HomeMy WebLinkAbout3223 ORDINANCE NO. ~
AN ORDINANCE to provide a financial plan,
as required under Section 'Q' of the Offer
and Acceptance Agreement Between State of
Washington Department of Social and ~{ealth
Services and City of Bremerton of a loan
relating to the pre-construction engineering
costs of municipal and'industrial water Supply
facilities pursuant to R.C.W. Chapte=~3.83B.
THE CITY COUNCIL FOR THE CITY OF BREMERTON DOES HEREBY ORDAIN:
Section 1. Pursuant to the Offer and Acceptance
Agreement Between State of Washington Department of Social and
Health Services and the City of Bremerton, the following Financial
Plan is hereby adopted in accordance with Section 'Q' of the
above-referenced agreement:
a. Commencing with the 1976 Annual Budget, sufficient
monies will be appropriated in the Cumulative Reserve Fund
for Water System Improvement to make the loan payments in that
year and each successive year thenceafter until the loan shall
have been paid in full.
· b. In. the event that under the.provisions of R.C.W.
43.83B, a grant is offered and accepted by the City of
Bremerton, sufficient monies will be appropriated in the. Cumu-
lative Reserve Fund for Water System Improvement to fund the
City share of the construction costs.
c. In the event no State funds are available to
assist in the construction of the NAD Water Reservoir, no funds
will be appropriated under this Ordinance. Separate action will
be taken to issue revenue bonds in the amount required for the
construction, and a separate ordinance will be passed estab-
lishing an NAD Reservoir Construction Fund.
APPROVED on first reading this 9th day of April,
1975.
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 ~~~
ATTEST:
G. C. FEADON, SR., City Clerk