HomeMy WebLinkAbout01881ORDT.WIMCE 140. 1379
AN ORDXN;WCE of the City of Port Townsend, Washington,
providing for the issuance of $250,000 of water
revenue bonds of the city to provide the money
necessary to acquire, construct and install certain.
additions and improvements to and extensions of
the water system of the city as authorized by
Ordinance No. 1378, passed and approved November
17, 1959, fixing the date, form, terms, maturities
and.covenanto of said bonds., creating a special
fund for the payment- of the principal thereof and
interest thereon and a reserve account, providing
and adopting certain covenants and•protective
features safeguarding the paymentof such principal
and interest, creating a Conetruction Fund, and
confirming the sale of said bonds.
REP-1ASj ordinance No. 1378 of the city, passed and approved
November 17,, 1959, authorized the acquisition, construction and :Ln-
stallation of certain additions and improvements to and extensions
of the water system of the city$ declared the estimated cost thereof,
and authorized the issuance of water revenue bonds of the city in
the principal sum of $250,000 to pay such cost] and
TMrREASj on November 17$ 1959, the City Council accepted
the written offer of Blyth Co.,, inc., an investment banking company
of Seattle, Washington, of even date to purchase said bonds under the
terms, conditions and covenants as set forth in said ordinance and at
the price of $98 per $100 par value; and
WHEREAS, pursuant to ordinance No. 1330 of the city, passed
and approved March Sj 1957j the city issued. and sold $100,000 of its
water revenue bonds dated Z.Vril 1, 1957, and provided in Section 15
thereof that additional water revenue bonds of the city could be
issued on a parity with said outstanding April li 1957 water revenue
bonds if certain conditions were met; and
WHEREAS, it appeara to the. Council tlaat said conditions may
be mat and that J.t is to tb:2 :aril Ontoriix.t of tbo, city and itri in
habit-snte that tlic bonc!Ei authori_=(3 Lo.i.ein be in- Lied cn a pLirity
with such oiatstana.1in,: P.pril. 1, 1957 wato)' revenue bonrlz;
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