HomeMy WebLinkAbout2358 ORDINANCE NO. 2358
'AN 0tlDINANCE of the 0ity of Bremerton, Washington, providing for the
issuance ann sale of general obligation bonds of the city in the principal
sum of ~400,000 to provide part of the funds for the City Hall capital, im-
provements authorized in Ordinance No. 2295 of the city, adopted September
i0, 1958, and authorized by the qualified electors of the city at a special
election held Oaerein on November 4, 1958, providing the date, form, terms
and maturities of said 'bonds and for' annual tax levies to be made without
limitation as to rate or amount to pay the principal thereof an~ interest
thereon, and creating a fund for their pa~ent.
WHEREAS, the City Council of the City of Bremerton, Washington, by Ord-
inance No. 2295, passed and approved September 10, 1958, provided chat ~ spec-
ial election should be held within the city on November 4, 1958 for the sub-
mission to the qualified electors thereof of a proposition of whether or not
the city should reconstruct the existing City Hall and the building adjoin-
ing the same ~o ohe east, with all utilities, facilities and equipment nec-
essary to make a complete 0ity Hall building, and no demolish the building
located on the southwes't corner of Washington Avenue and Fourth Street, con-
vert the basement thereof to a garage, and improve the street level thereof
with either a park or for some other appropriate city use, and to provide part
of the funds neeessary therefor, issue its general obligation bonds in the
principal sum of $400,000; and '
~EREAS, at said election the number and proportion of the qualified
electors of the city required by law voted in favor of said proposition; and
WHEREAS , it ls deemed necessary and to the best interest of the city
and its inhabitants t~a't the city now issue and sell said ~nds for said pur-
poses;
NOW, THEREFORE, THE CIT? OF BREMERTON DOES ORDAIN:
Section 1o '£hat for the purpose of provi~ng part of the funds to re-
construct the existing City Hall and the building adjoining the same to the
east, wit'h all utilities, facilities and equipment necessary to make a com-
plete City Hall building, and ~o demolish the building located on the south-
west corner of Washington Avenue and Fourth Street, convert the basement
thereof to a garage, and improve the street level thereof with either a park
or for some other appropriate city use, as more specifically provided in
Ordinance No. 2295, passed and approved September 10, 1958, and as authorized
by the qualified electors of the city at a special election held therein on
November 4, 1958, the city shall now issue and sell its general obligation
bonds in theprincipal amount of ~400,000.
Said bonds shall be dated October 1, 1959, shall be in denominations of
~1,000 each, shall ~ar interest at a ra6e of not to exceed 6~ per annum pay-
able semiannually on the first days of April and October of eac~ year as evi-
denced by coupons to be attached thereto, shall be payable in lawful money
of the United States of America at the office of the City Treasurer in Brem-
erton, Washington, and shall be numbered and mature in order of their number
as follows:
Bond Nos. Matu~t~,Date~ ,~ Amount
1-22 October 1, 1961 ~,000
23~45 October 1, 1962 23,000
46-49 October 1, 1963 24,000
70-94 October 1, 1984 25,000
95-120 October 1, 1965 26,000
121-147 ~ctober 1, 1966 27,000
148-175 October 1, 1967 28,000
176-204 October 1, 1968 29,000
205-234 October 1, 1969 30,000
235-285 October 1~ 1970 31,000
266-297 October 1, 1971 32,000
298-330 October 1, 1972 33,000
331-365 October 1, 1973 35,000
366-400 October 1, 1974 35,000
Section 2o The City of Bremerton hereby reserves the right to redeem
any and all of the bonds of this issue outstanding at par in inverse numeri-
cal order on any interest paymen~ date on and after seven years from date of
issue. Notice of any such intended redemption shall be given by one publica-
tion thereof in the official city newspaper not more than forty nor less than
thirty days prior to said redemption date and by mailing a like notice at the
same time ~o the purchaser or manager of the account that purchases these
~nds at their sale by the city, to its main office in the State of Washing-
ton, or to the s~ccessor in business, if any, of said purchaser or account
manager at its main o~fice in the State of Washington. Interest on any bond
or bonds so called for redemption shall cease on such redemption date ~nless
the same shall not be redeemed upon presentation made pursuant to such call.
ORDINANCE NO. 2358 (Con!.t)
Section 3. Said bonds shall be in substantially the following form:
UNITED STATES OF AMERICA
NO. ~ $1,000
STA'FE OF WASHINGTON
CITY 0F BREMERTON
GENERAL OBLIGATION
CITY HALL BOND, 1959
KNOW ALL MEN BY THESE P~ESENTS:
That the City of Bremerton, a municipal corporation of the
State of Washington, acknowledges itself to owe amI for value
received hereby promises to pay to bearer on the first day of
October~ 19~, the principal sum of
ONE THOUSAND ~LLARS
'together with interest thereon at the rate of --. % per annum
payable semiannually on the first days of April andOctober of
each year upon presentation and surrender of the attached in-
terest coupons as they severally become due. 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.
The City of Bremerton has reserved the right to redeem any
or all of the bonds of this issue outstanding at par in inverse
mnnerical order on any interest payment date on and after seven
years from date e~ hereof· Notice of any such intended redemp-
tion shall be given by one publication thereof in the official
city newspaper not more than forty nor less than thirty days
prior to said redemption date and by mailing a like notice at
the s~ne time to
This bond is one of an issue of general obligation Oonds
of the city of like amount, date and tenor except as to number
~ -- , in 'she aggregate principal amount of
~400,000, and is issued pursuant to a vote of the qualified
electors of the city and Ordinances No. 2295 and No. ~-
for the purpose of providing part of the funds for the capi[al
purposes of reconstructing the existing City Hall and a building
adjacent thereto, with all utilites, facilities and equipment
necessary for a complete City Hall building, and aemolishing
another building s~jacent thereto and converting the basement
and street level thereof for municipal purposes.
The City of Bremerton has irrevocably convenanted by said
Ordinance No. ~ that it will levy taxes annually upon all
of the taxable property within the city without limitation as
to rate or amount in amounts sufficient to pay the principal
of and interest on said ~ nds as the same shall become due.
For the prompt payment of said principal and interest the full
faith, credit and resources of the city are here0y irrevocably
pledged.
It is hereby certified and declared that all acts,
conditions and things required to be done precedent to and
in the issuance of this ~ nd have happened, been done and
performed, and that the total indebtedness of the city, in-
cluding this bond, does not exceed any constitutional or
statutory !imitation.
IN WITNESS WHEREOF, the City of Bremerton, Washington,
has caused this bond to be signed bj its Mayor, to be attested
by its Clerk, the official seal of the city to be impressed
hereon, and the attached interest coupons t~z ~ signed with
the facsimile signatures of said officials this first day of
October, 1959.
CITY OF BRES~ERTON, WASHINGTON
ATTEST: Ma~or
-- City C~erk
The interest coupons ~o ~ attached to said bonds shall be
in substantially the following form:
NO. $,,
On the first day of ,19 , ~he City of
Bremerton, Washington, will pay to bearer at the o--ffice of
the Oity Treasurer in Bremerton, the sum of
DOLLARS, in lawful money of the United States of America, said
sum~ eing the semiannual interest due that date on its general
obligation bond dated October t, 1959 and numbered .
CITY OF BRE~IERTON, WASHINGTON
ATTEST: / May~r--
ORDINANCE NO. 2358 (Con,t)
Section 4. Said bonS. s shall be signed on behalf of the city by its
Mayor, shall be attested by its 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 5. Ail moneys derived from the sale of the bonds authorized
herein shall be expended solely for th~ capital purposes pro¥ided in Ordin-
ance No. 2295 and this ordina~ce, and none of' said moneys shall be used for
the replacement of equipment or for any other than a capital purpose.
Section 6. There is he.~-,eby created a special fund of the city in the
office of' the City Freasurer to be known as "Bremerton General Obli~jation
City Hall Bond Redemption Fund." The city hereby irrovacabl'y covenants that
it will make annual levies of taxes upon all the taxable prope~,ty within the
city without limitation as to rate or amount in amounts sufficient 'to pay
the principal of and interest on the bonds authorized herein as the same
shall become ~ue. The city further irrevocably covenants that all such taxes
so collected shall be paid into such Bond i~edemption Fund in amounts suffic-
ient to pay such principal and interest at least thirty days prior to the
dates upon which any such interest or principal and interest shall become
due and payable, and that no part of such Fund shall be Used for any other
purpose than the payment of the principal of and interest on said bonds.
The full faith, credit and resources of the city are hereby irrevocably
pledged for the annual levy and collection of such taxes and ~he prompt
payment of such principal an~ interest as aforesaid.
Section 7. The City Clerk is hereby authorized and directed to adver-
tise '~hese bonds for sale in the anner required by law, and upon the sale
of said bonds the proper city officials are hereby authorized and directed
to do everything necessary for the prompt issuance and delivery of said
bonds and for the proper use and application of the proceeds of such sale.
APPROVED on first reading this 5th day of August, 1959.
PASSED on second reading by the City Council of the City of Bre~erton,
signed by' the ~iayor an~ attested by the City Clerk inau~hent~.catmon~ ' ' of such
passage this 12th day of August, 1959.
Mayor
City Clerk
APPROVED AS T FORM:
/s/ Richard Thorgrimson
Of PRESTON, THORGR!~SON & HOROW!TZ
Special Bond Counsel for the City