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HomeMy WebLinkAbout0644 AN ORDINANCE providing for the form and details of bonds in the s~n of Pift Thousand t~50,bbO.00) Doll~rs, payable out of the special fund heretofore created and known as the "Improvements and Betterments Water Fund, Series B," authorized by Ordir. ante No. 687, ~nd by a vote of ~he qualified electors of the City of Bremerton at a special election held therein for that purpose on July 8, 1919, under the pursuant to said Ordinance, and 'Droviding for the e~,~ecution ~nd delivery of said bonds. WHEreAS: At a s~ecial election held in, the City of Bremerton, Washington, on July 8, 1919, under and pursuant to the provisions of 0rdlm~nce No, 6~?, of said C t~ere.was submitted to the qualified vo~ers thereof the proposition that the City of Br~merton m~ke certain improvements and betterments to the existing water supply syste owned and controlled by said City, and that for the pmrpose of providing for the nec- essary expenditures of s~id improvements and betterments,said City borrow money and contract i~debtedness therefor by the issuance and sale of warrants or 'bonds a~?ainst a special fund heretofore c'~eated and known as "Improvements and Betterments 7~a~er Fund, Series B," in a sum not to exceed ~ifty Thomsand ($50,000.©0) Dollars, to be ps able out of said special fund only, said bonds to bear interest not to exceed six pe~ cent per annum, payable semi-annually, to mature serially in from six months to nine- teen years and six months from date thereof, and to be payable, 'both principal and in retest, solely out of said improvement and betterment water fund hereto fore created, ~after payment of bonds, warrants and obligations outstanding against aaid special fun to-wit: "Improv,~ments and Betterments ~ater Fund, Series B," have been provided for a cording to t he contract, Ordinance and obligation authorizing such bonds, warrants or other indebtedness, ~nto which fund said City, by said Ordinance, bound and obliga ed itself to set aside and pay from the ~ross revenue of said system a certain fixed amount at certain da~,ee sufficient to ~y ~he principal and interest of said bonds as the sams should matdre, and ;¥HEHEAS: ~ore than a majority of the qualified voters of Said City voting at said election upon the proposition submitted aforesaid, voted in favor~hereof, and WHEREAS: The cost a~d e>~pense of making said improvements and better~ents to the existing water supoly system provide~d for in said Ordinance, is the s~m of Pif ty Thousand (~50,~,00.cO) Dollars, and it is for the 0est interests of said City that it proceed forthwith to deliver sa d bonds and make said improvements and betterments as therein set fortk to said _ater supply system, now, therefore THE CITY COUNCIL OP THE CITY' OP BRE~{ERTON DO OkD~iIN AS POLLO%~S: Sec. 1. That for the purpose of making oertain improvements a~d betterment to the existing water supoly system owned a~d controlled by the City of Bremerton, th City of Sr mer!;on issue ~nd deliver ~ifty Thousand ($50,000.00) Dollars in bonds, to 'be known as "Improvements and Betterments Water Fund Bonds, Series B," the same being bonds authorized by Ordinance No. 637 of said City, and by the requested vote of the qualified vo~ers of said City a~ a special election held therein on July 8, 1919, un- der and pursuant to said Ordlnanee as aforesaid, said bonds shall be of the denominat of ~ive Hundred ($500.C0) Dollars each, Bhall be nmmbered co~,~secutively from I to 100 both inclusive, shall be dated July first, 1919, shall bear interest at the rate of six per cent per a~num, payable semi-annually on the first days of July and January each year, for which interest coupons shall be at~ached to said bonds and shall be pa~ bls both principal and i~terest, in gold coin of the United States of the present sta~ ard wei?ht and fineness, at the office of the Treasurer of said City, or at the ing~on lis al agency in ~he City and State of New York, at the option of the holder, and s~lely out of the special fund in the treasury of said Oity heretofore created an( knawn as "Improvements and Bett~rments Water P~%d, Series B," said ~onds shall be sig~ by the i~ayor and attested by the Clerk under the corporate seal of said City, and mature serially in the order of their numbers the lowest :~umbers first, in amounts, numbers and dates as follows: ~nount Number Date of i~aturit~ $§00.~0 i Jan. l, 1920 §oO.Ob g Jan. 1, 19ill 500.00 5 Jan. l, 192~ 500,~10 4 Jan. 1, 19~5 500.00 5 Jan. l, 1924 lSO0,00 6 to 8, 'both inclusive Jan. l, 19E5 " " Jan 1, 19~6 ~,500.00 17 to El, " " Jan. 1, 19~8 ~O00.Oo 22 to 27, " " - Jan. 1, 1929 ZO00.O0 28 to 8Z, " " Jan. 1, 19~o ZO00.O0 5zt to Gg, ~' " Jan. 1, 1981 ~500.00 40 to 46, " " Jan. 1, 19:52 8500.00 i7 to 5~, " " Ja~{. 1, ~500.00 54 to 60 " " Jan. 1, 19Z4 4000.00 61 to 68 " " Jan. 1, 19Z5 4000.00 69 tO ?6 " " Jan. 1, 19:56 (~RDINANCE NO. 644; 0ont. : zmom~t Nu~ Date of ~turit~ $4000.0© 77 to 84, both inclusive,~Jan.1, 19~o7 ~000.~0 85 to 92 " " Jan. l, 1928 4000.00 ~ 95 to 100 " " Jan. l, 1939~ Sec. 2. Said bonds and coupons shall be in substantially the followfzug form: UNITED STATES 0D f~J, JUERICA ST~YTE 0~~ WASHIN~TON No ~5oo.oo THE CITY OF BRE],/~RTO~ I~R.~NTS AND BETTEi~'~NTS FUND BOND ~OW ALL ~ BY THESE P i.[ ~ 1 ] S E N T S: That the City of Bremen'ton, a municipal cor- poration of the State of ~shington, for value received hereby promises to pay to bear er ~ive Hundred (~;~500.00) Dollars in gold coin of the United States of the prescott standard of weight and finenea-s, on the firs~ day of. January, 19__, with interest ther on at the rate of six per cent per ann~, payable on July first and January first of egch year, in like ~-old coin, upon presentation and surrender of the interest coupons hereto a~tached, as they severally 'become due, both principal and interest payable at the fiscal a[:'ency of the State off ;[ashington in the °ity and State of tQew Y~r~, or at the office of the Treasurer off said City, at t~e o~eion of the holder hereof, solely ou~ of the revenues and ~roveeds from the existing water supply system, of said City, paya01e out of ~he 'Improvements and Betterments Water Fund" only, after payment of bonds, warrants and oblig'ations outstanding a~ains~ such special fund, to-wit: "Impro men~s and Betterments ;'~ater ~'und, Series B," have been provided for, according to ~he contract, Ordinance and obli~7ation ~-~uthorizing such bon~s, warr~.nts or other indebted- ness, as provided herein and in Ordinance No. 6~¢, a copy of which is prin~ed on the reverse side of ~his 0cud, which said Ordinance passed the City Council ~d was approv ed by the i~,fayor on the 9th day of June, l~lP, and the ~ity Treasurer ~' ~he City of Bremerton is hereby directed to pay the same as herein provided. This bond is one off a series of 100 bonds of like date and tenure, excep~ as ~o mat~i~y, aggregating ~ifty Thousand [~50,O00.0C~) Dollars, all of which are authorized by said Ordi~nce No, 637 and are issued by said City for the put, pose of making cer~ai improvements and b~tterments ¢o the existing water supply sysOem owned and con~rolled by said City, pursuant to a system or plan therefor specified and adopted by said Ord- inance, and ratified .by a vote of the qualiffied voters of said City voting at a specia election held therein on July 5, 1919, This bond and all bonds of hhe series of which ~his is one, is l~yable solely ou~ of a special f~d in the treasury of said City heretofore created and known as "%m prove~aents and oe ~e men~s ;?ater ~und, Eeries B," and only after pa~ent off all bonds, warrants and .obligations .outstanding against such special, f~d, to-wit: · 'Improvements and Betterments %~a~er Fund Series B," have been provided for according to the con~ract Ordin~ce and obli?ation authorizing such bonds, warrants or other indebtedness, which fund is to be drawn upon for ~he purpose of paying She principal and interest of said bonds, and for the payment of which provision has been made as appears herein and in said Ordinance. To secure and provide for the payment 3f the principal and interest of this and ~l of the bonds of said series, the City of Bremerton hereby covenants and agrees with the holder of this bond ~d each and every person who ~y become a holder thereof ~nd here'by binds and obligates itself ~o set aside and pay in,mo said special fund from the ~ross revenue of said water works system certain fixed amounts on certain fi~ed dates, as follows, to-wit: 0n or before thirty (;:0) days.previous to the first day of January and the firs day of July each year', no~ less than the sum of Five l~undred ~5~0.00) Dollars, and interest due and ~ayable on ne~.t maturi~'~g interest pay day an all of said outstanding bonds. It is hereby declared that this issue of bonds is a lien against the gros~ reve~ ue of said water works system, ~d is su0ject, subordinate and inferior to ti,e lien of warrants, bonds and obligations now outstanding and existing against said special f~d and a5'ainst ~he gross revenues of said wat~r works system, and said City hereby expres~ ly covenants and agrees with the holder of this bond and of each ~d every bond of thi~ series, that the lien of any future indebtedness which may be created ~d ma~e ~yable out of the revenues of said system shall be subject, subordinate and inferior ~o ~he lien of ~his series of bonds, and the Ci~y of Bremerton hereby irrevocabl~ binds and obligates itself not without the consent of the owners of said bonds, ~o sell, lease in ~y manner dispose of said wa~er works system, or any additions or extensions made thereto, ~til all the bonds of this series, together with interest ~hereon, shall hav~ been fully pai~, and said City hereby covenants and a~rees with the holder or holders of each and every bond of this series ~ha~ it will maintain in good condition and oper- ate said system, that it will no~ reduce the rates .~r charges for water, or that the gross revenue of said system will be insufficient to maintain ~d operate ~he same, and ~o make ~'~e payment into said special fund as aforesaid, and that if at any time the gross revenue of said system shall not be sufficient to make such payments and to maintain and operate said system, that it will increase its rates and charges for war t,t such a figure as will make the revenue from said system sufficient 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 said system sufficient to maintain and operate the same and make said payment. The City of Bremerton further covenants and agrees with the holder of this bond, and each and every .~erson who may become the holder thee-eof, ounctually and faithfully to keep and perform all of its duties, obligations and covenants as set forth in this bond and in said O~'dinance, and for the further assurance of the !:~urch~ er of this 'bond and of each successive holder thereof, it is hereby found a~d declare that the same is issued in strict com!~liance with the laws of the State of ;A~shington and the Ordinance of said City of Bremerton hez~ein referred to, and it is further and declared that all acts and things, elections orders, ordinances and conditions pr ceden~ to the right to issue and deliver this bond as prescribed by said laws and ord inances of said City, have happened, exist and been done and performed in the. manner thecein provided and orior to ~he issuance hereof, and that this is a valid and bind- ing obliEation~ upon a~d against said "Improvements and Bette~-ments ?~ater ~und," subje to the prior liens, obligations, 0onds and warrants heretofore mentioned, c~'eated and established as authorized by law and specified in this bond. IN ~glTNESS i~HEi{EO~ the City of .~remerton .has caused this bond to be signed by its ~f~ayor and attested by its Clerk and has caused its corporate seal to be hereunto affixed, and has caused the coupons hereto attached to be si~ned 'by ~the lithographic signature of said officers and this bond to 'be dated //.,/~ ~ .~~ , 1919. Attest: ~,~a ~' 'Y" "e i y of Bremerton Clerk of the ¢i:_.y of 15remerton INTEiiEST COUPON ~,IO No ~__ POR V~LUE .... OEIV~D the ~ity of Bremer~on, of the Sba~e of ;~ashingbon, will 0ay to the bearer at the office of the Treasurer of said City, or the fiscal ag,~ncy of ~he Sta~e of ,i~shin~.~on, in the City and S~ate of i~ew York, at ~he option ~f %;he hold er hereof, ~ifteen (.~15.~0).. Dollars, in ~old coin of the United ~ta~es, s:~id sum bein~ payable only out of the revenue from ~he water works system of s~id City, ~s provided for in the bond he?einafter mentioned, and in the Ordinance of s id O.~ty au~horizin~ the s~me, and bein~ six months interest due on the day of , 19 payable only out of ~hat certain ~pecial f~d known~heas "Impro~'ements and Bet~~ men~s ~'~a'te~~ ~und, Series B," dated , 1919. Attest: i~ay~r of ~he City o~ Bremer~:on ~ of the City of ~:~'emerton Sec. 3. The ~,iayo~. :is hereby authorized and directed tosign 'said bonds, aad the Clerk ~o attes~ same, and ai'fi~ ~hereto the Seal of said *ity. The couoo~ shall bear ~he litho~raphi~ f~c-~imile of ~;he ~igna~ures of ~he M.~yor and Clerk and a lit~o graphic fac-simile of the ~eal of said City, and such fao-similes shall ce to all in- ~ents and 9urposes as 'binding-upon said Oily as ~hou~'h She oou{~ons bearinaj ~,h~ s~me had been s i&ned in the oz'oper h~ndwk"itin$, of ~he M~.yor and Clerk and ~o the ~or,?orate seal of said Oily. Sec. 4. The Clerk is hereby auShorized and directed to :ns~ke such necessary ar. ran~ements for the sale of said bonds and deliver said bonds, duly ezecuted to such purchaser or purchasers u~on ?ayment of ~he 9urch~se Orice t~]eref,or, to-wit: par and accrued ink,tesS, m~d the receipt f tl~e Treasurer for said purchase ,~oney shall be full acquittance ~o 5i:~e '~ ~,~ ~ puru~]aaer w~o shall not be bound to see to th~ ap?tioation ~hs purchase ~noney. Sec. 5. This ()rdi~ance shall be in full force and effect from five ter its passage, a,:~proval and 'publication. · ~assed hy the Oity Co~lcii of the Gite of ~'emez'ton, in ~ '~" ed, and ac)roved by me this ~Sth da.y of July, ~. D. 1;319. "