HomeMy WebLinkAbout1260 ORDINANCE NO. 1260
AN ORDINANCE confirming the result of the special election held in the
City of ~remerton on November 8, 1938, for adopting a system or plan for the
making of certain additions and improvements to the waterworks system of the
City of ~remerton, and authorizing the issuance of special water revenue
bonds to pay therefor; providing the form, exact date and maturities and other
details of said bonds and authorizing the sale thereof.
WHEREAS, at a special election held in the city of ~remerton, Washington,
on ~ovember 8, 1938, pursuant to Ordinance ~o. 1249, passed and approved
September 28, 1938, the qualified voters of said City duly adopted a proposition
providing for a system or plan for the making of certain additions and improve-
ments to the waterworks system of the City of ~remerton and the issuance of
special water revenue bonds in the sum of $200,000 to pay therefor, and
~3~IEREAS, it is now necessary to issue and sell said revenue bonds to pay
for the said additions and improvements,
NOW, THERE~0RE, ~E IT ORDAINED by the city 0ommission of the City of
Bremerton, as follows:
Section 1. That the adoption by the voters of the City of Bremerton at
the special electioH held thereon on November 8, 1938, of the proposition pro-
viding for the adoption of a system or plan for the making of certain additions
and improvements to the waterworks system of the City of ~remerton and the
issuance of special water revenue bonds in the sum of $200,000 to pay therefor,
be, and the same is, hereby in all things ratified and confirmed, and the
officials of said City are hereby authorized to do all things necessary for the
sale and issuance of said bonds and the making of said additions and improve-
ments to the waterworks system of the said City.
Section 2. That the Mayor and City clerk of said city of oremerton be,
and they are, hereby authorized and directed to cause to be issued at this time
special water revenue bonds of the City of Bremerton, in the principal sum of
~200,000, said bonds to be in denominations of ~l,000 each, numbered from i to
200, inclusive, be dated January l, 1939, and to bear interest at a rate not
to exceed six per cent per annum, payable semi-annually, and mature serially in
order of their number as follows:
January l, 1940 $1000 July l, 1947 $9000
July l, 1940 1000 January l, 1948 9000
January l, 1941 1000 July l, 1948 9000
July l, 1941 1000 January l, 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 ~anuary 1, 1951 10000
January 1, 1944 1000 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
~uly 1, 1946 9000 ~anuary 1, 1954 11000
January 1, 1947 8000 July 1, 1954 11000
Section 3. 'that said revenue bonds shall, except as to date of payment, be
in substantially the following form:
No.~ ~1000.00
UNITED STATUS 0F AMERICA
STATE £)F ~ASHi~GTON
UIT~ OF o~mwERTON
MUNICIPAL WATERWORKS REVENUE BONDS
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 January, 19 ,
the principal sum of $1000.00, together with interest
thereon at the rate of % per annum, .payable semi-annually,
on the 1st days of January and July of each ~ear, as evidenced
Ordinance No. 1260 (cont)
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 Bta~es, at the office of the City Treasurer of
the City of Bremerton, or at the Fiscal Agency of the
State of Washington in the City of New York, at the
option of the holder hereof. Said bonds, both prin-
cipal and interest, are payable solely out of the
special fund known as "Bremerton 1~38 Waterworks
Revenue Bond Fund", created by Ordinance No. 1249 of
said City,
This bond is one of an issue of special water
revenue bonds in the principal sum of $200,000, issued
pursuant to said Ordinance No. 1249, for the purpose of
making certain additions and improvements to the exist-
ing waterworks system of said CitY, and is payable solely
out of the gross revenues 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. 1249 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
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 amounts
so pledged are hereby declared to be a prior lien and
charge upon the gross revenues of said municipal water-
works system and all additions thereto, superior to all
other liens ~nd charges whatsoever, excepting the
necessary cost of maintenance and operation of said
waterworks system, and excepting the special water
revenue bonds heretofore issued by said City and now
outstanding.
It is hereby found, 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, and that
all acts, conditions and things required to be done pre-
cedent to and in the'issuance of this bond have happened,
been done and performed as required by law.
IN WITNESS WHEREOF, the City of Bremerton has caused
this bond to be signed by its Mayor and attested by its
City Cle~ and its corporate seal to be hereto affixed,
and the interest coupons attached to be signed with the
facsimile signatures of said officers this 1st day of
January, 1939.
CITY OF BREMERT0~, ~¥ASHINGTON
~t ~- 'Its Mayor -
ATTEST:
Its City cle'rk
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
No. $
On the 1st day of , 19~, the City of
Bremerton, Washington, will pay to bearer, at the office
of the Treasurer of said City of Bremerton, or at the
Ordinance No. 1260 (cont)
Fiscal Agency of the State of Washington,
at New York City, at holder's option, the
sum of Dollars, in la~ful
money of the 'United states, solely from
' the special fund known as "Bremerton 1938
Waterworks Revenue Bond Fund", said sum
being the semi-annual interest due that
day on its special water revenue bond
dated January l, 1939, numbered .
CITY OF BREM TON, WASHINGTON
By 'I' 'Its Mayor
I~s City Clerk
Section 4. Ail of said bonds shall be signed by the Mayor, attested by
the City Clerk under the seal of the 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 said City.
Section 5. This ordinance shall take effect immediately upon its publica-
tion as required bY law.
PASSED by the City Commission of the City of Bremerton and approved by the
Mayor this 10th day of December, 1938.
At t e st: ~ ot ~ts; ~ ~ s. s.
I th~ und.r::,~.¢d ~o cert~hnt the
of the ¢1: of Bremerton, Wash;~g~o,,
~ibY C:erk ~o~e date,
Cit~ C~k