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HomeMy WebLinkAbout3030 ORDIN~NCE of the City of Bremerton, Wash- ington, providing for the issuance and sale of limited tax levy general obligation bonds of the city in t~.e principal amount of $350,000 for t~e purpose of providing funds to pay the cost of construction of the Gold Mountain Municipal Golf Course of the city and all necessary facilities; providing the date, form, terms and maturi- ties of said bonds; creating a bond red.erup- tion fund; providing fcr the use of certain rental moneys and for the annual levy and collection of taxes to pay the principal of and interest on said bonds; and declaring an emergency. WHEREAS, the City of Bremerton, Washington (hereinafter called the "City"), has heretofore acquired certain real property, constructed a golf course thereon, a clubhouse, parking lct and all appurtenances, facilities and improvements necessary fcr such golf course and to pay all or nearly all of the costs of such capital improvements has issued its registered interest-bearing warrants drawn on the Municipal Golf Course and Recreation Fund of t~he City; and WHEREAS, it is necessary that said warrants be redeemed and that any other costs of the construction of such golf course~ clubhouse and such necessary appurtenant facilities not already paid for be paid; and WHEREAS, in order to provide t.he money for such ~.urpo~es it is deemed necessary and advisable that the City now issue and sell its limited tax levy general obligation bonds in the principal amount of $350,000; NOW, THEREFORE, The City of Bremerton does ordain: Section I. It is hereby found and declared that the public interest, welfare and benefit require the City to now pay all costs incurred or to be incurred in the matter of ~ v~'.=-~._: ~=:,~ _..~ the construction and equipping ~ of the Gold Mountain Municipal Golf Course of the City, a clubhouse, park- ing lot and all necessary appurtenant facilities and capital improve- ments thereto· Section 2. For the purpose of providing the money neces- sary to pay such costs the City shall issue and sell its limited tax levy general obligation bonds in the principal amount of $350,000 (hereinafter called the "Bonds"). The Bonds shall be dated September 1, 1972, shall be in the denomination of $5,000 each, shall bear interest at such rate or rates as shall be fixed by the City Council upon the sale thereof, payable semiannually on the first days of March and September of each year from date of issue as evidenced by coupons to be attached thereto, and shall be numbered and mature on September 1 of each of the following years in the following amounts: Bond Nos. Years Amounts Bond Nos. Years Amounts 1-2 1974 $10,000 25-28 1983 $20,000 3-4 1975 10 ,000 29-32 1984 20,000 5-6 1976 i0 , 000 33 --36 1985 20,000 7-9 1977 15,000 37-40 1986 20,000 10-12 1978 15,000 41-44 1987 20,000 13-15 1979 15,000 45-49 1988 25,000 16-18 1980 15,000 50-54 1989 25,000 19-21 1981 15,000 55-59 1990 25,000 22-24 1982 15,000 60-64 1991 25,000 65-70 1992 30,000 (The above schedule computed on an assumed interest rate of 5.50% per annum) Both principal of and interest on the Bonds shall be pay- able in lawful money of the United States of America at the office of the Treasurer of the City in the City Hail in Bremerton, Wash- ington. Section 3. The City hereby reserves the right to redeem any or all of the Bonds outstanding at par in whole, or in part in inverse numerical order, on any interest payment date on and after ten years from date of issue. Notice of any such intended redemption shall be given by one publication thereof in the official newspaper of the'City and in a financial and ~business journal of general cir- culation in the City of Seattl~Washington, with each such publica- tion to be not more than 40 nor less than 30 days prior to said re- demption date and by mailing a like notice at the same time to the purchaser or account manager of the purchasers of the Bonds at their sale by the City at its main office or to the successor in business, if any, of said purchaser or account manager at its main office. Interest on any Bond or Bonds so called for redemption shall cease on such redemption date unless the same are not redeemed upon presenta- tion made pursuant to such call. Section 4. The Bonds shall be in substantially the follow- ing form: UNITED STATES OF AMERICA NO. $5,000 STATE OF WASHINGTON CITY OF BREMERTON MUNICIPAL GOLF COURSE GENERAL OBLIGATION BOND, 1972 The City of Bremerton, Washington, a muncipal corpora- tion of the State of Washington (hereinafter called the "City"), hereby acknowledges itself to owe and for value received hereby promises to pay to bearer on the first day of September, 19 , the principal amount of FIVE THOUSAND DOLLARS together with interest thereon at the rate of % per annum payable semiannually on the first days of March and September of each year from date hereof 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 interest on this bond are payable in lawful money of the United States of America at the office of the Treasurer of the City in the City Hall in Bremerton, Washington. The City has reserved the right to redeem any or all of the bonds of this issue outstanding at par in whole, or in part in inverse numerical order, on any interest payment date on and after ten years from date hereof. Notice of any such intended redemption shall be given by one publication thereof in the official newspaper of the City and in a financial and business journal of general circulation in the City of Seattle, Washington, with each such publication to be not more than 40 nor less than 30 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 70 bonds of like amount, date and tenor except as to number, rate of inter- est and date of maturity in the aggregate principal amount of $350,000 and is issued pursuant to Ordinance No.~ of the City for ~he purpose of providing funds for the ~.~ t~ .... __.._ ~ ~ construction and equl ng of a municipal golf course thereon with all necessary appur- tenant facilities and capital improvements, under and in strict compliance 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 has agreed to set aside and pay into the Bond Redemption Fund created for the purpose of paying the principal of and interest on the bonds of this issue all rentals and payments which it will receive pursuant to the provisions of any agreement which it has now or may later enter into for the lease of such golf course and all of the facilities thereof and appurtenant thereto, and has further irrevocably covenanted that each year it will include in its budget and levy taxes annually within and as a part of the tax levy permitted the City without a vote of the people amounts which will be sufficient with such other moneys actually paid into said Bond Redemption Fund to pay the principal of and interest on the bonds of this issue as the same shall become 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 facsimile signature of its Mayor, to be attested by the manual signature of its Clerk, the official seal of ~he 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 September, 1972. CITY OF BREMERTON, WASHINGTON By Mayor ATTEST: City Clerk The interest coupons 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 Treasurer of the City in the City Hall in Bremerton the amount shown hereon in lawful money of the United States of America, said amount being the semiannual in- terest due that date on its Municipal Golf Course General Obligation Bond, 1972, dated Septeanber 1, 1972, and numbered . CITY OF BREMERTON, WASHINGTON By Mayor ATTE ST: C ity"C lerk Section 5. 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 6. There has heretofore been created a special fund of the City known as the "Bremerton Municipal Golf Course and Recreation Fund." Registered interest-bearing warrants have been drawn on such Fund for the purpose of paying a part or all of the costs of constructing and equipping the Gold Mountain Municipal Gol~Course of the City, a clubhouse, parking lot and all necessary appurtenant facilities and capital improvements thereto. Ail moneys received from the sale of the Bonds (except for accrued interest, if any, which shall be paid into the Bond Redemption Fund herein- after created) and any moneys which the City may now have on hand or my later receive which are to be used for the purpose of paying part of the costs of the above-mentioned capital improvements shall be paid into such Fund. The moneys in such Fund shall be used for redeeming and retiring all of the warrants drawn thereon and for paying any other remaining costs which might be necessary to complete the payment for all of said improvements, including the costs of the issuance of the Bonds and all expenses incidental thereto. Any moneys remaining in such Fund out of the proceeds of sale of the Bonds after all of such costs have been paid shall be paid into the Bond Redemp- tion fund hereinafter created for the uses and purposes herein pro- vided. Section 7. That there be and is hereby created a special fund of the City to be known as the "Municipal Golf Course 1972 Bond Redemption Fund," which Fund shall be drawn upon for the sole pur- pose of paying the principal of and interest on the Bonds as the same shall become due and payable. From and after the date of the issuance of tke Bonds and for as long as any of the same remain outstanding and unpaid the City hereby pledges and binds itself to set aside and pay into the Bond Redemption Fund all rentals and payments which it will receive pursuant to the provisions of any agreement which it has now or may later enter into for the lease of such golf course and all of the facilities thereof and appurtenant thereto. The City further covenants 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 all the property within the City subject to taxation in an amount which will be sufficient with such other moneys actually paid into said Bond Redemption Fund 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 prin- cipal 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 per- mitted 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, with any other moneys legally available and specifically set aside in said Bond Redemption Fund, 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 faith, credit and resources of the City are 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. In the event the rentals and payments received by the City for any one year pursuant to the provisions of any such agree- ment are in excess of the amounts needed by the City to pay the principal of and interest on the Bonds coming due within the next 12 months, such excess amount, s may be used by the City for other golf course improvements or may be retained by it in such Bond Redemption Fund for the uses and purposes herein provided. Section 8. 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 11:00 A.M. on August 23, 1952, at the Council Chambers in the City Hall. The action of the City in causing the first publication of the official notice of sale of these Bonds to be published in the official City newspaper in the regular July 28, 1972, edition thereof is hereby in all respects ratified and confirmed. Upon the sale of the Bonds the proper City officials are hereby authorized and directed to do everything necessary for the prompt issuance, execution and delivery thereof and for the proper application and use of the proceeds of such sale. Section 9. The actual value (twice the assessed value) of the taxable property within the City as ascertained by the last preceding assessment for City purposes is $210,317,026. The principal amount of existing nonvoted general obligation bond indebtedness of the City, including the principal amount of the Bonds, is $350,000. The principal amount of existing voted general obligation bond indebtedness of the City is $103,000,~. Section 10. By reason of the facts above set forth and also by reason of the fact that it is necessary for the City to sell the Bonds under favorable market conditions and to redeem and retire the above-mentioned warrants as soon as possible, it is hereby found and declared that a public emergency exists for the preservation ot the public peace, welfare and benefit, and therefore this ordinance shall go into effect i~ediately upon its passage and approval 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 2nd day'of August, 1972. CITY OF BRE~RTON, WA~q~GTON ~ ~ Mayor'  ' ' Clerk APPRO~AS TO FO~: . f ~ - ~ C~ Attorney 10. 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 2nd day of August, 1972. '"' ~ity Clerk' ~