HomeMy WebLinkAbout0714 ORDINANCE NO. 71~
AN ORDINANCE providing for the form and details of $180,000.00, "Bremerton
Improvements and Betterments Water Fund Bonds," authorized by Ordinance No. 555, and
by vote of qualified voters of the City of Bremerton, at a special election held
therein on the 18th day of September, 1917, and under and pursuant to said ordinance,
and thereafter ratified and confirmed by ordinance No. 6Z6, and by vote of the quali-
fied voters of the City of Bremerton at a special election'held in the said city on
the 8th day of July, 1919, under and pursuant to said ordinance; and providing for
execution and delivery of said bonds, authorized and ratified as above set forth, to t
holders of the certain warrants, issued and outstanding, under the terms of the said
ordinance~ Number 555, and in satisfaction of said warrants.
Whereas, at a special election held in the City of Bremerton, Washington,
on September 18, 191?, under Ordinance No. 555 of said city, there was' submitted to
the qualified voters the proposition of making certain improvements and betterments
to and extensions of the existing water suppl~, system of the City of Bremerton, and
the issuance of warrants redeemable in bonds but of a certain fixed proportion of
the revenues of the said Bremerton Water Supply System, to be paid into a fund known
and designated as "Improvements and Betterments Water Fund," in such sum as might be
or bec~me necessary for the carrying out of the imprevements, betterments and
undertakings, provided for in said Ordinance No. 555; the said b~nds when issued
under said Ordinance to bear interest not exceeding 8 per cent per annum, payable
semi-annually, to ~mture serially, and to be payable at the rate of not less than
tZ,000.00 every six months, which said sum the City of Bremerton was bound by the
~erms of said Ordinance, to set aside and pay into the said "Improvements and Better-
ments Water Fund?, together with the interest as aforesaid, as the same should
mature, and
Whereas, more than ~hree-fifths of the qualified voters of said City voting at
said election, upon the proposition submitted under said Ordinance No. 555, as afore-
said, voted in favor thereof, and
Whereas, the said 0ity of Bremerton, thereafter issued and has now outstanding,
warrants against the said "Improvements and Betterments Water Fund", in the sum of
$149,788.E9, and interest thereon, all aggregating $180,000.00 and
Whereas, at the special election on the 8th day of July, 1919, in the City of
Bremerton, under and pursuant to ~he provisions of said Ordinance No, 836, of said Cit~
there was submitted to the qualified voters the proposition of assenting to validating
and ratifying the said special fund indebtedness as incurred under said Ordinance No.
555, in the said sum of $149,768.29, and interest thereon, and
~hereas, more than three-fifths of the qualified voters of said City, voting at
the said election on the 8th day of July, 1919, upon the said proposition of assenting
~o, validating and ratifying said indebtedness as aforesaid, voted in favor thereof, an
Whereas, the right of the City of Bremerton to issue the said bonds in satisfactio
of the said warrants was litigated in the Superior Court of the Sta~e of Washington,
for Ettsap County, and the indebtedness and the issuance of said warrants and bonds
was fully authorized, ratified and confirmed by final Judgment of the said court, and
all litigation and proceedings in cou~t thereunder have been adjusted and finally de-
termined and adjudicated and said City is now authorized by law, to issue the said
bonds against the said special fund in redemption of the said warrants,
Now, therefore, the City Council of the City .of Bremerton do ordain as follows:
Section 1. That for the purpose of paying the indebtedness incurred under said
Ordinance Number 555, for certain improvements and betterments of the Bremerton Water
Supply System, and interest thereon in the full sum of $180,000, the City of Bremerton
issue and deliver $180,000 bonds, to be known as "Bremerton's Improvements and Better-
ments Water Bonds," the same being the bonds authorized by Ordinance Number 555, of
said City, and by the requisite vote of the qualified voters of said City, at a special
election held therein on September 18, 191?, under and pursuant to said Ordinance,
Ssotion ~. Said bonds and coupons shall be in substantially the following form.
UNITED STATES OP ANERICA
STATE OF WASHINGTON
No. $100.00
THE CITY OF BREMERTON IMPROVEMENTS AND BETTERMENTS WATER BOND E2~OW ALL MEN BY THESE
PRESENTS: That the 0ity of Bremerton, a municipal corporation of the state of Washing-
ton, for value received, hereby promises to pay to bearer, One.~Hundred, [$100.00) Dol-
lars in gold coin of the United States of present standard of weight and fineness on
the first day off-. , with interest thereon at the rate bf ~ per c~nt per annum,
payable semi-annually, on January let and July let of each year, in like Gold Coin,
upon presentation and surrender of the intmrest coupons hereto at~ached as they sev-
erally beceme due both principal and interest payable at.the office of the treasurer
of said city, ,solely out of the revenues and proceeds from the Water Works System of
said eity, i~as provided herein, and in Ordinance No. 555, a copy of which is printed
on the reverse side of this bond, which said ordinance passed the City Council and was
approved by the Mayor on the l~th day of August, 191~, and the 0ity Treasurer of the
City of Bremerton is hereby directed ~o pay the same ae herein provided.
This bond is one of a series of 18OO bonds o£ like date and tenor, except as ~
maturities, aggregating One Hundred and Eighty Thousand ($180,000.) Dollars, all of
which are authorized by said Ordinance No. 555, and are issued by the said city for the
purpose of redeeming warrants of the City of Bremerton, issued against the Improvements
and Betterments ~und, under said Ordinance No. 555, and in payment for indebtedness in-
curred in improving and bettering the said water supply system of the City of Bremerton,
in pursuance to the plan specified and set forth in said ordinance, ratified and adopt-
ed by the vote of the qualified electors of said city, at a special election held there-
in on the 18th day of September, 191?, which said indebtedness was thereafter assented
$o, validated and ratified at a second election on July 8, 1919, in the said s~zm of
$180,000.00, including interest.
To secure and pr~vlde for the payment of the interest of this bond, and all of the
bonds, of said series, the City of Bremerton hereby covenants and agrees with the hold-
e~ of this bond, and each and every person who may become the holder thereof, and here-
by binds and obligates itself to set aside and pay into the said special fund from the
gross revenue of the said water works system, certain' fixed amounts on certain fixed
dates, as follows, towit:
On or before the last day of May and November of each year, beginning with November
1921, the sum of not less ~han $~000 for the payment of the principal of the next matur-
ing bonds and a further Sum sufficien~ to pay all interest on all of the outstanding
i bonds of this series ~hirty days thereafter.
IT IS HEREBY DECLARED that this issue of bonds is a first, prior and direct lien
against the gross revenue of said Water Works System, subject only to tho~e certai~
!bonds issued[;tuader Ordinance No. 518, in the sum of Two Hundred and Twenty-~ive Thousand
/$~B5,000.00) Dollars, and authorized at a special election on August 3, 1915, issued
in payment for the original purchase price of said water works system, and said city
hereby expressly covenants and agrees with the holder of each and every bond cf this
series that the lien of any future or any ct.her indebtedness which may be created and
made payable out of the revenues of such system shall be subordinate, inferior and junior
to the lien of this series o£ bonds, and the City of Bremerton hereby irrevocably binds
and .obligates itself not to sell, lease or in any manner dispose off said Water Works
System, or any additions or extsnsions that may be made thereto without the consent
the owners of said bonds until all of the bonds of the series together with the interest
thereon shall have been Fully paid, and the said ~ity hereby further covenants and
agrees with the holder or holders of each and every bond of this series that it will
maintain in good condition and operate said system, that it will not reduce the rates
or charges for water so that the gross revenue of sai~ system will be insufficient to
!maintain and operate the same and ,make the payments into said special fund as aforesaid,
!and if at any ti~e the gross revenue of said system shall not be sufficient to make
isuch payments ~and to maintain and operate said system, that it will increase its rates
and charges for water to such a figure as will make the revenue from such system suf-
ficient to maintain and operate the same and make such payments.
Th.e Oity of Br~_~merton further covenants and agrees with the holder of this bond, and
each and every person who may become the holder thereof, punctually and faithfully to
keep and perform all of its duties, obligations and covenants as set forth in this
ondand in said ordinance, and for the further
~.nd~ of each. successive. .h°lder hereof, it is hereby assurance found and of declared the purchaser that ofthethiSsams is
bond,
· s~.ued ~n strict complzance with the Laws of the State of Washington and the Ordinance
!of said City of Bremerton, herein r~ferred to, and it is further found and declared
ithat all acts, things, elections, orders, ordinances, ai~d conditions precedent to the
~ight to issue and deliver this bond, as 'prescribed by the said Laws ~nd Ordinances of
said city, have happened, existed, and have been done and Performed in the manner there-
in ~mided and prior to the issue thereof, and that this bond is a valid and binding
obligation upon and against said "Bremerton Improvements and Betterments Water Fuad,"
created and established as authorized by law and specified in this bond.
In witness whereof, the City of Bremerton has caused ~his bond to he signed b~- its
~[ayor and attested by its Clerk, and has caused its corporate seal to be hereunto affix-
!ed, and has caused the coupons hereto a't~ached to be signed by the lithograohe~ sig~ature
Of said officers, and this b~nd to be dated July l, 1921. ~
Mayor of the City ,of
Bremer ton
O~DINANCE NO._ 714' COL, IT.
Attest:
01erk of the City of
Bremerton
(INTEREST COUPON)
No. SS.00
POR VALUE RECEIVED, the City of Bremerton, S~a~e off Washington, w'ill pay to
bearer at the office of the Treasurer of said 0i~y Three ~{~.00) Dollars, in Gold Coin
of the United States, said su;~ bei~g oayable o~ly ou~ of the rs~e~ae from ~}']e Water
~Prks System of said city, as provided for in t?~e ~o ~d '~ereinai'~er mentio~ed, ~nd in
the Ordinance of ~ald ~i~y ~u~orizing t~e s~me, a~d bei~-~g six months interes~ due
day of ...... on i~s Brsmer~on Improvemen~a~].d B~erme~%~s '~ater Bond da~ed
~yo~ of the 0i~y of
Attes~: Bremer ton
Olerk of the 0i~y of Bremer~on
Section ~. The Mayor is hereby authorized and directed ~o si~n said bonds and ~he
clerk to attes~ the same and affix thereto ~he seal of the said City. The coupons
shall bear the li~hographed fac-simile of the signatures of the ~ayor and ~he C~erk,
and such fac-similes shall be ~o all inten~s and purpoass as binding upon ~he said oily
as ~hough ~he coupons bearing ~he same had been signed in ~he proper handwriting of ~[~e
Mayor and Clerk, and had affi:~:ed thereto ~he corporate seal of said city.
Section 4. The Treasurer of ti~e City of Bremsr~on is hereby authorized and directed
~o call and require ~he surrender of all of those certain warr~%s issued by City of
Br8mer~on and known as improvemen2 and Betterment Warr~nts, under and by virtue of the
Ordinances hereinbefore referred ~o and the sa:~d ~reasurer is authorized and directed
~o redeem and cancel ~he said warrants and to deliver ~o ~he holder or holders ~f said
warrants, in payment and in exchange therefor, bonds issued in accordance wi~h ~he
terms of ~his ordinance, in such ~ount as shall be equal to the principal and in~eres~
due under the ~erms of such w~.rr~ or w:'~.rran~s, ~he said in~eres~ ~o be computed uo
~o July 1, 1921, or ~he said bonds may be sold for cash, a~ par and accrued in~erest
at 6 per cent, and said warrant,s redeemed in cash.
Section 5.. This ordinance shall be in full force and effec~ five days after its
passage, approval and pub!ica~ion.
Passed by ~he City Council, in regular session assembled, and approved by me ~his
14th day of March 1921. ~ ,