HomeMy WebLinkAbout4241 CITY OF BREMERTON, WASHINGTON
ORDINANCENO'~//
AN ORDINANCE of the City of Bremerton,
Washington, relating to the combined water and
sewerage system of the City and amending
Ordinance No. 3887, as amended.
bE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
BREMERTON, WASHINGTON, as follows:
Section 1. Section 2 of Ordinance No. 3887, as amended by
Ordinances Nos. 3948, 4015, 4053 and 4147, is further amended
to read as follows:
Section 2. Pending the issuance of the water and sewer
revenue bonds authorized by Ordinance No. 3887, as
amended, the City shall issue its water and sewer
revenue bond anticipation notes (the "Notes") in a
total maximum amount not exceeding $4,000,000
outstandin~ at any one time. The Notes shall be issued
in such amounts and in such series, shall be dated,
shall be in such denominations, shall bear such
interest at a rate or rates not exceeding 12% per annum
computed on a 360-day or 365 day basis, payable at such
times, have such redemption provisions and shall mature
on such dates as determined by the City Treasurer
acting under the authority of this ordinance not to
exceed unreasonably the time such bonds may be issued
to redeem the Notes. Notes with a maturity of one year
or less shall be bearer Notes or registered Notes as
determined by the City Treasurer, and Notes with a
maturity of more than one year shall be registered
Notes. Both principal of and interest on the Notes
shall be payable solely out of the Water and Sewer
Revenue Bond Anticipation Note Fund (the "Note Fund")
established by Ordinance No. 3887, as amended, from the
proceeds of the water and sewer revenue bonds
authorized by Ordinance No. 3887, as amended, 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 therefor, 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
either the office of the City Treasurer in Bremerton,
Washington or at either of the offices of the fiscal
agencies of the State of Washington in Seattle,
Washington, or New York, New York, as determined by the
City Treasurer. The City Council declares and finds
that the fixing of the above maximum interest rate is
in the best interest of the City.
The Notes may be paid from the gross earnings and
revenues of the combined and 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 any bonds
hereafter issued on parity of lien therewith or to
refund such bonds.
Section ~. This ordinance shall become effective ten (10)
days from passage and publication.
ADOPTEDIDy the City Council on the first reading this ~/
day of ~C~7~ ~~-/t- , 1989.
09/22/89 2
PASSED by the City Council of the City of Bremerton
this ,// dayof ~/~'?~/~L~L/__ _ ~~/?//~~
?/
-~/Ounci 1 ~Fres~de~t/
APPROVED this /t~ day of ~'~'~7'/~'f---" ,~989.
blayor
ATTEST:
KATHLEEN L. McCLUSKEY, City Clerk
Director of Administrative Services
PREPARED BY:
Foster Pepper & Shefelman
MUlg-197,
09/22/89 -3-