HomeMy WebLinkAbout00147� X X
ize On From To
w- Tyler Ste- Lawrence SZ.
IN F St. Tyler St. San Juan Ave.
" Clay & Scott Sts Walker St. Lawrence St.
" Cass St. Lawrence St. A St.
" Willow St. A St. F St.
" Fir St. F St. Benton St.
" Blaine & Pierce Casa St. Garfield St:
i" Garfield St. Cass St. Harrison St.
" Blaine St. Taylor St. Monroe St.
E" Lincoln St. Taylor St. Monroe St.
In Van Buren St. Lincoln St. Garfield St.
5" Harrison & Chestnut Lawrence St. F St.
t'a E St. Chestnut St. Albert
In Van Ness St. Harrison St. F St.
L" Blaine St. Harrison St. Tyler St.
L" Garfield St. Harrison St. Tyler St.
In Polk St. Lawrence St. Garfield St:
5" Washington St. Gaines St. Benedict St.
5" Thayer & Jefferson Washington St. Prosper St.
4" Gise St. 19th St. 17th to Wilson
4" Tyler & Rose Sts. F. St. Taylor St.
The above described water lines shall be installed with all hydrants, valves, fittings,
equipment and appurtenances necessary for the proper operation therefo, and shall.be connec-
ted with the existing water system of the City wherever necessary. The location of such lin s
is all as more particularly set forth in maps and plans now in file in the office of the Wat
Superintendent of the City.
The City shell acquire all property, real and personal, easements, franchises and rights -
of -way necessary to carry out said plans, which plans shall be subject to such additions or
in pipe size or location or other details not effecting the main general plans hereinabove
set forth as shell be aughorized by the City Council either prior to or during the actual
course of construction. Said lines may be constructed and installed in such stages as the
Council shall determine to be in the best interests of the city.
Section 2. The estimated cost of the acquisition, construction and installation of the
above6escribed plan of additions and improvements to and extensions of the water system of
the city is hereby declared to be, as nearly as may be the sum of $250,000.00, which cost
shall be paid from the proceeds of the sale of the water revenue bonds of the city hereineft
provided for.
Section 3. The City does hereby propose and adopt as an integral part of the plan for t
acqu s on, construction and installation of the above described additions and improvements 1
and extensions of its water distribution system that it shall issue and sell its water raven e
bonds in the principal sum of $250;000.00. Ehe exact date, form, terms, maturities and coven
ants of said bonds shall be as hereafter fixed b ordinance.
Section 4. This ordinance shall take effect five days from and after its passage, approv
and publication as required b- law.
PASSED BY the Council of the City of Port Townsend, Washington, and approved by its
Vayor at a reguer meeting of said Council held this 17th day of November, 1959.
CITY OF PORT TOWNSEND, WASHINGTON
By
Mayor
ATTEST:
City Clerk
APPROVED AS TO FORM:
City Attorney Abrabham commented on the above Ord, saying that this Ord had been prepared
ay Preston, Thorgrimson & Horowitz attorneys at law and the attorneys had asked that the
above ordinance be passed at this time in order that the next steps may be taken in order
;o bring about the bond issue and suggested that Mr Easter be called upon to speak.
Mr Easter recalled that in 1957 the City of Port Townsend sold $100,000.00 worth of bonds
as the first step in a waterline rehabilitation project within the city those bonds having
naturity extending from 1958 through 1966. He proposed that the City now issue additional
bonds in the amount of 4�250,000.00, extending the maturity from 1967 to the year 1980. The
Doupon rate on the new �250,000.00 issue would range from4X.3/8% on a liar value of $13,000.00
xith maturity date of April 1i 1957, to a maximum of 4 5/8,% on a per value of $23,000.00
with maturity date of April 1, 1980. Iie said that the Blythe & Co. bid is subject to
unqualified legal approval of Preston, Thorgrimson & Howowitz, Seattle attorneys.
Mr Easter read the following terms of the bid: to -wit:
Honorable Mayor and
City Council
City of Port Townsend
Washington
Gentlemen:
For the legally issued $250,000. par value, City Of fort Townsend, Washington, Water Revenue
Bonds, 1959, to be dated December 1, 1959, interest payable semiannually April and October 1,
first coupon to be due October 1, 1960, and to mature and bear coupons as follows:
Par Value Maturi Coupon Rate
rI'.�, 0�6- Apr 67 4 61 1�76�
14,000 April 1, 1968 4 3/8%
15,000 April 1, 1969 4 3/8%
15,000 April 1, 1970 4 3/8%
16,000 April 1, 1971 4 3/6%
16,000 April 1, 1972 4 1/2%
17,000 April 1, 1973 4 1/2
18,000 April 1, 1974 4 1/2%
19,000 April 1, 1975 4 1/2%
20,000 April 1, 1976 4 5/8,$
21,000 April 1, 1977 4 5/8,$
21,000 April 1, 1978 4 5/8%
22,000 April 1, 1979 4/5/8%
23,006 April 1, 1980 4 5/8%
WE WILL PAY YOU gg98.00 er gq100.00, par value, plus interest from date of 'issue to data of
C9;
delivery of the $ERpif ai{y.
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PHIS BID is subject to our receiving prior to delivery of the bonds the unqualified approvin
Legal opinion of Messrs. Preston, Thorgrimson & Orowitz, Attorneys of Seattle, Washington,
:oat of said opinion to be paid by us. We also agree to pay for printing of said bonds for
*our signature. .
PHIS BID is subject to the following terms and conditions:
(1( That the approving opinion of Messrs. Preston, Thorgrimson & Horowitz, attorneys of
Seattle, Washington, state, among other things, that these bonds are on a prity with the
1957 issue of City of Port Townsend, Washington, Water Revenue Bonds and that all terms and
^onditions necessary for -this parity have been met;
(2) That the bonds be ready for delivery on or before December 20, 1959, andy extension of
delivery time beyond that date lbo be at our option;
(3) That the City agree to place in a Reserve Fund within five (5) years from date an amoun
equal to the average annual debt ^ervice on this issue, this amount being $21,000. as out-
lined in Ordinance No. 1330. The City further agrees that on April 1, 1966 it will transfer
from the Reserve Fund on the-1957 issue $4,000.00 to bring the Reserve Fund on this issue to
a total of $25,000.00 on that date;
(4) That the bond ordinance providing for the issuance, sale and form of these bonds be
satisfactory to us and to our attorneys;
(5) That his issue will be callable for refunding pur:-oses on any interest payment date as
a whole or in part in inverse numerical order on and after ten (10) years from date of issut
at the following prices and dates:
Beginning April 1, 1969 to and including October 1, 1969 at 104.00
April 1, 1970 to and including October l; 1970------------- 103.50
.April 1, 1971 to and including October 1, 1971------------ - 103.00
Lpril 1, 1972 to and including Octobor 1, 1972------------- 102.50
April 1, 1973 to and including October 1, 1973------------- 102.00
April 1, 1974 to and including October 1, 1974------------- 101.50
,April 1, 1975 to and including October 1, 1975------------- 101.00
April 1, 1976 to and including October 1, 1976------------- 100.50
April 1, 1977 and thereafter ------------------------------- 100.00
)Plus accrued interest to date of call.(
This issue will also be callable as a whole or in part from excessearnings on any interest
payment date on and after April 1, 1969 at per, plus accrued interest to date of call. In
both cases notice of bond call shall be published in a Seattle newspaper thirty (30) days
prior to call date, and a copy of such notice shall be sent to Blyth & Co., Inc., Seattle,
Washington.
As evidence of good faith, we enclose certified check in:amount of $12,500.00 with the
understanding that if said bonds are awarded and delivered to us in accordance with all of
the terms of this bid, said chock is to be applied as part payment, otherwise it is to be
returned to us.
RESPECTFULLY submitted,
BRYTH & CO., INC.
C.W. Easter Vice President
and Manager Municipal Dept.
THE ABOVE BID for $250,000, par value of bonds, is hereby accepted on behalf
of the CITY OF PORT TO'NNSEND',' WASHINGTON, this 17th day of November, 1959,
and certified check in amo nt of $12,500.00 is hereby acknowledged.
Marilou Leighton
Mayor
Attest:
Gale I. Youngblood
Mr Easter also told the Council that if Blythe & Co. is to buy the bonds, it weld be
necessary that water department revenue is equal to 1.4 times the debt service on the bonds
As an example, he pointed out that if the debt service were $B4O00.00 per year, the
departments earnings would have to be $11,200.00. and there was no doubt in his mind that
the earnings of the department would be sufficient to meet the requirements. Mr Easter als
suggested that since the project would extend over a 2 or 3 year period that the City
invest funds not needed immediately be invested in government securities so it would be
earning interest xk±tn up to the time when the money would be used.
After some discussion Councilman Siebenbaum maded a motion seconded by Councilman Swinhoe
that the first reading bB Ord. No. 1378 be considered the second reading and the third
reading be by title only. Upon roll call vote all seven Councilmen present voted in the
affirmitive and motion declared carried.
THIRD READING & PAS3AGE
Ord. No. 1378 was read for the third time by title only and it was moved by Councilman
Swinhos seconded by Councilman Lindsey that Ordinance No. 1378 do now pass. Upon roll call
vote all councilmen present voted in the affirmitive and motion declared carried.
Councilman Siebenbaum made a motion seconded by Councilman Sullivan that the pmetemmaixty
R1Xtkx8x2m=Vxxyxtmxatnm=axtkx Mayor on behalf of the City of Port Townsend be aughorized
and directed to enter in to the proposal agreement submitted by Blyth & Co. Upon roll call
vote all councilmen present voted in the affirmitive and motion declared carried.
ADJOURNMENT
As there was no further business to come before the Council at this time it was moved by
Councilman Sullivan seconded by Councilman Siebenbaum that the meeting do now adjourn upon
roll call vote all Councilmen present voted in the affirmitive and motion declared carried.
MAYOR'
ATTEST
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