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HomeMy WebLinkAbout3068 AN ORDZ~;ANC~ cf the City of Bremerton, Washinqton, pro¥1ding for 'the issuance and sale of limited tax levy qenara! obligation bonds of the city in the principal amount of $155,000 for the purpose of providing funds to acquire certain fire-fighting equip~ent; providing the date, form, terms and maturities of said bonds; cre- ating an Acquisition Account; creating a Bond Redemption Fund; ~roviding for the annual levy and coilection of ad valorem taxes to pay' the principal of and interest on said bonds; and declaring an emergency. WHEREAS, it is deemed necessary and advisable that the City of Bremerton, Washington (hereinafter called the "City"), acquire certain fize-fighting equipment in order to provide the City, its inhabitants and property owners with adequate fire-fight- ing and control facilities; and. WHE~AS, in order to provide the money for such purposes it is deemed necessary and adv~sa~,le that the City now issue and se~ ~s ilml~:e~ tax levy general obligation bonds in the principal amount of $155,000; NOW, THEP~FORE, THE CITY OF BREMERTON DOES ORDAIN: Section 1. Zt is hereby found~ and declared that tko public interest, we!fa~e, benefit and safety require the City to acquir~ a 1500-gallon fire p~tper and a 100-foot Seagrave aerial ladder truck, each with ail necessary accessories an~e~u~ '~' ~,-~n~. + Section 2. For the p~trpose of ~rcvidin9' the money neces- sary to pay the cost of acquiring the above-described equipment, the City shall iss~e an~ ~e].l its limited tax levy get,era], obliga- tion bonds in the.~ri. ncipa]- amount of $155,000 (.h~e~n=~ter ~ ~ called the "Bon~s" ) .. The Bonds shall be dated July i, 1973, shall be in the denomination of $5,000 each, shall bear interest at such rate or rates as shall b,~ fixed by the City Council upon the sale thereof, payable semiannually on the first days of January and July of each year from date of issue and shall be numbered and mature on July 1 of each of the following years in the following amount: Bond Nos. Years Amounts Bond Nos. Years Amounts 1-3 1975 $15,000 16-19 1980 $20,000 4-6 1976 15~000 20-23 1981 20,000 7-9 1977 15,000 24-27 1982 20,000 10-12 1978 15,000 28-31 1983 20,000 13-15 1979 15,000 (The above schedule computed on an assumed interest rate of 5% per annt~n) Both principal of and interest on the Bonds shall be payable in law- ful money of the United States of America at the office of the Treasurer of the City in the City Hall in Bremerton, Washington, or, at the option of the holder at the Fiscal Agency of the State of Washington in the city of Seattle, Washington. The City has not reserved the right to redeem any of the Bonds ahead of their fixed maturities. Section 3. The Bonds shall be in substantially the following fora: UNITED STATES OF AMERICA NO. $5,000 STATE OF WASHINGTON CITY OF BREMERTON FIRE-FIGH/TNG EQUIPMENT GENERAL OBLIGATION BOND, 1973 The City of Bremerton, Washington, a municipal oorporation of the State of Washington (hereinafter called the "City"), hereby acknowledges itself to owe and for value received pronises to pay to bearer on the first day of July 19 , the principal anount of FIVE THOUSAND DOLLARS together with interest thereon at the rate of % per annum, payable semiannually on the first days of January and July of each year from date hereof upon presentation and surrender of the attached interest coupons as they severally become due or until such prin- cipal sum shall have been paid or duly provided for. Both principal of and interest on this bond are payable in l~ful money of the United States of ~merica at the office of the Treasurer of the City in the City Hall in Bremerton, Washington, or, at the option of the holder at the Fiscal Agency of the State of Washington in. the city of Seattle, Washington. The City has not reserved the right to redeem any of the bonds of this issue prior to their fixed maturities. This bond is one of an issue of 31 bonds of like ar~unt, date and tenor except as to number, rate of interest and date of matur- ity, in the aggregate principal amount of $155,000, and is issued pursuant to Ordinance No. 3~1 of the City for the purpose of providing funds to acquire certain fire-fighting equipment, with all necessary accessories and equipnent, under and in strict ecmpliance with the provisions of the Constitution of the State of Washington, all applicable statutes of the state and the Charter and duly adopted ordinances of the City. The City hereby irrevocably covenants that it will include in its annual budgets and levy taxes annually within and as a part of the tax revenue permitted the City without a vote of the people amounts sufficient to pay the principal of and interest on the bonds of this issue as the s~ne shall beocme due. The full faith, credit and resources of the City are hereby irrevocably pledged for the annual levy of such taxes and for the prompt payment of such principal and interest. It is hereby certified and declared 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 WHEREOF, the City of Bremerton, Washington, has caused this bond to be signed on behalf of the City with the fac- simile signature of its Mayor, to be attested by the manual sign- ature of its Clerk, the official seal of the City to be /mpressed hereon and the interest ooupons attached hereto to be signed with the facsimile signatures of said officials this first day of July, 1973. CITY OF BREME~TON, WASHINGTON By Mayor ATTEST: city The interest coupons attached to the Bonds shall be in substant- ially the following fora: NO. $ On the first day of , 19 ....... , the City of Bremerton, Washington, will pay to bearer at the office of the Treasurer of the City in the City Hall in Bremerton or, at the option of the holder at the Fiscal Agency of the State of Washington in the city of Seattle, Washington, the amount shown hereon in lawful money of the hhited States of ~merica, said amount being the semiannual interest due that date on its Fire-Fighting Equipment General Obligation Bond, 1973, dated July 1, 1973, and numbered . CITY OF BREMERTON, WASHINGTON Mayor A%TEST: City Clerk 4. Section 4. The Bonds shall be signed on behalf of the City by the facsimile signature of its Mayor, shall be attested by the manual signature of the City Clerk and shall have the official 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. There is hereby created a special account of the City to be known as the "Bremerton 1973 Fire-fighting Equipment Acquisition Account." All moneys received from the sale of the Bonds (except for accrued interest, if any, which shall be paid into~the Bond Redemption. Fund hereinafter created) and any moneys which the City may now have on hand or may later receive which are to be used for the purpose of paying the costs of acquisition of the hereinbefore-described improvements shall be paid into such Acquisition Account. The moneys in sucn Account shall be used for tb~ pu~~ provided in this.ordinance and, if necessary, for redeeming and retiring any warrants drawn thereon or for reimbursing any other fund or account of the City which may have been drawn upon to pay any part or all of the costs of acquisition of the above-described improvements. Any moneys remaining in such Account out of the prc- ceeds of sale of the Bonds after all of such costs have been paid shall be paid into the Bond Redemption Fund hereinafter create~ for the uses and purposes herein provided. Section 6. That there be and is hereby created a special fund of the City to be known as the "Fire-fighting Equipment 1973 Bond Redemption Fund," which Fund shall be drawn upon for the sole purpose of paying the principal of and interest on the Bonds. The City covensnts and agrees for as long as any of the Bonds are outstanding and unpaid that each year it will include in its budget and cause to be levied annually a tax upon ali. the property within the City subject to taxation in an amount which will be suffi- cient to pay the principal of and interest on the Bonds as the same shall become due. All of such taxes so collected shall be paid into such Bond Redemption Fund and none of the moneys therein shall be used for any other purpose than the payment of the principal of and interest on the Bonds. The City hereby irrevocably pledges that the annual tax provided for herein to be levied for the payment of such principal and interest shall be within and as a part of the tax levy permitted the City without a vote of the people and that a sufficient portion of each such annual tax to be made by the City prior to the full payment of the principal of and interest on the Bonds will be and is hereby irrevocably set aside, pledged and appropriated for the payment of the principal of and interest on the Bonds as aforesaid. The full faiths credit add resources of the City ~e hereby pledged for the annual levy and collection of such taxes and to the prompt payment of the principal and interest on the Bonds as the same shall become due. Section 7. The City Clerk is hereby authorized and directed to advertise the Bonds for sale in the manner required by law, and bids for the same shall be opened, considered and acted upon by the City Council at its regular meeting to be held at II:00 A.M. on June 13, 1973, at the Council Chambers in the City Hall. Upon the sale of the Bcnds the proper City officials are hereby authorized and directed to do everything necessary for the prompt issuance, execution and delivery thereof and for tke proper application and use of the proceeds of such sale. Section 8. The actual value (twice the assessed value) of the taxable property within the City as ascertained by the last e preceding assessment for City purposes is $ 214,116,394 . The principal amount of existing nonvoted general obligation bond indebtedness of the City, including the principal amount of the Bonds, is $ 505,000 . The principal amount of existing voted general obligation bond indebtedness of the City is $..33~000 . Section 9. Because the City has already ordered the hereinbefore-described improvements and one, if not both, of such pieces will be delivered within the near future, it is necessary for the City to sell the Bonds as soon as possible. Therefore it is hereby found and declared that a public emergency exists for the preservation of the public peace, welfare, benefit and safety, and this ordinance.shall go into effect immediately upon its passage, approval and publication as provided by law. PASSED by the Council of the City of Bremerton and approved by its Mayor at a regular meeting of said Council held this 16th day of May, 1973~ CITY OF BREMERTON BY~~~I~ ATTEST: City Clerk TO FORM: I, G. C. YEADON, SR., the duly chosen, qualified and acting City Clerk of the City of Bremerton, Washington, DO HEREBY CERTIFY that the foregoing is a true and correct copy of Ordinance No.. 3~ of the City of Bremerton, Washington, duly adopted by the City Council of said city at a regular meeting of said Council held-on the 16th day of May, 1973.