i_•deb�ed a lG for value re-
Ceived prolrises to pay t0 the Dearer, or if ti is bono be registered,
to the registered :,Olc;er _ere Of, On the day of , 19�, the
Sur-, of 0,-7,1 anc t0 ioa.y interest t'lereo:l at t�2e rate
Of four per cent i:er a>inum, `oairab.Le o:', tf:e. first Ga.s of I.-amV and
..;ove._uer, 1n eacr1 year a ltll .:atur] ty, upo�i surrei uer of z1ae all_1eX-
eC, couGois as t:_e',',- : everally ^:'ec0 ":e due, or if t:11S b0i1G be ret iste]:-
sd as to C o z __ 'Jri is i j al a12G interest , to t:1e registered. hole er i_ereof'
Oti Jri',:1ci.palanc interest of tY.iS Jo id are -, ;,,aole at t:le Office of
the .treasurer of Sai6 `. own, at Port C :± ct_ard , at t'- e
OJt1022 of the i.OIC er, at the Fiscal iie'iC�' Of +1:_ to e Of i
ton i-a t",:e Oroai of .- nhattarl, Citi;r a la State of _. ;, _.._ c, in ally
clip or currency wln.is _ on u'_,e res-cective date^ 117 l be
legal te::cer for tale pay::i�ellz, of -aub-±ie uric. __=:a.-e c ebts. loth
.)rincipal aria interest are pa -,,able solely Out of a s ecial fund Of
Said, iov.,r., i{li0;':27 as "10'3J .Do:Cl iCedei_-,pt:io:i iiund", created by Or6i-
r:
lica3iCe 0. 41v Of Sa1C; 10ti,.,, (:ii:ly c.(`,,Op,eCt Or2 Cic"i.Obel' .Lrtii, l,.JJ, w',1C
fu;lG 1S t0 be CtraVr'i1 up0Li aiiC% UNeG for t?_e sole Ju_''OSe Of ;'iii£_ t[2E3
pi-ir2Cipal and. i'1lterest of tt e i SSU of OT1CiS of v7ii1C'1 tY: CS J11G i S
o11e .
,. i s �:o"_,Cl b e reLi stered as to o0 ti_ Jri iiCi Jai and i :lt ere St in
accoidance= ':iitle -�,rovisiolns -Y2 t.ie [.iaci ::ereof.
bO -.c is one of a,.(,. issue of boric s aat- orized by said Ordi-
nance :o. 415, orcina:,ce v,as a' pro-ved a-16. r= ..ified by a ,aajor-
ity of the qualified voters of said c2owii voti 11- at all election duly
al.d !ega11 , called andeld iri saic 7C;_1 of _ Ort Grc:,.ard oil 'er
1�,30, fog O_ rOvi6i<1L f_.r1GS for ti:e C'0l1str_,ct1Oil Of
e - a e-�_tG arid, a.e.di u:. oa to tae existi.i• .:1u21ic: ".,al
r p� ce: w e. _
'��ater��or:s Sy ster;=.
Said `i'o,rn 'nereb.,, covenal_ts vit _ the holc,er of tins bond t%lat it
ill 'fee?,, and perf or'.: a--:--',-t`:.:e CO�.'e_.a_i'CS a-_1G. zo_-':LS es 111 Sa1G 11rGi1-
l'l 'V J
nance -Yocreati�.L SucII s;:)ecial _ L?i1G to be by it _7e -6 -_ c7 peri'ol- -
ed, G"s.d Sai 'lawn � oes herer� irrevocably' obllL to cd_iCZ Jl. iG wteSlf t0
Set aside and _,ay into saiC fund froI:i the dross. revenues of said dater-
Syst e_1 t ,e various a'". -)ants i_i said )rC i ":u":lce -provided, Which a -
:Mounts so pled`;e% re ".ere.py c.ec_area to b e a fis'st charge upon tie
grows revenaes of said, Waterviorri3 Sys ue.:i a:ld all aadl ti ons thereto now
or Piereaf ter .wad P, prior to gall otrier pledges and cYla_ ges excey)t as in
said ordinance oroviced.
Said iOl'7i1 furtaer 'oi:.C.S itself to estaOliSl"i a" -.ad rates fa
f u .- n i sri, ici TVater w.i:ic'ti 4 & I " rovic:e sufficie..t revenues to 7Jer-�Iiit the
payie-nt into said Special fund of to Said S'_i';:S iC!_ t'a.ve been. !edged
to be set aside fox the payr:_.ent of the orincipul and interest of said
tionds until said Uoi:lcs ',.ave bee., paic in full.
It is '�.ereby certified and decla: ed t'--a.t a1 L th.e cor_ditio is, acts
and t' ings recuired by tie Coilstit:atiol a._c� atatutes of the State of
,,-as'ninE,ton and the ordina.-zces of ti-ie o-, n of Port Or�ilarQ to exist, to
have hao-oened a_ld to ha' e been, performed, precedent to ana in tr_e issu-
ca'_^.ce of this gold, exist, have ''.a:. ;eried a":.0 _'ia"Te been perfor7_?ed in reL-
L;.Ia-_ and due time, form and _=_Ci .ier as reouired by- 1avi.
saic iov,n Bias caLised t''iis bond to be siSS.aed by
its �.ayor a -ad attested uy its fl Cler_t and its c0 'p02'ate Seal t0 e
e7°eto affixed, and the i_iterest couY)ons hereto attached tote signed
b;;r thti. facsir-Ale siinatures of said La --or anc} `I''ou-n Cler'_c, and this bolid
�o ,:e 6at.ed ;he lst cay of _.oveT_ber, 191,35.
Attest:
oy..- Clerk
yr
i`ayor
Section 3. Each of the Coupo_.s attached to said ljonas s:-iall be
issued in substantuia..ly the foliowinL�' for:':
G-n the first day Of ,1L'_, the :.'own of P o r t Vrch. ardasC,ZtlC -
tOi1, will pa- Y t0 une Nearer trie Su"1 of Dollars, in any Coin
or curre_.cy Er hi c l on said date of ",)ay_le.it is leLal tneder f or the pay-
__--ant of public a-nd private o ebzs, at t'_-e __ ice of the reasuerer of
Sa1C: '_'0.':'.1, at Port rC-:a"_'G, laS=i1".iE t0i1, Or at t' e O' t10i2 of the r O1Cer,
at the fiscal i%rency of t'ie State of 'Yrashin6ton in the of -_axi-
,attars, City and State Of _:etia `TOr:`, Out of the Speciil fu.:Ci, i10'aJilc_S
"193-5
pond IR'ede-Ption Yu I'
said s a
'oeing
i -L I -� ere st
thee.
due 0---I i s 0o 4aterwo,.-I-'s
L '.eve,--iue
-L)ond,
dated
oveiber 1st, 1'935,
---
LiLYC` i,
I- io;d�,i CIEli-L-1,
Section 5. Said bonds sliall be sig-1-1-ed by tlae -a.of laic;
d
�j -' " .-I '- %,-�4 4-1- L- (
attested by the - owl-1 Cle 3�c, — t7. -,, seal of & a i 6 T o i-- aff
ed thereto, ar.c eacIn of the coupons attar ':ie d to said boar s
I
siE,nec by zulne ,.ringed, litnoEra-Ined or engraved fLacsi-i,.1.i_-, c
of sai-6 -.-ayor am 12own Clerr. ;-Yne cou-pons, a-6-Gached -Uo eac',.; bo---,Lds
shall be nu-inbered consecutively.
--LxiSSED by the 'own Council of the of lort Urc-L-,ard,
t"ais 2nd day of 'arc-., 1S36.
2RA11'cis LI. m
1A
,_d ia
C,
.1
Fj�-71 C-T'---7'ICI, ILI'ayor
.H
1 CO•a W
WHE11EAS, the Town of Port Orchard, Washington, has issued
Sixteen Thousand ($16,000) Dollars of 0 Waterworks Revenue Bonds,
dated x�ove_lber 1, 1935, the first bond to become payable Noveinber 1,
1937, and 1,000 to become payable each year thereafter until 1952,and
J ER AS, by section 5 of �;rdinance 'lumber 415 it is provided
that there shall be opened a special fund account on the books of the
Town of Port Orchard, clled the "1935 Bond Redei:ipti on 2 and", in a sum
sufficient to pay the principal of and interest on the 4% jaterworks
Revenue Donds as they respectively become due, plus a surplus of twenty
per cent of such sum., and
W1EEREAS, the United States Government has paid the interest
on the said bonds up to the 22nd day of April, 1936, a
1I01,7, FORE BE I" RE",SOLVED by the loran Council of the
Town of Port Orchard, -ashi.ngton, that t'nereb e and hereby is created
on the books of the Town of Port Orc..ard a special fund to be called
the "1-35 Bond Redemption Fund", and
jE' _iTTIr2� !ER 1�� T .�D i r-t r1,,, .r t ^n
I_ _ R SJL+� t at the l otirri �, easu, er of the : oyrn
of Port Orchard, t'�as'•nington, be and aereby is aut::,orized anu directed to
pay into said fund each month from the water fund the sure of 4115.00
to provide for the payent of the principal and interest of said bonds
up to -November lst, ,1937, and he is further authorized and directed to
pa-, into said fund, ir.mie�i.ately, from the water fund, the sum of w391.00,
whicr., with the interest received from the United States Gover_adent,will
take care of the monthly payment of 4115.00 from iovember 1, 19 5, to
may 1, 1936, and after !yoveraber 1, 1937, to pay from the water fund in-
to said bond redemption fund the sure of ;?160.00 per month, and
BE IT Ei7RTa F. RESOLVED that the '-ovrn Treasurer of the Town
of Port Orchard, `Jashington, be and Inereby is authorized and directed
to pay from ti.aid fund the said bonds and interest as the same becomes
due, and
BE IT FURTHER RESOIV ED that the said suds of $115.00 a Month
and %160.00 a month shall be so paid until a different amount is fixed
by the Towi, Council, caused bl. the reduction of the principal of said
bonds.
THUS PAiSFD by the Town Council of the Town of Port Orchard
Was lington, tr.is 27tki day of April, 1936.
Frank Givens,Iuayor
Franc-, -- L, Applegate, .' ow_l C k
l 011 -,��]
'.'Ji`
330
STATE 01' 'aASHiiTGTOIT)
- Ss:
CGUIrLy OF T'ITSA11, j
I, FRr TCIS .. As''FI.:_,,GATE, d o hereki
sy certify that
the foregoing resolution is a true copy of and the vi'.-ole c:" a 2: eso-
lution duly adopted by the lozvrn Council oi_ iipril 27, 1934G.
L "f I TiY...,ITIESS WHE'-T G2, I have
hereunto set my hand
and t:.e official seal of said Town t'rii s .first day of -ay, 10,36.
F R1:iTCi IS 17. A?P-T- EGATE
Town Clerk.