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HomeMy WebLinkAbout721 ~ t:' ;'l -'" . 1 (. ...,. r, "",-- ... I.:'-"'~. .,.,;1.- - it ORDINANCE HO. 721 .... AU ORDINANCE providing for the investment of cerJlIain moneys now in the Municipal Water Extension Fund of the City of Auburn in certain Series !TBT1 Municipal '-ater E-Ltension Fund Bonds maturing~in tn~ ye~rs 19%~ ana 1941..- WHEREAS, the City of Auburn, heretofore and in January, ..,;,~- 1925, by ordinance No. 567 adopted a plan for making extensions to its water system und providing for the issuing of vmter works revenue bonds to the amoilllt of (200,000.00 to pay the cost there- of, rrhich system, including such proposed issue of bonds was afterwards duly assented to by the qualified electors of the City of Auburn at a special election held for that purpose; and WHEREAS, the City of Auburn afterwards and in pursuance of -~~-- -- said Ordinance :era. 56'7 and of Ordinance lio. 589 of the ordinances ... ':: ~ ~ ~:;;;; ~ =:: ='--.::.:::l ,;;; ~ :::: iii::;; ~ _ 1:1I.,. ----. ''":: __ of said City issued and sold its Municipal Water Extension Fm1d, Series "All, Bonds to the amount of $100,000.00, each of said bonds being dated JUlle 1, 1925 and bearing interest at the rate of five (5) per cent per annum; and V:l{ERE~.S, the City of AubUl"n afterwards and in pursuance of the pr ovisions of said Ordinanc e Ho. 567 and of the P'l'is10ns ~, of Ordinance No. 612 of the Ordinances of the City of Auburn issued and sold its Eunicipal Vlater EiCtension Fund, Series llBll, Bonds amounting in the aggregate to $100,000.00, each of which ~~ -' bonds is date~ December 1, 1925 and bears interest at five and one-quarter (5 1/4) per cent per annum; and YIIilltEA.S, the bonds issued and sold as aforesaid mature at dif:ferent dates, the last of Series T1A" Bonds maturing on June 1,194'7 and the last of Series !TB" Bonds maturing on December 1, 1947 ; and ;. , t'r! .. ./ r- ,..~;. ~,....~1.,. ~.-; - WHERElI.S, all of said bonds, issued and sold as aforesaid, "" whioh have matured, have been paid out of and from the I,!unicipal Water Extension Fund created by said Ordinance No. 567, and all interest which has accrued on said Series TTAlT Bonds up to Jru1e 1, 1931 has been paid am1 all interest which has accruedluPol1 said Series lTBlT Bonds up to December 1, 1931 has been paid from said ;.pi.!' Municipal Water Extension Fund; alill ::; ~ ;HEREA.S, there is now in the hands of and under the control of the City of Auburn, in said Uunicipal :7ater Extension Fund, apprO"...{ima tel;y- the sllin of $ ~ JI~f C() : and WHEREtI.S, Ferris Be Hardgrove, dealers in bonds, of Seattle, "'_~ ;;0:;;'" Washington, have offered to sell to the City of Aubl~n bonds .. numb er ed '7 1.. I 't '3 I L.t 4. 4 b - Ov.. ~~~~(} I " f.' , of said Series lTBlT Bonds, due Decemb~i -1, 194p including all ,.-' I - ------- _..,-~ coupons attached thereto and all interest to accrue thereon since December 1, 1931 for the sum of o-.!i., b 'J., b 0 , and have offered to sell to the City of Auburn bonds numbered ~_~-O,_~:J) ~--:t ~\.AJ, ~...... 3 of said series TTBTT Bonds, due December " 1, 194~, including all coupons attached thereto and all interest to accrue thereon since December 1, 1931 for the sum of <-::1-2 Lot ~1~O, all of said bonds to [)e delivered to the City of Auburn and to be paid for by the City of Auburn on the 26th day of January, 1932; a.'lld WHER.EAS, Sect i011 9147 of Remingt on T s Compiled Sta t-llte s of Washington, g1"unts to the City Council of a city of the third class power to provide for the investment of moneys in sinking funds in county, city or school district warrants and mW1icipal public utilities or local improvement securities of s.uch, or other munici- pal corporations, subject to approval of the state Bureau of Inspection and Supervision of ~blic Offices; and '. . . ." i< <F: ~. !,ccl ,-t .:7' '7REREAS, the state Bureau of Inspection and Supervision of :Public Offices of the State of Ylashington has signifie(l its approval of the purchase of said bonds offered for sale as afore- said by s8,id Ferris (.; F2..rdgrove, such -bonds to be purchased by the City of Auburn, as an investment, 8.Ila the. purchase pr:i:ce Jehereof '~.- ~~-:\ paid with moneys now in the Treasury of the City of Auburn to its ^' said IJunic ilXl.l Water E:'\:tension Fund; HOW, TlrEl.U~:B'ORE, TI{E CITY :: 01.;1'1"9 11 OP S1:rIE C IT-:: OF AI'8l)'RN DO ORDAIN AS ]101110\/S: Section 1. That the City COllilCil of the City of ~u)u~n estimates and finds ti1at :the revenues acoruing and to accrue to said Municipal l'Jater Extension Fuml of the Cit;y of Auburn, after paying operatine; expenses ["nd nl'lnecessary rep8.irs, replacement's, ~ 8..n~ extensions, t-oge~her;;owith such moneys ..as may...be.,.,left~ in sa~id~-~~ Hllilic ipal lrIater E1:tension :I!'und after :paying therefrom the sum of 1. q ~- U.)-, ~ C) for the series "B" Bonds above described, vlill be sufficient to promptly pay, when due, all interest which sh~ll' become due on all unpaid Series ITA" Bonds and series ITJJT' Bonds referred to ~bove, and to promptly pay, when 4ue, all of said Series ITA" Bonds and Series "E" Bonds which shall become dlle ared paJ~ble prior to the time when the bonds offered for sale as afore- said shall become due and payaole. -=.,-::~_......;:, J?~ctiO.:l} ~. That th..e.....C~j;y 901U1ci!....of-1!~=C2t~Y,9fJl18,}::rB:."r' ...',-""---..' -, .~--,,--.,-- {leeIDs :o>.no. :Eimls the investment of the sUID 0:E f_tt~-b~,,:-:t..t> noVl in the H1U1ic ipal '.'later EJctension Fuml of the City of AubUl"'l1 by tho purohs.se of the Series "BTT Bonds described L'1 the foregoing preamble to be a good investment for the City of Auburn. Section 3. Tlmt the City of Auburn acoept said offer of se.id Ferris & Hardgrove and purchase said Series !TBlT Bonds numbered Lt l.J L.t J, 4,.!L_~~:- ~ ~ 4 b -3- maturin,g December 1, 194~ ~ and said Ser ie s TTBTT Bond s munb ered ~~b~() I ~... 1,_j:):.J._~--:6":1 i! maturing December 1, 194).., 'including all coupons attached ttJ-ereto and all interest accruing or to accrue thereon from a~d after December 1, 1931, and pay said Ferris ~ Hardgrove therefor the O..c ~ sum .L V t=t ~- CJ ~_~, ~ ~ by a proper warrant OL the City of t ~ Auburn drawn upon the MuniCipal ';:ater Eictension F'llnd. of said City and payable to the order of said Ferris t: Hardgrove; such 'wa.rrant to be delivered to said Ferris 8: Hardgrove upon the delivery by said Ferris & HRrdgTove to the Cit3r of Auburn of said ten (10) Mllilicipal Naterf Extension Fund Bonds. Section 4. That theiJaydr 2.nd the City Clerk of the City of Auburn are hereby authorized and directed to draw and !:"'-""' sign a proper warrant upon the lluuic ipal ~7a t er ~t ension Fund .of ,.th~_ Cit~_ O!_~Ubu:L"~C.:l~~ ~ ~~~ ~}~-'i~Ofavor of said - ... .-...-- - ~ -- -.--... .. .. - - .-. .... -w.::- .........- c ... ~:; ;::;::.; ,.., _ ~ iiiiii..i .' Ferris & H8.rdgrove, and to deliver said warrant to said Ferris .- - ~ -- & HD.rdgrove upon the delivery by said Ferris & Ifp.rdgTove to the City Treasurer .of the City of Auburn of the ten (10) bonds above '" particularly described, and the City Treasurer of the City of Auburn is hereby authorized and directed to pay said \varr'ant from the moneys in his ba.nds to the credit of said I~unicil)cl.l Water Extension Fund of the Cit;r of ,Luburn, upon the surrender of said warrant, :pro~)erly en(lorsed by said ::!'erris [ F...ardr;rove, to' ~ said City Treasurer. ~ C: -.. ,..... 0:;::'---- ~IJltroduc_ed ~Q.R~~ ..19~,.=J.93.2.!.<... ..... --~.~, '--:7 '" Passed Jarruary 19, 1932. Approved Jan~~~~ry 19, 1932. -;;2z2 ~~-L-- , Hayor tt>;?t .. , City Clerk. Published APPROVED AS TO FORM -~~~------, January 21,- ~--- City Attorney