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HomeMy WebLinkAbout1525 ORDIANCE No. 1525 AN ORDINANCE providing for the issuance, sale and delivery of General Obligation Bonds in the principal sttm of $62,000.00, with which to fund and pay the warrants drawn against the Park Avenue Sewer Emergency 0rdin ance No. 1339 and Emergency Ordinance No. 1438 Fund; providing for the date, maturity, and form of said bonds; creating a bond redemption fund and pledging a sufficient portion of the permissible annual property tax levy to pay the principal and interest of said bonds. WHEREAS, the City of Bremerton has issued and there are now outstsndlng the interest warrants drawn against the Park Avenue Sewer Emergency Ordinance No. 1339 and Emergency Ordinance No. 1438 Fund which, with inter~st computed to April 1~, 194Z, wl].l total Sixty-two Thousand ($62,000.00) Dollars, which said sum constitutes an outstanding indebtedness of said c~ty eveidenced by said warrants; and WHEREAS, the City Co~mcil of the ~lty of Bremerton by lesol'utlon No. 286 heretofore enacted, determined to issue certain funding bond~with which to take up and cancel the said outstanding indebtedness, and by the said Resolu- tion author! ed the issuance on April 15, 1943 of general obligation funding bonds of the~Clty of Bremerton, to be known as "Sewer Funding Bonds", in the sum of Sixty-two Tho:~sand ($62,000.00) '~llars, said bonds to bear interest fixed by the successful bidder and maturing in twenty series, payable in one to twenty years from the date of issue; and WHEREAS, the Y~ayor and Treasurer of the City of Bremerton were directed to and did publish a notice in the official newspaper for four consecutive weeks calling for bids on the said issue; and WHEREAS, Grande ~ Co., Inc., of Seattle, Washington submitted the best bid, agreeing to take the said bonds, if issued, at the rate of 1 3/4 percent per annum; the said bid being accepted by the City of Bremerton; and WHE[~EAS, by reason of the limitation by law of the amount of taxes w!~ich can be l&v!ed wi. thout a vote of the people to fifteen mills, there is no way in which the City can assure purchasers of bonds that a sufficient annual tax will be levied except by an irrevocable pledge in this ordinance and in said bonds to include in the annual budget and taxx levy a sufficient amo~uqt in each year to pay the accruing interest and principal of said bonds as a part of the tax millage the City is authorized by law to levy annually without a vote of the people; and WHE EAS, it is the judgement of the City Council that they can safely agree to specifically pledge a sufficient portion of the city's statutory tax millage to pay the princlpal and interest of said bonds as it accrues, and that there will be sufficient funds left available over and above the amount so pledged to pay the necessary governmental expenses of said city; NOW, THEREFORE, The City of Bremerton does ordain as follows: Section 1. That pursuant to the provisions of the statutes of the State of Washington there now be issued under date of April 15, 1943, general obliga- tion funding bonds of the City of Bremerton in the principal sum of Sixty-two Thousand (::~62,000.00) Dollars for the purpose of redeeming interest warrants drawn against the Park Avenue Sewer Emergency Ordinance No. 1339 and E~ergency Ordinance No. 1438 Fund in the sum of Sixty-two Thousand ($62,000.00) Dollars, said bonds to be in denominations of ()ne Thousand (~1,000.00) Dollars each, numbered from One to Sixty-two, inclusive, and to bear interest at the rate of one and three-fourths percent (1 3/4%) per annum payable semi-annually on the 15th day of April and October of each year and mature serially in order of their n~mbers as follows: Bond Num_bers Principal A.mount Date of Matnr~ty 1, 2 ~$2000.00 Aprll. 15, 1944 3, 4 2000.00 " 15, 1945 5, 6 2000.00 " 15, 1945 ?, 8 2000.00 " 15, 1947 9, 10, 11 3000.00 " 15, 1948 12, 13, 14 3000.00 " 15, 1949 15, 16, 17 3000.00 " 15, 1950 18, 19, 20 3000.00 " 15, 1951 2~, 22, 23 3000.00 " 15, 1952 24, 25, 26 3000.00 " 15, 1953 Ordinance No. 1525 (cont) Bond Numbers Principal Amouht Date of Maturit[ 27, 2B, 29 $3000.00 April 15, 1954 30, 31, 32 3000.00 " 15, 1955 35, 34, 35 3000.00 " 15, 1956 36, 3V, 38 3000.00 " 15, 1957 39, 40, 41, 42 4000.00 " 15, 1958 43, 44,45, 46 4000.00 " 15, 1959 47, 48, 49, 50 4000.00 " 15, 1960 51, 52, 53, 54 4000.00 " 15, 1961 55, 56, 57, 58 4000.00 " 15, 1962 59, 60, 61, 62 4000.00 " 15, 1963 The City of Bremerton reserves the right to refund all of the said bonds or any part of the said bonds outstanding on any interest paying date after five years from' the date of the issuance of the said bonds by giving thirty days' notice thereof by publication in the official city paper. Ail said fund- ing bonds, pr!~ncipa! and interest, shall be payable at the office of the Trea- surer of the City of Bremerton. Section 2. Said bonds shall be known as "Sewer F~ding BonSs" and be in substantially the following form: No. $1,O00.00 UNITED STATES OF AMERICA STATE OF WASHINGTON COUNTY OF KITSAP C~TY OF BREMERTON SEWER FID~DING BONDS. 1943 KNOW ALL MEN BY THESE PRESENTS: That the City of Bremerton, in the County of Kitsap, State of Washington, is Justly indebted and for value received hereby promises to pay to the bearer on the 15th day of April, 19 the principal sum of $1,000.00 with interest thereon at the rate of l~--/~'percent per annum, payable semi-annually on the 15th days of April and October in each year, upon the presentation and surrender of the annexed interest coupons. Both principal and interest on this bond are payable in lawful money of the United States of America at the City Treasurer's office in the ~ity of Bremerton. For the prompt payment hereof, both principal and interest as the same may mature, the full faith, credit and resources of the City of Bremerton are hereby irrevocably pledged. This bond is one of an issue of ~eneral obligation funding ~nds in the principal mnn of $62,000.O0 issued pursuant to Resolution No. and Ordinance No. __ for the purpose of providing funds to redeem interest warrants issued by the~ity of Bremerton against its Park Avenue Sewer Emergency Ordinance No. 1339 and Emergency Ordinance No. 1438 Fund. It is hereby certified and recited that all acts, conditicns an~ things required to be done precedent to and in the issuance of this bond have happened, been done and performed as required by law; that provision has been made for the annual levy and collection of s tax upon all the taxable property of said City as a part of the tax millage levy it is authorized to make annually without a vote of the people, sufficient in amount to pay the principal and interest of this bond as the same accrue; that the total indebtedness of Ihs City of Bremer- ton, including this bond, does not exceed any constitutional or statutory limi- tation. The City of Bremerton reserves the right to redeem all or any of the un- matured bonds of this issue on any interest payment date on or after five years from the date hereof by giving thirty days' notice of such inten~ed redemption by publication in the city official newspaper, and interest on any bonds so called for redemption shall cease on the date the same are called for payment. IN WITNESS WHEREOF, the said City of Bremerton has caused this bond to be sealed with its seal, signed by its Mayor and attested by ~ts Clerk, and has caused the coupons annexed, hereto to be signed with a facsimile of ~e signatures of said officials this 15th day of April, 1943. CITY OF BRE~.~RTON, WASHINGTON ATTEST: :~Y ~. ~4,~ "~~/ Mayor ~ity ~lerk Ordinance No. 1525 (cont) The interest coupons attached to said bonds shall be in substantially the following form: INTEREST COUPON ~o._______ ~ On the 15th day of ,19 , the city of Bremerton, Washington, will pay to bearer at~e City Treasurer's office the sum of $ in lawful money of the United States of America, said sum being the semi-annual interest due to date on its Bremerton Sewer Funding Bond dated April, 15, 1943, numbered · CITY OF BRE~fERTON, WASHINGTON By ~ ' ' - Mayor ' ATTEST: ~City Clerk Section 3. Said bonds shall be signed by the Mayor ~d attested by the City Clerk ~mder the seal of said City, and each of the interest coupons shall be signed ~vfth the facsimile signatures of said officials. Section 4. All moneys derived from the sale of the bonds h~reby authorf~ed shall be placed to the credit of the general fund o~ ~]-e city to be expended f~. the sole purpose of redeeming the warrants, both principal and interest, as herein specified and as provided by law. Section 5. That there shall be levied each year by the City of Bremerton in its annual tax levy a tax on all the property in said. City subject to tax- ation in an ~o~t sufficient to pay the interest ~d principal of said bonds as the s~e accrue, and all of such taxes as collscted shall be paid into a special f~d which is hereby created and established to be l~own as "Bremerton Sewer P~dfng Bonds, 1943, Interest and Redemption Fund," and no part of such fund shall be used for shy other purpose than the payment of the interest and principal of sa~d bonds. The full faith, credit and recources of said City are hereby irrevocably pledged for the annual levy and collection of such tax, ~d the prompt pa~ent of the principal ~.d interest of said bonds, and said City further irrevocably pledges itself that the annual, tax provided for herein to be levied for the pa'~ent of said bonds shall be within and as a part of the fifteen m~ll limitation of taxes pe~itt~d to cities without a vote of the people, and a sufficient portion of each a~ual tax levy hereafter to be mad~ by said city prior to the full pa~ent of the principal and interest of said bonds is hereby irrevocably set aside, appropriated and pledged to the payment of said bonds as aforesaid. Section 6. The officials of the City of Bremerton are hereby authorized and directed to deliver the said bonds to Grande & Co., Inc. upon pa~ant by it to the City of Bremerton in accordance with its bid heretofore submitted for said ~nds. PASSED by the City Council and approved by the Mayor this 28th day of April, 1943. Mayor ~ Attest: