HomeMy WebLinkAbout3041 ORDINANCE ~/
CITY OF B~EMERTON~ ~ASHEGTON
~n ordinance fixing terms for repayment of the
loan portion of a Loan/Grant cembination for
purposes of constructing a one (1) million gallon
reservoir and associated pipeline2 end declazing
an emergency.
%~?HEREAS the City of Bremerton has accepted a loan from the ~.~ashington State
Economic Assistance Authority in the amount of $53,000.00, to aid in the
construction of a one (1) million gallon water reservoir, and associated
pipeline; said loan bearing interest at the rate of 4% per annum.
NO~ THEREFORE, the City Council of the City of Bremerton, Washington,
do ordain as fo!lo~s:
SECTION 1. Repayment of said loan shall be scheduled as fotlo~s: The first payment
shall be made two years from the date of first disbursement and payments
shall be made annually thereafter as follows:
1st .year, 1974 $3,000.00 of principal and interest of $2,120.00.
2nd year, 1975 $4,000.00 of principal an~ interest of $2,000.00.
3rd year, 1976 $5,000.00 of principal and interest of $1,840.00.
4th year, 1977 $5,000.00 of principal and interest of $1,640.00.
5th year, 1978 $6,000.00 of principal and interest of $1,440.O0.
6th year, 1979 $6,000.00 of principal and interest of $1,200.00.
7th year, 1980 $7,000.00 of principal and interest of $ 960.00.
8th year, 1981 $8,000.00 of principal and interest of $ 680.00.
Total Principal $ 53,000.00 Total Interest $12,240.00. ~
The City of Bremerton reserves the right to accelerate payments on
principal and eliminate the interest on any accelerated principal payments.
The installment payments to repay this debt are to come from The Water/S~er
Revenues of the City of Bremerton, %~ashington. This obligation is sub-
ordinate to other existing legal obligations and any future obli§ations
issued on a parity therewith.
SECTION 2. There~ e~ia~s, an~ is Hereby declared ~0 exist, an emer~enc~ beca~se ~he
project, construction of a one (1) million gallon water reservoir, and associated
pipeline, is necessary for the preservation of the public health, safety, and
genera], welfare of the citizens of the City of Bremerton, WaShington, and shall
be in full force and effect immediately upon passage and publication.
PASSED by the City Council of the City of Bremerton, signed by the ~iayor
and attested by the City Clerk in authentication of such passage this ~~z~z
day
of , 197fi.
ENN K. JARSTAD, ~
ATTEST:
G. C.~¥EADON, SR., CITY CLEPK