HomeMy WebLinkAbout3948 CITY OF BREMERTON, WASHINGTON
AN ORDINANCE of the City of Bremerton,
Washington, relating to the combined water
and sewerage system of the City, amending
Ordinance No. 3887 and, because of its urgency,
providing that this ordinance shall take
effect immediately.
Section 1. Section 5 of Ordinance No. 3887 is amended
to read as follows:
Section 5. There is created and established in the
office of the City Treasurer a special fund to be known as the
"Water and Sewer Revenue Bond Anticipation Note Fund" (the "Note
Fund").
~Pending the issuance of the wate£ and sewer revenue
bonds authorized herein, the City shall issue and sell its water
and sewer revenue bond anticipation notes (the "Notes") in the
principal amount of $1,000,000, or such lesser amount deemed
necessary by the City Treasurer. The Notes shall be dated,
be in such denominations, bear such interest at a rate or rates
not exceeding 12% per annum, payable at maturity, have such
redemption provisions and shall mature within three years of
the date of the initial issue of such Notes, all as determined
by the City Treasurer acting under the authority of this ordin-
ance. Both principal of and interest on the Notes shall be
payable solely out of the Note Fund from the proceeds of the
water and sewer revenue bonds authorized by this ordinance to
be issued to be deposited in such fund, from the proceeds of
other short-term obligations issued under the terms of this
ordinance to redeem previously issued and then outstanding Notes,
or from other money legally available and to be used thereto,
and the City irrevocably pledges to redeem the Notes on or before
their respective maturities from the proceeds of such bonds,
additional short-term obligations, or other money available
for such purpose. The Notes shall be payable in lawful money
of the United States of America at the office of the City
Treasurer in Bremerton, Washington. The City Council declares
and finds that the fixing of the above maximum interest rate
is in the best interests of the City.
The Notes may be paid from the gross earnings and
revenue of the combined water and sewerage system of the City,
but shall be subordinate to the claims on that revenue of the
normal expenses of maintenance and operation of the combined
system and the outstanding water and sewer revenue bonds of
the City and bonds issued on a parity of lien therewith, and
other water and sewer revenue bonds issued to pay the costs
of the system or plan of additions and betterments to and exten-
sions of the combined water and sewerage system of the City
adopted by Ordinance No. 3861 of the City.
The Notes shall be printed or lithographed on good
bond paper or may be in typewritten or multicopied form in a
form consistent with this ordinance and State law. The Notes
shall be signed by the City Treasurer and shall have the seal
of the City affixed thereto.
Section 2. The City must redeem certain outstanding "Water
and Sewer Revenue Bond Anticipation Notes, 1984," on February
13, 1985, and in order to have money available to redeem such
notes it is urgently needed that the proceeds of additional
notes authorized by this amendatory ordinance be received before
thirty days after the publication of this ordinance. Therefore,
the City Council finds that sufficient urgency exists to require
that this ordinance take effect immediately. For the reasons
stated, this ordinance shall take effect immediately upon its
passage and publication.
PASSED by the City Council at a regular open public meeting
-2-
thereof and APPROVED by the Mayor of the City of Bremerton,
Washington, this 20 day of January, 1985.
Mayor
ATTEST:
City Clerk
APPROVED AS TO FORM:
-3-
I, KATHLEEN McCLUSKEY, City Clerk of the City of
Bremerton, Washington, certify that the attached copy
of Ordinance No.~~ is a true and correct copy of the
original ordinance passed on the ~--~day of January, 1985,
as that ordinance appears on the Minute Book of the
City.
DATED this ~/ ~day of January, 1985.
KATHLEEN ~cCLUSKEY, C~ty Clerk