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HomeMy WebLinkAbout0901: . ORDINANCE 1~0. 901 AN 0:SDINAI{CE confirming the result of election held Jane 11, 19 9, ,-,)covldin~ fo~- cer- tain ~it[ons ~ betterment~ to t~.e wate:r~or~:~: s~tem of t,~e ~itv Of ~emerton an~ a~thorizinf the issuance of spe~cial water ~'eve~ae~bonds in the'sum of .~)90,000 to pay therefor, providing for tha fo:fro an& ,ietails of saint bonds and the and s~le thereof. ' '~g~[~F~S, at a sl~ecial election :,~ ,i the C f June 11, 1:29, parsuant to Ordinance i~o. 895 passed and approved i:~y 8, 1929 than two-thirds of the aj~alified vo'ter~ of sahl. 0it:z voting at said election voted in favor of conztr~ctins certain ad~iitions and better~nents to the present wate~ zup'p ly system of ssid City ~d the issuin[, of special revenue bond2 in the a~ of .~90,00~ to pay t~refSr; and, · .. L. now desirous of constructing said additions anct better- ;:':: ments and issuing and selling said bonds; now, therefore, · ~:;:: Section 1. 2hat the adoptio~ of said propositio:'~ by the voters of the said ~::-city of Breme~-ton at the sl, ecia. 1 election hel& therein on June 11, ]~29, for the acqmirin[, and construction of certain additions ~d batterments to the present water :~' supply system .of said City and the is~aance of ~pecial wa:er revenue bonds in the :?~ sum of ,,~0,000, payable from the revenues of sai,i water system, to pay therefor, be ~*?::':' and tke same i~ .hereby in all thinly: ?atified and confLma.:~ Section '~ 2hat the en~inee~ employed by th~ city be and they are hereby authorized and ~lirected to psepare detailed plans and specifications for said addl- eS:: tions and betterments to said water ~:.:zstem and the .0it:z Olerk is hereby ~:u~tho'~ized ~. and ~tirected to call for bids for the ~loing off said work. ~:~ Section 5,. fhat the ~,layor and City C~ ,- - lerK off Said. City .be and they a'oe here ? ~::by authorized and directed to issue special water revenue bon:ls in the prinpipal ~m · ;~0,0,L'~,), ~6 bear interest at a rate not excel:ding 5~ per a:mam, payable semi- ~:~'ann~ally, ':o bear ~te of O~ly 1, 1~29 an,i to mature se?ially as follows: ~-~]:: ~ 1,000.00 on July 1, 19~5. 2,000.00 o~l July 1, 1936. -- 3,000.00 on July 1, 1937. ::. 9,000.00 on JUly 1, 19J~, 10,000.00 on July %, 1931~.. :%]~' 12,000.00 on Ouly .1, 1Z,O00.O0 on' J~ly 1, 1942. 14,000.00 on Ouly 1, 1943. ::... 15,000.00 on Jaly 1, 19~i. ' ~0W ALL I~ 3'f~.,.-~"==~ Z'i~gS~I.~'. 2hat the City of Bremerton, a m~nicipal oorpor- ation of the State of Washington, for value received, hereby promises to pay to bearer on the 1st day of July 19 4, the principal s~m of ONF. ~HOUSAND DOL£ARS, with in'retest thereon at 'the rate of ~ per annum, payable semi-annually on the first days of J~:.nua'_,'.y and Jul.,z of each year, as evidenced by and upon presentation and surrender of the annexed interest coupons as they severally be- come due, both principal and interest payable in [:old coin of the United States of A~erica of the ',present. s~andard of wei~:jht and fineness, at the office of the treasurer of said City of Bremerton, 'or at ti'~e i'i~cal agency of ti~e ~ta~e of Washington in i~ew fork City, at the option of the holder, both principal and int- erest being payable only ~out of the ~'ross revenues of the water supply system .of said City of Bremerton, as .?rovi,le,1 :of O'~dii'n~ncn No, 895 of said City, sad the treasurer of said City is hereby directe.i to pay the same as herein provided. 2his bond is one 0~n issue of spacial water reven~e bonds in the principal sum of ,[~90,000, aatho~-ized by the voters of s~id 01tv of Bramerton at s~n election held therein on J~me 1], 1929, pursuan~ to Ordinance No, 895 of said City, for the purpose of providing' funds for ~on~t'ruction cT additions ~I 0etterments'to the water su'?pl'; ?ys:tem of sai~i City, ~'~nd is.'pa~.mb]e out of the s. pecial fund created b'f said 0r~ina. noe Bo, 895, desi~ated '"Bremerton Waterworks 19E9 Special Bond ~und", which f~m,1 is to be ~trav~l u'?on i~or fha ~::ole f:q~rpose o:~ payin~ the~ principal and interest of' ~id Oonds. Said Oitz hereb-z ~etain~' tha o,~tion to c~ll and pay ~11 or any of the bonds of said issue remaining' m~,~id on any interes~ payment.date, on and after ten years from d~te hereof, by publishing notice of the intention so to pay said bon~s ~o called i~t the city official newspaper thirty d~.fs prior to the date of such !~roposed The 0ity of ~remerton he~eb~ covanants with the holders of this bond that it will keep and perform all of the' covenant~ and p 'cruises ii~ this bond and i~l said 0rdinance ~'~o, 895 contained, to be by it izel,u an~ ?erformed, and said City does hereby irrevocably oblitate and bind itself to se~; aside sad p~'y in~o said bond f~d from tha ~'ross 'feven.~es of ~:ai.:t water supply system st least thirty duys prior to the res,:activc ~tes ~'?on which inte.'est or ,~rincioal and interest of the bonds of this is::ue shall become due a sam equal to the'amo'm.t of ~uch interest or'~.~.%ch princi~:al an,1 interest, a~. the case may be, which amount~ so pledge~ are hereby dec]ur~d to be a first and prior lien sad charge upon the gross revenues of sai.t water su~.~91'7 sy~:tem and-all adf~itions ~md.extensions here- after thereto made, including charges fo~ mainten~nce ~n~l operation, excepting only the amours pled6ed for the pa'meat of ~onds now remaining ~paid of the i~'sue of Bremerton Waterworks Bonds dated Jan;~ar] 1, 1917, and the issue of Sremerton Improvements and Betterments '~atar Bond~ dated July 1, 1921. fhe 0ity of Bremerton further %in,f~: it,:elf to e~.t~.~lish and maintain rates and charges for water service sufficient to produce the gross revenues required to meet the obligations of said 0it.y as herein set forth ~t~l ~uoh :lm:e~:.:~ th~s ue of bonds has been paid in full. it is hereby found"~md declared 'tha~t said 'bon~s are is[~ued pursuant to and in strict oomoliance with the laws of the State of Wa,~hinfton and with the Ordinances of the City of Brm'.'mrton, and all acts, conditions and things:' recuired to be done precedent to and in the issuance of this bond, have happened, been done and i.,erformf~,l, aa re- quired by law, IN WIPNESS' WHEREOP the City of Bremerto,n b~s cairned this bond to be sit-'ned by its ~yor and attest by its City Clerk and the seal of said City to be hereunto affixed, a_nd the interest coupons attached to be signed and ~ealed with the printed.or !itho- graphed si£nat~res of said officers, this 1st day of July 1~2~. O I:£ f O? BRE~mRz ON ~'~S 'cSerk. ~he interest oo'~!,ons ,attached to said bonds sha].] be in subst~:tntially the following form, exoe'f~t as to dates o~ paT, nnent: 0n the 1st day oF ..... , 19 . ., the City of ~remerton, Washing'ton, will t..~ office of the City i're~.~?~rer of the City o~..Brenw-rton or Pay a~ the fiscal agenc:~f of the S~eto of ~.~a~hing~on in ~ew 'fork. City, at holder's option, the sum of~ in gold coin of the United State~: of America, solely from the ~pecial fund i~no~m as "B~eme~ton Waterworks 1929 ~peoial Fm~d", the same belair' the intere~-t due on suck date. on its special v,~:'ter reven~te bond, ,L~te:i Jtll'./ 1, ]929, N0. · C 12 ~'ts Its'"¢]erk. Section 6. All of said bonds shall be s.i~ned by th~ mayor and atteeted ~' , "~." t~,~e seal of s~.~i,:! citz?, an~. e~'ch of saint interest coup- by the city cle~: ,~n~_.~ ons sha]t contain the facsimile ai~n~:turr~ of ~aid offitera, ~i'~,l s'~ch f~..c-simil signatures sSall:be.....bfm~tng,to~,~ll intents an,i 'p~rgoses on saifl to~, O!~DiN~CE NO. 901 00N 'D. Section 6. i'hat the city clerk be and he is hereby authorizei and directed to call for bids for the s~le of said special water revenue bonds by publishing notic'e of s~ch call once a week for three s~ccessive weeks in the city official paper S~ction 7., 2his ordinance is necessarF fo? the immediate prese.~vation of the public peace, health and s~fet?, and ~hal] t~e effect i~media~ely upon its passage. ~ ' . PA~SF~ by the City o~m~ssion of the Gitv of Bremerton in resular aession amsembled on ~he ~th day of July, 1929, by the following vote: Ayes, 3; nays, none. ~PRO'~F~ 'by the Mayor and attested b/; the City Clerk in authentication thereof this 5th day of Ju~F, 1929. /' £his Ordin,'.~nce was intro,i~ced ~l'ld Im.l its J'irst £ea'inC at a regular meeting' of the Oit:/ Oommission on J~uue 1~, 1929. state o, ,W,-~hi~to"~ s. s. } the unde~igned do ced;f~' that the above and ioreioin~ is a true and co[[u~: ~op~ of afl o~inance passed by t~ u{ ~e dry of Bremedou, Washin~on on above date.