HomeMy WebLinkAbout1295 ORDINANCE NO. 1295
AN 0RDIN~fCE providing for the issuance and sale of general obligation
bonds in the principal sum of $23,600, with which to fund and pay the warrants
drawn upon the fire station construction fund; providing for the date, matur-
ities and form of said bonds; creating a bond redemption fund and pledging a
sufficient portion of the permissible annual property tax levy sufficient to
pay the principal and interest of said bonds.
WHEREAS, the City of Bremerton, for the purpose of building a fire station,
has issued from December 15, 1938, to September 14, 1939, warrants numbered 16,
19, 24, 33, 43 and 44, in the total principal amount of .i~22,859.~1, against the
['ire station construction fund, which, with interest computed to December 1, 1939,
will total $25,500, and constitute an outstanding indebtedness of said city; and
~;f~EREAS, the City Commission of the City of BreHerton deems it advisable to
issue funding bonds with which to redeem said warrants, and believes that by the
issuance of said bonds the said city will make a substantial saving in the matter
of interest; and
t. WHEREAS, by reason of the limitation by law of the amount of taxes which can
be levied without 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 tax levy a sufficient amount 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
¥~{EREAS, it is the judgment of the City Commission that they can safely
agree to specifically pledge a sufficient portion of the city's statutory tax
millage to pay the principal and interest of said bonds as it accrues, and that
there will be sufficient funds ].eft available over and above the amount so
l~ledged to pay the necessary governmental expenses of said city;
N0%~, THEREFORE, be it ordained by the ~,~ayor and the City Commission of the
City of Bremerton as follows:
Section 1. That pursuant to the provisions of the statutes of the State
of Washington there now be issued under date of December 15, 19~9, general
obligation funding bonds of the City of Bremerton in the principal sum of
$23,600 for the purpose of redeeming warrants of the City of Bremerton numbered
16, 19, 24, 33, 43 and 44 in the total principal amount of ~22,859.21, issued
from December 15, 19~8, to September 14, 1939, against the fire station con-
struction fund, with interest thereon. Said bonds shall be in denominations of
$500.00 each, except Bond No. 1, which shall be in the denomination of ~800.00,
numbered from 1 to 47 inclusive, bear interest at a rate of not to exceed 8%
per annum payable semi-annually on the 15th days of December and June of each
year, and mature serially in order of their number as follows:
$1100.00 December 15, 1940
lO00.O0 December 15, 1941
lO00.O0 December 15, 194£
1000.00 December 15, 1945
lO00.O0 December 15, 19~4
1000.00 December 15, 19~5
lO00.O0 December 15, 1946
lO00.O0 December 15, 1947
1500.00 December 15, 1948
1500.00 December 15, 1949
1500.00 December 15, 1950
1500.00 ~ December 15, 1951
1500.00 December 15, 1952
1500.00 , December 15, 1955
1500.00 December 15, 1954
1500.00. December 15, 1955
1500.00 · December 15, 1956
2000.00 December 15, 1957
The City of Bremerton reserves the right to pay and redeem any or all of
the unmatured and outstanding bonds of this issue on any interest payment dates
on or after five years from the date thereof by giving thirty days' notice of
such intended redemption by publication in the official city paper, interest
on any bonds so called for redemption to cease on the date named. All of said
funding bonds, principal and interest, shall be payable at the office of the
Treasurer of the City of Bremerton.
Section 2. Said bonds shall be known as "Bremerton Fire Hall Funding
Bonds, 1939" and be in substantially the following form:
No. $500.00
UNITED STATES OF A/V~QICA
STATE OF WASHINGTON
COUNTY OF KITSAP
CITY OF BRE}~ERTON
BRE},~ERTON FIRE HALL FUNDING BOR~S, 1939.
KNOW ALL ~.~EN 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 December, 19.. , the
pr. incipal sum of $500.00, with interest thereon at t~e rate
of __/~ per annum, payable semi-annually on the 15th days
cf December and June 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 ~merica at the City
Treasurer's office in the City 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.
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 five years from the date hereof by
giving thirty days' notice of such intended redemption, by
publication in the city official paper, and interest on 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 general obligation
funding bonds in the principal sum of $34,600.00 issued
pursuant to Ordinance No. for the purpose of provid-
ing funds to redeem warrants issued by the City of
Bremerton against its fire station construction fund.
It is hereby certified and recited that all acts, con-
ditions 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; that provision has been made
for the annual levy and collection of a 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 the City of Bremerton, including this
bond, does not exceed any constitutional or statutory
limitation.
IN WIT.~PESS ~.~5{EREOF the said City of Bremerton has caused
this bond to be sealed with its seal, signed by its ~gayor
and attested by its Clerk, and has caused the coupons
annexed hereto to be signed with a facsimile of the signa-
tures of said officials t~.is first day of December, 1939.
~~ ...CITY 0F BRES~ERT0[i,~,
l~ayor , / '
ATTEST:
Ordinance No. 1295 cont.
The interest coupons attached to said bonds shall be in substantially
the following form:
INTEREST COUPON
No. $
On the 15th day ,19__, the City of
Bremerton, Washington, will pay to bearer at the
City Treasurer's office the sum of $ in
lawful money of the United States of America,
said s~n being the semi-annual interest due to
date on its Bremerton Fire Hall Funding Bond
dated December 15, 1939, numbered .
CITY OF BREEERTON, WASHINGTON -
By.
Mayor
Attest:
City Clerk
Section 3. Said bonds shall be signed by the Mayor and attested by the
City Clerk under the seal of said city, and each of the interest coupons shall
be signed with the facsimile signatures of said officials.
Section 4. All moneys derived from the sale of the bonds hereby author-
ized shall be placed to the credit of the general fund of the city to be
expended for 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 amount sufficient to pay the interest and principal of said bonds
as the same accrue, and all of such taxes as collected shall be paid into a
special fund which is hereby created and established to be known as "Bremerton
Fire Hall Funding Bonds, 1959, Interest and Redemption Fund", and no part of
such fund shall be used for any other purpose than the payment of the interest
and principal of said bonds. The full faith, credit and resources of said
City are hereby irrevocably pledged for the annual levy and collection of such
tax, and the prompt payment of the principal and interest of said bonds, and
said City further irrevocably pledges itself that the annual tax provided for
herein to be levied for the payment of said bonds, shall be within snd as a
part of the fifteen mill limitation of taxes permitted to cities without a
vote of the people, and a sufficient portion of each annual tax levy hereafter
to be made by said city prior to the full payment 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 said city are hereby authorized and directed
to offer said bonds at public sale as provided by statute and to do all things
necessary for the issuance and sale of said bonds and the payment and redemp-
tion of said warrants.
PASSED by the City Commission and approved by the ~iayor this 20th day of
September, 1939.
Atte st:
C~nty of t~it~:,~'
I ~h~ und~ign~ do certify ~t the
and fotegoh~g is a true end ceriec[ cooy
Approved as to form; eJ the ~i~ of Brsmedon, Washi.[ton
City Attorney mt~ m~