HomeMy WebLinkAbout01754(a) The word "Lease" shall mean that certain lease dated
March 15, 1956 and entered into by and between the City of Port
Townsend and Crown Zellerbach Corporation whereby the city leased
to said corporation a part (called the "waterworks and system" in
said Lease).of its water supply and distribution system lying out-
side its present city limits for a period ending on March 1.5, 2000.
(b) The words "Leased System" shall mean that specific
portion of the water supply and distribution system of the city
leased by it to Crown Zellerbach Corporation in the Lease.
(c) The word "Bonds" shall mean the special water revenue
bonds of the city issued pursuant to and for the purposes provided
in Ordinance No. 1318 and herein.
Section 2. That for the purpose of providing money to
pay the cost of acquiring, constructing and installing those
additions, betterments and improvements to and replacements and
extensions of the existing water supply and distribution system
of the city as authorized by said Ordinance No. 1318 or to repay
any moneys advanced for any of such purposes, the city shall issue
its water revenue bonds (herein called the "Bonds") in the total
principal sum of $2,200,000.
The.Bonds shall be dated April 1, 1956, shall be in
denominations of $1,000 each, and shall be numbered, mature, and
bear interest
payable semiannually on
the first days
of April
and October of
each year as follows:
Interest
Bond Nos.
Maturity
Date
Amount
Rate
1-45
April
1,
1957
$ 45,000
3%
46-92
April
1,
1958
47,000
3%
93-140
April
1,
1959
48,000
3%
141-190
April
1,
1960
50,000
3%
191-241
April
1,
1961
51,000
3%
242-294
April
1,
1962
53,000
2 3/4%
295-348
April
1,
1963
54,000
2 3/4%
349-404
April
1,
1964
56,000
2 3/4%
405-462
April
1,
1965
58,000
2 3/4%
3.