HomeMy WebLinkAbout3273 CITY OF BREMERTON, WASHINGTON
AN ORDINANCE of the City of Bremerton, Washington,
providing for the issuance, specifying the maturities
and maximum effective interest rate, and fixing the
form of $450,000.00 par value of "General Obligation
Bonds, 1976," authorized by the qualified voters of
the City at a special election held on November 5,
1974, in conjunction with .the State general election
held on the same date, pursuant to Ordinance No. 3163
of the City Council passed on September 20, 1974;
creating a special bond redemption fund; and providing
for the sale of such bonds~ and declaring an emergency.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
BREMERTON, WASHINGTON, as follows:
Section 1. The City of Bremerton, Washington (hereinafter
called the "City"), shall presently issue and sell $450,000.00 par
value, being the total par value of negotiable general obligation
bonds authorized by the qualified voters of the City at a special
election held on November 5, 1974, in conjunction with the State
general election held on the same date, pursuant to Ordinance No.
3163 of the City Council passed on September 20, 1974, for the
purpose of providing the City's share of the funds required to
construct and equip a headquarters library building, including the
purchase of new books therefor, on land acquired therefor, in
conjunction with the Rural Library District of Kitsap County,
Washington. The bonds shall be dated April 1, 1976, shall be in
denominations of $5,000.00 each, shall be numbered from 1 to 90,
inclusive, and shall bear interest at a rate or rates not to exceed
an effective rate of 8% per annum, as evidenced by interest coupons
to be attached to the bonds representing interest to maturity, with
full obligation on the part of the City to pay interest at the bond
rate or rates from and after maturity until said bonds, both principal
and interest, are paid in full. Both principal and interest are to
be paid 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
thereof, at either fiscal agency of the State of Washington in the
Cities of Seattle, Washington, or New York, New York. The bonds
shall be payable serially over a period of from two to twenty years
from the date of issue and shall mature in order of their numbers
as follows:
Bond Numbers
(Inclusive) Amounts Maturities
1 to 3 $15,000 April 1, 1978
4 to 6 15,000 April 1, 1979
7 to 9 15,000 April 1, 1980
10 to 12 15,000 April 1, 1981
13 to 15 15,000 April 1, 1982
16 to 19 20,000 April 1, 1983
20 to 23 20,000 April 1, 1984
24 to 27 20,000 April 1, 1985
28 to 31 20,000 April 1, 1986
32 to 35 20,000 April 1, 1987
36 to 40 25,000 April 1, 1988
41 to 45 25,000 April 1, 1989
46 to 50 25,000 April 1, 1990
51 to 56 30,000 April 1, 1991
57 to 62 30,000 April 1, 1992
63 to 68 30,000 April 1, 1993
69 to 75 35,000 April 1, 1994
76 to 82 35,000 April 1, 1995
83 to 90 40,000 April 1, 1996
Section 2. The City reserves the right to redeem any or
all of the outstanding bonds of this issue 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, by publishing notice of such intended
redemption in the official newspaper of the City at least once not
less ~han thirty nor more than forty-five days prior to the call
date, and by mailing a copy of such notice within the same period
to the original purchaser or the account manager of the underwriter
who purchases the bonds. 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
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'to the redemption of such bonds. Interest on any bonds so called
for redemption shall cease on such call date upon payment of the
redemption price into the bond redemption fund for such bonds.
Section 3. The City hereby irrevocably pledges itself
to levy taxes annually, without limitation as to rate or amount, on
all property in the City subject to taxation in an amount sufficient
to pay the principal of and interest on the bonds as the same shall
become due, and the full faith, credit and resources of the City are
hereby irrevocably pledged for the payment of the principal of and
interest on such bonds.
Section 4. The bonds shall be in substantially the
following form:
No. $5,000.00
UNITED STATES OF AMERICA
STATE OF WASHINGTON
CITY OF BREMERTON
GENERAL OBLIGATION BOND, 1976
%
KNOW ALL MEN BY THESE PRESENTS: That the City of
Bremerton (the "City"), State of Washington, for
value received, promises to pay to bearer on the
FIRST DAY OF APRIL, 19 .., the principal sum of
FIVE THOUSAND DOLLARS
together with interest thereon at the rate of %
per annum, until fully paid, payable on October 1,
1976, 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 pa~able,
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.
This bond is one of an issue of $450,000.00 of
bonds of like date, tenor and effect, except as to
maturities [and interest rates if more than one
interest rate is bid], and is issued by the City
pursuant to a special election authorizing the same
for strictly municipal capital purposes, other than
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the replacement of equipment, to-wit, for the
purpose of providing the funds to pay the City's
share of the cost of constructing and equipping of
a headquarters library building on land acquired
therefor in conjunction with Rural Library District
of Kitsap County, Washington, all as Drovided in
Ordinance No. ~__~ of the City Council passed
January 28, 1976, and is issued in full compliance
with the ordinances of the City and the laws and
Constitution of the State of Washington.
The City reserves the right to redeem any or all
of the outstanding bonds 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, by publishing notice of
such intended redemption in the official newspaper
of the City at least once not less than thirty nor
more than forty-five days prior to the call date, and
by mailing a copy of such notice within the same
period to [the original purchaser or the account
manager of the underwriter who purchases the bonds].
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 corpora-
tions shall not be a condition precedent to the
redemption of such bonds. Interest on any bonds so
called for redemption shall cease on such call date
upon payment of the redemption price into the bond
redemption fund.
The City hereby irrevocably pledges itself to levy
taxes annually, without limitation as to rate or
amount, on all property in the City subject to taxation
in an amount sufficient to pay the principal of and
interest on the bonds.
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 manual 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 first day of April,
1976.
CITY OF BREMERTON, WASHINGTON
By (facsimile signature) Mayor
ATTEST:
City Clerk
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The form of the interest coupons shall be substantially
as follows:
Coupon No.
$
On the FIRST DAY OF (APRIL) (OCTOBER), 19 , the CITY
OF BREMERTON, WASHINGTON, upon presentation and
surrender of this coupon will pay to the bearer at the
office of the Treasurer of the City of Bremerton,
Washington, 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 semiannual interest due
that date on its "General Obligation Bond, 1976," dated
April 1, 1976, and numbered .
CITY OF BREMERTON, WASHINGTON
By (facsimile ~i~nature) Mayor
ATTEST:
(facsimile ~ignature) City Clerk
Section 5. The bonds shall be printed or lithographed on
good Dond paper and shall be signed by the facsimile signature of
the Mayor and attested by the manual signature of the City Clerk
under the seal of the City, and the coupons shall bear the facsimile
signatures of the Mayor and the City Clerk.
Section 6. There is hereby created and established in
the office of the City Treasurer a special fund to be known and
designated as the "General Obligation Bond Fund, 1976," for the
payment of the principal and interest on the bonds, into which fund
shall be paid the accrued interest received from the sale of the
bonds, together with all taxes collected for the payment of the
principal of and interest on the bonds.
Section 7. The bonds shall be sold for cash at public
sale for not less than par, plus accrued interest, upon sealed bids
to be received at the office of the City Clerk up to the day and hour
stated in the Notice of Bond Sale hereinafter directed to be given.
Notice calling for bids to purchase the bonds shall be
published once a week for four consecutive weeks in the official
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newspaper of the City and a short form of such notice shall also be
published once in the Daily Journal of Commerce of Seattle, Washington,
at least ten days before the bid opening date. Such notice shall
specify that the bids for the purchase of the bonds shall be received
by the City Clerk of the City at his office in the City Hall on
March 10, 1976, up to 11:00 o'clock a.m. (PST), and such bids will
be publicly opened and considered by the City Council at a reKula~
meeting thereof to be held on the same date commencing at 11:30
o'clock a.m. (PST). Such notice shall be in the form attached hereto,
made a part hereof, and marked "Exhibit A," to which reference is
made for the terms and conditions of bid for and sale of the bonds.
A copy of the notice shall, at least three weeks prior to the date
fixed for the sale, be mailed to the State Finance Committee,
Olympia, Washington.
The Clerk of the City shall be and is hereby authorized
and directed to publish notice for the purchase of the bonds in the
manner required by law in accordance with the provisions of this
section.
Section 8. This ordinance is necessary for the immediate
preservation of public peace, health and safety since the proceeds
of such bonds are urgently needed for the purposes of such issue,
and this ordinance shall, therefore, become effective immediately
after its passage, approval and publication as provided by law.
PASSED UNANIMOUSLY BY THE CITY COUNCIL OF THE CITY OF
BREMERTON, WASHINGTON, at a regular open public meeting thereof
this 28th day of January, 1976.
ATTEST: ~
C~ Clerk
APPROVED AS TO FORM:
Attorney
Date of Publication:
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NOTICE OF BOND SALE
CITY OF BREMERTON, WASHINGTON
GENERAL OBLIGATION BONDS, 1976
$450,000.00
SEALED PROPOSALS will be received at the office of the
City Clerk at the City Hall, Bremerton, Washington, until 11:00
o'clock a.m. (PST) on
MARCH 10, 1976
and such bids will be publicly opened and considered by the City
Council at a regular meeting to be held in the C '' Chambers
in the City Hall on the same date commencing at 11:30 o'clock a.m.
(PST) for the purchase of $450,000.00 par value of "General Obligation
Bonds, 1976," of the City of Bremerton, Washington, authorized to be
issued pursuant to a special election and Ordinances Nos. 3163 and
3~ , for strictly municipal capital purposes, other than the
replacement of equipment, to-wit, for the purpose of providing the
funds to pay the City's share of the cost of constructing and
equipping of a headquarters library building on land acquired
therefor in conjunction with Rural Library District of Kitsap
County, Washington. The bonds will be dated April 1, 1976, will be
in denominations of $5,000.00 each, will be numbered from 1 to 90,
inclusive, will bear interest at an effective rate not exceeding 8%
per annum, payable on October 1, 1976, and semiannually thereafter
on April 1 and October 1 of each year, interest to maturity to be
evidenced by coupons to be attached to the bonds, will be payable,
both principal and interest, at the office of the Treasurer of the
City of Bremerton, Washington, or, at the option of the holder
thereof, at either fiscal agency of the State of Washington in the
Cities of Seattle, Washington, or New York, New York, and will mature
serially as follows:
Bond Numbers
(Inclusive) Amounts Maturities
1 to 3 $15,000 April 1, 1978
4 to 6 15,000 April 1, 1979
7 to 9 15,000 April 1, 1980
10 to 12 15,000 April 1, 1981
13 to 15 15,000 April 1, 1982
16 to 19 20,000 April 1, 1983
20 to 23 20,000 April 1, 1984
24 to 27 20,000 April 1, 1985
28 to 31 20,000 April 1, 1986
32 to 35 20,000 April 1, 1987
36 to 40 25,000 April 1, 1988
41 to 45 25,000 April 1, 1989
46 to 50 25,000 April 1, 1990
51 to 56 30,000 April 1, 1991
57 to 62 30,000 April 1, 1992
63 to 68 30,000 April 1, 19~3
69 to 75 35,000 April 1, 1994
76 to 82 35,000 April 1, 1995
83 to 90 40,000 April 1, 1996
The City has reserved the right to redeem any or all of
the outstanding bonds of this issue 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, by publishing notice of such intended
redemption in the official newspaper of the City at least once not
less than thirty nor more than forty-five days prior to the call
date, and by mailing a copy of such notice within the same period
to the original purchaser or the account manager of the underwriter
who purchases the bonds. 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 such call date
upon payment of the redemption price into the bond redemption fund
for suck bonds.
The interest rate or rates for the bonds shall be fixed
by the City Council · after the bonds have been sold.
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The City, by Ordinance No. ~~, has irrevocably pledged
itself to levy taxes annually, without limitation as to rate or
amount, upon all property in the City subject to taxation in an
amount sufficient to pay the principal of and interest on the bonds
as the same shall accrue, and the full faith, credit and resources
of the City have been irrevocably pledged for the payment of the
principal of and interest on said bonds.
Bidders are invited to name the rate or rates of interest
which the bonds are to bear, not exceeding an effective rate of 8%
per annum. Bidders shall submit a bid specifying:
(a) The lowest rate or rates of interest and
premium, if any, above par at which the bidder
will purchase the bonds; or
(b) The lowest rate or rates of interest at
which the bidder will purchase the bonds at par.
No bid will be considered for the bonds for less than par
and accrued interest. The purchaser must pay accrued interest to
date of delivery of the bonds.
Coupon rates shall be in multiples of 1/8 or 1/10 of i%,
or both. No more than one rate of interest may be fixed for any one
maturity. Only one coupon will be attached ~o each bond for each
installment of interest thereon, and bids providing for additional
or supplemental coupons will be rejected. The maximum differential
between the lowest and highest coupon rates named in any bid shall
not exceed 2%.
·
For the purpose of comparing the bids only, the coupon
rates bid being controlling, each bid shall state the total interest
cost over the life of the bonds and the net effective interest rate
of the bid.
The bonds shall be sold to the bidder making the best bid,
subject to the right of the City Council of the City to reject any
and all bids and to readvertise the bonds for sale in the manner
provided by law, and no bid for less than all of the bonds will be
considered.
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Ail bids shall be sealed and, except the bid of the State
of Washington, if one is received, shall be accompanied by a deposit
of $22,500.00. The deposit shall be either cash or certified or
cashier's check made payable to the Treasurer of the City, which
shall be promptly returned if the bid is not accepted. If the bonds
are ready for delivery and the successful bidder shall fail and
neglect to complete the purchase of the bonds within forty-five days
following the acceptance of its bid, the amount of its deposit shall
be forfeited to the City and in that event the City Council may
accept the bid of the one making the next best bid. If there be
two or more equal bids for the bonds for not less than par plus
accrued interest and such bids are the best bids received, the
City Council-will determine by lot which bid will be accepted.
The bonds will be delivered to the successful bidder at the office
of the Treasurer of the City of Bremerton or in the City of Seattle
at the expense of the City, or at such other place as ~he Treasurer
of the City and the successful bidder may mutually agree upon at the
purchaser's expense. Delivery will be made in Federal'Funds within
forty-five days of the bond sale.
Any bid presented after the hour specified for the receipt
of bids will not be received, and any bid not accompanied by the
required bid deposit at the time of opening such bid will not be
read or considered.
It is understood that if, prior to the delivery of the
bonds, the income receivable by the holders thereof shall become
taxable, directly or indirectly, by the terms of any federal income
tax law, the successful bidder may at its option be relieved of its
obligation to purchase the bonds, and in such case the deposit
accompanying its bid will be returned, without interest.
The City will cause the bonds to be printed or lithographed
and signed without expense to the successful bidder.
The approving legal opinion of Messrs. Roberts, Shefelman,
Lawrence, Gay &Moch, attorneys, Seattle, Washington, will be
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furnished to the purchaser of the bonds without cost to the
purchaser, which legal opinion will be printed on each bond, and a
no-litigation certificate will be included in the closing papers.
Information concerning the bonds may be received upon
request made to the undersigned or to Foster & Marshall Inc., the
City's financial consultants, at 205 Columbia Street, Seattle,
Washington. ~
DATED at Bremerton, Washington, this day of January,
1976.
G. C. YE Clerk
Publication Dates:
February 11, 1976
February 18, 1976
February 25, 1976
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