HomeMy WebLinkAbout2982 ORDINANCE NO. 298.2
AN ORDINANCE of the City of Bremerton, Washington,
specifying and adopting a plan for the acquisition,
construction and installation of certain additions
and improvements to and extensions of the combined
water and sewerage system of the city; declaring
the estimated cost thereof; authorizing the
issuance of water and sewer revenue bonds in the
total principal sum of $1,400,000 to provide
part of the funds necessary to acquire, construct
and install such additions, improvements and
extensions; fixing the date, form, terms, matur-
ities and covenants of said bonds; creating a
Bond Fund for the payment of the principal of
and interest on said bonds and any bonds that
may be issued later on a parity therewith, and a
Reserve Account; fixing certain covenants and
protective provisions safeguarding the payment
of the principal of and interest on said bonds;
providing that additional revenue bonds may be
issued on a parity with such bonds upon compliance
with certain conditions; authorizing the sale of
such bonds; and declaring an emergency.
WHEREAS, the existing combined water and sewerage system
of the City of Bremerton, Washington (hereinafter called the "City")
is in need of certain additions, improvements and extensions in
order to properly supply the City, its inhabitants and people
living in the vicinity thereof with proper and necessary sanitary
sewage collection and disposal services; and
WHEREAS, in order to pay part of the cost of acquiring,
constructing, equipping and making such additions and improvements
to and extensions of such combined water and sewerage system
it is deemed necessary and advisable that the City issue and
sell its water and sewer revenue bonds in the total principal
sum of $1,400,000; and
~{EREAS, it is necessary that the date, form, terms,
maturities, conditions and covenants of said bonds be now fixed;
NOW, THEREFORE, THE CITY OF BREMERTON DOES ORDAIN:
Section 1. As used in this ordinance unless a different
meaning clearly appears from the context:
(a) "Bond" or "Bonds" mean any of the $1,400,000 of
water and sewer revenue bonds of the City issued pursuant to and
for the purposes provided in this ordinance.
(b) The words "Bond Fund" shall mean the Bremerton
Water and Sewer Revenue Redemption Fund created by Section 7
of this ordinance for the purpose of paying and securing the
payment of the principal of and interest on the Bonds and any
Parity Revenue Bonds.
(c) "Current Water Fund" means the fund of the City
of that name heretofore created. The City has covenanted and
does covenant that all of the gross earnings and revenue of
the System shall be paid into the Current Water Fund as the same
are collected.
(d) "Parity Revenue Bonds" mean any revenue bonds
of the City, other than the Bonds, issued under an ordinance
wherein the City pledges that the payments to be made out of
the gross revenue of the System or the Current Water Fund of
the City into the Bond Fund and Reserve Account therein to pay
and secure the payment of the principal of and interest on such
revenue bonds will be on a parity with the payments required by
this ordinance to be made out of such gross revenue or Current
Water Fund into such Bond Fund and Reserve Account to pay and secure
the payment of the principal of and interest on the Bonds.
(e) "Prior Lien Bonds" means the water and sewer revenue
bonds of the City issued under dates of October 1, 1955, June 1,
1962 and December 1, 1965.
(f) The words "Reserve Account" shall mean the account
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of that name created in the Bond Fund by Section 8 of this
ordinance.
(g) "System" means the existing combined water and
sewerage system of the City as the same will be added to, improved
and extended as authorized and provided in this ordinance and
as the same may be added to, improved and extended for as long
as any of the Bonds and any Parity Revenue Bonds are outstanding.
Section 2. The following plan for the acquisition,
construction and installation of additions and improvements to
and extensions of the System is hereby specified and adopted,
to wit:
(a) The City shall acquire, construct and install the
interceptor, trunk and lateral sewers described in Exhibit A
attached hereto and by this reference incorporate herein as
though fully set forth.
(b) The City shall acquire, construct and install
the following improvements to its sewage treatment plants:
(1) At the Manette Sewage Treatment Plant on
Port Washington Narrows in East Bremerton:
Construct a concrete chlorine contact chamber
complete with control gates, baffles, railings,
grating, concrete influent and effluent lines,
miscellaneous piping and metal work, and site
restoration.
Install a chlorine residual sampling and
analyzing system complete with pump, recorder,
analyzer, piping and electrical conduits.
Construct a concrete grit removal structure
including hydrogritter, cyclone, pumps, miscellaneous
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mechanical equipment, piping, 10" diameter cast
iron overflow line, grating and miscellaneous
metal, electrical controls, and site restoration.
Construct a 36" diameter concrete outfall
extension to the existing 20" diameter cast iron
outfall line, including special pipe connection,
rock bedding, necessary excavation and debris
removal, pipe shackles, diffuser pipe section
and support pads if necessary. Work includes
channel floor probing.
Renovate existing influent structure by
raising weir.
Renovate existing outfall structure to accom-
modate 30" diameter concrete pipe, construct new
diversion wall and remove existing weir.
Construct 21" diameter concrete effluent
line adjacent to new chlorine contact chamber
including three 54" diameter manholes, connect
same to existing system, and remove interfering
section of 20" diameter cast iron effluent beneath
chlorine contact chamber.
Install miscellaneous metal items, such as
grit plugs for existing grit channel.
(2) At the Charleston Sewage Treatment Plant
on Sinclair Inlet:
Construct a concrete grit removal structure
including hydrogritter, cyclone, pumps, miscellaneous
mechanical equipment, piping, 10" diameter cast
iron overflow line, grating and miscellaneous
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metal, electrical controls and site restoration.
Construct a 24" diameter concrete effluent
line adjacent to existing 24" diameter effluent
line including manhole, connection to existing
effluent system and roadway and site restoration.
Construct a 42" diameter flush wall concrete
effluent line beneath State Highway SR-3 and
~e Burlington Northern Railroad including manhole
on upstream end, 24" diameter concrete pipe connection
to existing effluent manhole and site restoration.
Construct a 36" diameter concrete outfall
line including special connection to new effluent
line, rock bedding, necessary excavation and
debris removal, pipe shackles, diffuser pipe
section, and support pads if necessary. Work
includes channel floor probing.
Install miscellaneous metal items such as
grit plugs for existing grit channel.
The aforedescribed additions, improvements and extensions
to the System shall be connected one to the other and to the
existing System so as to make a complete utility and such additions,
improvements and extensions shall be complete with manholes,
lampholes, intercepting and control structures, devices and any
and all other appurtenances required for the complete function
thereof.
The City shall acquire all materials and equipment,
real and personal property or interest therein, easements,
franchises and rights-of-way necessary to carry out the above-
described plans, which are all as more specifically described
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and set forth in maps, plans and specifications now on file
with the City.
It is hereby further provided that such plans shall
be subject to such additions or changes as to details or other
changes not affecting the main general plans as hereinbefore
set forth as may be authorized by the City Council either prior
to or during the actual course of construction.
Section 3. The estimated cost of acquiring, con-
structing and installing such additions and improvements to and
extensions of the System is hereby declared to be, as nearly as
practicable, the sum of $2,256,600, which cost shall be provided
from State and Federal grants in the approximate amount of
$405,600, from local improvement district assessments and other
City funds in the approximate amount of $451,000 and from the
issuance and sale of the Bonds in the aggregate principal amount
of $1,400,000.
Section 4. The City does hereby propose and adopt
as an integral part of the plan for acquiring, constructing
and installing the additions and improvements to and extensions
of the System authorized in Section 2 of this ordinance that it
shall issue the Bonds.
The Bonds shall be dated December 1, 1971, shall be
in the denomination of $5,000 each, shall bear interest at a rate
of not to exceed 8% per annum payable semiannually on the first
days of June and December of each year, and shall be numbered
and mature December 1 in order of their number as follows:
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Bond Nos. Year Amount
1-24 1991 $120,000
25-49 1992 125,000
50-76 1993 135,000
77-105 1994 145,000
106-136 1995 155,000
137-169 1996 165,000
170-204 1997 175,000
205-241 1998 185,000
242-280 1999 195,000
Both principal of and interest on the Bonds shall be
payable in lawful money of the United States of America at the
office of the City Treasurer in Bremerton, Washington, and shall
be obligations only of the Bond Fund.
Section 5. The City hereby reserves the right to redeem
the Bonds in inverse numerical order on the following interest
payment dates and at the following prices expressed as a per-
centage of the principal amount, plus accrued interest to the
date of redemption:
On December 1, 1986 and June 1, 1987 at 102 1/2
On December 1, 1987 and June 1, 1988 at 102
On December 1, 1988 and June 1, 1989 at 101 1/2
On December 1, 1989 and June 1, 1990 at 101
On December 1, 1990 and June 1, 1991 at 100 1/2
On December 1, 1991 and any interest
payment date thereafter at 100
Notice of any such intended redemption shall be given
by one publication thereof in the official City newspaper not
more than forty nor less than thirty days prior to such redemption
date and by mailing a like notice at the same time to the main
office or principal place of business of the manager of the account
that purchases the Bonds at their sale by the City, or to the
business successor, if any, of said account manager at its main
office or principal place of business. Interest on any Bond or
Bonds so called for redemption shall cease on such redemption
date unless the same are not redeemed upon presentation made
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pursuant to such call.
The City further reserves the right, whenever it has
any surplus money in the Current Water Fund over and above the
amounts necessary to pay current costs of maintaining and oper-
ating the System, costs of necessary additions, betterments,
improvements and replacements thereof when the same are not to
be financed by the issuance of bonds or warrants, all payments
required to be made into any bond redemption fund or reserve
account out of the revenue of the System, and all payments re-
quired for any other proper purposes in connection with the
operation of the System, to use such surplus money at any time
to purchase any of the Bonds in the open market for retirement
only, if the same may be purchased at a price not exceeding that
at which they could be called for redemption on the first
succeeding date on which they may be called, plus accrued interest.
Section 6. A special fund of the City known as the
"Water and Sewer Construction Fund, 1967" has been created by
Section 3 of Ordinance No. 2744. All of the proceeds of the sale
of the Bonds (exclusive of accrued interest, which shall be paid
into the Bond Fund) and all other funds received or required
to pay the cost of the improvement described in Section 2 hereof
shall be deposited in such Construction Fund. The moneys in
said Fund shall be used solely for the purpose for which the
same were authorized, received, or set aside. In the event any
other funds or accounts of the City have advanced money, or any
other moneys have been advanced, to pay any part or all of the
cost of such improvements or any of them, such funds or accounts
or moneys may be repaid out of such Construction Fund.
Section 7. That there be and is hereby created another
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special fund of the City to be known as the "Bremerton Water
and Sewer Revenue Bond Fund, 1971" (hereinbefore defined as the
"Bond Fund"), which Fund is to be drawn upon for the sole purpose
of paying the principal of and interest on the Bonds and the
principal of and interest on any Parity Revenue Bonds as the same
shall become due.
The City hereby obligates and binds itself to set
aside and pay into the Bond Fund out of the Current Water Fund,
the following fixed amounts necessary to pay the principal of
and interest on the Bonds as the same respectively become due
and payable. Such amounts shall be paid into the Bond Fund on
or before the twentieth day of each month in the amounts here-
inafter specified:
(a) Beginning with the month of December, 1971 and
continuing as long as any of the Bonds are outstanding and
unpaid, an amount equal to at least one-sixth of the interest
to become due and payable on the next interest payment date
on all of the Bonds then outstanding.
(b) Beginning with the month of December, 1990 and
continuing as long as any of the Bonds are outstanding and
unpaid, an amount equal to at least one-twelfth of the principal
of the Bonds to become due and payable on the next principal
payment date.
Said amounts so pledged to be paid into the Bond
Fund and the amounts hereinafter pledged to be paid into the
Reserve Account out of the Current Water Fund are hereby
declared to be a prior lien and charge upon the gross revenues
of the System and the money in the Current Water Fund superior
to all other charges of any kind or nature (including any trans-
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fer of money to other funds of the City and taxes or payments
in lieu of taxes payable to the City) except the normal expenses
of maintenance and operation of the System (which expenses may
include pro rata budget charges for City departments where
such charges represent a reasonable distribution and share of
actual cost) and the lien and charge thereon of the amounts
required to pay and secure the payment of the Prior Lien Bonds
and equal in rank to any charges which may later be made thereon
to pay and secure the payment of the principal of and interest
on any Parity Revenue Bonds outstanding.
In the event that money and/or direct obligations
of the United States of America maturing at such time or times
and bearing interest to be earned thereon in amounts sufficient
to redeem and retire the Bonds or any of them in accordance with
their terms are set aside in a special account in the 1965 Bond
Fund to effect such redemption or retirement and such money and
the principal of and interest on such obligations are irrevocably
set aside and pledged for such purpose, then no further payments
need be made into the 1965 Bond Fund for the payment of the
principal of and interest on the Bonds so provided for and such
Bonds and the appurtenant coupons shall cease to be entitled to
any lien, benefit or security of this ordinance except the right
to receive the funds so set aside and pledged, and such Bonds
and/or coupons shall be deemed not to be outstanding hereunder.
Section 8. That there be and is hereby created a
Reserve Account (hereinbefore defined as the "Reserve Account")
in the Bond Fund. The City hereby covenants and agrees that it
will set aside and pay into the Reserve Account out of moneys
in the Current Water Fund or out of any other moneys it may
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now or later have on hand and available for such purpose, monthly
payments commencing with the month of December, 1971, at least
equal to one-sixtieth of the maximum amount required in any
calendar year thereafter for the p_aYment of the interest on
the Bonds. The City fur%her covenants and agrees that on or
prior to December 1, 1990 it will set aside and pay into the
Reserve Account out of the moneys in the Current Water Fund
or out of any other moneys it may now or later have on hand.
and available for such purpose, the additional sum of $120,000.
The City further covenants and agrees that in the
event it issues any Parity Revenue Bonds, it will provide in
each ordinance authorizing the issuance of the same that apDrox-
imately equal monthly payments will be made into the Reserve
Account out of ~e Current Water Fund or out of any other moneys
it may now or later have on hand and available for such purpose
so that within five years or less from the date of the issuance
of such Parity Revenue Bonds the total amount of such payments,
with the money already in the Reserve Account, will be at least
equal to the following:
(a) Prior to December 1, 1990, the maximum amount
required in any calendar year for the payment of the interest
on the Bonds and the principal of and interest on all outstand-
ing Parity Revenue Bonds including the Parity Revenue Bonds
to be issued pursuant to such ordinance.
(b) On and subsequent to December 1, 1990, the
maximum amount required in any calendar year for the payment
of the principal of and interest on the Bonds and all out-
standing Parity Revenue Bonds including the Parity Revenue
Bonds to be issued pursuant to such ordinance.
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The City further covenants and agrees that when said
required amounts have been deposited in the Reserve Account it
will at all times maintain those amounts therein until there
is a sufficient amount in the Bond Fund and Reserve Account to
pay the principal of, premium if any, and interest on all out-
standing bonds payable out of the Bond Fund, at which time the
money in the Reserve Account may be used to pay such principal,
premium if any, and interest; provided, however, that moneys
in the Reserve Account may be withdrawn to pay the principal,
premium if any, and interest on all of the outstanding bonds
of any single issue or series payable out of the Bond Fund so
long as the moneys remaining on deposit in the Reserve Account
are at least equal to the amounts required in the preceeding
paragraph as to all of the remaining outstanding bonds payable
out of the Bond Redemption Fund.
In the event there shall be a deficiency in the Bond
Fund to meet maturing installments of either interest on or
principal of and interest on the Bonds and any Parity Revenue
Bonds, such deficiency shall be made up from the Reserve Account
by the withdrawal of cash therefrom. Any deficiency created in
the Reserve Account by reason of any such withdrawal shall then
be made up from the money in the Current Water Fund first available
therefor.
All money in the Reserve Account may be kept in cash
or invested in direct obligations of the United States having
a guaranteed redemption price prior to maturity or maturing not
later than twelve years from date of purchase, and in no event
maturing later than the last maturity of the Bonds or any
Parity Revenue Bonds outstanding at the time of such purchase.
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Interest earned on and any profits made from the sale of any
such investments shall be deposited in and become a part of the
Bond Fund.
Section 9. The corporate authorities of the City
hereby declare that in fixing the amounts to be paid into the
Bond Fund and ~he Reserve Account as hereinbefore provided
they have exercised due regard to the normal expenses of main-
tenance and operation of the System and the amounts required to
pay and secure the payment of the principal of and interest
on the Prior Lien Bonds and that they have not obligated the
City to set aside and pay into said Fund and Account a greater
amount of the revenue of the System than in their judgment
will be available over and above such normal expenses of main-
tenance and operation and amounts required to pay and secure the
payment of the principal of and interest on the Prior Lien Bonds.
Section 10. The City hereby covenants and agrees with
the owner and holder of each of the Bonds for as long as any
of the same remain outstanding as follows:
(a) That it will establish, maintain and collect
rates and charges for water and for sanitary sewage collection
and disposal service for as long as any of the Prior Lien Bonds,
the Bonds and any Parity Revenue Bonds are outstanding that will
make available for the payment of the principal of and interest
on all of such bonds as the same shall become due an amount equal
to at least 1.40 times the maximum amount require~ in any calendar
year hereafter for the payment of all of such principal and interest
after normal expenses of maintenance and operation (including
pro rata budget charges for City departments as provided in
Section 7 above) have been paid, but before depreciation and
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before any transfer of moneys to any funds of the City other
than the Bond Fund and taxes or payments in lieu of taxes payable
to the City.
(b) That it will at all times keep and maintain the
System in good repair, working order and condition, and will
at all times operate the System and the business in connection
therewith in an efficient manner and at a reasonable cost.
(c) That it will not sell or otherwise dispose of
all of the properties of the System unless provision is made
for payment into the Bond Fund of a sum sufficient to redeem and
retire all the Bonds and any Parity Revenue Bonds outstanding
in accordance with the terms thereof, nor will it sell or other-
wise dispose of any portion or properties of the System (unless
the same are no longer used, useful or necessary in the operation
thereof and in the producing of revenue) unless provision is
made for payment into the Bond Fund of an amount which shall
be in at least the same proportion to the amount of the Bonds
and any Parity Revenue Bonds outstanding that the net revenue
available for debt service on all of such.bonds for the twelve
months immediately preceding such sale or disposal from the
portion or properties of the System sold or disposed of bears
to the net revenue of the System available for debt service on
all of such bonds for the same period. Any moneys so paid into
the Bond Fund shall be used to retire all or part of such bonds
outstanding at the earliest possible date.
(d) That it will not furnish water or sanitary sewage
collection and disposal service to any customer whatsoever free
of charge.
(e) That the City will keep and maintain proper books
and accounts with respect to the operations, income and expendi-
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tures of the System that are in accordance with proper and legal
accounting procedures. That on or before ninety days after each
fiscal year of the City's operation of the System it will prepare
or cause to be prepared an operating statement of the System
for such preceding fiscal year. Each such statement shall contain
a statement in detail of the gross revenue, normal and extra-
ordinary expenses of operation and maintenance, and repairs
and expenses for capital purposes of the System for such fiscal
year, shall contain a statement as of the end of such year
showing the status of all the funds and accounts created by the
various ordinances pertaining to the operation of the System
and authorizing the issuance of outstanding bonds payable from
the revenue of the System, and shall contain a statement of the
number of water and sanitary sewage collection and disposal
customers per class of customer at the end of such year. Copies
of such statement shall be placed on file in the office of the
City Clerk and shall be open to inspection at any reasonable time
by any holder of the Bonds or of any other outstanding bonds
of the City payable out of the revenue of the System. All
expenses incurred in the maintenance of such books and accounts
and the preparation of such statement may be regarded and paid
as an expense of operation of the System.
Section 11. The City hereby further covenants and agrees
with the owner and holder of each of the Bonds for as long as
any of the same remain outstanding that it will not issue any
Parity Revenue Bonds except
(a) That the City reserves the right for
First, the purpose of acquiring, constructing
and installing additions, betterments and improvements
to and extensions of, acquiring necessary equipment
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for, or making necessary replacements of or repairs
or capital improvements to the System, or
Second, the purpose of refunding by exchange
or purchasing and retiring at or prior to their maturity
any outstanding revenue bonds or revenue coupon warrants
of the City that may have a lien on the money in the
Current Water Fund for the payment of the principal
thereof and interest thereon junior and inferior to
the lien on the money in such Fund for the payment of
the principal of and interest on the Bonds,
to issue additional and/or refunding bonds therefor (hereinbefore
defined as "Parity Revenue Bonds") and to pledge that payments
will be made out of the Current Water Fund into the Bond Fund
and Reserve Account to pay and secure the payment of the principal
of and interest on such Parity Revenue Bonds on a parity with
the payments required in this ordinance to be made out of the
Current Water Fund into such Fund and Account to pay and secure
the payment of the principal of and interest on the Bonds, upon
compliance with the following conditions:
(1) That at the time of the issuance of such
Parity Revenue Bonds there is no deficiency in the Bond
Fund or Reserve Account, and
(2) That the City will covenant in each ordinance
authorizing the issuance of Parity Revenue Bonds that
it will establish, maintain and collect rates and
charges for water and for sanitary sewage collection
and disposal service for as long as any of the Prior
Lien Bonds, the Bonds and any Parity Revenue Bonds
are outstanding that will make available for the payment
of the principal of and interest on all of such bonds
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as the same shall become due an amount equal to at
least 1.40 times the maximum amount required in any
calendar year thereafter for the payment of all of
such principal and interest after normal expenses of
maintenance and operation of the System (including pro
rata budget charges for City departments as provided
in Section 7 above) have been paid, but before depre-
ciation and before any transfer of moneys into any funds
of the City and taxes or payment in lieu of taxes payable
to the City.
(3) That the City will also covenant in each
such ordinance authorizing the issuance of Parity Revenue
Bonds that it will make approximately equal monthly
payments out of the Current Water Fund or any other
moneys which it may now or later have on hand and
available for such purpose into the Reserve Account
so that the total amount of such payments will meet
the requirements of the second paragraph of Section 8
of this ordinance, and that it will maintain the amounts
on deposit in the Reserve Account required by the
third paragraph of said Section 8. The whole or any
part of the money in any other reserve fund or account
of the City created to secure the payment of the
principal of and interest on any revenue bonds or
revenue coupon warrants being refunded by any such
Parity Revenue Bonds may be transferred to the Reserve
Account at the time such outstanding bonds or warrants
are redeemed, to satisfy the above requirement.
(4) That the City will also covenant in each
ordinance authorizing the issuance of Parity Revenue
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Bonds that payments will be made out of the Current
Water Fund into the Bond Fund by the twentieth day of
each month in amounts equal to at least one-sixth
of the interest and one-twelfth of the principal next
coming due on such Parity Revenue Bonds, and
(5) That at the time of the issuance of such
Parity Revenue Bonds the City shall have on file in the
office of the City Clerk a certificate executed by an
independent professional engineer licensed to practice
in the State of Washington and experienced in the
installation and operation of municipal utilities,
showing that the net revenue of the System for a period
of any twelve months out of the eighteen months im-
mediately preceding the month of delivery of such Parity
Revenue Bonds, plus his estimate of the annual net
revenue to be derived by the City from the operation
of any additions and improvements to and extensions
of the System to be acquired, constructed and installed
out of the proceeds of the sale of such Parity Revenue
Bonds, will equal at least 1.40 times the maximum
amount required in any calendar year thereafter for
the payment of the principal of and interest on the
outstanding Prior Lien Bonds, all outstanding bonds
the principal of and interest on which are payable out
of the Bond Fund and the Parity Revenue Bonds to be
issued.
The words "net revenue" as first used in subparagraph
(5) immediately above shall mean the gross earnings and revenue
of the System for said twelve-month period after deducting
therefrom the amount expended for the normal cost of maintenance
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and operation of the System for such twelve months (including
pro rata budget charges for City departments as provided in
Section 7 above), but before depreciation and before any trans-
fer of moneys to any funds of the City and taxes or payments
in lieu of taxes payable to the City. If there were any cus-
tomers added to the System during such twelve-month period,
such net revenue may be computed on the basis that such cus-
tomers were customers of the System during such period.
The words "annual net revenue" as used in subparagraph
(5) immediately above shall mean such engineer's estimate of the
annual gross revenue to be derived by the City from the opera-
tion of the additions and improvements to and extensions of the
System acquired, constructed and installed out of the proceeds
of the sale of such additional bonds, based upon an actual count
of customers, less his estimate of any increased annual normal
operating and maintenance expenses of the System allocable to
such additions, improvements and extensions.
~'~enever "net revenue" or "annual net revenue" has
been determined as herein provided the same shall be increased
or decreased on a pro forma basis in the event that there has
been any change in the rates or charges uDon which such "net
revenue" or "annual net revenue" was based authorized by the
City Council to be effective at least fifteen days prior to the
sale of such Parity Revenue Bonds.
(b) That the City further reserves the right to issue
Parity Revenue Bonds for the purpose of refunding by exchange
or purchasing and retiring at or prior to their maturity an
equal or greater principal amount of any part or all of the
Bonds and/or any Parity Revenue Bonds outstanding and to pledge
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that payments shall be made out of the Current Water Fund into
the Bond Fund and Reserve Account to pay and secure the payment
of the principal of and interest on such refunding Parity Revenue
Bonds on a parity with the payments required in this ordinance
to be made out of the Current Water Fund into such Fund and
Account to pay and secure the payment of the principal of and
interest on the Bonds and any Parity Revenue Bonds then outstanding,
if the conditions fixed in subparagraphs (1) and (2) of subsection
(a) of this section are met and if the issuance of such refunding
Parity Bonds does not require a greater amount to be paid out of
the Current Water Fund in any calendar year thereafter for prin-
cipal of and interest on such refunding Parity Revenue Bonds
than was required to be paid out of such Current Water Fund in
each of the same calendar years for the payment of the principal
of and interest on the bonds being refunded, and any premiums
paid to effect such redemption shall not be computed in deter-
mining any of such annual amounts.
Nothing herein contained shall prevent the City from
issuing revenue bonds or warrants (coupon or otherwise) the payment
of the principal of and interest on which is a charge upon the
Current Water Fund junior or inferior to the payments required
to be made out of such Fund into the Bond Fund and Reserve
Account.
Section 12. The Bonds shall be in substantially the
following form:
UNITED STATES OF AMERICA
NO. $5,000
STATE OF WASHINGTON
CITY OF BREMERTON
WATER AND SEWER REVENUE BOND, 1971
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KNOW ALL MEN BY THESE PRESENTS:
That the City of Bremerton, a municipal corporation
of the State of Washington, hereby acknowledges itself
to owe and for value received promises to pay to bearer
on the first day of December, 19~, the principal sum of
FIVE THOUSAND DOLLARS
together with interest thereon at the rate of % per
annum payable semiannually on the first days of June and
December of each year as evidenced by and upon presen-
tation and surrender of the attached interest coupons as
they severally become due or until the payment of such
principal sum shall be made 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 City Treasurer in Bremerton, Washington, solely out
of the special fund of the city known as "Bremerton Water
and Sewer Revenue Bond Fund, 1971" created by Ordinance
No. 298~ of the city.
The City of Bremerton has reserved the right to
redeem the bonds of this issue in inverse numerical order,
on the following interest payment dates and at the follow-
ing prices expressed as a percentage of the principal
amount, plus accrued interest to the date of redemDtion:
On December 1, 1986 and June 1, 1987 at 102 1/2
On December 1, 1987 and June 1, 1988 at 102
On December 1, 1988 and June 1, 1989 at 101 1/2
On December 1, 1989 and June 1, 1990 at 101
On December 1, 1990 and June 1, 1991 at 100 1/2
On December 1, 1991 and any interest
payment date thereafter at 100
Notice of any such intended redemption shall be given
by one publication thereof in the official city newspaper
not more than forty nor less than thirty days prior to
- 21-
said redemption date and by mailing a like notice at the
same time to
This bond is one of an issue of water and sewer revenue
bonds of the city of like amount, date and tenor except
as to number, rate of interest and date of maturity in the
total principal sum of $1,400,000 which bonds are issued
pursuant to ordinances of the city duly and regularly
adopted, for the purpose of providing money to pay part
of the cost of acquiring, constructing and installing
additions and improvements to and extensions of the com-
bined water and sewerage system of the city. All of said
bonds are payable solely out of the gross revenue of such
system and all additions, improvements and extensions
~lat may be made thereto.
The City of Bremerton hereby covenants and agrees
with the owner and holder of this bond that it will keep
and perform all the covenants of this bond and of Ordinance
No. 2982 to be by it kept and performed.
The City of Bremerton does hereby pledge and bind
itself to set aside from the money in the Current Water
Fund of the city and to pay into said Bond Fund and the
Reserve Account created therein by said Ordinance No.
2982 the various amounts required by said Ordinance
No. 2982 to be paid into and maintained in said Fund
and Account, all within the times provided by said ordinance.
The city has further pledged and bound itself to pay into
said Current Water Fund as collected all of the gross
earnings and revenue derived by the city from the operation
- 22 -
of its combined water and sewerage system and all additions,
improvements and extensions which may be made thereto.
Said amounts so pledged to be paid out of said Current
Water Fund into said Bond Fund and Reserve Account are hereby
declared to be a prior lien and charge upon the money in
said Current Water Fund superior to all other charges of
any kind or nature except the normal expenses of main-
tenance and operation of said system and the amounts required
to pay and secure the payment of the outstanding water and
sewer revenue bonds issued under dates of October 1, 1955,
June 1, 1962 and December 1, 1965, and equal in rank to
any charges that may be made later upon the money in said
Current Water Fund to pay and secure the payment of the
principal of and interest on any revenue bonds that the city
may issue later on a parity with the bonds of this issue.
The City of Bremerton has further bound itself to
maintain said sewerage system in good condition and repair,
to operate the same in an efficient manner and at a reason-
able cost, and to establish, maintain and collect rates and
charges for water and for sanitary sewage collection and
disposal service for as long as any of the October 1, 1955,
June 1, 1962 and December 1, 1965 bonds, the bonds of this
issue and any revenue bonds which may be issued later on
a parity with the bonds of this issue are outstanding
that will make available for the payment of the principal
of and interest on all of such bonds as the same shall
become due an amount equal to at least 1.40 times the
maximum amount required in any calendar year hereafter
for the payment of all of such principal and interest
- 23-
after normal expenses of maintenance and operation of
such system have been paid but before depreciation.
It is hereby certified and declared that the bonds
of this issue are issued pursuant to and in strict com-
pliance with the Constitution and laws of the State of
Washington and ordinances of the City of Bremerton, and
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.
IN WITNESS WHEREOF, the City of Bremerton, Washington,
has caused this bond to be signed with the facsimile signa-
ture of its Mayor, to be attested by its Clerk, the cor-
porate seal of the city to be impressed hereon, and the
interest coupons attached hereto to be executed with the
facsimile signatures of said officials.
CITY OF BRE~RTON, 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 City Treasurer in Bremerton, the sum of
DOLLARS in lawful money
of the United States of America out of the special fund
of the city known as "Bremerton Water and Sewer Revenue
- 24 -
Bond Fund, 1971" said sum being the semiannual interest
due that date on its water and sewer revenue bond dated
December 1, 1971, and numbered .
CITY OF BREMERTON, WASHINGTON
By
~ayor
ATTEST:
City Clerk
Section 13. The Bonds shall be signed on behalf
of the City with the facsimile signature of its Mayor, shall
be attested by its Clerk, and shall have the corporate seal of
the City impressed thereon. The interest coupons attached thereto
shall be executed with the facsimile signatures of said officials.
Section 14. The Bonds shall be sold at public sale
upon such notice as may be deemed necessary by the City officials
and its financial advisors. Bids for the purchase of the Bonds
shall be submitted to the City Clerk at his office in the City
}{all, Bremerton, Washington, at or before 11:15 o'clock A.~.
Pacific Daylight Time on October 27, 1971. Bids will be opened,
considered and acted upon immediately thereafter by the City
Council.
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 of the Bonds
to the purchaser or purchasers thereof and for the proper use
and application of the funds derived from such sale.
Section 15. For the reason that it is necessary
that the City obtain the proceeds of sale of the Bonds as soon
- 25 -
as possible in order to pay the cost of acquiring, construct-
ing and installing the authorized additions and improvements
to and extensions of the 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 effec-
tive immediately upon its passage, approval and publication
as required by law.
PASSED UNANIMOUSLY by the City Council of the City
of Bremerton, Washington, at a regular meeting thereof, signed
by the Mayor, and attested by the City Clerk in authentication
of such passage, this 20th day of October, 1971.
CITY OF BREMERTON, WASHINGTON
-" M ay o r
ATTEST:
- 26 -
I, G. C. YEADON, SR., the duly chosen, qualified and
acting Clerk of the City of Bremerton, Washington, DO HEREBY
CERTIFY that the foregoing is a true and correct copy of
Ordinance No. 2982 of said city, duly passed by its Council
at a regular meeting thereof held on the 20th day of October,
1971.
City Ci~ /
PIPE SIZE STREET FROM TO LENGT!!
Esmt. 4j. 8' c, outh
10" Shepida)~ Road of }lerner Ave. Pine Road 1201 Ft.
10" Pine P,o~d Sheridan Road Sylvan Way 2653 Ft.
8" Rickey t0ad Sheridan Road 152' N of E 31st 1320 Ft.
8" E 315t ~t e +
r,.e, Rickey Road ?ine }~oad 615
120' '[~est of 626' West of
8" E 30th STreet Rickey Road Rickey Road 506 Ft.
E 30th 626' W 120' North
8" Easement of Rickey Road of ~ 29th St. 329 Ft.
120' N of E 29th
8 " Easement 630' W of Rickey 250'W of Rickey 380 Ft.
L.I.D.~298 (RICKEY ROAD)
i0" Sylvan :.3ay Pine Road 350'E Pine Road 350 Ft.
350' East of
12" Sylvan Way Pine Road Gillette 350 Ft.
15" Sylw~n Way Gillette Birch 953 Ft.
' ~" Sylvan Way Birch Wheaton ~992 Ft.
Gillette g
15" Easement Sylvan Way S 511 Ft. 571 Ft.
S 571' of Dibbot ~ °.
18" Easement Gillette $ Sylvan Stewart 1269 Ft.
18" Stewart Ave. Dibb East 31st 296 Ft,
129' West
~" East 31st Stewart of Stewart 129 Ft.
· .,~i~lette Ave Sylvan Pearl 80~ Ft.
~" Rasmussen Lane Gillette Its Termination 725 F~.
8" Parker Lane Rasmussen Lane Its Termination',, 250 Ft.
167 'West
8" Pearl Street of Gillette Wheaton Way 2086 Ft.
8" Giltet~e Ave. Pearl Street Dolan Street 497 Ft.
8" Hanford Ave. Bledsoe St. Wheaton Way 1251 Ft.
8" Bledsoe Ave. Pearl Street Hanford Ave. 632 Ft.
8" Wallin Street Gillette Ave. Bledsoe Ave. 571 Ft.
8" Dolan Street Gillette Ave. Bledsoe Ave. 575 Ft.
Gillette 50' N 310' West of
8"" Easement of Rasmussen Ln. Gillette 310 Ft.
130' West of
8" Easement Gillette from Pearl N 636 Ft. 636 Ft.
· Intersection of
10" Ea~3ement Birch ~ Sylvan 162' N of Hanford 1808 Ft.
' p(%ie ? ':,
.. L.I.D.#299 (KITSA? WAY)'~
PIPE SIZE S~'~""~l,~,~.~ F:~O,~' " TO LENGTH
No~'th Side
8" Kitsap Wav Oyster Bay 220'E of Fore, est 631
South Side
8" Kitsap %'a'- Ovster Bay 200'~ of Fopt~est 621 Ft
L.i.D.~390 (S}IORE~,qOOD DRIVE)
8" Shopewood Drive 9fl'H ,Kitsao Way t~.A.D. Gate 3~35 Ft.
Shorewood
8" Ea~;e:n.:,nr 509'~ of Ma,flr~na 3~,3' East 363 Ft.
· ?" [~eac~ ~.;rlv~ $horewood Drive C}~ico Freeway 86~ Ft.
Beach Drive
8" ~ .... ' ~ ~ . 35! '
.~,a.,~. ,, ~br~ve Chico Freeway South 351 Ft.
['~adrona N Drive
~" L~se:r~,~t 3flO'E of $hore~,zcod 20~)'~]orth 200 Ft.
Beach Drive ~,_~'
8" i';a~.~n,~n~: So.of Shorewoo(l 9~i' South 901 Ft.
8" Brentwcod i)rive Chico Freeway 806'~o~th 806 Ft.
L.I.D.~302(JACOBSON BI,VD,)
8" Jaco:,:~on 700~N.E.Trenton 9qS'",,,.r~. 9~5 Ft.
4" Jacobson 515'N.E. Trenton ~I 30' i,[.E. 1130
L.!.D,~203 (LEBO BLVD.)
~" Easement 390'S of Lebo
250'E of Reid 270' East 270 Ft.
L.I.D.~304 (ALMIRA)
8" Holl~,s Stree~ 300'E of ~,q:eaton 60'W of Almira 878 Ft.
~" Maple Avenue Hollis 160'" ,v7
~ ,, of T Rd, 1004 Ft.
8" Worral Drive Maple Avenue Petersville Rd. 1335 Ft.
8" Bradley St. Maple Avenue Almira Drive 564 Ft.
8 ,top_ Street Maple Avenue Alnira Drive 565 Ft.
8" Nome Drive Almira Drive Bradley' Street 913 Ft.
Almira Drive
8" Easement 680'S of Riddle ~ 941'to West 941 Ft.
8" Almira Drive Nome Drive 100'3 of Bra'llev 889
Nome Drive ~0'
8" Eas%ment N of IvF Road 282' East 282
8" Riddeil Rd. Almira Drive 356' East 356'Ft.
8" Akm[ra Drive 90'N of Worral Dr Riddell Drive 1522
140'W of Peters-
8" Easement ville 200'N of
Clemans 110'3 of Riddle 590 Ft.
8" E,%se~::ent 200'~ of Clemans
Petcrsville Rd. : Almira Drive ~88 Ft.
Page 3 LID 30q Cont.
PIPE SIZE STREET FROM TO LENGTH
L-I ,-,,,
8" Easement .!~n~Fa Dpive Peter.svitl,~ Rd ~50 Ft
I'.~O'S of Clemans
8" Easement I:~O~E of Almir.~-] West View NPive 167
8" West View Drive ]af)'E of Aim[Pa Eas~: 13t' 131 Ft.
?e~%t view Drive
8" Easement '300' W of Peters-
rifle Road [~.v. 427' 427 Ft.
90' N o~ Worpal ~6~' West of
8" Easament ...~,, Al.~'~ira f~r~.. ..ye .P~-'.....e~ ...... ~la '<oad 565 Ft.
8" Easement St. 8 Whe~ton Way ~tQF "qest ~96 Ft.
East Side }{adPona
.2" Pt, Easement 'J"h,~ n~'ocsTn,~ '~ 1858 ~ ~dc} }"t.
Eas, t 3ide
8" Pt, Easemen~ The Crossin.~ :{ i~ 52 }'t ' 552 Ft,
West ,Side Madrona
8" Pt. Easement The Crossin:.; .7 1107 Ft i]07
West o.~d= iladrona Pt.
8" Easement' The Crossing X iF, 53 Et 155~
8" The Crossin~ East Side WesL ~'id,~
Madrona Pt. :.ladr'ona r:t. 300
L,[,D,# 309(HARLOW DRIVE)
Q"~. Lake Drive 925'S ~rancis St_ , l~a":~ .... F'~-.~c[~:~ "'t , 1105
8" County Rd,2S0 200'S Her!ow f)r, ~30'teur?. 530
8" Francis Street Hallow Drive Kitsa~ La~.a 275
8" }{ariow ])rive Francis St~eet Lv!e l~ri. ve 2780 Ft.
~09'S of l{arlow
8" Easement Dr,E Lake Drive W to Kitsap [~e~:e 389
g" Eaw''.,~ Lake, .>r.z; '~',e ~00'S of Hzrlow.~, 155' ~;.~,-'v 155 r+ ....
120'E of Eastlake
8" Easement 120'S of Hariow 271'S.',.;, 271 Ft.
Maple View Drive Harlow Drive 439' ~.~. 439 Ft.
8" Lind Avenue Lyle Avenue Kitsap Dp, 40~ Ft.
U" Kitsap Drive Harlow D~ive Ly!e Avenue 666 Ft
8" Elaine Court Kitsap Drive NW tc its
Termination 190 Ft.
8" Lvle Avenue Kitsap Way Harlow Drive 179 Ft.
8" Kitsap Way Lakehurst Dr. Lyle Ave 1359
115' Kitsap WaV
8" Easem,~nt Lakehurst Drive W 2~0' 240 Ft.
8" Cart Blvd. Lyle Ave SE 1~0' 1~0 Ft.
87' Lakehurst Drive Kitsa~ Way }{arlow '[)rive 553 Ft,
8" Kitsa:) ~'~a,, Pershln~ Arc ;lat. ianal Ave, 5:?3 Ft,
~q,O, 3-E-56
'i0" Pine '~',- ~ ~ S,/].,,'an tqay l.:i.d:ile !."~ q~?0 Ft
LEBO SEWE-4
'0" -,-,,;'[~'~'~ 2?O'SE o.( ' * ' ~57
W,O. P-?-66 3
l~)" Pine Road i30~N of E 31t~t 123'S of Sylvan 729
W,O, 11-9-69
~" ~'~'~'~at'.~tl '.'~ay 300'N of Ivy 10O'~I of i-k>l].~ ]05a