Loading...
HomeMy WebLinkAboutResolution No. 078R E S 0 L U T I 0 N A % f- A RESOLUTION of the City Council of the City of Medina, Washington, providing for the issuance of bonds of Local Improvement District No. 1 in the total principal sum -of $7,330.09. WHEREAS, the improvements provided for in Ordinance No. 193 of the city in Local Improvement District No. 1 have been completed and accepted by the city; and WHEREAS, the total cost attributable to the property owners in the local improvement district of acquiring, con- structing and installing said improvements, plus all costs incidental thereto in said local improvement district, is $10,260.00, and the assessment roll in said district in such total principal sum of.$10,260.00 has been confirmed by Ordinance No. 204 in the manner required by law;. .and WHEREAS, $2,929.91 of the assessments on said assessment roll was paid during the 30-day period permitted by law for the payment of assessments without penalty, interest or costs; and WHEREAS, after applying said amount of prepaid assess- ments to the payment of the cost and expense of said improve- ments and to the payment of all expenses incidental thereto, it will be necessary that the city issue bonds of said local improvement district in the total principal sum of $7,330.09 to pay the balance of the costs of said local improvement district; and WHEREAS, it is necessary that the date, form, terms and maturity of said bonds now be fixed; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Medina, Washington, as follows: Section 1: That for the purpose of paying the costs attributable to the property owners in the local improvement district of acquiring, constructing and installing improvements in the local improvement district, plus all costs incidental thereto, the city shall issue bonds of said local improvement district inthe principal sum of $7,330.09• Said bonds shall be dated July 31, 1967, shall be in denominations of $500.00 each, except for bond No. 1 which shall be in the denomination of $330.09, shall be numbered from 1 to 15 inclusive, shall bear interest at the rate of 5-1/2% per annum payable annually on the 31st day of July of each year, and shall mature on July 31, 1979. Said bonds shall be payable at the office of the City Treasurer in Medina, Washington, in lawful money of the United States of America. Notice of any intended redemption of any of such bonds prior to maturity shall be given by the City Treasurer by one publication thereof in the official city newspaper, if one has been selected, but if one has not been selected, then by one publication thereof in any newspaper of general circulationinthe city, not more than twenty nor less than ten days prior to said redemption date. Section 2: Said bonds shall be in substantially the following form: NO. UNITED STATES OF AMERICA STATE OF WASHINGTON $500 C CITY OF MEDINA LOCAL IMPROVEMENT DISTRICT NO. 1 N. B. Neither the holder nor the owner of this bond shall have any claim therefor against the City of Medina, except for payment from the special assessments made for the improvement for which this bond was issued, and except as against the local improvement guaranty fund of the city, and the city shall not be liable to the owner or holder of this bond for any loss to the guaranty fund occurring in the lawful operation thereof by the city. Theremedy of the holder or owner of this bond in case of nonpayment shall be confined to the enforcement of the assessments and to the guaranty fund. -2- THE CITY OF MEDINA, a municipal corporation of the State of Washington, hereby promises to pay to bearer the sum of FIVE HUNDRED DOLLARS in lawful money of the United States of America with interest thereon from the date hereof at the rate of 5.50% per annum payable annually, upon presentation and surrender to the City Treasurer of this bond and the annexed interest coupons as they severally become due. This bond, both principal and interest, is payable only out of Local Improvement District No. 1 Fund created by a resolution of the City Council adopted May 9, 1966, and from the Local Improvement Guaranty Fund of the city created by Chapter 209, Session Laws 1927. This bond is one of an issue of bonds aggregating in principal amount the sum of $7,330.09, is payable on or before July 31, 1979, and is subject to call by the Treasurer of said city on any annual.,,interest payable date whenever there shall be sufficient money in said Local Improvement District No. 1 Fund to pay the same and all unpaid bonds of this issue which are prior in numerical order to this bond, over i and above an amount sufficient for the payment of the interest next coming due on the unpaid bonds of this local improvement district. In case this bond is called for payment before its final maturity, each and every interest coupon not accrued at the time of such payment shall be void. Call for payment of this bond shall be made by the City Treasurer by one publication of such call in the -3- official city newspaper, if one has been selected, or, if not, in a newspaper of general circulation in the city, not more than twenty nor less than ten days prior to said call date, and when such call is made this bond shall be paid on the day the next interest coupon thereon shall become due after such call. IN WITNESS WHEREOF, the City of Medina, Washington, has caused this bond to be signed by its Mayor and attested by its Clerk, with the cor- porate seal of the city impressed hereon, and has caused the interest coupons hereto attached to be executed with the facsimile signatures of said of= ficials, this _ day of , 1967. CITY OF MEDINA, WASHINGTON. By Mayor ATTEST: City Clerk The interest coupons to be attached to said bonds shall be in substantially the following form: NO. $ On the 31st day of July, 19 , the City of Medina, Washington, will pay to bearer at the office of the City Treasurer, the sum of in lawful money of the United States of America out of Local Improvement District No. 1 Fund, said sum being the annual -4- interest due that date on bond numbered of Local Improvement District No. 1 of the city; provided, that this coupon is subject to all the terms and conditions contained in the bond to which it is attached. CITY OF MEDINA, WASHINGTON By ATTEST: City Clerk Section 3. Any moneys left in the "Medina Local Improvement District Construction Fund" for the purpose of paying the costs of this local improvement district after all expenses of said local improvement district have been paid shall be transferred to Local Improvement District No. 1 Fund, created by Resolution of .the City Council, adopted May 9, 1967. PASSED BY THE COUNCIL of the City of Medina, Washington, and approved by its Mayor at a regular meeting of said Council held this loth day of July, 1967. CITY OF ME NA, WASHINGTBy Mayor AT EST: C City ler c I, Bernice Bowden, City Clerk of the City of Medina, Washington, do hereby certify that the foregoing resolution is a true and correct copy of a resolution passed by the Council of said city and approved by its Mayor at a regular meeting of the City Council held on the 10thh day of July/,/�i1967. 0