HomeMy WebLinkAbout2894 ORDINANCE NO~~
AN ORDINANCE amending Ordinance No. 2862 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 ORDAIN:
Section 1. Section 1 of Ordinance No. 2862 is hereby amended
to read as follows:
Section 1. Section 2 of Ordinance No. 2837, as amended by
Ordinances Nos. 2744 and 2762, is hereby 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 i~
hereby declared to be as near as may be the sum of
$1,200,000.00, approximately $260,000.00 of which will be
provided from local improvement district assessments to be
levied upon properties specially benefited by the acqui-
sition, construction and installation of said improvements.
The remaining approximate amount of such costs shall be
provided from the proceeds of sale of water and sewer
revenue bonds of the City in the principal amount of not to
exceed $735,000.00.
As an integral part of the plan for acquiring, constructing
and installing the above described additions and improve-
ments 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
abbve mentioned water and sewer revenue bonds, and any
other monies, except for local improvement district assess-
ments, which may be received, transferred or set aside for
the payment of the costs of the improvements described in
Section i 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 improvements 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.
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Warrants in the total principal amount of not to exceed
$735,000.00 bearing interest at a rate to be later fixed
by the City Co~cil 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
improvements authorized in Section 1 hereof.
It is hereby further provided that the Construction Fund
shall stay in existence for as long as deemed necessary by
the City Council in order to p~vide interim financing for
improvements to be made to the combined water and sewer
system of the City other than those provided for herein.
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 elective 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
1970.
"~LENN K. JARS A~, Mayor
ATTEST:
G~C~lerk
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