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HomeMy WebLinkAbout2468 Z AN ORDINANCE of the City of Bremerton, Washington, providing for the issuance and sale of general obligation bonds of the city in the principal sum of $150,000 for the purpose of providing funds to acquire certain necessary equipment and to acquire, construct and install certain improvements to the city cemetery and parks; providing the date, form, terms, maturities and covenants of said bonds, and for annual tax levies to pay the principal thereof and interest thereon; and creating a fund for their payment. WHEREAS, it is deemed necessary and advisable and for the public welfare and benefit that the City of Bremerton acquire certain necessary equipment for use by its various departments and that it also acquire, construct and install certain improvements to its cemetery and parks; and WHEREAS, in order to provide the money necessary for such purposes it is deemed necessary and advisable that the city issue and sell its limited tax levy general obligation bonds in the principal sum of $150,000; NOW, THEREFORE, THE CITY OF BREMERTON DOES ORDAIN: Section 1. It is hereby found and declared that the public welfare and benefit require the city to acquire certain necessary office equipment for the Treasurer's Department, automotive equipment for the Engineer's, Police, and Street Departments, three pumper trucks for the Fire Department; and that it acquire, construct and install fences at the city cemetery and the Warren Avenue and Roosevelt Field Parks and an irrigation system at the Evergreen Park. Section 2. That for the purpose of providing the money necessary to acquire and to acquire, construct and install said im- provements, the city shall issue its limited tax levy general obligation bonds in the principal sum of $150,000. Said bonds shall be dated December 1, 1961, shall be in denominations of $1,000 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 as evidenced by coupons to be attached thereto, shall be payable both principal and interest at the office of the City Treasurer in Bremerton~ Washington, and shall be numbered and mature in order of their number as follows: Bond Nos. Maturity Date Amount 1-15 December 1, 1963 $15,000 16-30 December 1, 1964 15,000 31-46 December 1, 1965 16,000 47-62 December 1, 1966 16,000 63-79 December 1, 1967 17,000 80~96 December 1, 1968 17,000 97-114 December 1, 1969 18,000 115-132 December 1, 1970 18,000 133-150 December 1, 1971 18,000. Said bonds shall be in substantially the following form: UNITED STATES OF AMERICA NO. $1,000 STATE OF ~%SHINGTON CITY OF BREMERTON GENERAL OBLIGATION BOND~ 1961 KNOW ALL MEN BY THESE PRESENTS: That the City of Bremerton, a municipal corporation of the State of Washington, acknowledges itself to owe and for value received hereby promises to pay to bearer on the first day of December, 19.., the principal sum of ONE 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 of issue upon presentation and surrender of the attached interest coupons as they severally become due or until such principal sum shall have been paid or duly provided for. Both principal of and 2. 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. This bond is one of an issue of general obligation bonds of the City of Bremerton of like amount, date and tenor except as to number in the total principal sum of $150,000, and is issued pur- suant to Ordinance No. of the city, for the purpose of providing money to acquire certain equipment for various de- partments of the city and to acquire, construct and install certain improvements to the cemetery and certain parks of the city. The City of Bremerton here~y irrevocably pledges itself to include in its budget and levy taxes annually within and as a part of the annual tax millage levy permitted to cities without a vote of the people in amounts sufficient to pay the principal of and interest on said bonds as the same shall become due. It is hereby certified 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~ and that the total indebtedness of the city, including this bond and the bonds of this issue, does not exceed any constitutional or statutory limitation. IN WITNESS ~FrLEREOF, the City of Bremerton, Washington, has caused this bond to be signed by its Mayor, to be attested by its Clerk, the official 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, 1961. 3. CITY OF BREMERTON, WASHINGTON By Mayor ATTEST: City Clerk The interest coupons attached to said bonds shall be in sub- stantially 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 sum of DOT. I~RS in lawful money of the United States of America, said sum being the semiannual interest due that day on its general obligation bond dated December 1, 1961 and numbered __. Mayor ATTEST: City Clerk Section 4. 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. Each of the interest coupons attached thereto shall be signed with the facsimile signatures of said officials. Section 5. That there be and is hereby created a special fund of the city to be known as the "Bremerton 1961 General Obligation Bond Redemption Fund," and the city hereby covenants that for as long as any of the bonds authorized herein are outstanding the corporate authorities of the city will include in each city budget and levy an ad valorem tax each year upon all the property within the city subject to taxation that will produce amounts sufficient to pay the principal 4. of and interest on said bonds as the same shall become due and payable. All of such taxes so collected shall be paid into said Bond RederaptJ. on Fund, and none of the moneys in such Fund shall be used for any other purpose than the payment of the principal of and interest on said bonds. The City of Bremerton hereby pledges that the annual t~ provided for herein to be levied for the payment of the principal of and interest on said bonds shall be within and as a part of the tax millage levy permitted to cities without a vote of the people, and that a sufficient portion of e~ch annual levy to be made by the city prior to the full payment of the principal of and interest on said bonds will be and is hereby irrevocably pledged to be set aside and appropriated for the payment of the principal of and interest on said bonds as aforesaid. The full faith, credit and resources of the city are hereby irrevocably pledged for the annual levy and collection of said taxes and for the prompt payment of the principal of and interest on said bonds as the same shall become due. Section 6. The City Clerk is hereby authorized and directed to advertise these bonds for sale in the manner required by the statutes of the State of Washington and the Charter of the City of Bremerton, and the proper city officials are hereby authorized and directed to do everything necessary for the prompt execution and delivery of said bonds upon their sale and for the proper use and application of the proceeds of such sale. APPROVED on first reading this~th day of October, 1961. PASSED on second reading by the City Council of the City of Bremerton, signed by the Mayor, and attested by the City Clerk in authentication of such passage this ~ day of October, 1961. CITY OF BREME~N, WASHINGTON ATTEST: ~ ~ ..... Mayor ~ City Clerk APeD AS T~  - · Cit~ Attorney 5.