HomeMy WebLinkAbout2862 ORDINANCE NO. ~~-~
AN ORDINANCE amending Ordinance No. 2837 of the
City of Bremerton, as amended by Ordinances Nos.
2744 and 2762, adopting a plan for the acquisi-
tions, construction and installation of certain
additions and improvements to and extensions of
the combined water and sewerage system of the
city; declaring the estimated cost thereof and
providing for the payment of such cost; and
providing for the mssuance of warrants against
the same, and for the payment of certain monies
therein; and DECLARING AN EMERGENCY.
WHEREAS, the existing combined water and sewerage
system of the City of Bremerton, Washington (hereinafter called
the "City"), and particularly the sanitary sewage collection and
disposal portion of such combined system, is in need of certain
additions, improvements and extensions in order to properly
supply the City, its inhabitants and people living in the vicinity
thereof with proper and necessary sanitary sewage collection and
disposal services; and
WHEREAS, in order to pay part of the cost of acquiring,
constructing and installing such additions and improvements to
and extensions of such combined system it is deemed necesSar~ and
advisable that the City issue and sell its water and sewer revenue
bonds in the principal amount of not to exceed $360,000.00~
NOW THEREFORE THE CITY OF BREMERTON DOES ORDAIN:
Section 1. Section 2 of Ordinance No. 2837, as amended
by Ordinances Nos. 2744 and 2762, is hereby amended to read as
follows:
Section 2. The estimated cost of acquiring,
constructing and installing additions and improvements
to and extensions of the combined water and sewerage
system of the City is hereby declared to be as near as
may be the sum of $620,000.00, approximately
$260,000.00 of which will be provided from local
improvement district assessments to be levied upon
properties specially benefited by the acquisition,
construction and installation of said improvements.
The remaining approximate amount of such costs shall
be provided from the proceeds of sale of water and
sewer revenue bonds of the City in the principal
amount of not to exceed $360,000.00.
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As an integral part of the plan for acquiring,
constructing and installing the above described
additions and improvements to and extensions of
such combined system, the City shall issue and
sell such water and sewer revenue bonds in such
amount or amounts and at such time or times as the
City Council may deem to be to the best interest of
the City.
The exact date or dates, form, terms, maturities
and covenants of such bonds shall be as hereafter
fixed by ordinance or ordinances of the City.
Section 3. That there be and is hereby created a
special fund of the City to be known as the "Water
and Sewer System Construction Fund, 1967" into
which shall be paid (except for accrued interest)
all of the proceeds of sale of the above mentioned
water and sewer revenue bonds, and any other monies,
except for local improvement district assessments,
which may be received, transferred or set aside
for the payment of the costs of the improvements
described in Section 1 hereof. In the event any
other funds or accounts of the City, other than
local improvement district funds, have advanced
money to pay any part or all of the cost of such
improvements of any of them, such funds or accounts
may be reimbursed directly out of the proceeds of
sale of such bonds or out of the proceeds of sale
of any warrants drawn on such Construction Fund.
Warrants in the total principal amount of not to
exceed $360,000.00 bearing interest at a rate to be
later fixed by the City Council payable from the
date of issuance thereof to date of redemption, may
be drawn upon said Construction F~nd from time to
time on the authorization of the City Council upon
receipt by it of bills approved by the City Engineer
or by any engineer in his department designated by
him to approve such bills for the purpose of
providing funds to pay part of the cost of the
improvements authorized in Section 1 hereof.
It is hereby further provided that the Construction
Fund shall stay in existence for as long as deemed
necessary by the City Council in order to provide
interim financing for improvements to be made to
the combined water and sewer system of the City
other than those provided for herein.
Section 2. Because it is necessary to pay costs which
the City will soon incur for the carrying out of the above
additions and improvements to and extensions of its combined
water and sewerage system, an emergency is hereby declared to
exist and it is hereby found necessary for the public health,
welfare and safety that this ordinance become effective
immediately upon its passage, approval and publication as
required by law.
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PASSED UNANIMOUSLY by the City Council of the City
of Bremerton, Washington, at a regular meeting hereof held. this
~-~day of October, 1969, signed by the Mayor, and attested
by the City Clerk in authentication of such passage on said date.
CITY OF BREMERTON, WASHINGTON
ATTEST:
WENDEL'~." R. VAA, Ac~"ing' 'City Clerk
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