HomeMy WebLinkAbout2932 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 ORDAIN:
Section 1. Section 1 of Ordinance No. 2918 is hereby amended
to read as follows:
Section 1. Section 2 of Ordinance No. 2837, as amended by
Ordinances Nos. 2744, 2762, 2862 and 2894, is 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
~1,300,000.00, approximately $350,000.00. 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 improve-
ments. 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 $~50~000,d0~
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 heremfter 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 a~sessments, 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.
-1-
Warrants in=the total principal amount of not to exceed
$950,000.00','~bearSng interest at a rate to be later fixed
by the City'~Coun~{1 p~yab~e from the date of issuance
thereof tq,daSe~pf redemptipn, may be drawn upon said
Construction Fun~ f~ tim~io time on the authorization
of the CitM?¢~h~eil~upo~Treceipt by it of bills approved
by the City~Engineer or -by any engineer in his department
designated byhim 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 Construction Fund
shall stay.in existence for as long as deemed necessary by
the City Council in order to provide interim financing for
improvements t~.~be made to the combined water and sewer
system of the{Ci6y other than those provided for herein.
Section 2.~71Be~J~'~e it.is necessary to pay costs which the
City will soon incur~f~r*~.~e 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 th~ public health, welfare and safety that this
ordinance become effective immediately upon its passage, approval
and publication as r~qu~.~ed by law.
PASSED unani~us~ by the Ci~ Council of the City of
Bremerton, Washington, Signed by the Mayor and attested by the City
Clerk in authentication of such passage this ~ ~ay of ,
1970. ,~
GLENN K. JARSTA~Mayor '~'~
ATTEST:
- G. C.~ADON, SR., ~City ~'~rk