HomeMy WebLinkAbout1462 ORDINANCE NO. 1462
AN ORDINANCE specifying and adopting a system or plan for the making of
certain additions, betterments and improvements to the water works system of the
City of Bremerton, declaring the estimated cost thereof as near as may be,
authorizing the issuance of special water revenue bonds in the principal sum of
$300,000.00 to pay part of the cost therefor, creating a special fund for ~e
payment of said bonds, providing the form, exact date and maturities and other
details of said bonds, and declaring an emergency.
Whereas, it is necessary in order to provide an adequate water supply and
to meet the present emergency which has been caused by the enormous increase in
the population of the City of Bremerton and added requirements by the water
department for the supplying of domestic water to such increased population, that
certain additions, betterments and improvements be made to the existing system,
and
WHEREAS, the Federal Works Agency has granted to the city of Bremerton the
sum of $217,000.00 provided that the City of Bremerton contribute not less than
$200,000.00 additional, for the purpose of adding to and improving the existing
system,
THE CITY COMMISSION OF THE CITY O? BREMERTON ORDAINS AS FOLLOWS:
Section 1. That the following described plan or system for additions to
and improvements of the existing waterworks system of said City of Bremerton is
hereby proposed, specified and adopted, to-wit: That the city drill additional
wells to provide stand-by supply for emergency needs or to provide increase of
the water supply as may be required, which wells will be drilled in the vicinity
of Anderson Creek, upstream from the present wells and near State Highway No. 14;
to add improvements to the settling basin and foundation for the pumping station
now located on Anderson Creek, near the aforesaid site, which improvements to
said station shall include the construction of the pumping station above the
foundation, the installation of pumping equipment, installation of chlorinator,
installation of heating equipment, installation of booster pump, installation of
electric controls, installation of overhead crane, installation of turbine pumps
in wells and connections; that the said city shall construct a twenty-four (24)
inch supply main from the junction of the old Navy Yard Highway and State Road
No. 21, along said State Road No. 21, to the city limits of the City of Bremerton,
and from thence to the proposed reservoir in Forest Ridge Park; tha~ the said
city shall construct two reservoirs of approximately one million gallons each in
West Bremerton at Forest Ridge Park and one reservoir of approximately two
million gallons in East Bremerton on the site to be acquired by the Water Depart-
ment near Seventeenth Street and Ironsides Avenue; that the city shall also
purchase and have available a portable gas powered pumping establishment for use
in emergency and that the city shall make such other and further improvements to
the water distribution system as may be consistent with this entire pro~ect.
That the estimated cost of such additions, betterments and improvements is
hereby fixed as near as may be in the s~nn of $517,000.O0, of which amount
$~17,000.00 has been granted to the city by the Public Works Administration of
the United States, and the remaining $300,000.00 will be paid from the proceeds
of the bond issue herein provided for.
Section 2. The City does hereby propose and adopt as an integral part of
the plan for the above described improvement, that it shall issue its water
revenue bonds in the principal sum of $300,000.00, said bonds to be in denomina-
tions of $1,000.00 each, numbered from i to 300 inclusive, to be dated May l,
1942, and to bear interest at a rate not to exceed four per cent per annum,
payable semi-annually on the 1st day of May and November of each year, and to
mature serially in the order of their number as follows:
May 1, 1943 $ 2,000. May 1, 1953 $ 10,000.
Nay 1, 1944 4,000. May 1, 1984 10,000.
May 1, 1948 4,000. May 1, 1955 10,000.
May 1, 1946 4,000. May 1, 1956 20,000.
May 1, 1947 4,000. May 1, 1957 30,000.
May 1, 1948 4,000. May 1, 1958 30,000.
May 1, 1949 4,000. May 1, 1959 30,000.
May 1, 1950 V,O00. May 1, 1960 30,000.
May 1, 1951 10,000. May 1, 1961 30,000.
May 1, 1952 10,000. May 1, 1962 47,000.
Ordinance No. 1462 (cont)
The City of Bremerton reserves the right to redeem all or any of the
unmatured bonds of this issue, on any interest payment date on or after ten
(10) years from date hereof by giving thirty (30) days' notice of such intended
redemption by publication of such notice in the city official paper, and interest
upon any bonds so called for redemption shall cease on the date the same are
called for payment.
Said bonds shall be payable in lawful money of the United States.
Section 3. That said revenue bonds shall, except as to date of payment be
in substantially the following form:
No.__ ~1,000.00
UNITED STATES OF A~ERICA
STATE OF WASttINGTON
CITY OF BREMERTON
M~ICIPAL WATER REVENUE BOND 1942
KNOW ALL MEN BY THESE PRESENTS: That the City of Bremerton, a
municipal corporation of the State of Washington, acknowledges itself
to owe, and for value received hereby promises to pay to bearer on
the 1st day of May, 194~, the principal sum of $1,000.00, together
with interest thereon at the rate of per cent per annum, payable
semi-annually, on the !st days of May and November of each year, as
evidenced by and upon presentation and. surrender of the annexed
interest coupons as they severally become due. Both principal and
interest payable in lawful money of the United States, at the office
of'the City Treasurer of the City of Bremerton. Said bonds, both
principal and interest, are payable solely out of the special fund
known as "Bremerton 1942 Water Revenue Bond Fund," created by
Ordinance No. of said City.
The City of Bremerton reserves the right to redeem all or any of
the unmatured bonds of this issue, on any interest payment date on or
after ten (10) years from date hereof by giving thirty (30) days'
notice of such intended redemption by publication of such notice in
the City official paper, and interest upon any bonds so called for
redemption shall cease on the date the same are called for payment.
This bond is one of an issue of special water revenue bonds in
the principal sum of ~300,000.00, issued pursuant to said Ordinance
No.__ for the purpose of making certain additions and improve-
ments to the existing waterworks system of said city, and is payable
solely out of the gross revenue of the said waterworks system.
The City of Bremerton hereby agrees that it will keep and
perform all of the covenants in this bond and in said Ordinance No.
contained, to be by it kept and performed, and said City
does hereby irrevocably obligate and bind itself to set aside from
the gross revenues of said municipal waterworks system and all
additions thereto and pay into said fund, at least thirty (30) days
prior to the respective dates on which the interest or principal
and interest of this issue of bonds shall become due and payable,
amounts sufficient to make such payments as they respectively become
due. Said amotmts so pledged are hereby declared to be a prior lien
and charge upon the gross revenues of said municipal waterworks
system and all additions thereto, superior to all other liens and
charges whatsoever, excepting the necessary cost of msfntenance and
operation of said waterworks system, an~ excepting the necessary
charges for the payment of the special water revenue bonds hereto-
fore issued by said City and now outstanding.
The City of Bremerton has further bound itself to establish
and maintain rates for water and shall provide sufficient revenue to
permit the payment into the said fund of the sums which the city has
· pledged to be set aside for the payment of the principal and interest
of this bond issue, and also to pay all the expenses of maintaining
and operating said water system, and the necessary charges for the
payment of the principal and interest of the outstanding water
revenue bonds heretofore issue8 for said City.
It is hereby fo~md, certified and declared that said bonds are
issued pursuant to and in strict compliance with the laws and
constitution of the State of Washington and the ordinances of said
city of Bremerton, an~ 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 as required by law.
Ordinance No. 1469, (cent)
IN WITNESS WHEREOF, the City of Bremerton has caused this bond to be
signed by its Mayor and attested by its City Clerk, and its corporate
seal to be hereto affixed, and the interest coupons attached to be
signed with the facsimile signatures of said officers this day
of , 194_.
CITY OF BREMERTON, WASHINGTON
Attest:
City Clerk
The interest coupons attached to said bonds shall be in substantially the
following form, except as to dates of payment and amount of interest:
INTEREST COUPON
$
On the 1st day of May, 1942, the City of Bremerton,
Washington, will pay to bearer, at the office of the Treasurer
of said City of Bremerton, the sum of
Dollars, in lawful money of the United States, solely from the
special fund known as "Bremerton 1949. Water Revenue Bond Fund,"
said sum being the semi-annual interest due that day on its
special water revenue bond dated and
numbered .
CITY OF BRE~ERTON, WASHINGTON
Attest: Mayor
City Clerk
Section 4. All of said bonds shall be signed by the Mayor, attested by
the City Clerk under the seal of said City, and each of said interest coupons
shall be signed with the facsimile signatures of said officers, which facsimile
signatures shall be binding for all purposes upon sa~city.
Section 8. There is hereby created a special fund, to be known as the
"Bremerton 1942 Water Revenue Bond Fund," which said fund is to be drawn upon
for the sole purpose of paying the principal and interest of such special water
revenue bonds herein provided for. From and after the date of said bonds, and
as long as any of said bonds are outstanding and unpaid, the City Treasurer shall
set aside and pay into the said fund at least thirty (30) days prior to the
respective dates on which the interest and principal and interest of said bonds
shall become due and payable, certain fixed amounts out of the gross revenues of
said municipal waterworks system, including all additions and extensions thereof,
equal to the respective amounts of principal and interest as the case may be,
falling due upon any and all bonds issued hereunder and then outstanding. The
gross revenue from said municipal water system is hereby pledged to such payments,
which shall constitute a charge upon all such gross revenues, prior and superior
to all other charges whatsoever, excepting the necessary charges for maintenance
and operation of said system and excepting the necessary charges for the payment
of the principal and interest of the bonds remaining unpaid of the issue of
Bremerton.special Water Refunding Bonds, dated July l, 1935, and the issue of
1938 Bremerton Water Revenue Bonds, dated January l, 1939, and the issue of 1939
Bremerton Water Ref~mding Bonds, dated July l, 1939.
The corporate authorities of the City of Bremerton hereby declare that in
fixing the amounts to be paid into said fund, they have exercised due regard to
the cost of operation and maintenance of said waterworks system; that no oo~tion
of the revenues of said system have been previously pledged for any indebtedness
except the three bond issues hereinbefore mentioned in this section; that the
gross revenues to be derived from the operation of said water works system, in
the judgment of said corporate authorities of said City, will be sufficient to
meet all expenses of operation and maintenance, prior bond charges and permit to
be set aside in said special fund an amount sufficient to pay the principal and
interest of the bonds hereby authorized and provided for as the same shall fall
due.
Ordinance No. 1462 (cont)
The City of Bremerton hereby irrevocably binds itself not to sell, lease,
or in any manner dispose of said waterworks system, or any additions, extensions
or improvements thereto, until all such bonds with interest thereon shall have
been fully paid and said city hereby covenants and agrees to and with the holSers
of each and every one of said bonds to maintain in good condition end operate
the said waterworks system, and to establish and maintain such rates for water
as will provide sufficient revenue to produce the gross revenues required to
meet the obligations of said city as herein set forth.
Section 6. That a public emergency exists in the City of Bremerton due to
the state of war now existing between the United States of America, the Empires
of Japan, Italy and Germany, and the great and unprecedented influx of national
defense workers in the City of Bremerton and the extension of the city limits to
include additional areas, requiring the addition, betterment and improvement of
the city water system, to safeguard the health and safety of the inhabitants of
the City of Bremerton, and this ordinance shall take effect and be in full force
and effect from and after its passage, approval and publication.
PASSED by the City Commission of the City of Bremerton, signed by the Mayor
and attested by the City Clerk in authentication of such passage, this 15th day
of April, 1942.
]~ayor
Attest: -