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HomeMy WebLinkAbout1249 ORDINANCE NO. 1249 AN ORDINANCE specifying and adopting a system or plan for the making of certain additions and improvements to the waterworks system of the City of Bremerton, declaring the estimated cost thereof as near as may be and sub- mitting the PrOposition of the adoption of said plan and the issuance of special water revenue bonds in the sum of $200,000.00 in payment therefor to the qualified voters of the City of Bremerton for ratification or rejection at a special election to be held November 8, 1938, and providing for the calling and holding of such election and declaring an emergency. ~HEREA$, the City of Bremerton now owns and operates a municipal water- works system for the purpose of supplying said city and its inhabitants with water; and WHEREAS, it is necessary, in order to provide an adequate water supply, that certain additions and improvements be made to the existing system, NOW, THEREFORE, the City Commission of the City of ~remerton does hereby ORDAIN 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 said city raise the height of its !~eservoir No. 3, located on Charleston Creek and reface said reservoir; that said city replace and extend its present main supply lines, both inside and outside the city limits, with approximately 19,000 feet of 24 inch pipe, 4,500 feet of 12 inch pipe and 3,700 feet of 16 inch pipe in order to properly carry and increase the city's water supply; that said city construct two water towers or distribution reservoirs within the city limits of approximately 1,000,000 and 750,000 gallons capacity respectively; that said city acquire by purchase or condemnation additional land located on the water shed to protect its water supply; that said city prospect and drill for additional water wells to increase its water supply. That the estimated cost of acquiring said land, and the construction of said improvements and additions is hereby fixed as near as may be at the sum of $337,643.75, of which amount $200,000.00 will be paid from the proceeds of the bond issue herein provided for, and the remaining $137,843.75 from the Ordinance Eo, 1249 (cont) proceeds of a grant of moneys applied for to the Public Works Administration of the United States by the said city. In case said sum of $137,643.75 is not procured from the Public Works Administration, then said city shall only raise and resurface the said Reservoir No. 3, replace and extend various parts Of its main supply lines, both inside and outside the city limits, with new pipe and construct one water tower or distribution reservoir, and acquire watershed lands as deemed necessary to protect the water supply, the estimated cost of all of which is hereby fixed as near as may be at the sum of $200,000.00. Section 2. Said City does hereby propose, specify and adopt, as an integral part of the plan for acquiring and constructing the additions to and improve- ments of its said municipal waterworks system, and for the purpose of paying therefor that it shall issue special water revenue bonds in the principal sum of $200,000.00, bearing interest at a rate of not to exceed six per cent per annum, payable semi-annually, both principal and interest payable solely out of the gross revenues of the municipal water supply system from a special fund hereby designated as "Bremerton 1938 Waterworks Revenue Bond Fund", said issue of bonds to be in denominations of $1,000.00 each, numbered from 1 to 200, inclusive mature serially in order of their number as follows: January 1, 1940 $1000 July 1, 1947 $9000 July 1, 1940 1000 January 1, 1948 $9000 January 1, 1941 1000 July 1, 1948 9000 July 1, 1941 1000 January 1, 1949 9000 January 1, 1942 1000 July 1, 1949 9000 July 1, 1942 1000 January 1, 1950 9000 January 1, 1943 1000 July 1, 1950 10000 July 1, 1943 1000 January 1, 1951 10000 January 1, 1944 1900 July 1, 1951 10000 July 1, 1944 1000 January 1, 1952 10000 January 1, 1945 8000 July 1, 1952 11000 July 1, 1945 8000 January 1, 1953 11000 January 1, 1946 8000 July 1, 1953 11000 July 1, 1946 9000 January 1, 1954 11000 January 1, 1947 8000 July 1, 1954 11000 The exact date and 2orm of said bonds to be as hereafter prescribed by ordinance. Section 3. There is hereby created a special fund to be known as "Bremerton 1938 Waterworks Eevenue Bond Fund", which fund is to be drawn upon for the sole purpose of paying the principal and interest of such special water revenue bonds. From and after the date of said bonds and as long as any of the same are outstanding and unpaid, the City Treasurer shall set aside and pay into said fund, at least thirty 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 interest and principal and interest as the case may be so falling due upon any and all bonds issued hereunder and then outstanding. The gross revenues from said waterworks system are hereby pledged to such payments, which shall constitute a charge upon all of such gross revenues prior and superior to all other charges whatsoever, excepting the necessary charges for maintenance and operation, and excepting the bonds remaining unpaid of the issue of Bremerton Special Water Revenue Six Fer Cent Bonds dated July l, 1929, and the issue of ~remerton Special Water Revenue ~onds ~ated July l, 1935. 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 s~id waterworks system; that no portion of the revenue of said system has been previously pledged for any indebtedness except the two bond issues hereinbefore mentioned in this section; that the gross revenues to be derived from the operation of the said waterworks system in the judgment of the said corporate authorities of the 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 interest or the principal and interest of the bonds hereby authorized as the same shall fall due. Ordinance No. 1249 (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 holders of each and every one of said bonds, in the event such bonds or any portion there- of be issued, to maintain in good condition and operate 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 the said city as herein set forth. Section 4. That the foregoing system or plan for the adding to and imProving of said municipal waterworks system and the issuance of special water revenue bonds to pay the city's, portion thereof be submitted to the qualified voters of said city for ratification or rejection at a special election to be held therein on the 8th day of ~ovember, 1938; that the proposition so to be submitted at said special election shall be in substantially the following form, to-wit: "PROPOSITIO~ Shall the 0ity of Bremerton, Washington, make certain additions to and improvements of its existing waterworks system by raising and re- surfacing Reservoir No. 3, by replacing and extending its main supply lines, both inside and outside the city, by constructing two new water towers, by acquiring additional land on its water sheds and by drilling for new wells, and in order to pay the city's portion of the cost thereof, issue its special water revenue bonds in the principal sum of ~200,000.00, bearing interest at the rate of not more than six per cent per annum and maturing serially in from two to sixteen years from date, all as more fully set forth in Ordinance No. 1249 of said City." Section 5. That the Election Board of Kitsap County be, and the same is, requested and authorized to call and hold said election, give such notice and canvass the result thereof, all as provided by statute. Section 6. In case the proposition above set forth shall be ratified and approved by the voters at said election, the authorities of said city are hereby authorized to take such proceedings as may be necessary for the construction of said improvements, extensions and betterments of said waterworks system as herein provided, and for the issuance of said bonds, and the creation of a fund to pay therefor as herein provided. Section 7. That an emergency is hereby declared to exist, and this ordinance shall, take effect and be in force from and after its passage, approval and publication. Passed and approved this 28th day of September, 1938. Attest: Ceunt~ of K[tsap .J $' $' I the und~miEr~ed do certify that the 8~ove a~d foae~cin~ i~ a true and cerrect copy' ct ~ ordinance i~ssed by tb~ city cemmission o~ the ci~ of Bremerton, Washia[tofl o~ above date.