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HomeMy WebLinkAbout2661 ' ~ ORDINANCE NO.C~/ AN ORDINANCE of the City of Bremerton, Washington, providing for the issuance and sale of $??5:000 principal amount of water and sewer revenue bonds of the city for the purpose of providing part of the funds necessary to acquire, construct and install certain additions and improvements to and extensions of the combined water and sewerage system of the city authorized by Ordinance No. 2639 thereof as amended by Ordinance No. 2658; fixing the date~ form: terms, maturities and covenants of Said bonds~ providing that said bonds will be issued on a parity with certain outstanding water and sewer revenue bonds of the city~ creating a Construction Fund~ creating a Bond Redemption Fund for the payment of the principal of and interest on said bonds, and a Reserve Account~ providing and adopting certain covenants and protective provisions safeguarding the pay- ment of the principal of and interest on said bonds~ authorizing the sale thereof; and declaring an emergency. WHEREAS~ by Ordinance No. 2639 of the City of Bremerton~ Washington (hereinafter called the '~City"), passed and approved August 11, 1965, as amended by Ordinance No. 2658 of the City passed and ap- proved November 3,' 1965, the issuance of water and sewer revenue bonds of the City in the total principal amount of not to exceed $965~000 was authorized in order to provide funds to pay the cost of acquiring, con.~ struCting and installing certain additions and improvements to and extensions of the combined water and sewerage system of the City; and WHEREAS, in order to pay part of the cost of such necessary additions and improvements to and extensions of such combined system it is deemed necessary that the City now issue and sell $775,000 principal amount of such bonds so authorized~ and WHEREAS~pursuant to Ordinance No. 2124 of the City adopted September 14: 1955, the City issued and s01d $1,300,000 of its water and sewer revenue bonds under date of October 1, 1955, which ordinance provided in Section llA thereof that if the City ever constructed any additions and improvements to and/or extensions of such combined system: any revenue bonds issued for the purpose of paying part or all of the cost of such additions, improvements and/or extensions could be payable out of the revenue of such combined system on a parity with outstanding bonds payable out of such revenue if certain conditions were met; and WHEREAS, pursuant to Ordinance No. 2499 of the City adopted May 2, 1962~ the City issued and sold $293,000 principal amount of its water and sewer revenue bonds under date of June l, 1962, on a parity with the outstanding water and sewer revenue bonds of the City issued under date of October l, 1955, which ordinance by Section l0 thereof reaffirmed the right of the City to issue additional revenue bonds on a parity with such outstanding October l, 1955 and June l, 1962 revenue bonds; and WHEREAS, it is to the best interest of the City and its in- habitants that the bonds authorized herein be issued on a parity with such outstanding water and sewer revenue bonds, and it appears to the Council and the Council does hereby find that the conditions required in Section ll of said Ordinance No. 2124 and Section l0 of said Ordinance No. 2499 have been at the time of the adoption of this ordinance and at the time of the issuance of the $775,000 of water and sewer revenue bonds authorized herein will be met, and that such bonds may be issued on a parity with said outstanding water and sewer revenue bonds of the City~ NOW, THEREFORE, THE CITY OF BREMERTON DOES ORDAIN: Section 1. As used in this ordinance the following words shall have the following meanings: a. The word '~System" shall mean the existing combined water and sewerage system of the City, as such system is improved as authorized in Ordinance No. 2639 of the City as amended by Ordinance No. 2658 and as the same may later be added to, improved and extended for as long as any of the Outstanding Parity Bonds, the Bonds, and any Future Parity Bonds are outstanding. b. The words "Prior Lien Bonds" shall mean the outstanding $165,000 principal amount of water and sewer revenue bonds of the City issued under date of October l, 1949. c. The words "Prior Lien Bond Redemption Fund" shall mean the special fund of the City known as the "Bremerton 1949 Water and Sewer Revenue Bond Redemption Fund" created by Ordinance No. 1848 of the City for the payment of the Prior Lien Bonds, and shall include the reserve account created in such Fund by such ordinance. d. The words "Outstanding Parity Bonds" shall mean the water and sewer revenue bonds of the City issued under date of October 1, 1955, of which issue there are now outstanding bonds in the principal amount of $1,139,000, and the water and sewer revenue refunding bonds of the City issued under date of June l, 1962, of which issue there are now outstanding bonds in the principal amount of $254,000. The Prior Lien Bonds and the Outstanding Parity Bonds are the only revenue bonds of the City outstanding at this time for the pay- ment of the principal of and interest on which the gross revenue of the System and/or the money in the Current Water Fund of the City have been pledged. e. The words "Parity Bond Redemption Fund"shall mean the special funds of the City known as the "Bremerton 1955 Water and Sewer Revenue Bond Redemption Fund" created by Ordinance No. 2124 of the City and the "Bremerton 1962 Water and Sewer Revenue Refunding Bond Redemption Fund" created by Ordinance No. 2499 of the City for the payment of the Outstanding Parity Bonds respectively, and shall include the reserve accounts created in each such fund by such ordinances. f. The word "Bonds" shall mean the $775,000 principal amount of water and sewer revenue bonds of the City issued pursuant to this ordinance. g. The words ~Current Water Fund" shall mean the fund of the City of that name heretofore created, into which the City has covenanted 3. shall be paid as collected all of the gross earnings and revenue of the System. h. The words "1965 Bond Redemption Fund" shall mean the spe- cial fund of the City known as the "Bremerton 1965 Water and Sewer Revenue Bond Redemption Fund" created by this ordinance for the purpose of paying the principal o£, premium if any, and interest on the Bonds. i. The words "Reserve Account" shall mean the account of that name created in the 1965 Bond Redemption Fund by this ordinance for the purpose of securing the payment of the principal of and interest on the Bonds. J. The words ':Future Parity Bonds" shall mean all water and sewer revenue bonds of the City issued after the date of the issuance of the Bonds and having a lien upon the money in the Current Water Fund for the payment of the principal thereof and interest thereon equal to the lien upon the money in such Fund for the payment of the principal of and interest on the Outstanding Parity Bonds and the Bonds. Section 2. The City Council hereby finds and determines, as required by Section llA of Ordinance No. 2124 and Section l0 of Ordi- nance No. 2499, as follows: First, that the Bonds are being issued for the purpose of acquiring, constructing and installing additions and improvements to and extensions of the System. Second, that at the time of the adoption of this ordinance and at the time of the issuance and delivery of the Bonds there is not nor will there be any deficiency in the Parity Bond Redemption Funds. Thlrd~ that this ordinance contains the provisions and covenants required in subparagraph (2) of Section llA of Ordinance No. 2124. Fourth, that the City Council has been assured that prior to the issuance and delivery of the Bonds it will have on file a certificate from Francis T. Osborne, an independent licensed professional engineer and a member of the firm of Gray & Osborne, consulting engineers of Yakima and Seattle, Washington, showing that the annual average net revenues (as the words '~net revenues" are defined in subparagraph (3) of Section llA of said Ordinance No. 2124) of the System for thirty-six consecutive months out of the forty-eight months next preceding the month of the issuance of the Bonds, plus his estimate of the annual "net revenues" to be derived from the operation of the additions and improvements to and extensions of the System acquired, constructed and installed out of the proceeds of the sale of the Bonds~ will equal at least 1.4 times the maximum amount required to be paid in any calendar year hereafter for principal of and interest on the Prior Lien Bonds, the Outstanding Parity Bonds and the Bonds. The limitations contained in Section llA of Ordinance No. 212~ and Section l0 of Ordinance No. 2499 having been complied with or as- sured, the payments required herein to be made out of the Current Water Fund into the 1965 Bond Redemption Fund and Reserve Account to pay and secure the payment of the principal of and interest on the Bonds shall constitute a lien and charge upon the money in the Current Water Fund equal in rank to the lien and charge thereon of the payments required to be made into the Parity Bond Redemption Funds to pay and secure the payment of the principal of and interest on the Outstanding Parity Bonds. The City hereby covenants that it will not issue the Bonds until it has on file the above-described certificate from Francis T. Osborne. Section 3. That for the purpose of providing part of the funds required to acquire, construct and install the additions and improvements to and extensions of the System provided for in Ordinance No. 2639 of the City as amended by Ordinance No. 2658, the City shall issue the Bonds in the principal amount of $775,000 out of the $965~000 prin- cipal amount of such bonds authorized by such ordinances. The Bonds shall be dated December 1, 1965, shall be in the denomination of $5,000 each, shall bear interest at a rate of not to exceed 6% per annum payable semiannually on the first days of June and December of each year from date of issue, and shall be numbered and mature in order of their number as follows: Bond Nos. Maturity Date Amount 1-5 December 1, 1981 $ 25,000 6-10 December 1, 1982 25,000 11-15 December 1, 1983 25,000 16-20 December 1, 1984 25~000 21-25 December 1, 1985 25~000 26-50 December 1, 1986 125~000 51-76 December 1, 1987 130,000 77-103 December 1~ t988 135~000 104-131 December 1, 1989 140,000 132-155 December l, 1990 120~000 Both principal of and interest on the Bonds shall be payable in lawful money of the United States of America at the office of the City Treasurer in Bremerton, Washington, and shall be obligations only of the 1965 Bond Redemption Fund. The City hereby reserves the right to redeem any or all of the Bonds outstanding in whole, or in part in inverse numerical order, on the following interest payment dates and at the following prices expressed as a percentage of the principal amount, plus accrued interest to the date of redemption: On December 1, 1975 and June 1, 1976, at 102.50 On December 1, 1976 and June 1, 1977, at 102 On December 1, 1977 and June l, 1978, at 101.50 On December 1, 1978 and June 1, 1979, at 101 On December 1, 1979 and June 1, 1980, at 100.50 On December 1, 1980 and any interest payment date thereafter, at 100. Notice of any such intended redemption shall be given by one publication thereof in the official City newspaper not more than forty nor less than thirty days prior to said redemption date and by mailing a like notice at the same time to the purchaser or the account manager or managers of the purchasers of the Bonds at their sale by the City, at its or their main place or places of business or to the successor in business if any of said purchaser or account manager or managers at its or their main place or places of business. "Main place of busi- ness" may be the main office or, or the principal office in the State of Washington o~ any such purchaser or account manager. Interest on any Bond or Bonds so called for redemption shall cease on such redemption date unless the same are not redeemed upon presentation made pursuant to such call. At the time of giving any such notice of redemption, the City Clerk is hereby requested to send copies of such notice to Standard & Poor's Corporation and Moody's Investors Service, Inc. at their offices in New York, New York, but the sending of such notices shall not be deemed to be a condition precedent to the redemption of the Bonds so called. Section 4. That there be and is hereby created a special fund of the City to be known as the '~Combined Water and Sewer System Construction Fund~ (herein called the "Construction Fund"). All of the proceeds of the sale of the Bonds (except for accrued interest, which shall be paid into the 1965 Bond Redemption Fund) shall be paid into the Construction Fund. Any other moneys which the City may re- ceive or have on hand for the purposes for which the Bonds are issued shall also be paid into the Construction Fund. The money in such Fund shall be used for the sole purpose of paying the cost of acquiring~ constructing and installing the additions and improvements to and ex- tensions of the System as authorized by Ordinance No. 26B9 of the City as amended by Ordinance No. 2658 and for paying all costs incidental thereto. The money in the Construction Fund not immediately needed to pay any such costs of construction and incidental costs may be invested in direct obligations of the United States of America maturing at least ten days prior to the date on which such moneys shall be needed. All interest earned and income derived by virtue of such investments shall remain in the Construction Fund and be used for the purposes for which said Fund is created. Any moneys remaining in the Construction Fund after the cost of all of such additions, improvements, extensions and incidental expenses have been paid shall be transferred to the 1965 Bond Redemption Fund for the uses and purposes herein provided. Section 5. That there be and is hereby created another special fund of the City to be known as the "Bremerton 1965 Water and Sewer Revenue Bond Redemption Fund'~ (hereinbefore defined as the '~1965 Bond Redemption Fund"), which Fund is to be drawn upon for the sole purposes of paying the principal of and interest on the Bonds. From and after the date of the Bonds and for as long as any of the same are outstanding and unpaid, the City hereby covenants that the City Treasurer shall set aside and pay into the 1965 Bond Redemption Fund out of the moneys in the Current Water Fund, at least thirty days prior to the respective dates on which the interest on or principal of and interest on the Bonds shall become due, the amount of such interest or principal and interest next coming due on the Bonds outstanding. Such payments shall be a charge upon the money in the Current Water Fund ranking equally and ratably and on a parity with the payments heretofore required to be made out of the Current Water Fund into the Parity Bond Redemption Funds. Said amounts so pledged to be paid out of the Current Water Fund into the 1965 Bond Redemption Fund and into the Reserve Account as hereinafter provided are hereby declared to be a prior lien and 8. charge upon the money in the Current Water Fund superior to all other charges of any kind or nature except the necessary cost of maintenance and operation of the System and the charges necessary for the payment of the principal of and interest on the Prior Lien Bonds, and equal in rank to the charges upon the money in such Current Water Fund necessary to pay the principal of and interest on the Outstanding Parity Bonds and to any charges which may be made later on the money in such Fund to pay and secure the payment of the principal of and interest on any Future Parity Bonds. In the event that money and/or direct obligations of the United States of America maturing at such time or times and bearing interest to be earned thereon in amounts (together with such money, if necessary) sufficient to redeem and retire the Bonds in accordance with their terms are set aside in the 1965 Bond Redemption Fund to effect such redemption or retirement, and such money and the principal of and interest on such obligations are irrevocably set aside and pledged for such purpose, then no further payments need be made into the 1965 Bond Redemption Fund for the payment of the principal of and interest on the Bonds, and the Bonds and the appurtenant coupons shall cease to be entitled to any lien, benefit or security of this ordinance except the right to receive the funds so set aside and pledged, an8 th~ Bonds and such coupons shall be deemed not to be outstanding hereunder. Section 6. The Reserve Account is hereby created in the 1965 Bond Redemption Fund for the purpose of securing the payment of the principal of and interest on the Bonds. The City hereby covenants and agrees that on or before October l, 1971 it will transfer to the Reserve Account the sum of $40,000 now held in the reserve account created in the Prior Lien Bond Redemption Fund, and further covenants and agrees that on or prior to December 1972 it will transfer to the Reserve Account the additional sum of $18,500 from money in the Current Water Fund or from any other legally available source. The City further covenants and agrees that when the June l, 1962 issue of Outstanding Parity Bonds and the October l, 1955 issue of Outstanding Parity Bonds are retired, it will transfer to the Reserve Account out of the moneys held in the reserve accounts in the bond re-- demption funds created for the payment of such Outstanding Parity Bonds amounts on or before December l, 1986 which, with said $58,500 above required to be paid therein, will equal the average annual debt service due on the Bonds for the years 1986 through 1990. The City hereby further covenants and agrees that when said required amounts have been deposited in the Reserve Account it will at all times maintain those amounts therein until there is a sufficient amount in the 1965 Bond Redemption Fund and Reserve Account to pay the principal of, premium if any, and interest on the Bonds, at which time the money in the Reserve Account may be used to pay such principal, premium if any, and interest. In the event the Bonds outstanding are ever refunded~ the money set aside in the Reserve Account to secure the payment thereof may be used to retire Bonds or may be transferred to any other reserve account which may be created to secure the payment of the bonds issued to refund the Bonds outstanding. In the event the money in the 1965 Bond Redemption Fund over and above the amount therein set aside and credited to the Reserve Ac- count is insufficient to meet maturing installments of either interest on or principal of and interest on the Bonds outstanding, such defici- ency shall be made up from the Reserve Account by the withdrawal of money therefrom. Any deficiency created in the Reserve Account by reason of any such withdrawal shall then be made up from the money in the Current Water Fund first available after making necessary provision for the payments required to be made into the 1965 Bond Redemption Fund to pay the principal of and interest on the Bonds next coming due. 10. All money in the Reserve Account may be kept in cash or in- vested in direct obligations of the United States of America having a guaranteed redemption price or maturing not later than twelve years from date of purchase and in no event maturing later than the last maturity of the Bonds outstanding at the time of such purchase. Interest earned on or any profits made from the sale of any of such investments shall be deposited in and become a part of the 1965 Bond Redemption Fund. The City hereby further covenants and agrees, in the event it issues any Future Parity Bonds, that each ordinance authorizing the issuance of the same shall create a reserve account in the bond re- demption fund created for the purpose of paying the principal of and interest on such Future Parity Bonds and shall provide for the payment into such reserve account within seven years from the date of issuance of such Future Parity Bonds of a sum at least equal to the average annual amount required each calendar year for debt service on such Future Parity Bonds. Section 7. The corporate authorities of the City hereby declare, in fixing the amounts to be paid into the 1965 Bond Redemption Fund and Reserve Account as hereinbefore provided, that they have exer- cised due regard to the necessary costs of maintenance and operation of the System and the amount of the revenue of the System previously pledged for the payment of the principal of and interest on the Prior Lien Bonds and the Outstanding Parity Bonds, and have not obligated the City to set aside and pay into said Fund and Account a greater amount of the revenue of the System than in their Judgment will be available over and above such costs of maintenance and operation and the charges necessary to pay such principal and interest. Section 8. The City hereby covenants with the owner and holder of each of the Bonds for so long as any of the same remain outstanding as follows: ll. a. That it will establish, maintain and collect rates and charges for water supplied and for sanitary sewage collection and dis- posal service furnished for so long as any of the outstanding Prior Lien Bonds, the Outstanding Parity Bonds, the Bonds, and any bonds issued on a parity with such Outstanding Parity Bonds and the Bonds are outstanding that will make available for the payment of the prin- cipal of and interest on all of such bonds as the same shall become due, an amount equal to at least 1.4 times the maximum amount required to be paid in any calendar year hereafter to pay the principal of and in- terest on all of such bonds, after necessary costs of maintenance and operation of the System have been paid, but before depreciation. b. The covenants and agreements of the City contained in Ordinance No. 2124 and particularly in Sections 6, l0 and ll thereof, and contained in Ordinance No. 2499 and particularly Section l0 thereof, constituting agreements of the City protecting and safeguarding the security and rights of the holders of the Outstanding Parity Bonds, shall be equally applicable to the Bonds, shall i~re to the benefit of the holders from time to time of the Bonds, and are hereby made a part of this ordinance with respect to the Bonds as though fully set forth herein. c. The City hereby reserves the right to issue Future Parity Bonds under the same terms, conditions and requirements and with the same limitations and restrictions as provided in Section ll of Ordi- nance No. 2124 and Section l0 of Ordinance No. 2499 for the issuance of additional or refunding bonds on a parity with the Outstanding Parity Bonds and the Bonds. Section 9. The Bonds shall be in substantially the following form: 12. UNITED STATES OF AMERICA NO. $5 000 STATE OF WASHINGTON CITY OF BREMERTON WATER AND SEWER REVENUE BOND, 1965 The City of Bremerton, a municipal corporation of the State of Washington, hereby acknowledges itself to owe and for value received promises to pay to bearer on the first day of December, 19__, the principal sum of FIVE THOUSAND DOLLARS together with interest thereon at the rate of % per annum payable semiannually on the first days of June and December of each year from date hereof as evidenced by and upon presentation and surrender of the attached interest coupons as they severally become due~ or until the payment of such principal sum shall be made or duly provided for. Both principal of and interest on this bond are payable in lawful money of the United States of America at the office of the City Treasurer in Bremerton, Washington, solely out of the special fund of the city known as the '~Bremerton 1965 Water and Sewer Revenue Bond Redemption Fund~' created by Ordinance No. of the city. The City of Bremerton has reserved the right to redeem any or all of the bonds of this issue outstanding in whole, or in part in inverse numerical order, on the following in- terest payment dates and at the following prices expressed as a percentage of the principal amount, plus accrued interest to the date of redemption: On December 1, 1975 and June 1, 1976, at 102.50 On December 1, 1976 and June l, 1977, at 102 On December 1, 1977 and June 1, 1978, at 101.50 On December 1, 1978 and June 1, 1979, at 101 On December 1, 1979 and June l, 1980, at 100.50 On December 1, 1980 and any interest payment date thereafter, at 100. 13. Notice of any such intended redemption shall be given by one publication thereof in the official city newspaper not more than forty nor less than thirty days prior to said redemption date and by mailing a like notice at the same time to This bond is one of an issue of one hundred fifty-five bonds of the city of like amount, date and tenor except as to number, rate of interest and date of maturity aggregating the total principal amount of $775,000, which bonds are issued pursuant to ordinances of the city duly and regularly adopted, for the purpose of providing funds to acquire~ construct and install certain additions and improvements to and extensions of the combined water and sewerage system of the city. All of said bonds are payable solely out of the gross earnings and revenue of such combined system and all additions and improvements thereto and extensions thereof. The City of Bremerton hereby covenants and agrees with the owner and holder of this bond that it will keep and perform all the covenants of this bond and of Ordinances No. 2124, No. 2499 and No. to be by it kept and performed. The City of Bremerton does hereby pledge and bind itself to set aside from the money in its Current Water Fund and to pay into and maintain in said 1965 Bond Redemption Fund and the Re- serve Account created therein, the various amounts required by said Ordinance No. to be paid into and maintained in said Fund and Account, all within the times provided by said ordinance. The city has further pledged and bound itself to set aside and pay into said Current Water Fund as collected, all of the gross earnings and revenue derived by it from the operation of said combined water and sewerage system and all additions and 14. improvements thereto and extensions thereof. Said amounts so pledged to be paid out of said Current Water Fund into said 1965 Bond Redemption Fund and Reserve Account are hereby declared to be a prior lien and charge upon the money in said Current Water Fund superior to all other charges of any kind or nature except the necessary costs of maintenance and operation of said combined system and the charges necessary to pay and secure the payment of the principal of and interest on the outstanding water and sewer revenue bonds of the city issued under date of October l~ 1949, and equal in rank to the charges made on the money in said Current Water Fund to pay and secure the payment of the principalof and interest on the outstanding water and sewer revenue bonds of the city issued under dates of October l, 1955 and June l, 1962 and to any charges that may be made upon the money in said Fund to pay and secure the payment of the prin- cipal of and interest on any water and sewer revenue bonds which the city may issue later on a parity with said outstanding October l, 1955 and June 1, 1962 revenue bonds and the bonds of this issue. The City of Bremerton has further bound itself to main- tain said combined water and sewerage system in good repair, working order and condition, to operate the same in an efficient manner and at a reasonable cost, and to establish, maintain and collect rates and charges for water supplied and sanitary sewage collection and disposal service furnished for so long as any of the October l, 1949, October l, 1955 and June l, 1962 revenue bonds~ the bonds of this issue, and any revenue bonds issued on a parity with such October l, 1955, June l, 1962 and the bonds of this issue are outstanding that will make available for the payment of the principal of and interest on all of such bonds 15. as the same shall become due, an amount equal to at least 1.4 times the maximum amount required to be paid in any calendar year hereafter to pay all of such principal and interestj after necessary costs of maintenance and operation of such combined system have been paid, but before depreciation. It is hereby certified and declared that the bonds of this issue are issued pursuant to and in strict compliance with the Constitution and laws of the State of Washington and ordinances of the City of Bremerton, and that all acts, condi- tions and things required to be done precedent to and in the issuance of this bond have happened, been done and performed. IN WITNESS WHEREOF, the City of Bremerton, Washington, has caused this bond to be signed by its Mayor, to be attested by its Clerk, the corporate seal of the city to be impressed hereon, and the interest coupons attached hereto to be signed with the facsimile signatures of said officials, this first day of December, 1965. CITY OF BREMERTON~ WASHINGTON By Mayor ATTEST: City Clerk The interest coupons to be attached to the Bonds shall be in substantially the following form: NO. On the first day of , 19 , the City of Bremerton, Washington, will pay to bearer at the office of the City Treasurer in Bremerton the amount shown hereon in lawful money of the United States of America out of the special fund of the city known as the ~'Bremerton 1965 Water and Sewer Revenue Bond Redemption Fund~~ said amount being 16. the semiannual interest due that day on its Water and Sewer Revenue Bond dated December l, 1965 and numbered . CITY OF BREMERTON, WASHINGTON By Mayor ATTEST: City Clerk Section 10. The Bonds shall be signed on behalf of the City by its Mayor, shall be attested by the City Clerk, and shall have the corporate seal of the City impressed thereon. The interest coupons attached to the Bonds shall be signed with the facsimile signatures of said officials. Section ll. The Bonds shall be sold at public sale and bids therefor shall be submitted to the City Clerk until ll:00 o'clock A.M. Pacific Standard Time on November 23, 1965, at which time said bids shall be publicly opened, read and considered. This Council will act upon said bids at its regular meeting to be held in the Council Chambers at the City Hall at 10:00 o'clock A.M. Pacific Standard Time on November 24, 1965. The proper City officials are hereby authorized and directed to do everything necessary for the prompt issuance~ execution and de- livery of the Bonds to the purchaser thereof and for the proper use and application of the proceeds of such sale. Section 12. For the reason that it is necessary that the City obtain the proceeds of sale of the Bonds as soon as possible in order to pay the cost of acquiring, constructing and installing the authorized additions and improvements to and extensions of the System~ an emergency is hereby declared to exist, and it is hereby found neces- sary for the public health, welfare and safety that this ordinance become effective immediately upon its passage, approval and publication as required by law. 17. PASSED UNANIMOUSLY by the City Council of the City of Bremerton, Washington: at a regular meeting thereof~ signed by the Mayor, and attested by the City Clerk in authentication of such passage, this 10th day of November, 1965. CITY?Q~REMERTON, ~ Mayor ATTEST: ~ City Clerk KPPROVED~ AS T~ ~kRM: ~N Partner PRESTON, THORGRIM , HOROWITZ, STARIN & ELLIS Special Bond Counsel to the City 18.