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ORDINANCE NO. Sg~
AN ORDINANCE authorizing and providing for the issuance
of $100,000 SERIES "A" AUBURN MUNIO lEAL WATER
EXTFMSION FUND BONDS, providing for the form, date,
interest rate, maturities, execution and delivery of
said bonds, and accepting the joint bid of Ferris &
Hardgrove and Seattle National Bank for said bonds.
WHEREAS, the qualified voters of the City of Auburn,
Washington, at an election held therein on Maroh 10, 1925,
under Ord. No. 567 of said city, authorized the making of
additions and betterments to and extensions of the existing
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municipal water works system of, said city, and the issuance and
sale of not exoeeding $200,00a~bonds of one or more series to
pay the cost thereof, all as ,provided in said ordinance; and
WHEREAS, it is desirable that said bonds be issued
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in two series of $100,000 each, to be known as SERIES "A" and
SERIES "B"; and
WHEREAS, Ferris & Hardgrove and Seattle Natiaaal
Bank have submitted to said city a written offer to purchase
the $100,000 Series "A" bonds, dated June 1, 1925, bearing
interest at 5% per annum, payable semi-annually, and maturing
as hereinafter set forth, and to pay therefor $986.50 and
accrued interest for each $1,000 bond, which offer was the
best offer received by said oity for such bonds;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF
AUBURN DO ORDAIN AS FOLLOWS:
SECTION I. That the $200,000 bonds authorized to
be issued, as aforesaid, be issued in two series of $100,000
each, to be known as SERIES "An and SERIES "B".
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SECTION 2. That the joint offer of Ferris & Hardgrove
and Seattle National Bank to purchase said Series "A" bonds be
and the same is hereby aocepted.
SECTION 3. Said Series "A" bonds shall be signed by
the Mayor, attested by the Clerk and sealed with the oorporate
seal of said city, and the interest coupons thereto attached
shall be signed with the facsimile signatures of said officers,
who are hereby authorized and directed to have said bonds
prepared, to execute the same, and to deliver the same to the
purchasers at Seattle, Washington, upon receipt of the agreed
purchase price therefor.
SECTION 4. Said Series "A" bonds shall be dated
June 1, 1925, shall bear interest at the rate of 5% par annum,
payable semi-annually on June 1 and December 1 of each year,
shall be in denominations of $1,000 each, numbered 1 to 100,
both inclusive, shall be payable, both principal and interest,
from the "MUNICIPAL WATER EXTENSION FU1~", oreated by Ord. No.
567 of said city, and shall be payable in Gold Coin of the
United States of America of the present standard of weight
and fineness at the office of the City Treasurer, or at the
Fiscal Agency of the State of Washington in New York City, at
holder's option, and shall be an obligation only against
said "MUNICIPAL WATER EXTENSION FUND".
SECTION 5. Said Series "An bonds will mature in
the order of their numbers, lowest first, as follows:
1,000 June 1,
1 ,000 Jun e 1,
1,000 June 1,
2 ,000 June 1,
3,000 June 1,
3,000 June 1,
13,000 June 1,
3,000 June 1,
.3,000 June 1,
,4,000 June 1,
SECTION 6.
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
5,000 June 1, 1938
5,000 June 1, 1939
6,000 June 1, 1940
7,000 June 1, 1941
8,000 June 1, 1942
8,000 June 1, 1943
9,000 June 1, 1944
9,000 June 1, 1945
9,000 June 1, 1946
$10,000 June 1, 1947
Said Series "A" bonds shall be in
substantially the following form:
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UNITED STATES OF AMERICA
STATE OF WAS~INGTON
COUNTY OF KING
No.
$1,000
THE CITY OF AUBURN
MUNICIPAL WATER EXTENSION FUND BOND
SERIES "A"
KNOW ALL MEN BY THESE PRESENTS: That the City of
Auburn, in the County of King, State of Washingtaa, is justly
indebted and for value received hereby promises to pay to
bearer, or if registered, to the registered holder hereof, on
the first day of June, 19___, the principal sum of
ONE
THOUSAND
DOL L A R S
with interest thereon at the rate of 5% per annum, payable semi-
annually. on June 1st and December 1st in eaoh year, upon
presentation and surrender of the annexed interest coupons. Both
principal and interest of this bond are payable in Gold Goin of
the United States of America of the present standard of weight
and fineness at the City Treasurer's office in said city, or
at the Washington Fiscal Agency in New York City, at the option
of the holder, solely out of the s];Scial fund of the City of
Auburn, known as the "MUNICIPAL WATER EXTENSION FU1TD", created
by Ord. No. 567 of said city, approved January 20, 1925, whioh
fund can be used for no other purpose than the payment of the
principal and interest of $200,000 bonds, to be issued in two
series of $100,000 each, designated SERIES nA" and SERIES "B",
of whioh this boni. is one. Said ordinance provides for the
semi-annual payment into said fund from the gross revenues of
the entire municipal water works system of said city of
suffioient funds to meet the principal and interest of said
bonds as they fall due.
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The City of Auburn hereby covenants with the holder
of this bond that it will keep and perform all of the cove-
nants and promises in the said ordinance contained to be by it
kept and performed.
This bond is issued by the City of Auburn under the
authority of the constitution and laws of Washington, and
particularly Chap. 150 of the Laws of Washington for 1909, as
amended, and the ordinances of said city, in particular, said
Ord. No. 667, and pursuant to the requisite vote of the
qualified electors of said city, voting at an election held
therein on March 10, 1925, for the purpose of providing funds
for making additions and betterments to and extensions of the
existing municipal water works system of said city, and this
bond has been issued in full compliance with said constitution,
laws and ordinances.
This bond is subject to registration as to principal,
or as to both principal and interest, in accordanoe with the
provisions endorsed hereon.
It is hereby certified and recited that all acts,
conditions and things required to be done precedent to and
in the issuance of this bond have happened, been done and
performed, as required by law.
IN WITNESS WHEREOF, said City of Auburn, by authority
~ its City Council, has caused this bond to be sealed with its
seal, signed by its Mayor and attested by its City Clerk, and
has caused the coupons annexed hereto to be signed with a
faosimile of the signatures of said officers, all as of the
first day of June, 1926.
Mayor
Attest:
City Clerk
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(INTEREST COUPON)
No.
$25.00
On
1, 19___, the City of Auburn, Wash-
ington, will pay to bearer, at its City Treasurer's office,
or at the Washington Fiscal Agency in New York City TWENTY-FIVE
DOLLARS, in Gold Coin, solely from the special fund known as
"MUNICIPAL WATER EXTENSION FUNDlf of said city, said Bum being
six months' interest due that day on its MUNICIPAL WATER
EXTENSION FUND BOND, SERIES "AIf, dated June 1, 1925, and
numbered
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Mayor
Attest:
City Clerk
(CERTIFICATE OF REGISTRATION)
NOTICE: No writing to be made hereupon save by the
City Treasur~r or such other officer or
agent as may be designated Registrar by
Resolution of the City Council.
IT IS HEREBY CERTIFIED, that at the request of the
holder of the within bond for its conversion into a registered
bond, I have this day cut off and canceled all unmatured coupons
attached thereto, being ____ in number, numbered from ____ to
, both inclusive, of the aggregate face value of $
and that the within bond is hereby converted into a registered
bond, the principal and interest of which are payable to the
registered holder named in the registration blank below, or
his legal representatives. Interest will be remitted by mail
in New York exchange.
Dated
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Registrar.
This bond may be registered as to principal under
the signature of the Registrar of the City of Auburn, and
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shall thereafter be transferable only upon a written assignment
of the registered owner or his attorney duly acknowledged or
proved, such registration and transfer to be endorsed hereon
and entered on the books of said city kept by the Registrar for
that purpose. Such transfer may be to "bearer". The coupons
will remain payable to bearer, unless all of them shall be
surrendered and canceled as evidenoed by the exeoution of the
foregoing certificate provided for that purpose.
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DATE OF REGISTRY:
NAja AND ADDRESS
OF REGISTERED HOLDER
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REGISTRAR
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SECTION 7. This ordinance Shall take effect from anA
after its passage, approval and due publication in the manner
and at the time provided by law.
Introduced May
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, 1925.
Passed :May', q 1925.
Approved May ~ 0: 1925.
Attest:
Approved as to form:
~ r~ )~(f\v'A t '\'U/l-+-niik-J ,
- - -- '"~ CITy Attorney
Published in the city official newspaper on May :2:_ t ,
1925.
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