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HomeMy WebLinkAbout0637 AN ORDINANCE proposing to the voters in the C.ity of Bremerton that the City of Bremerton make certain improvements and betterments to the existing water supply system owned for the pur?ose of providing for necessary expenditure o~ such improve- ments and betterments, said City borrow money and contract .indebtedness therefor by issue and sale of warrants or bonds against a special fund heretofore created and named, "Improvements and Betterments Water ~und," in a sum of not to exceed Fifty Thousand ($50,000,~:0) Dollars, to be payable out of said special fund only, and specifying and adopting a propospd plan and. detail of said improvements and better- ments and declaring the estimated cost thereof, as near as may be, and provtdinE for the holding of an election at which said voters may vote for or against the said proposition, and providinE for the issuance and ~ale of such warrants and bond8 in case a majority of voters in said City voting at such election shall thereby assent to such issuance and sale thereof. THE CITY COUNCIL OF THE CITY 0~ BRE~EkTON BO,ORDAIN AS Section 1. The Mayor and City Council of the City of Bremerton hereby propose to the voters in said City for their assent thereto and authorization thereof by the vote required for that purpose by the constitution and laws of this State, to be east at the election in Section Four of this Ordinance provided to be held for that purpoz that the ~ity of Bremerton make certain improvements and betterments as set forth an~ detailed in Section Two of this Ordinance, to the existing water works owned and controlled by ~e said City, and that for the purpose of providing for the necessary expenditure of said improvements and betterments, said City borrow and contract inde[ edness therefor by the issuance and sale of special fund warrants or bonds in a sum of not to exceed Fifty Thousand I;~50,000.00) Dollars, Payable out of a special Fund heretofore created and designated as the "Improvements and Betterme~nts Wate~ Fund," which warrants shall bear six per cent ~6 per cent) per annum interest, payable at th office of the Treasurer of said City, which interest shall be payable semi-annually on the first day of January and the first day of July in each year, Section 2. The plan and details of said proposed improvements and betterments to said water works of said City are hereby specified and adopted, and the estimated cost of each particular item or portion th~;reof, as near as may be, is hereby declare as follows, to-wit: It is proposed'that said City purchase and lay new mains on all streets in the City of Bremerton and the City of Charleston over and through whJ. ch mains of said war system are now constructed and laid, which streets are now proposed to be improved, o may hereafter be improved, by paving. · Coat of Fipe and Lay;rig thereof, ~50,000,00, and the plan hereby proposed of pro' lng fo~' the necessary expenditure for said improvements and betterments for said wet::: works is that said City should provide therefor by borrowing money and contracting indebtedness therefor by the sale of special fund warrants or bonds, with interest at six per cent 16 per cent) per annum, payable out of the "Improvements and Betterments Water Fund." The special fund warrants or bonds hereinbefore mentioned, shall bear interest at not to exceed six per cent ~6 per centl per annum from the date of their issuance, and shall mature in equal semi-annual amounts, the aggregate sum of maturing each six ~nonths, the First series of warrants or bonds to mature Jan~ 1920, and a like sum of maturing each six months, the first series of warrants or bonds to mat~r~-~a~uary T, 1920, and a like sum of evidence~ by said warrants or bonds to be ,ayable on each July let and January let thereafter till all of said warrants or bonds, together with interest, shall be paid, such w,~rrs or bonds, to,ether with interest, to be paid thereon shall be an ~bligation only agai st the said special fund, to-wit; the "Improvements and Betterments ~ater Fund" of Bra;action, which said funds shall be drawn u~pon for the sole and only purpose of pay-.. lng said warrants or bonds a~';d the interest thereon only after,payment of all bonds, warrants or bonds and the interest thereon only after)payment ~ all bonds, warrant::[ and obligations outstanding against such special fund, to-wit: the "Improvements and Betterments Water Fund," have been provided for according to the contract, Ordi. nance and obligation authorizing such bonds, warrants or other indebtedness. From and afte the issuance of any such warrants, and so long thereafter as obligations created by said warrants or bonds are outstanding against such fund, the City Treasurer of the City of Bremerton shall set aside into such fund from the surplus of the current reve hue of the water supply system, over and above the sum or sums now provided to be set aside from time to time, not less than thirty (30) days prior to the respective dates on which the warrants, together with interest, shall become due and payable, certain minimum amounts out of the gross revenues of said Bremerton ~ater Supply System, with. out regard to any fixed proportion thereof, equal to the respective amounts of warren or bonds and interest next falling due, that is to say, not less the the sum Section 3. The ~ity of Bremerton does hereby declare that in fixing to be paid into the said f~nd as aforesaid, it has exercised due regard to the cost of operation and maintenance of said water supply system and the existin~ obligation~ against the revenues thereof, and has not thereby obligated and bound said City to set aside into said special fund a greater amount of the revenues than in its Judgment will be available over and above said cost, maintenance and operation, and the e~'istir. obligations against said revenues. Section 4. A special election shallbe held on Tuesday, the 8th day of July, in the City of Bremerton, and in the several election precincts into which the s id is divided for the purplse of voting thereat by the voters in said City, upon the prof itions submitted to them in and by Section One of this Ordinance; provided that any proposition or propositions for an assent to and ratification af any attempted incurri of any indebtedness of said special fund, to-wit; the "Improvements and Betterments '~'~ater Pund," And any ',~.~ .~::~-} Jr propositions to the fund by the issue of bonds or warrants for any suoh..~ether.~indebtedness in any proposition or propositions to create or issue bonds for any other indebtedness of said City, the creation of any indebted- ness against said City for any purpose and the issuance of bonds or warrants in pru- suance thereof, or several or all of such propositions may be submitted to the voters said City at the same election, in pursuance of any other Ordinance or Ordinances of said City that may so provide. Said election shall be held at such voting places in said several precincts, and shall be conducted by such Inspectors and Judges of Electi as may respectively be designated and appointed for the holding and conducting of sai~ election, as to all propositions that may be submitted thereat as aforesaid, in and b~ such Ordinances a~ the City of ~remerton may ordain for the purp&se of such designatio and ap,~ointment of said election, shall be held and conducted in accordance with the provisions of the Ordinances of s&id City and the general laws of this ~tate. ~'he Cit Clerk shall give at least ten IlO) days notice of the time and places and purpose of said election, and of the propositions to be submitted to the Voters in said City ther at, in the manner and form and as provided by the laws of the State of ',¥ashington, and the Ordinances of said City; provided that such notices may be so framed as to i. nclude notice of any other .proposition ~r pro ~ositions that may be submitted to the voters in said City thereat, in the manner and form and as provided by the laws of the ~;tate of ~ashington, and the Ordinances of said City; provided that such notices may be so fram as to include notice of any other proposition or propositions that may be submitted a said election as herein before in this section permitted, and the forms of the bailot~.: to be cast for and against each such other propositions Section 5. The proposition submitted to said voters in and by Sections One, Two and Three of this Ordinance shall be voted upon in the following manner, to-wit: Eve~'y voter electing to vote in favor of said proposition that the City of Bremer ton make said improvements and betterments as set forth and detailed in Section Two of this Ordinance to the existing water works owned and controlled by said City and that for the purpose of providing for the necessary expenditure of said improvements and be ferments, s~id City borrow money and contract indebtedness therefor by the issuance an sale of special fund wart:nfs or bonds, payable out of the "Improvements and Bettermen Water ~und" of said ~ity, in the sum of Fift~y Thousand I$50,000.00) Dollars, interest not to exceed six percent (6 per cent) per annum, shall vote a ballot containing the words: "In favor of ~he proposition as set forth and~ detailed in Sections One, Two, and Three of Ordinance No. 637 of said ~Ity, that the City of Bremerton make certain impro ments and betterments to the existing water works owned and controlled by said City, a a total estimated cost as s~t forth in said sections of said Ordinance of not to Fifty Thousand ~50,000. 0) Dollars and that for the purpose of providing .T'or the nec- essary expenditures for said ia[~rovemeuts and betterments, said City boa,'row money and contract indebtedness therefor by the issuance and sale of special fund bonds or warra payable out of the "Improvements and Detterments ',~ater Fund" of said City, in the s~n not to eo~ceed ~ifty Thousand (,i~50,~00.00) Dollars, bearing interest not to e~c,~ed six per cent (6 per cent) [~er anmun, payable semi-annually, maturing in equal amounts ther. ~ every si~ months, beginning on the f~rst day of J~nuary, of at the rate of 1920, and on every ~uly ls~ and Sanuary let thereafter until all ef said warrants or bonds together with int. erest, are paid, payable only out of said special fund, and out of the surplus in said fund a'fter the payment of all bonds, warrants a:~d obli~atio~ OUtstanding against such soe~. ~i~l- fund, to-wit: The "Improvements and Betterments' ~?Jate: Fund," have been provided for according to the contract, ordinance and obli~ation auth- orizing said bonds, warrants or other indebtedness." Every voter voting against said pro,~osition last above specified shall vot'e a ba~' containing the words: "Against the propositian as set forth and detailed in Section 'IWvo of this Ordiu~n~ to the existing water works owned and controlled by said City and that for the purpoae ~ ~e of providing for the necess::~ry expenditure of s&-id improvements and better- ments, said City borrow money and contract indebtedness therefor by t~ ~s~uan.:~e au.~ of special fund w~rrants or bonds, ~yable out .~f the 'Imorovemeuts and ~ff~ter ~und' of said City, in the sum of ~ot to exc:~ed ?ifty ~housand (~.~0,0~0.0) interest act to exceed six per cent ~6 [~er cs~lti per annum, payable semi-annually, ma- turin!~ in equal amounts thereof at the rate of :~{ t ~ . every si~: ~mnths, teginnin~!! on the ls da~ of January, 1920,,and on every Ju%y 1st of said. v.,arra?'~ts or bo~d~, ther ',~,~ith int~'~-est, are paid, payble only out of said si?ecial 'f'~nd, a.u't only ouT, of ORDIN.~,NCE NO. 637 C~nt. surplus in said fund af'~er the payment of all bonds, warrants and obli.~at~ons lng agains~ su~h special ffund, to-wi~: ~he "I~orovemen~s~and Betterments ~,~a~er ~und" have been provided flor accordin~ to ~he con~raot, ordiuan~e amd obligation autho~izin said bonds, warrants or other indebtedness." Section 6. ~n ~he event s~i~,t ~ro~osit~.o~ hereby suhmit~d ~e ra~ified and said City issue all or any par~ of said special fund warrants or bonds for the purposes se forth in ~his 0rdJ~nance, ~hen all such warrants or bonds so issued shall be a first, prior and direct lien agaf. ns~ ~he revenues of said plan~, subJec~ only to pre~ water purcha~e bond?~ outsta~din~ agains~ ~he said water supply system in ~he original s~ of ~o Hundred T.~zen~y-five ~housand (~225,000..~:0) ~o,.]_~rs, and subje t to outstan lng warrants and bonds issued by the said City aga~ns~ said special fu~d, an~ provide~ for by Ordinance N,3. 555. Seciion 7. --Th,~ proceeds .of all such warrants or bonds, when received, shall be paid into the ~reasury of said 0ity, ~o ~he credit of the water f~;nd for the p~r- Pose of providing for, an~ ~hey shall be applied only to the necessary expendiIure for the improvements and betterments of said wa~:r works of said City, specified Section ~o of ~his Ordinance. Sec~tion 8. This Ordinance shall be in full f~roe and effec~ five (5) days from and after i~s approval, passage and publication. Passed by ihe 2ity 0o~cil of ~he City of Bremerton and ap?roved by me this ~h day of Ju~e, A. D. 1~,19. A~es~: