HomeMy WebLinkAbout2114 ORDINANCE No. 2114
AN ORDINANCE of the City of Bremerton, Washington, providing for the
sale of general obligation 0onds of the city in the principal sum of
;13200,000 to provide funds for certain purposes as authorized by Ordinance
No. 2.043 of' the city, providing the date, form, terms and maturities of
said bonds, incorporating Sections l, ~ and 3 of Ordinance No. 2043 as a
part of this ordinance, and declaring an emersency.
~'~HEREAS, Ordinance No. 2043 of the city, passed and approved .~ep'tem-
bet ~3, 1953, a~thorized the issoance and sale of ~200,000 of limite~ tax
levy general obliga'~ion bonds of the city, or so much thereof as might be
found necessary for the purpose of providing funds require~ to pay the costs
of prelim!nary en~incerin~i reports~ ~raffic surveys~ financial and feasibi-
lity reports, final enajineering plans, ann other costs incidental to the
construction of a toll Oridge across the Po~t i'Vashington ~arrows within the
city; and
Wr~'EREAS, it is hereby found ~o be necessary that the city should now
offer all of said bonds for sale in order to supply the funds necessary
for such purposes;
NOW, THEREFORE, BE IT ORDAINED by the Cindy Council of the City of
Sremerton, Washington as follows:
Section 1. That in order to proviOe the fonds necessary rep the pur-
poses set fort~ in Ordinance No. 2043 of the city, passed an~ approved Sept-
ember 23, 1953, the city shall now issue and sell the ~)200,000 of its gen-
eral obligation oonds authorized by said ordinance.
Said. ~onds shall be dated July 1, 1955, shall 'be in denominations of
wl,O00 each, shall be numbered from 1 to 2.00 inclusive, shall bear interest
at a race of not to exceed 6% per anp~am payable semiannually, shall be pay-
able both principal and interest in lawful money of the United States of
America at the office of the City Treasurer in Bremerton, Washington, and
shall mature in order of their ntm~ber as follows:
JUly 1, 1957 ~$12.,000 Joly 1, 1964 $14,000
July 1, 1958 12,000 July 1, 1965 15,000
July 1, 1959 13,000 July 1, 1966 ]5,000
July 1, 1960 13,000 July 1, 1957 15,000
July 1, 1961 13,000 July 1, 1968 16,000
July 1, 19,62 14,000 July 1, 1969 16,000
July 1, 1963 14,000 July 1, 1970 17,000
The city hereby reserves the right to redeem the outstanding bonds of
tl~is issue as a whole, at par and accrued interest to date of redemption,
on any day. Notice of any such intended redemption shall be given 0y one
puOlication thereof in the official city newspaper not more than forty nor
less than thirty days prior to said redemption date and by mailins' a like
notice at the seine time to the purchaser or purchasers of said bonds at
their sale by the city at its or their main office or of'fleers. Interest
on any t:~ond or bonds so called for redemption shall cease on such redemp-
tion date u~less said bonds are not paid in full upon 'presentation made pur-
suant to such call.
Section 2. Said oonds shall be ]n substantially the followings: form:
UNITED STATES OF A[dERICA
NO., ,, ~1,000
STATE OF WASHINGTON
CITY OF BREI'~ERTON
PORT W.~_SH!NGTON NARROV'~S BRIDGE
GENERAL OELIGAPION BOND
1955
KNOW ALI, ~EN BY THESE PRESENTS:
That the City of Bremerton, a mt~nicipa! corporation of the State of
Ii~ashington, is justly indebted and for ~alue received hereby promises to pay
to the bearer on the first day of July, 19 .... , the principal 'sum of
ONE 'I~}[OUSANi~ DOLLARS
together with interest thereon at the rate of ~ per annum payable semi-
ORDINANCE NO. 21.14 (Con't)
annually on the first days of Janua~ry and July of each year as evidenced
by and upon presentation and sub'render of the attached interest coupons as
they severally become due. Both principal of and interest on this bond are
payable in lawful money of the United States of ~erica at the office of
the City Treasurer in Brsmerton, ~ashington, and for the orompt pss~ent of
such principal an~ interest as the sams s'hall become due the full :~aith,
credit an~ resources of the city are hereby irrevocably pledged.
The City has reserved the right to redeem the outstanding bonds of
this issue as a whole, at per and accrued interest to date of redemption,
on any ~ay. Notice of any such intended redemption shall be given Oy one
publication thereof in th~ official city newspaper not more than forty nor
less than thirty days prior to sai~ redemption date and by mailings: a like
notice at the sa~ time to the pt~rchasep or purchasers of said bon~s at
their sale by gb.e city at i'bs or t~eir main of..~ice or offices.
This bon~ is one of an issue of two hundred bonds of like amount,
date an~ tenor aggre[~ating ~200,000 in total principal ~ount~ and is is-
sued to provide fun~s ~For the purposes of paying the costs of e~iaeering,
traffic, financial and feasibility reports, enEineering plans, an~ other
costs incidental to the const~uction of a toll brid~.:e across the [>crt Wash-
ington Narrows within the city, pursuan~ go the Constitution and laws of
the State of ~'ashington an~ or~:~nances of the City of Bremerton.
The City of Bremerton hereby irrevocably pledges itself to inclut~e in
its annual ~udgets and lewf taxes each year within and as a ~part of the tax
millaae levy permfftted to citings without a vote of nhe people in an amount
s~fficienS so pay nhe principal of and interest on sai~ bong. s as the saume
shstl Oecome due.
It is hereby certifie~ and ~eclared that all acts, contritions and
thin~s required to ~e ~one precedent to and in the issuance of this bond
have happened, been done an~ performed, and tha~ she total indeOtedness
of the City of ~rem~rton, including th~.s bond and all the bonds of this
issue, does not exceed any constitutional or statutory limfftation.
IN WITNESS ~,'~,HEREOF, the City off ~remerton, Washing'ton has caused this
~ond to ~e signed by its l¥Iayor, atteste~ by its Clerk, its corporate seal
to be impressed hereon~ an~ She interest coupons attacbe~ hereto no be
signed with ~he facsimile signatures of said officials, this first day of
July,
CIT~ 0~' ~R ~?~':RTON, ?~ASHINGTON
AT'Ln~S T: {7 ~.~ayor
City Cler~
The interest coupons attached to said bonds shall be in substanially
the following form:
On the first day of ,19__~ the City of
~rsmerton, Washington will 9ay to bearer in lawful money
of the United States of America at ~he of f fica of the City
Treasurer in Bremerton ~he s~n of
~X>LLARS, sai~ s~ being thc semiannual interest due that
day day on its Port Washington Narrows Bridge General Obliga-
tion Bond da~ed July 1, 19~8 and n~nbsred .
~ITY OF 8RE~'~ERTON, WASHINGTON
By. ~
ATTEST: . ~ayo r
City Clerk
Section 5. Sections 1, 2 and 5 of Ordinance No. ~0~$ of the
passed and approved September SD, 195D, are hereby referre~ to a~'~ by this
reference are Vtereby made a part of and are incorporated in tais ordinance.
ORDINANCE NO. 2114(Cch't)
Section 4. the Oity Clerk ishereby authorized and directed to adver-
tise these bonds for sale in the manner required by ]_aw when later speci-
fically mirected 'to do so by the C~tj Council, and the proper city offi-
cials are hereby authorized and directed to do everything necessary for
the prompt execution and delivery of said bonds upon their sale and for the
proper application and use of the proceeds of such sale.
Such proceeds (exclusive of accrued interest, if any, which shall be
paid into the "Port '~ashington Narrows Bridge General Obligation Bond Re-
demption Fund" created by Section 3 of said Ordinance No. 2043) shall be
paid into the "Warren Avenue Bridse Construction Pund" created by Resolu-
tion No. 841 of the city, passed and approved September 23, 1953. A suf-
ficlent amount of such proceeds shall then be used as soon as possible to
redeem and retire warrants n~nbered 1 to 11 inclusive, in the total prin-
cipal sum of ~32,551, issued from October 9, 1953 to l~iay 11, 1955, and
bearing interest at the rate of 3% per anmml, drawn on said Construction
Fund. If any other warrants are drawn on said Construction unto prior to
the ?ayment of the proceeds of sale of said bon:Js therein, the same shall
also be redeemed out of such proceeds of sale. The balance of the pro-
ceeds of such sale ~hall be 'u~sed for the purposes pro~.~ided in said Ordin-
ance No. 2043 and aerein.
Section 5. This ordinance is declared to be one necessary rot the
immediate preservation of the puolic peace, property, health and safety
of the people of the City of Bremerton, Washington. An emergency is here-
by declared to exist, and this ordinance is hereby declared to O e ir. full
force and effect from and after its passage aDproval an~ publication as
provided by law.
PAS~ED by the Council of the City of Bremerton and approved by its
l~iayor at a regular meeting of said Council held this first day of June,
1955.
CITY OF BREME~TON, ~ASHINGTON
ATTEST:
~t~ Clerk
APP[~OVED AS T,. FOR~,~:
City Attorney