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HomeMy WebLinkAbout2119 ORDINANCE NO. 2119 AN ORDINANCE of the City of Bremerton, Washington, repealing Ordin- ances No. 2043 and No. 2114 of the city, authorizing the issuance and sale of limited tax levy general obligation bonds of the city in the principal sum of $200,000 for the purpose of advancing funds required at this time and in the near future to pay the costs of engineering, feasibility and financial plans, reports, surveys, appraisals, estimates, studies and other items preliminary and necessary to the reconstruction and improving of the existing approaches and construction of new approaches to the present Manette Bridge within the city and the construction of an additional bridge including approaches, over the Port Washington Narrows within the city, fix- ing the date, form, terms and maturities of said bonds, providing for an- nual tax levies to pay the principal thereof and interest thereon, creat- ing a fund for the payment of such principal and interest, providing that the proceeds of sale of such bonds be paid into the Warren Avenue Bridge Construction Fund created by Resolution No. 841 of the city, and providing for the redemption of certain warrants drawn on such Construction Fund. WHEREAS, the Council of the City of Bremerton has heretofore adopted Ordinances No. 2043 and No. 2114, which ordinances were passed by the Coun- cil and approved by the mayor of the city on September 23, 1953 and June l, 1955 respectively, and it is deemed necessary and advisable that said ord- inances now be repealed in toro upon this ordinance and all sections there- of becoming effective; and WHEREAS, the Washington Toll Bridge Authority is contemplating the re- construction and improving of the existing approaches and the construction of new approaches to the present Nanette Bridge on Secondary State Highway 21-B in the City of Bremerton and the construction of an additional bridge, including approaches, over the Port Washington Narrows within the city in the vicinity of the said Nanette Bridge and at or near Warren Avenue at such exact location as may be selected by the State Director of Highways, the State Highway Commission, and the.Authority, whic~i new bridge and ap- proaches when constructed shall be and become an integral part of the State Highway system, to oe connected with and be a part of said Secondary State Highway 21-B; and WHEREAS, it is the plan of the Authority tha~ funds for the cost of constructing and making said improvemmnts will be provided by the issuance and sale Cf revenue bonds of the Authority, the principal thereof and in- terest thereon to be payable out of tolls imposed for pedestrian and vehic- ular traffic over said new bridge and said existing Manette Bridge as im- proved; and WHEREAS, the Washington Toll Bridge Authority has required the city to advance the money needed at this time and in the near future to pay the costs of engineering, feasibility and financial plans, reports, sur- veys, appraisals, estimates, studies and other items preliminary and nec- essary for the reconstruction and improving of the existing approaches and the construction of new approaches to the present Manette Bridge and to the construction of said new bridge, including approaches, and the is- suance and sale of such revenue bonds; and WHEREAS, it is deemed necessary and advisable that the city issue and sell its limited tax le~y general obligation bonds in the principal sum of $200,000 in order to advance the money necessary for such purposes; and WHEREAS, it is the plan of the Washington Toll Bridge Authority and the city that the city will be reimbursed out of the proceeds of the sale of said Toll Bridge Authority revenue bonds for all of such advances so made by the city from the proceeds of the sale of the bonds authorized herein, so thac such latter bonds may be called for redemption and retired imrmediately after said Toll Bridge Authority revenue bonds have been issued; NOW~ THEREFORE, THE CITY OF BREMERTON DOES ORDAIN: Section 1. That Ordinance No. 2043 of the City, passed and approved September 23,-1953, and entitled "AN ORDINANCE of the City of Bremerton, Washington, authorizing the issuance of general obligation bonds of the city in the principal amount of ~200,000 or so much thereof as may be found to oe necessary, fixing part of th~ terms thereof, pro riding for annual tax levies to pay the principal and interest thereof, creating a fund for the payment of such principal and interest, and declaring an emergency", is hereby in all respects repealed; provided, that such re- peal shall not be come effective until this ordinance and all sections thereof shall become effective. Section 2. That Ordinance No. 2114 of the city, passed and approved June 1, I~55,'""'and entitled "AN ORDINANCE of the City of Bremerton, Washing- ton, providing for the sale of general obligation bonds of the city in the princlp$1 sun of $200,000 to provide funds for certain purposes as author- ized by Ordinance No. 2043 of the city, providing the date, form, terms and naturities of said bonds, incorporating Sections l, 2 and 3 of Ordinance No. 2043 as a part of this ordinance, and declaring an emergency", is here- by in all respects repealed; provided, that such repeal shall not become effective until this ordinance and all sections thereof shhll become ef- fective. Section 3. That for the general municipal purpose of advancing money to pay the costs of engineering, feasibility and financial plans, reports, surveys, appraisals, estimates, studies and other items preliminary and necessary for the reconstruction and improving of tho existing approaches and the construction of new approaches to the present Manette Bridge on Secondary State Highway 21-B in the City of Bremerton and the construction off,an additional bridge, including approaches, over the Port Washington Narrows within the city in the vicinity of the said Manette Bridge and at or near Warren Avenue at such exact location as may be selected by the State Director of Highways, -the State Highway Commission, and the Washing- ton Toll Bridge Authority, which new brid~e and approaches when construct- ed shall be and oecome an integral part of the State Highway system, to be connected with and be a part of said Secondary State Highway ~l-B, the city shall now issue and sell its limited tax levy general obligation bonds in the principal sum of ~200,000. Said 'bonds shall be dated September l, 1955, shall be in denominations of ~l,O00 each, shall be numbered from i to 200 inclusive, shall bear in- terest at a rate of not to e~ceed 6% per annum payable semiannually on the first days of March and September of each year, ~hall be payaOle both prin- cipal and interest in lawful money of the United States of ~merica at the office of the City Treasurer in Bremerton, Washington, and shall mature in order ~ their number as follows: September l, 1957 $12,000 September l, 1964 $14,000 September l, 1958 12,000 September l, 196§ 15,000 September l, 1959 13,000 September l, 1966 15,000 September l, 1960 13,000 September l, 1967 16,000 September l, 1961 13,000 September l, 1968 16,000 September l, 1962 14,000 September l, 1969 16,000 ~eptember 1, 1963 14,000 September 1, 1970 17,000 Ordinance No. 2119 (Con't) The city hereby reserves the right to redeem any or all of the out- standing bonds of this issue in inverse numerical order at par and accrued interest to date of redemption on any date. Notice of any such intended redemption shall be given by one publication thereof in the official city newspaper not more than twenty nor less than ten days prior to said re- demption date and by mailing a like notice at the same time to the pur- chaser or purchasers of said bonds at their sale by the city at its or their main office or offices. Interest on any bond or bonds so called for redemption shall cease on such redemption date unless any such bond so call- ed is not redeemed upon presentation made pursuant to such call. Section 4. Said bonds shall be in substantially the following form: UNITED STATES OF AMERICA NO. $1,0OO STATE OP WASHINGTON CITY OF BREMERTON PORT WASHINGTON NARROWS BRIDGE GENERAL OBLIGATION BOND 1955 KNOW ALL MEN BY THESE PRESENTS: That the City of Bremerton, a municipal corporation of the State of Washington, is justly indebted and for value received hereby promises to pay to bearer on the first day of September ~9~ , the principal sum of ONE THOUSAND DOLLARS together with interest thereon at the rate of ~ per anmzm payable semiannually on the first days of i~.arch and September of each year as evidenced by and upon presentation and surrender of the attached interest coupons as they severally ~come 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 '£reasurer in Bremerton, Washington, and for ~e prompt payment of such principal and interest as the same shall become due the full faith, credit and resources of the city are hereby irrevocably pledged. The City has reserved the right to redeem any or all of the outstanding bonds of this issue, in inverse numerical order, at par and accrued interest to date of redemption, on any date. Notice of any such intended redemption shall be given by one pu01ication thereof in the official city newspaper not more than twenty nor less than ten days prior to said redemption date and by mailing a like notice at the same time to the purchaser or purchasers of said bonds at their sale by the city at its or their main office or offices. This bond is one of an issued of two hundred bonds of like amount, date and tenor aggregating $200,000 in total principal amount, and is ~ssued for Ohe purpose of advancing funds to pay 5he costs of engineering, feasibility and financial plans, reports, surveys, appraisals, estimates, studies, and other items preliminary and necessary to the reconstruction and improving of the existing approaches and construction of new approaches to the present Nanette Bridge within the city and the construction of an additional bridge, including approaches, over the Port Washington Narrows within the city, pursuant to the Constitution and laws of the State of Washington and ordinances of the City of Bremerton. The City of Bremerton hereby irrevocably pledges itself to include in its annual budgets and levy taxes each year within and as a part of the tax millage levy permitted to cities without a vote of the people in an amount sufficient to pay the principal of and interest on said 'bonds as the same shall become due. Ordinance No. 2119 (Con't) It is hereby certified and declared that all acts, conditions and things required to 'Oe done precedent to and in the issuance of this bond have happened, been done and performed, and that the total indebtedness of the City of Bremerton, including this bond and all the Donds of this issue, does not exceed any con- stitutional or statutory limitation. IN ?~ITNESS WHEREOF, the City of Bremerton, Washington has caused this bond to De signed by ihs ~ayor, attested by its Cl~rk, its corporate seal to be impressed hereon, and the interest coupons attached hereto to be signed with the facsimile signatures of said officials, this first day of September, 1955o CITY OF BREi~ERTON, WASHINGTON AT'rEST: ,~ Nayo r ~ity' Clerk The interest coupons attached to said bonds shall be in substantially the following form: NO. $_ on the first day of .,19 ~, the City of Bremerton, Washington will pay to ~earer mn lawful money of the United States of America at the office o£ the City Treasurer in Bremerton the sum of DOLLARS, said sum ~eing the semiannual interest due that day on its Port ~¥ashington Narrows Bridge General Obligation Bond dated September l, 1955 and numbered . CITY OF BRE~¥~RTON, WASHING-TON ~ayor ~? C ~"~ Clerk Section 5. Said bonds shall be signed on behalf of the city by its ~ayor and attested by the City Clerk, and shall have the corporate seal of the city impressed thereon. The interest coupons attached thereto shall be signed with the facsimile signatures of said officials. Section 6. There shall be levied each year by the corporate author- ities"'oi the City of Bremerton and included in each annual tax levy a tax upon all the property within the city subject to taxation in an amount sufficient to pay the principal o~ and interest on all of the outstanding bonds of the issue authorized herein as the same shall become due. All of such taxes so collected shall be paid into a special fund of the city which is hereby created and established in the office of the City Treas- urer to be known as "Port Washington ~'arrows Brid~ie General Obligation Bond Redemption Fund," and 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 City of Bremerton hereby pledges that the annual tax provided for herein to be levied for the payment of the princiapl of and interest on said bonds shall be within and as a part of the tax millage levy permitted to cities without a vote of the people, and that a sufficient portion of each annual levy to be made by the city prior to 5he full payment of the princi- pal of and interest on said bonds will be and is herby irrevocably set a- side, pledged and appropriated for the payment of the principal of and in- terest on said bonds as aforesaid. The Full faith, credit and resources of the city are hereby also ir- revocably pledged for the annual levy and collection of said tax and the prompt payment of the principal of and interest on said bonds as the s~ne shall become due. The moneys received from the Washington Toll Brdige Authority to re- pay the advances made by the City of Bremerton out of the proceeds of the sale of the bonds authorized herein shall be placed in said Bond Redemp- tion Fund,and, with any moneys which might be remaining in the Warm, eh Ordinance No. 2119 (Con't) Avenue Bridge Construction Fund created by Resolution No. 841 of the city, shall be used immediately to redeem s~d retire the bonds of the issue auth- orized herein. Section 7. The City Clerk is hereby authorized and directed to adver- tise ~se ~b~Hds for sale in the manner required by law, and the proper city officials 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 Washington Narrows Bridge General Obligation Bond Re- demption Fund" created in Section 6 of this ordinance) shall be paid into the "Warren Avenue Bridge Construction Fund" created by Resolution No. 841 of the city, passed and approved September 23, 1953. A sufficient amount of such proceeds shall then be used as soon as possible to redeem and ret tire warrants numbered 1 to 11 inclusive, in the ~atal principal sun of ~32,551, 'issued from October 9, 1953 to May 11, 1955, and bearing interest at the rate of 3% per annum, drawn on said Construction Fund. If any other warrants are drawn on such Construction Fund prior to the payment of the proceeds of sale of said Oonds therein, the same shall also be redeemed out of such proceeds of sale. The balance of tho~roceeds of such sale, or so much thereof as may ~e necessary, shall ~e used for ~he purposes provided in this ordinance. Section 8. This ordinance shall take effect thirty days after its passage and publication as provided by law and ~he Charter of the City of Bremerton. APPROVED on first reading at a regular meeting of the City Council held this 13th day of July, 1955. PASSED on second reading by the City Council of the City of Bremerton at a regular meeting thereof, signed by the Nayor, and attested by the City Clerk in authentication of such passage this 20th day of July, 195~. CITY OF BRERiERTGN, WASHINGTON ATTEST: City Clerk APPROVED AS TO FORM: City Attorney