HomeMy WebLinkAbout2124 ORDINANCE NO. 2124
AN ORDINANCE of the City of' Bremerton, Washington providing for the
issuance and sale of ~;1,300,000 of water and sewer rewenue bonds of the
city for the purpose of providing funds to acquit®, construct and install
part of the additions and improvements to ~nd extensions of the water sup-
ply and distribution system of the city authorized by Ordinance No. 2102,
providing the date, i~orm, 5erms, maturities and covenants of said bon~s
to k~ issued, creating a Bond Redemption Fund for the payment of the prin-
cipal of and interest on said bonds and a Reserve Account, providing cer-
tain covenants and protective features safeguarding such payments, author-
izing · the issuance of revenue bonds on a parity with such bonds ~o be is-
sued, and declaring an emergency.
WH~EREAS, by 0r~dinance No. 2102 of the city, passed and approved
February 9, 195~, the issuance of water and sewer reven~e bonds in the
total principal sum of not to exceed ~2,O00,O00 was authorized in order
to provide funds to pay the cost of acquiring, constructing and install-
ing certain additions and improvements to and extensions of the water
supply and distribution system of the city, with which system ~he sanitary
sewage disposal system of the city has been heretofore combined i~ the
maturer provided by law; and
WHEREAS, it has now been determine~ that it is to the best inter-'est
of the city and its ~nhabitants that only certain of those additions and
improvements to and extensions of said water system authorized in Section
1 of said Ordinance No. 2102 be acquired, constructed and installed at
this time; and
'~¥HEREAS, in order to provide the money necessary therefor it is deem-
ed advisable that the city now issue and sell ~t public sale ~1,~00,000
of its water and sewer revenue bonds out o£ the ~2,000,000 of' such bonds
so a~thoriz~d; and
WHEREAS, pursuant to call duly and regularly made, the city will open
¢ids for the acquisition, construction and ins~llation of sai~ additions,
improvements and extensions on September 12, 1955; and
WHEREAS, in order to take advantage of present weather and water lev-
el conditions, it is deemed necessary and advisable that sai~ bonds be
sold, said contracts be let and work started thereunder as soon as possible;
and
~'~HEREAS, it is further deemed necessary and advisable that provision
be made for the issuanc~ of aditional water and sewer revenue bonds on a
parity with the ~onds authoriz~ her~in if certain conditions may ~e met;
NOW, THEREFORE, THE CITY OF BREi~iERTON ~0ES 0R~AIN:
Sect. ion 1o As used in this ordinance the following words have th~
m~anings'hereinafter set forth unless the context indicctes that another
m~aning is intended:
(a) The word "System" shall mean the existin~ com0ined water and sew~
erage system of the city (combined by Ordinance No. 1848, passed and approve~
Auaust ~1, 1949) as the same will be added to, improved and extended out of
the proceeds of ~he sale of the bonds authorized herein and as sai~ system
may ~e later added to, improved and extended.
(b) The word "Bonds" or the words "the Bonds" shall mean the water
and sewer revenue bonds of the city issued pursuant to and for the purposes
provi~ed].in this ordi~a~'~e.
Section 2. The city shall acquire, construct and install the follow-
ing ad¢~itions and improvements to and extensionsof the System provided ~or
in Section 1 of Ordinance No. 2102, passed and approved February ~, 1955:
A. A concrete dam with all appurtena~ces on the Union River at or near
the west line of the southwest 1/4 of Section 2~, 'I'ownsh~p ~ North, Range
1 ~'. ~. ~., which dam will provide storage for approximately 1,$00,000,000
gallons of water.
B. Complete the installation of pipe in the ~IcKenna Falls-Bremerton
supply li~e, replace the temporary pipe previously installed in said line
and, if found to be necessary, construct a settling b~sin or tank on said
line in the southeast 1/4 of Section ~b, Township 24 North, Range 1
E° Acquire a site or sites for water reservoirs in East Bremerton.
l'hat for the purpose of providin6 funds to acquire, construct and in-
stall said additions and improvements to and extensions of the System, the
city shall issue its water and sewer revenue bonds in the total principal
sum of ~1,~00,000 out of the ~2,000,000 of such bonds authorized in said
Ordinance No.
ORDINANCE NO. 2124 (Con't)
The!Bonds shall be dated October 1, 1955, shall be in denominations
of $1,000 each, shall bear interest at a rate of not to exceed 6% per an-
num payable semiannually on the first days of April and October of each
year as evidenced by coupons to be attached to said Bonds, and shall be
numbered and matur'e in order of their n~ber as follows:
Bond Nos. Maturity Date Amount
1-5 October 1, 1956 $ 5,000
8-20 October 1, 1957 15,000.
21-35 October l, 1958 18,000
35-50 October 1, 1959 15,000
51~65 October 1, 1960 15,000
66-80 October 1, 1961 15,000
81,95 October 1, 1962 15,000
96-116 October 1, 1963 21,000
117-138 October 1, 1964 22,000
139-161 October 1, 1965 25,000
162-184 October 1, 1966 23,000
185-207 October 1, 1967 23,000
208-231 October 1, 1968 24,000
232-255 October 1, 1969 24,000
286-280 October 1, 1970 25,000
281-307 October 1, 1971 27,000
308-334 October 1, 1972 27,000
335-362 October 1, 1973 28,000
363-427 October 1, 1974 65,000
428-494 October 1, 1975 67,000
495-563 October 1, 1975 69,000
564-634 October 1, 1977 71,000
635-709 October 1, 1978 75,000
710-785 October 1, 1979 76,000
786-864 October 1, 1980 79,000
865-945 October 1, 1981 81,000
946-1029 October 1, 1982 84,000
1030-1116 October 1, 1983 87,000
1117-1207 October 1, 1984 91,000
1208-1300 October 1, 1985 93,000
Both principal ef and interest on the Bonds shall be payable in law-
ful money of the United States of America at the office of the City Treas-
urer in Bremerton, ~ashington, and shall be obligations only of the special
Bond Redemption Fund hereinafter created.
Section 3. The City of Bremerton hereby reserves the right to redeem
any or all of the outstanding Bonds in inverse numerical order on any of
the following interest Fayment dates at the following prices:
On October 1, 1960 to and including April 1, 1962, at ~103 per ~100 par value
On October 1, 1962 to and including April 1, 1964, at ~102 per ~100 par value
On October 1, 1964 to and including April 1, 1965, at ~101 per $100 par value
On October 1, 1965 and any interest pa~nent date thereafter, at par.
Notice of any such intended redemption shall be given by one publi-
cation thereof in the official city' newspaper not more than fortl nor less
than thirty days prior to said redemption date and by mailing a like notice
at ~he same ~ime to ~he person or persons, firm or firms, association or
associations, corporation or corporations acting as manager or joint mana-
gers of the account that purchases the Oonds at their sale by the city at
its or their main place or places oL b~siness or to the successor or succes-
sors in Ousiness of Said manager or joint managers, if a~y, at i~s or their
main place or places of b~siness.
Interest on any Bondor ~onds so called for redemption shall cease on
such redemption date unless such Bond or ~onds are not redeemed upon pres-
entation made pursuant to such call.
Section 4. The Bonds shall be in substantially the following form:
UNITED STATES OF AMERICa.
NO · $1 ,~000
STATE OF WASHINGTON
CITY GF BREMERTON
ORDINANCE NO. 2124 (Con,t)
KNOW ALL ~,~EN BY T~SE P~ESENTS:
That the City of Bremerton, a municipal corporation of of the
State of Washington, hereby acknowled[~jes itself to ow~ and for value
received promises to pay to bearer on the first day of October, 19 ,
the principal sm of
ONE THOUSAND ~LLARS
Tog~ether with interest thereon at the rate of __~ per ann~ pay-
able semiannually on the first ~ays of April and October of each year
as evidenced by and upon presentation and surrender of the attached
interest coupons as they severally become due. Both principal and in-
terest are payable in lawful money of the United States of ~erica at
the office of the City Treasurer in Bremertom, Washington, solely out
of the special fund known as "Bremerton 1955 Water and Sewer Revenue
Bond Redemption Fund~ create~ by Ordinance No. of the city.
The city has reserved the right to redeem any or all of the out-
standing bonds of this issue in inverse n~ertcal order on any of the
following interest payment dates at the following prices:
On October 1, 1960 to and including April 1, 196~, at ~103 per ~100
par value
0n October 1, 1962 to and including April 1, 1964, at $102 per ~100
par value
0n October 1, 1964 to and including April 1, 1965, at ~101 per ~$100
par value
On October 1, 1965 and any interest pa~ent date thereafter, at par.
Notice of any such intended redempci, on shall be given by one pub-
lication thereof in theofficial city newspaper not more than forty nor
less than thirty days prior to sai~ redemption date and 0y mailing a
like notice at the ss~e time to
as of the account that p~chased the bonds
of the issue of which this is one at their sale by the Oity at
of to the
in business of said ~_, if any, at .
This bond is one of an issue of water and sewer revenue bonds of
the city of like ~ount, date and tenor in the total principal s~ of
~1, 300, 000, which 0onds are issued pursuant to laws of the State of
Washington and ordinances of the city for the purpose of providing funds
to acquire, construct and install certain additions and improvements to
and extensions of the combined water and sewerage system of the city and
are payable solely out of the gross revenue of said comoined system.
The City of Bremerton here0y covenants and agrees with the holder
of this bond that ~t will keep and perform all the covenants of this
bond and of Ordinances No. 2102 and No. to be by it kept and per-
formed. ......
2he city 5Des hereby pledge and ~nd itself to set aside out of the
money in the Current Water ~ndof the city and to pay into said Bond Re-
demption Fund and the Reserve Account created therein by sai~ Ordinance
No...~... the various amounts required Oy said ordinance to be paid into
and maintain in s~id Fund ~nd Account, all within the times provided by
said ordinance. Said amounts so 'pledged are here0y declared to be a
prior lien and charge upon the money in said Current Water ~nd superior
to all other ch~:~rges of any kind or nature except the necessary cost of
maintenance and operation of sai~ combines system and except the charges
necessary for the pa~cnt of the pFincipal of and interest on the out-
standing water and water and sewer revenue bonds oi the city issued under
dates of ~'!ay 1, 1942 and October 1, 1949, respectively.
The city has further bound itself to maintain said system in Eood
repair, workings; ordei~ and condition, to operate the same in an efficient
manner a~nd at ::~ reasonable cost, and to establish, maintain and collect
rates and charges for water and sewage disposal service that will pro-
vise revenue sufficient to pay the necessary cost of maintenance and op-
eration of said combined system, the charges necessary for the pa~ent
of the principal of and interest on said Outstanding water and water
and sewer revenue 0onds, and to pay into said Bond f~edemption Fund and
t~eserve Account the amo~ts which the city has pledaed to be set aside
therein.
O~DINANCE NO. 2124 (Cch't)
It is hereby certified and declared that the Oonds of this issue are
issued pursuant to and in struct oomp!iance with the Constitution and laws
of 'the State of Washington and ordinances of the City of Bremerton, and
that all acts, conditions and things required to be 8one precedent to and
in the issuance of this bond have happened, been done and performed.
IN WITNESS '~HE~EGF, the City of Bremerton, Washington, has caused
this bond to be signed by its ~/[ayor, attested by its Clerk, the corporate
seal of the city to be impressed hereon, and the interest coupons attach-
ed hereto to be signed with the facsimile signatures of said officials,
this first day of October, 1955.
CITY OF BREi¥1ERTON,~GTON
City Clerk
The interest coupons to ~e attached to said~bonds shall be in sub-
st~ntially the following form:
NO,
On the first day of ,19~, the City of Bremen'ton,
Washington, will pay to bearer at the office of the City Treasurer in
Bremerto~ the stun of DOLLARS in lawful money in the
United States of Amercia out of the speck"al fund of the city known as
"Bremerton 1955 Water and Sewer Revenue Bond Redemption Fund,
being the simi~nnual interest due that day on its water and sewer rev-
enue bond dated October 1, 1955, and n~bered .
CITY OF BR;~i¥1ERTON, '~ON
ATTEST:
City Clerk
Section 5. The Bonds shall Oe signed on behalf of the city by its
l~layor, shall be attested by the City Clerk, and shall have the corporate
seal of the city impressed thereon. The interest coupons ~ttache~ to the
~onds shall Oe signed with the facsimile signatures of said officials.
Section 6. That there has been heretofore cre~ted a special fund
of the city known as the "Current Water Fund'~ -~11 of the gross earnings
and revenue of the System shall be pain into the Curz'ent Water Fund
collected. Ail costs of maintaining and operating the System, all charges
for the pa~ent of the principal of and interest on the outstanding w~ter
and w~ter and sewer revenue bon~s of the city issued ~der dates of ~,~ay 1,
1942 and October 1, 1949, respectively, all costs of improvements, addi-
tions, betterments and repairs to and replacements and extensions of the
System (except when the s~e are financed ~y the issuance of bonds or cou-
pon warrants), all pa~ents required to Oe maSe into the Bond Redemption
Fund and Reserve Account hereinafter created, ~d all p~'~ents which may
be required by subsequent ordinances of t~e city to ~ made into any bond
redemption fund and/or reserve account created for the purpose of paying
or guaranteeing the payment of the principal of an5 interest on any sub-
sequently issued water and sewer revenue bonds of the city shall be paid
out of the Current Water Fund.
Section 7. That there Oe ::~n~.~ is hereby created another special fund
of the city to be known as the "Bremerton 1955 ~ater and Sewer Revenue
Bond Redemption Fund" (herein called the "Bond Redemption Fund"), which
Fund is to be drawn uFon for t[~e sole purpose of paying the principal of
and interest on the Bonds as the s~ae s~all become due.
From and ~fter ~he date of the Bonds, and for as long as any of the
s~e are outstanding and unpaid, the City Treasurer shall set aside and
pay into ~he Bond ReSem?tion ~und out of the C~r~nt Water F~d, at least
thirty days prior to the r~:.spective dates on which the interest or princi-
pay and interest of the Bonds shall Oecome due and payable, the ~ount of
suc~ interest or principal and interest next becoming due on the Bon~s
outs t anding.
~hen th~,e is sufficient money in the Bond Redemption Fund and the
[~ese~ve Account hereinafter created to pay the principal of ~,d~ interest
ORDINANCE N0. 2124 (Con't)
on all 'the outstanding Bonds, then no further payments.need be made into
the Bond Redemption Fund.
Said ~unounts so pledged to be paid into the gond Redemption Fund
and hereinafter pledged to ne paid into said Reserve Account are hereby
declared to be a prior' lien and charge upon the money in the Current Wat-
er Fund superior to all o'sher charges of any kind or nature escepn the
necessary costs of maintena~ce and operation of the System and except
the ch~r~es on the money in said ~und necessary for the payment of the
principal of and interest on the outstanding water and water and sewer
revenue 0onds of' the city issued under dates of May 1, 1942 and October
1, 1949, respectively.
Section 8. A Reserve account is hereby created in the Bond Medemp-
tion Fund, and the city hereby a~:~rees that it will set aside a~-~_d pay in-
to said Reserve Account out of the moneys in its Cuz~rent Water ~n~-] on
or before October first of each year co~mnencin6 with the year 1956 'the
stun of not less t~an ~13,000 until the stun of ~91,000 has been paid into
said Reserve Accoant.
The city further a_rees that when said s~nn of ~91,000 has 0een paid
into the Reserve Account it will at all times maintain that amount there-
in until there is a sufficient amoun~ in the Bond ~edemption Fund and
Reserve Account to pay the principal of and interest on all the outstand_-_
iflg Bonds.
In the event there shall ~e a deficiency in the ~ond Redemption Fund
to meet maturing installments of either principal of or interest on the
Sonde, such deficiency shall be made up from the Reserve Account by the
withdrawal of sash therefrom. Any deficiency created in the Reserve Ac-
count by re,son of any such withdrawal' shall then 0e made up from moneys
in the Current Water i,:und first available after making necessary provis-
ton:'for the required payments into the ?ond !~ede~'.~'pt~cr',
AIl money [¥-,. f;ke '-~.~.~.~:~:~rve Account may 'be kept ~n cash or invested in
direct obligations of the United States having a guaranteed redemption
price, or in United States obligations maturing not later than twelve
years from date of purchase and in no event maturing later than the last
maturity of the Bonds~ outstanding at the time of such purchase. Interest
earned on any such investments shall be deposited in and become a part of
the 5ond Redemption Fund.
Section 9. The corporate authorities of the city hereby declare,
in fixing the amounts to be paid into t~e Bond [~edemption Fund and Re-
serve Account as ~rovided herein, that they have exercised due ~
reg~r~ to
the cost of mai~:tenance and operation of the System and the amount of
the revenue of the System previously pledged for the payment of the prin-
cipal of and interest on the outstanding water and water and. sewer rev-
enue bonds of the city, andhave not o~ligated the city to set aside and
pay into said Fund and Account a greater amount of the revenue of said
System than in their judgment will be available over and above suc[~ cost
of maintenance and operation and ,the amounts necessary to pay the prin-
cipal of and interest on such outstanding water and water and sewer rev-
enue bonds.
Section 10. The City of Bremerton hereby covenants with the owner
and holder of each of the Bonds as follows:
(a) '[~bat it will establish, maintain and collect rates and charges
for water and sanitary sewage collection and disposal service for ss
long as any of the Bonds are outstanding which shall provide sufficient
revenue to meet all obli~ations of the city as herein set forth, iaclud-
ing] the payment of' the cost of maintenance and operation of the System,
the payment of the amounts necessary to pay the principal of and interest
on the outstandin~ water and water and sewer revenue bonds of the city
issued under dateof ~iay 1, 194~ and October 1, 1949 respectively, the
paymen't of the amounts necessary to pay the pFincipal of and interest on
the ~onds, and on any ~nd all water and sewer revenue bonds that may be
issued on a parity with the Bonds.
(b) ±'hs.t it will at all times maintain and keep the oyst~m in good
repair, working order and condition, and will at all times operate the
System and the business in connection therewith in an efficient manner
and at a reasonable cost.
(c) That it will not sell or dispose of any of the properties of
the System (unless the same are no longer used, useful or necessary in
the opera'tion thereof) unless provision is made for payment into the
Bond Redemption Fund of a sum sufficient to pay the principal of and
tek'est on the outstanding Bonds in accordance with the terms thereof.
O~DINANCE 2124 (Con't)
Section 11o A. That it will not create any special fund or funds
for the payment of any other water and sewer revenue bonds, including the
remaining bonds authorized by Ordinance No. 2102, that will rank on a par-
ity with or have any priority over tile payments out of the Cur~,ent Water
Fund into the Bond Redemption Fund and iReserve Account created herein,
except that the city reserves the right, for
First, the purpose of acquiring, constructing and installing addi-
tions and improvements to a~nd extensions of, acquiring necessary equip-
ment for, or making necessary replacements of or repairs to equipment or
making capital improvements to the System, or
Second, the purpose of refunding or purchasing and retiring at or
prior to 'their maturity any outstandina revenue bonds or coupon.~warrants
of the city that may have a lien upon the money in the Current ~ater Fund
for t!~e payment oi' 'the principal thereof and interest thereon junior and
inferior to the lien on ~he money in such Current Water Fund for the pay-
ment of the principal of and interest on the Bonds,
to issue additional cz, refunding revenue bonds therefor and to create a
special fund or funds for the payment of the principal thereof and inter-
est thereon into which fund or funds payments may be made from the Cur-
rent Water ~'und sufficient to pay the principal of and interest on such
additional or re±'unding bones an to maintain 'the required reserves there-
for which such payments may rank equally with the payments out of the C~r-
rent Water Fund into the Bond Redemption Fund and Reserve Account created
herein upon compliance with the following conditions~
(1) ~'hat at the time of the issuance of such ~dditional or refund-
ing revenue bonds there is no deficiency in the Bond Redemption Fund or
Reserve Account created her~in or in any bond redemption fund or reserv~
account which may have been created for the payment of the principal of
and interest on any revenue Oon~s issued on a p~rity with the Bonds and
prior to the issuance of such additional or refunding bonds; and
(~) That each ordinance providing for the issuance of such addi-
tional or refunding revenue bonds shall create a bond redemption fund for
the payment of the principal thereof and interest thereon and shall also
create a reserve account in such bond redemption fund for the purpose of
making up any deficiency therein, and each such ordinance shall provide
for the payment into such reserve account within seven years from the
d~te of issuance of such additional or refundins bonds of a sum. at least
equal to the average amount required each calendar year for debt service
on such additional or refunding bonds; and
(3) That at the time of the issuance of such additional or refund-
ing revenue bonds the city shall have on file a certificate from an in-
dependent licensed professional engineer or engineering firm showing that
the annual average ne~ revenues of the System for any thirty-six consec~.-
tire months of the forty-eight months next preceding the issuance of such
additional or refundin~ bonds, plus his estimate of the annual net reven-
ues to be derived from the operation of the additions and improvements to
or extensions of the System acquiz~ed, constructed or installed out of the
proceeds of the saia of such additional bonds will equ~l at least 1.4 times
the maximum ~mount required to ce paid in any calendar year ~hereafter for
principal of and interest ~n ~11 outstanding revenue bonds payable out of
the revendes of the System, including the principal of and interest on such
~dditional or refunding revenu® bonds.
The words "net revenu®~~' as used in subparagraph (3) immediately above
sh~ll Oe construed as the d mount remaining from the gross operating reven-
ues of the System ~fter deducting therefrom all costs of operating and
maintaining the System but before depreciation.
B. That it further reserves the right to issue refunding revenue
bonds and to create a special fun~ or funds for 'the payment of the princi-
pal 6hereof and interest thereon into which fund or funds payments may
be made out of the Current ~ater Fund suI'ficient to pay the principal
'thereof and interest thereon and to maintain the required reserves there-
For which such payments may ranR equally with ohe payments out of such
Current Water Fund into the Bond Redemption Fund and Reserve Account cre-
ated herein upon compliance with the following conditions~
(1) Such refunding revenue bonds or the proceeds of their sale are
used to exchang'e with or purchase and retire prior to their maturity an
equal principal, amount of the outstanding water or water and sewer rev-
enue bonds of the city issued under dates of May 1, 1942 and October 1,
1949 respectively, or any part thereof, an eq~al principal amo~mt of the
Bonds or any part 'thereof, and/or an equal principal amount of any or
~11 other reven~e bonds whic~ may be hereafter issued on a parity with
the Bonds or any part thereof; and
(2) 'i'he issuance of such refundin[i revenue bonds and retirement of
outstandin~j bonds does not require a greater amount to be paid out of
the Current ~ater Fund in any calend~r year thereafter for the principal
~nd interest of the refunding revenue bonds to be issued than required
ORDINANCE NO. 2124 (ton't)
to be paid out of such Fund in any calendar year thereafter for the
principal and interest of the bonds to be redeemed; and
(3) ~hat the city will require in the ordinance providing for
the issuance of such refunding revenue bonds and creating the fund
for the payment of the principal thereof and ~.nterest thereon for pay-
ments into a reserve account to be created in such fund in the propor-
tionate amount and as required in Section 11 A (2) above; provided,
that any moneys in a reserve account created to guarantee payments of
the principal of and interest on the bonds being refunded may be trans-
ferred to the reserve account required to be created in this subpara-
graph.
C. Nothing herein contained shall prevent the city from issuing
revenue 0onds or waz'rants which are a charge upon the money in the Cur-
rent Water Fund junior or inferior to the payments required to be made
out of said Fund into the Bond Redemption Fund and Reserve Account cre-
ated herein.
Section 12. The Bonds shall be.:sold at public sale, the time,
date a~d place of which is hereby fixed at 11:30 a.m., October 5, 1955,
at the City Hall in Bremerton, Washington. The City Clerk is hereby
authorized and directed to cause a notice of the sale of said Bonds to
be pu01ished at least once in the official city newspaper and at least
once a week for two consecutive weeks in the Seattle Daily Journal of
Commerce, the first of each such publications to be at least fifteen
days prior to the date of such sa, lc.
Upon the sale of the Bonds, the proper city officials are hereby
authorized and directed to do everything necessary for the prompt is-
suance, execution and delivery of the Bonds to the purchaser thereof
and for the proper use and application of the fun~s derived from such
sale.
Section 13. Phis ordinance is declared to be one necessary toP
the immediate preservation of the public welfare and proper'ty of the
people of the City of Bremerton, and it is hereby found necessary for
the best interests and operation of the Water Department that ~he same
become effective i~nediately. ~herefore, an emergency is hereby de-
clared to exist, and this ordinance is hereby declared to be in full
force and effect from and after its psssage, approval and publication
as provided by law.
PASSED UNANI}iOUSLY by the City Council of the City of Bremerton,
Washinjton, st ~ regular m~eting thereof, s~dr~ed by the Mayor, and at-
tested by the City Clerk in authentication of such passage, this 14th
day of September, 1955.
CITY OF BREMERTON, ~SHINGTON
By~
ATTEST: Mayor
City Clerk
APPROVED AS TO FORM:
/s~ 8ichard Thor~rimson
Of P~ESTON, PHORGR!MSON & HOROW!TZ
Special Bond Counsel for the City