HomeMy WebLinkAbout01753WHEREAS, the additions, betterments and improvements
to and replacements and extensions of the existing water system
of the city provided for in said Ordinance No. 1318 will all be
made to that part of such system, so leased; and .
WHEREAS, in order to provide the money necessary to
acquire, construct and install said additions, betterments, im-
provements, replacements and extensions, it is deemed necessary
that the city issue its water revenue bonds in the total principal
sum of $2,200,000,the principal of and interest on such bonds to
be paid out of the rentals received by the city under the terms of
said lease; and
WHEREAS, on February 21, 1956, the Council accepted the
written offer of even date of Blyth & Co., Inc, of Seattle,
Washington, and Associates to purchase such bonds under the
terms, conditions and covenants therefor and at the price set
forth herein; and
WHEREAS, it is deemed necessary and advisable that a
trustee for the owners and holders of such bonds be designated
and, after due consideration, the Council has selected The
Pacific National Bank of Seattle, Seattle, Washington, to act
as such Trustee;
NOW, THEREFORE, BE IT ORDAINED by the Council of the
City of Port Townsend, Washington, as follows:
Section 1. As used in this ordinance the following
words have the meanings hereinafter set forth unless the context
indicates that another meaning is intended:
2.