HomeMy WebLinkAbout3333 CITY OF BREMERTON, WASHINGTON
ORDINANCE NO. ~
AN ORDINA/{CE of the City of Bremerton, Washington,
providing for the issuance, specifying the maturities
and maximum effective interest rate, and fixing the
form of $2,500,000.00 par value of "General Obligation
Bonds, 1977," authorized by the qualified voters of
the City at a special election held on November 2,
1976, in conjunction with t/~e general State election
held on the same date, pursuant to Ordinance No. 3310
passed ~d approved August 25, 1976, as amended by
Ordinance No. 3314 passed and approved September 15,
1976; creating a special bond redemption fund and a
special acquisition and improvements fund; and
providing for the sale of such bonds, and declaring an emergency.
THE CITY OF BREMERTON, WASHINGTON, DOES ORDAIN:
Section 1. The City of Bremerton, Washington (hereinafter
called the "City"), shall presently issue and sell $2,500,000.00 par
value, being the total par value, of negotiable general obligation
bonds authorized by t~e qualified voters of the City at a special
election held on November 2, 1976, in conjunction with the general
State election held on tt~e same date, pursuant to Ordinance No. 3310
passed and approved August 25, 1976, as amended by Ordinance No. 3314
passed and approved September 15, 1976, for the purpose of acquiring
property for and construction of a new Fire Station, Youth and
Senior Citizens Recreational Center (including an indoor swimming pool),
additional open-space areas, parks and recreational facilities, and
improvements to existing parks and recreational facilities. The
bonds shall be dated April 1, 1977, shall be in denoiainations of
$5,000.00 each, shall be numbered from 1 to 500, inclusive, and
shall bear interest at a rate or rates not to exceed an effective
rate of 8% per annum payable on October 1, 1977, and semiannually
thereafter on each succeeding April 1 and October 1 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 t~e bond rate or rates from and after maturity until the
both principal and interest, are paid in full. Both principal
interest are to be paid in lawful money of the United States of
the office of the Treasurer of the City or, at the option
holder, at either fiscal agency of the State of Washington
Cities of Seattle, Washington, or New York, New York. The
shall be payable serially over a period of from two to twenty
~%e date of issue and shall mature in order of their
follows (based on an assumed interest rate of 5.50% per
Bond Numbers
(Inclusive) Amounts Maturities
1 to 16 $ 80,000 February 1, 1979
17 to 32 80,000 February 1, 1980
33 to 49 85,000 February 1, 1981
50 to 67 90,000 February 1, 1982
68 to 86 95,000 February 1, 1983
87 to 106 100,000 February 1, 1984
107 to 127 105,000 February 1, 1985
128 to 150 115,000 February 1, 1986
151 to 174 120,000 February 1, 1987
175 to 199 125,000 February 1, 1988
200 to 226 135,000 February 1, 1989
227 to 254 140,000 February 1, 1990
255 to 284 150,000 February 1, 1991
285 to 315 155,000 February 1, 1992
316 to 348 165,000 February 1, 1993
349 to 383 175,000 February 1, 1994
384 to 420 185,000 February 1, 1995
421 to 459 195,000 February 1, 1996
460 to 500 205,000 February 1, 1997
Section 2. The City reserves the right to redeem any or
outstanding bonds of this issue as a whole, or in part
numerical order, highest numbers first, on April 1, 1989,
par plus accrued interest to date of redemption, or on
semiannual interest payment date thereafter with such redemption
reduce 1/2 of 1% annually to par plus accrued interest to date
redemption on April 1, 1993, and thereafter.
Notice of such intended redemption shall be published in
official newspaper of the City at least once not less than thirty
than forty-five days prior to the call date, and a copy
notice shall be mailed within the same period to the original
or the account manager of the underwriter who purchases
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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 suoh 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 the bonds.
The City further reserves the right to purchase any or
all of the bonds in the open market at a/~y time at a price not in
excess of 102% of par if purchased prior to April 1, 1990, and
thereafter at a price not in excess of the call price applicable at
the time of purchase.
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, 1977
%
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--~'-, 1977,
and semiannually thereafter on each succeeding April 1
and October 1 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. The 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.
This bond is one of an issue of $2,500,000.00 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 the replacement
of equipment, to-wit, for the purpose of acquiring
property for and construction of a new Fire Station,
Youth and Senior Citizens Recreational Center (including
an indoor swimming pool), additional open-space areas,
parks and recreational facilities, and improvements to
existing parks and recreational facilities, all as
provided in Ordinances Nos. 3310, as amended by 3314,
and passed and approved August 25, 1976,
Septe--n~'15, 1976, and December 29, 1976, respectively,
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 of this issue as a whole, or in
part in inverse numerical order, highest numbers first,
on April 1, 1989, at 102% of par plus accrued interest
to date of redemption, or on any semiannual interest
payment date thereafter with such redemption price to
reduce 1/2 of 1% annually to par plus accrued interest
to date of redemption on April 1, 1993, and thereafter.
Notice of such intended redemption shall be published
in the official newspaper of the City at least once not
less than thirty nor more ~%~ forty-five days prior to
the call date, and a copy of such notice shall be mailed
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.
The City further reserves the right to purchase any
or all of the bonds in the open market at any time at a
price not in excess of 102% of par if purchased prior to
April 1, 1990, and thereafter at a price not in excess of
the call price applicable at the time of purchase.
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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
1 imi t ations.
IN WITNESS W~EREOF, 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, 1977.
CITY OF BREMERTON, WASHINGTON
By (facsimile si~.nature)
Mayor
ATTEST:
City clerk
The form of the interest coupons shall be substantially
as follows:
Coupon No.
(Unless the bond referred to ·below has been previously
redeemed}
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 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 due that date on its
"General Obligation Bond, 1977," dated April 1, 1977,
and numbered
CITY OF BREMEt~TON, WASHINGTO~
By ~ (facsimile signature)
Mayor
ATTEST:
. (facsimile ~ig_nature)
'City Clerk
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Section 5. The bonds shall be printed or lithographed on
good bond paper and shall be signed by the facsimile signature of
the Mayor and attested by the m~ual 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 Treasurer of the City two special funds, one to be
known and designated as the "General Obligation Bond Fund, 1977,"
for ~e 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, and the other to be
known and designated as the "Fire Station, Parks and Recreational
Facilities Acquisition and Improvements Fund, 1977," into which fund
shall be deposited the principal proceeds received from the sale
of the bonds to be used for the purPoses for which the bonds are
to be issued. Any moneys remaining in such "Fire Station, Parks and
Recreational Facilities Acquisition and Improvements Fund, 1977,"
including investment income therefrom, after such authorized
acquisitions and improvements have been carried out and completed,
may be retained in such fund and used to carry out any similar
acquisitions or improvements or for any other lawful City capital
purpose deemed appropriate by the City Council.
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 hereafter directed to be
given by ordinance of the City Council, which ordinance shall set
forth all of the terms of such sale.
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,
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and the City desires its right to so issue such bonds and sell
them be tested and determined by court action in accordance with
the provisions of Chapter 153, Laws of 1939 (RCW 7.24.160 to
7.24.180, inclusive) , and this ordinance shall, therefore, become
effective irLunediately 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 29th day of December, 1976.
Mayor
ATTEST:
/ 'City C'lerk
APPROVED AS TO FORM:
~ty Attorney
Date of Publication:
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