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Brem¢~ ~ Sun
~ Bond Cdunsel
File (Library Refunding, 1977)
CITY OF BREMERTON, WASHINGTON
AN ORDINANCE of the City of Bremerton, Washington,
amending Ordinance No. 3362 passed and approved
May 18, 1977, relating to the issuance and sale of
$295,000.00 par value of "General Obligation Refund-
ing Bonds, 1977," and declaring an emergency.
THE CITY OF BREMERTON DOES ORDAIN:
Section 1. Section 2 of Ordinance No. 3362 passed by
the City Council and approved by the Mayor of the City of Bremerton,
Washington (hereinafter called the "City"), on May 18, 1977, is
amended to read as follows:
Section 2. Description of Refundin9 Bonds. The
refunding bonds herein authorized to be issued and referred
to herein as the Refunding Bonds shall be designated "General
Obligation Refunding Bonds, 1977," of the City; shall be
dated May 25, 1977; shall be in denominations of $5,000.00
each, except for Refunding Bonds numbered 1, 6, 12, 13 and
19 which shall be in the denomination of $1,000.00; shall
bear interest at the rate of 5.75% per annum payable on
October 1, 1977, and semiannually thereafter on April 1
and October 1 of each succeeding year, interest to iaaturity
being evidenced by coupons to be attached to the Refunding
Bonds with full obligation on the part of the City to pay
interest at the bond rate from and after the bond maturity
dates until the Refunding Bonds with interest are paid in
full or funds sufficient to pay such Refunding Bonds with
interest in full are on deposit in the bond redemption
fund hereinafter referred to and the Refunding Bonds have
been called for redemption. The Refunding Bonds shall be
numbered and shall mature on April 1 of each year as
follows:
Bond Numbers
( Incl us ive) Amounts Ma tu ri ti es
1 to 5 $21,000 April 1, 1987
6 to 11 26,000 April 1, 1988
12 to 18 27,000 April 1, 1989
19 to 24 26,000 April 1, 1990
25 to 30 30,000 April 1, 1991
31 to 36 30,000 April 1, 1992
37 to 42 - 30,000 April 1, 1993
43 to 49 35,000 April 1, 1994
50 to 56 35,000 April 1, 1995
57 to 63 35,000 April 1, 1996
Both principal of and interest on the Refunding Bonds
shall be payable in lawful money of the United States of
America at the office of the Treasurer of the City or, at
the option of the holder, at either fiscal agency of the
State of Washington in the Cities of Seattle, Washington, or
New York, New York, solely out of the "General Obligation
Refunding Bond Fund, 1977" (herein called the "Bond Fund"),
hereinafter created in the office of the Treasurer of the
City. The interest on the Refunding Bonds will be payable
solely out of the investment income from certain United
States government obligations purchased out of the proceeds
of the sale of the Refunding Bonds and other money of the
City available therefor until April 1, 1986, and thereafter
both principal and interest on the Refunding Bonds shall be
payable out of annual property tax levies as hereinafter set
forth.
Section 2. Section 4 of Ordinance No. 3362 is amended to
read as follows:
Section 4. F.or~. of Refu.ndin~ Bonds and Coupons. The
Refunding Bonds shall be in substantially the following form:
No. $5,000.00
($1,000.00 on bonds
numbered 1, 6, 12,
~. 13 and 19)
UNITED STATES OF AMERICA
STATE OF WASHINGTON
CITY OF BREMERTON
GENERAL OBLIGATION REFUNDING BOND, 1977
5.75%
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The City of Bremerton, Washington, a municipal
corporation of the State of Washington (hereinafter
called the "City"), is justly indebted to and for
value received hereby promises to pay to bearer on
the FIRST DAY OF APRIL, 19 , the principal sum of
FIVE THOUSAND DOLLARS
($1,000.00 on bonds numbered 1, 6, 12, 13 and 19)
together with interest thereon at the rate of 5.75%
per annum until fully paid, payable on October 1, 1977,
and semiannually thereafter on the first days of April
and October of each year, with interest to maturity
being evidenced by and payable upon the presentation
and surrender of the attached interest coupons as they
severally become due, with full obligation on the part
of the City to pay interest at the same rate from and
after the maturity date, in the absence of coupons,
until this bond with interest is paid in full. This bond
is payable, both principal and interest, in lawful money
of the United States of America at the office of the
Treasurer of the City or, at the option of the holder,
at either fiscal agency of the State of Washington in
the cities of Seattle, Washington, or New York, New York.
The City reserves the right to redeem the bonds
outstanding as a whole, or in part in inverse numerical
order, highest numbers first, on any semiannual interest
payment date from April 1, 1986, through October 1, 1989,
at $100.50 per each $100.00 par value thereof, plus
accrued interest, and on April 1, 1990, or on any semiannual
interest payment date thereafter, at par plus accrued
interest to the date of redemption.
Notice of any such intended redemption shall be given
by one publication thereof in the official newspaper of
the City at least once not less than 30 nor more than 45
days prior to the call date, and a copy of such notice
shall be mailed within the same period to First Washington
Corporation at its main office in Seattle, Washington, or
its successor, if any. In addition, such redemption
notice shall also be sent to Moody's Investors Service,
Inc., and Standard & Poor's Corporation at their offices
in New York, New York, but the mailing of such notice to
such corPorations shall not be a condition precedent to
the redemption of such bonds. Interest on any bonds so
called for redemption shall cease on the payment of the
redemption price into the bond redemption fund.
This bond is one of a issue of $295,000.00 of bonds
of like date, tenor and effect, except as to denomina-
tions and maturities, and is issued by the City pursuant
to the provisions of Chapter 138, Laws of 1965, Ex. Ses.,
of the Legislature of the State of Washington, as amended,
known as the "Refunding Bond Act" (RCW Chapter 39.53),
for the purpose of refunding a part of its outstanding
"General Obligation Bonds, 1976," originally issued by
the City for capital purposes only, other than the
replacement of equipment, pursuant to an election
authorizing the same and under and in accordance with
the laws of the State of Washington and the ordinances
of the City.
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The interest on this bond is payable until April 1,
1986, solely out of the investment income from certain
United States government obligations purchased out of
the proceeds of the sale of the bonds of this issue
and certain other money of the City available therefor,
and the City hereby irrevocably covenants that it will
thereafter levy taxes annually upon all of the taxable
property within the City without limitation as to rate
or amount and in amounts sufficient to pay the principal
of and interest on the bonds of this issue as the same
shall become due from and after April 1, 1986. The full
faith, credit and resources of the City are hereby
irrevocably pledged for the annual levy and collection
of such taxes and the prompt payment of such principal
and interest.
It is hereby certified that all acts, conditions
and things required to be done precedent to and in
the issuance of this bond have been done, have happened
and have been performed as required by law, and that
the total indebtedness of the City, including this bond
issue, does not exceed any constitutional or statutory
limitations.
IN WITNESS WHEREOF, the City has caused this bond
to be signed by the facsimile signature of its Mayor
and attested by the m~ual signature of its City Clerk,
and its corporate seal to be hereto affixed, and the
interest coupons attached to be signed with the
facsimile signatures of said officials this twenty-
fifth day of May, 1977.
CITY OF BREMERTON, WASHINGTON
Sy~ (facs.i.mile signature) Mayor
ATTEST:
City Clerk
The interest coupons shall be in substantially the
following form:
Coupon No.
$143.75
($28.75 on bonds numbered
1, 6, 12, 13 and 19)
(Unless the bond referred to below has been previously
redeemed)
on the FIRST DAY OF (APRIL)(OCTOBER), 19 , the CITY OF
BREM~RTON, WASHINGTON, upon presentation an--~ surrender
of the this coupon will pay to the bearer at the office
of the Treasurer of the City or, at the option of the
holder, at either fiscal agency of the State of Washington
in the cities of Seattle, Washington, or New York, New
York, the amount shown hereon in lawful money of the
United States of America, said sum being the interest
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due that date on its "General Obligation Refunding Bond,
1977," dated May 25, 1977, and numbered .
CITY OF BREMERTON, WASHINGTON
By (facsimile signature) Mayor
ATTEST:
(facsimile siena ture)' City Clerk
Section 3. For the reason that the "General Obligation
Re funding Bonds, 1977," have already been issued and delivered to
the purchaser thereof under date of May 25, 1977, and it is necessary
to amend Ordinance No. 3362 to reflect the change in date of issuance
of such bonds as soon as possible, an emergency is hereby declared
to exist, and it is hereby found necessary for the public health,
welfare and safety that this ordinance become effective immediately
upon its passage, approval and publication.
PASSED UNANIMOUSLY by the City Council of the City of
Bremerton, Washington, at a regular open public meeting thereof,
signed by the Mayor, and attested by the City Clerk in authentication
of such passage, this ~'~-~ day of June, 1977.
CITY OF BREMERTON, WASHINGTON
ATTEST:
City C~k
APPROVED AS TO FORM:
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