HomeMy WebLinkAbout3334 CITY OF BREMERTON, WASHINGTON
ORDINANCE NO.~~
AN ORDINANCE of the City of Bremerton,
Washington, amending Ordinance No. 3327,
passed by the City Council, signed by the
Mayor and attested by the City Clerk in
authentication of such passage December 8,
1976, and relating to $755,000 par value of
"City of Bremerton Parking Revenue Refunding
Bonds, Series 1976" and declaring an emergency.
THE CITY OF BREMERTON DOES ORDAIN:
Section 1. Section 7 of Ordinance No. 3327 passed
December 8, 1976, is amended to read as follows:
"Section ~. Disposition of Refunding
Bonds Proceeds. So much of the proceeds of
the sale of the Refunding Bonds as found to be
necessary shall be used immediately upon receipt
thereof to purchase from the United States
Government certain United States Treasury
Certificates of Indebtedness, Notes and Bonds -
State and Local Government Series (commonly called
'book entry obligations') in the principal amount
of $755,000.00 due November 1, 1987, and bearing
interest at the rate of 7.252% per annum. The
balance of the principal proceeds received shall
be used ~oward payment of the costs of the
refunding operation. Such book entry obligations
to be so purchased shall be irrevocably deposited
with Seattle-First National Ba~k, Seattle,
Washington (hereinafter called the 'Refunding
Trustee'). All the moneys received as principal
and interest on such book entry obligations shall
be held by the Refunding Trustee in trust and
shall be used for the sole purpose of paying the
interest on the Refunding Bonds until the out-
standing 1970 Bonds shall have been called,
paid and retired on November 1, 1987, and for
the purpose of paying the principal of and call
premium on said outstanding 1970 Bonds on the
date they are to be called for redemption as
aforesaid."
Section 2. Section 2 of the Agreement between the City
of Bremerton, Washington and Seattle-First National Bank, Seattle,
Washington, as Refunding Trustee, attached as Exhibit A to Ordinance
No. 3327 is also amended to reflect the principal amount of the
"Obligations" purchased and the interest rate thereof in accord-
ance with this amendatory ordinance.
Section 3. Effective Date. For the reason that
delivery of the Refunding Bonds was. completed to the purchaser
thereof on December 17, 1976, and it is necessary to reflect the
actual amount of book entry obligations purchased and the interest
rate thereof as soon as possible after such bond delivery, 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 ~C ~~ , 1976.
CITY OF BREMERTON, WASHINGTON
ATTEST:
City C~rk
APPROVED AS TO ~FORM:
~.ei'ty A~orney ~
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