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ORDINANCE NO. ~043
A~< Or~D]NAt~CE of the City of Bremerton, ~ashington, author2zin~ the
suance of ~eneral obl28atfon bonds of the city in the principal smoun~ of
~;~k~O,O00 or so much thereof as may be found to be necessary, fixln~ part
the ~erms t~ereof, providin~ for annual tax levies to pay the principal
an~ interest thereof, creating a fund for the pa~ent of such principal and
[t:~terest, and declaring an emergency.
i~HE[tEAS, the Washington Toll Brid6e Authority is contemglating~ th~ eon-
stmmtion of s. toll bridge across the Port Washington Narrows wtthI~ the
city ss an extension of Warren Avenue; and
~,~HEREAS, it is deemed necessary and advisable that the city issue and
sell its limited tax levy general obligation bonds in the principal s,~r~ of
,~;.200,(.00 or so much thereof as may be found to be necessary for the purpose
off providin~f' funds required at this time and ~.n the near future to pay the
costs of preliminary engineering reports, traffic surveys, financial and
feasibility re~orts, Final engineering plans, and other costs incidental to
the construction of such brid~de and the issuance of said bonds;
NO~l, THEREFORE, BE IT ORD~_INED by the City Council of the Cffty of Brem-
erton, Washington, as follows:
Section 1. That for the purpose of providing the funds required at
this time sn~ in the near future to pay the costs of preliminary engineer-
int'; reports, traffic surveys, financial and Feasibility reports, final
Jaeering plans, and other costs incidental to the construction of such
brtd.;e :nd the is~-~uance of said bonds, the city shall ffssue tis general o~-
ligatJon bonds in the total principal s~ of :~200,000 or so much t~ereof as
may be found necessary to pay the above described costs.
Said bonds shall mature in from two to not to exceed fifteen years From
date of issue, shall be in denominations of ~1,000 each, shall be numOered
from 1 to 20~) inclusive, shall bear interest at a rate of not to e~ceed
ocr a~m~ payable semiannually, an~ shall be payable both orincfpal an~ ~n-
retest im lawful money of the United States of ~erica at the of~'ice oF the
City Treasurer in Bremerton, Washington. The exact date, form, terms, mat-
ur~ ties, an~ reservation of right to redeem ahead of maturity shell be as
later fixed by ordinance if, as, and wb~n it becomes necessary that pert or
all of sai5 bonds be sold.
Section 2. Said bonds shall be signed on behal~ of the city by
~iayor, attested by its Clerk, an~ shell have the corporate seal of tha c~ty
impressed thee'eon. Each of the interest con,pons attache~ thereto shall b~
s.~me~ with the facsimile signatures of said officials.
Section 3. There shall be levie~ each year by the corporate authorities
o~.' ~he C~ty of Bremerto~ and include5 in each annual tax levy a tax ~o~ all
the uroperty w~thin the city s~bject to taxation in an amount sufficient to
p-~y bbc ~-~rincipal an~ interest of ail the outstan~i~f~ bon~s of the ~s~ue
o~zed here~n ~.s the same s~all become due. All of such taxes ab col] ect~
~ba~ b~ paid Into a special run,of the city which is hereby create~l and es-
tablJshe~ ~n the office of the City Treasurer to be known as "~ort ~,~ashirgton
~arrows Bridge General Obligation Bond Re~emption Fun~", an~ ab part of
F~n~ shall be used for any other purpose than the ~ayment oF the ~rincipal
a~ad interest of said bonds.
The City of Bremerton hereby pledges that the annual tax proviSe~ for
~erein to ~ levieU for the payment of the principal and interest of sai5
bo~ds shall ~:e within and as a part of the tax millage levy perm~tte5 to
cities without a vote of the people, and that a sufficient port,on of each
annual levy to be mede by the city prior to the full payment of the pr~nc~-
pal ~.~d ~ntere~t of said bonds will be and ~.s hereby irrevocab!y set as~,
o[ed~ed am~ appropriate~ for the payment of the principal and ~nterest of
bonds as aforesaid.
The full faith, credit am~ resources of the city are hereby also i~'rev-
oc~:.b]y pledged for the annual levy and collection of sai~ tax an5 the prompt
~ay~ent og the principal and interest of said bonds as the same s~.a]! beco~e
due.
Oeo~ion 4. This o~d!n~ne~ is deel~Ped to b~ one neo~ss~ fop th~ ~m-
med]a~--~'ese~v~ion o~ ~he public pewee, p~op~ty, health ~nJ s~fet~ of the
peo~le oF ~he 0ity o~ B~eme~ton, ~shin~ton. An emeP~ncy is he~e~l
to ~xist;, ~nd this o~dJn~noe i~ hereby d~ols~d to ~ in ~ull ~o~oe ~nd eft-
f~ah fr.o~r~ and ~te~ its p~ss~e, ~ppPov~l ~nd publ]e~tlon ~:~ provided b~
PASSED b~ th~ Counofl of th~ City of B~e~e~ton, W~shfn~ton, ~n4 approved
CITY OF BRE~iERT~N, WASH!~]TON