HomeMy WebLinkAbout3097 AN ORDINANCE amending Ordinance No. 2918 of the City of
Bremerton so as to provide for an increased authorization
to pay costs for constructing and installing additions
and improvements to and extensions of the combined water
and sewerage system of the City of Bremerton; and declaring
an emergency.
THE CITY OF BREMERTON DOES ORDAII~:
Section 1. Section 1 of Ordinance No. 2918 is hereby amended
to read as follows:
Section 1. Sectio~ 2 of Ordinance No. 2837, as amended by
Ordinances Nos. 2744, 27 2~, 2894 and 2932, 2963is 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
$2,120,000 approximately $220,000 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 pro-
vided from the proceeds of sale of water and sewer revenue
bonds of the City in the principal amount of not to exceed
$1,900,000.
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 improve-
ments 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
$1,900,000, 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 Fund 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 improve-
ments authorized in Section 1 hereof.
It is hereby further provided that the 1967 Water Sewer
Construction Fund shall remain in existence for as long
as is necessary to provide for existing obligations of
said Fund including redemption of outstanding Warrants
and payment of existing Contracts against said Fund.
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.
PASSED unanimously by the City Council of the City of
Bremerton, Washington, signed by the Mayor and attested by the City Clerk
in authentication of such passage this day of /~U~/~'x~ , 1973.
ATTEST:
G. C./~ADON, SR., City Clerk