Loading...
HomeMy WebLinkAbout0652 ORDINANCE NO. 652 AN ORDINANCE PROVIDiNG ~OR THE ISSUANCE OF ~230,000 BONDS OF THE 'CITY 0F BREM- ~RTON, WASHINGTON, FOR THE ~URPOSE OF FUNDING A LIKE Ai~0UNT OF ITS WARR22~TS DRAWN AGAINST ITS "I~ROVED~NTS AIfD BETT R~'~iENTS WATER FUND", CRE~TING A SPECIAD FUND TO BE EN0,~IN AS "BRE~RTON WRTERWORKS EXTENSION FUND~' FOR THE PAYI~ENT OF SAID BONDS, PROVIDING FOR THE FORI~ AND DETAILS OF SAiD BONDS ~ND 2ROViDING 'FOR SETTING ASIDE INT0 SAID SPE- CIAL FUND, FRO~'~ THE GROSS REVENUES 0F THE W~TER ,'~i'0Ri~S SYSTEi~I OF SAID CITY, CERTAIN FIXED AMOUNTS AT CERTAIN 5T~TED TIi~ZS FOR THE PUR£0SE OF i~YING THE PRINCIPAL AND IN~ TEREST O~ SAID BONDS. WHEREAS, u~der and PUrsuant to the provisions of Ordinance No. 518 of the City o£ Bremerton and a special election held thereunder in said City on ~ugust 3, 1915, s~id City acquired a water works system now owned and controlled by it, and issued its bonds in the s~ off $225,~00, da~eR January l, 1917, payable both principal and in,er- est f~om a special fund created by said Ordinance kno~ as "BREt~RTON WATEi~WO~S and into which fund, by said ordinance, said City bo~d and obligated itself to set aside ~om the gross revenues of said Water works syetem, certain fixed amounts on cer- tain fixed dates, far the purpose of paying the principal and interest of said bonds, and~ ~ERE~S, thereaffter, under and ?ursuant to ~he orovisions of 0rdinan:e No. 55~5 said City and a special election held thereunder in said City on September 18, 1917, said City has issued and now has outstanding its warr~ls' in various amounts, bearing various dates, nmmbered from 67 ~o 526, bosh inclusive, all drawn against a s0ecial fund known ss "Ii~ROVEi~NTS ~D BETTERP~NTS [~ATER FUND" created by said Ordinance No. 555, all of which w,~rrants were issued for the purpose of making extensions to said waSer works system, the face value of :~vhich warrants now outstanding, ~o-wit: Nos. to ~28, both inclusive, is the sum of ~159,981.35, and WHEREAS, ~der and purst~ant to the provisions off Ordinance No. 6~6 of said 0ity, a special election was held therein .on July 8, ~919 for the 9uruose of validating all of s~id warrants then outstanding, the face value of same then being ~149,768.S9, and all of said warrants with interest thereon, were validated by said Ordinance No. 6~6 and said special election, ~d " WHEREAS, under and pursuant to the provisions of Ordinance No. 6~7 of said City and a special election held there~der in said City on July 8, 191~, said City was authorized to issue, a~a~ns~ said ~'i~,~ROVE~NTS .~ND BETT~ZR~NTS ~ATER FUND" warrants in an additional sum of ~50,000, for ~he purpose of making f~ther extensions ~o sa~ j water works system, and said City under and pursuant $o the authority of said Ordiaance N0. 637 and said special election held thereunder has heretoffore issued warrants against said soecial fund of ~he face ~lue o~' ~$20,419~85~ m~nber~d i to 154, both lucius&ye, the sa~e being known as "I~R0~E~NTS ~kND BETTERi~NTS WATER FUND SER~ES B N~RRANTS', and said City will issue additional warrants to he known as "I~,~R0~.[TS ~kND BETtER- meNTS WATER EUND, SERIES B Wa~:RAi'~TS'' .numbered from 155 up, consecutively, in a~ amour which will, tog~her with said "Ii~R0~.~NTS AND ~TTERi~NTS WATER FUi~D, SERIES B RANTS" nmmbered i to 154, above mentioned, in the s~ of ~20,419.85, aggregate all_.as a~thorized and provided for in said Ordinance No. 6'37, and ~HEREAS, the fa~e value of said "II~ROVE_~.iPNTS =~ND BETTER},,~NTS ',~[~TEid FUND" warrants numbered 67 to 526, bothinclusive, together with accrued interest thereon up to April l, 1920, together with the face value of said "I~IPR0~[~NTS A~ BETTER~NTS WATER FUND, O~T1T~IAN~,m. ~.~N. ~H~. NNNq~. SERIES B WARRANTS" numbered 1 to 154, both inclusive, together with a~crued interest thereon uo to .~oril l, 1920, and the face value of the additional "Ii~'[?ROW~L~]NTS BETTER~Z~ TS i'.L~T'!~,~ FUiTD, SER~ES B WARRA~TS"which will he_re.a~'ter be ~ssued, as afore- said, together with accrued interest thereon up to ~pril l, 1920, will all aggregate, as of date April l, 1920, the sum of ~2~0,000, and ~HERE~S it is for the best interest of said City that it issue its bonds in the sum of $~ZO,000, as in this Ordinance provided, for the ~_~ur?ose of funding the afore- said warrants, together with the accrued interest ~hereon, as aforesaid, NOW,THEREPORE, ~he City Oouncil of the ~ity of B~emerton do ordain aaI f~ llows: Section 1. That the City of Oremer~on, Washington~ under and pursuant to the powers and authority conferred upo~ it by the ConstitUtion and Statutes of the State of Washington, and particularly Chapter l~ ~f~ashington Session Laws, 191?, shall issue, sell and deliver its bonds in the sum of $2Z0,000, ~ayable, both principal and interest, form a special fund hereby created and designated "Bi{Ei~E£i{TON mWATERWOR]~S Ell- TENSION FUND" for the purpose of funding certain warrants of said City, issued and to be issued, to~ether with accrued interest thereon to date of payment as ~oltows: Ia) At~ unpaid warrants drawn on its "I~v[PROVE~.~[ENTS AND BETTER~/~NTS W~TER FUND" created by Ordinance N~'~. 555 o£ said City, which warrants are numbered 67 to 526, both inclusive, the same being of -~he face value of ~159,981.35. ~b) All warrants drawn and hereafter to be drawn on its "IMPROVEi~il'TS AND BETz TERi~NTS WATER FUND SERIES "B" WAR?.ANTS", and are and shall be numbered consecutively from i up, and the face value of which shall not e~ceed $50,000. Section 2. Said bonds shall be known as "BREi~ERON WAT~iRWORKS EXTENSION FU~D and shall be in denominations of $1,000 each, numbered i to 230 shall be dated April l, 1920, shall bear interest at the rate of 6% per annum, payable semi-annually, and shall be payable, both principal and interest, at the office of the Treasurer o:£' said Dity or at the fiscal agency of the State of Washington in New York City, at the op- tion of the holder, and shall be payable, bot~p~incipal and interest, solely from said'; "BitEi,~ERTON WATERWORKS Ei~TENSION FUND", and ~:aid bonds shall mature in the order of ~heir numbers, lowest numbers first,s~s follows: A~IOUN T YEAR AJ:IOUN T YEAR $3,000 April 1, 1921 $8,0Q® April 1, 1931 Z,000 " 1922 9,000 " 19Z2 3,000 " 1923 15~000 " 1933 4,000 " 1924 1~, 000 " 1934 4,000 " 1925 1~,000 " 1935 4,000 " 1926 13,000 " 1936 · 5,000 " 1927 14,:000 " 1937 5,000 " 1928 56 , 000 " 1938 8,000 " 19B9 36.,000 " 1939 7,000 " j[~ 37, O00 '? i940 Section 3. Said bonds shall be signed by the i~ayor and attested by tbs under the seal ~f seid Cit~? and the interest coupons attached to said bdnds shall be 2igned with .the engraved oz' lithographed facsimile of said officers, and said bonds shall be sold in such man]asr as the corporate aL~thoriti~e shall deem for the be~ t interests of said City. A register shall be kept ~f all of said bonds, which register shall show the number, date, a~munt, interest, to whom delivered and when and where payable. Section 4. Said bonds and interest coupons shall be in substantially the foll- owing form: No. UNITED STATES,OF A~ERICA $1,000.00 STATE OF WASHINGTON CITY OF BRE~IERTON BREi~ERTON WATERWORKS EXTENSION FUND BOND KNOW ALL ~EN BY THESE PRESENTS That the City of Bremerton, a munici~al corpor- ation of the State of Washington, for value received hereby promises to pay to bearer on the first day of April, 19 the sum of ONE THOUSAND DOLLARS in gold co in of the United States of the present standard of weight and fineness, with interest thereon at the rate 3f six per cdnt per a nm~, payable semi-annually on Septemb-r first and April first of each year, inlike gold coin, upon presentation and surrender :of the interest oougons hereto attached as they seve~-ally become d~fe. .Both principal and in- terest of this bond are psyable at the office of the Tresurer of said City, or at the flscal.agen~:y of the State of -~¥ashington in the City and Stat~ of New York, at the option of the holder hereof, solely out of the gross revenues of the water works system of said City as provided herein and in Ordinance No. 652 of said City, passed the City Council and ap?roved by the Mayor .on the 18th day of November 1919, a copy of which Ordinance is printed on the reverse side of~ this bond, and the City Treasurer of the City of Bremerton is heret, y authorized and directed to pay this bond and the interest thereon as herein provided. This bond is one of a series of two hundred and thirty 12301 bonds of like date and tenor, except as to maturities, aggregating 000, all of which are auth,~rized by said, 0rdina~ce No. 652 and are issued by said City for the purpose of funding valid warrants of said City drawn on its "I~I~ROVEi',~NTS ~kND BETTER?~[ENTS ~ATER FUND", under and pursuant to Ordinance No. 555 and Ordinance No. 637 of said City and special elocutions duly called and held in said City, for the purpose Of ma~ing extensions ~o the existing water sup_oly system of said City. This 0o~'~d and all of the bonds of the series of which it is one is payable solely out of a special fund in the Treasury of said City created by said Ordinance No. 652 and known as "BREM- ERTON WATE_.,WORKS EXTENSION FUND", which fund is to be drawn upon for the ~ole purpos~ of paying the principal and interest of said bonds, for the paj:,'ment of which provision has been made as appears herein and in said Ordinance No~ 652. To secure and provide for the payment of the inlerest of this bond and all of the bonds of said series the City of Bremerton hereby covenants ~nd agrees with the holder of' this bond and each and every person who may become the holder of th~re~,:~and hereby binds and obligates itself to set aside and pay into said special fund, from the gross revenues of said water works system, certain fi:~ed amounts on cez'tain fixed dates as follows, to-wit: On or before the 15th day of each and ev.=ry calendar month, beginning with April, 1920, a stun equal to one-twelfth of the interest on all ~f said bonds then outstanding and uspaid, To secure and provide for the payment of the principal o~:tghis bo~d. and all of the bonds 'of said series, the Cith of Bremerton hereby covenants and agre~s with the hold- er ~f this bond, and each and ev ry person who may become the holder there)f, and here- by binds and obligates itself to set aside and pay into said special fund, f~om the gross revenues of said water works system, oe~tain fixed amounts on certain fixed dates as follows, to-wit: On or before the 15th day of each and every calendar mop, th, be- ginning wi~h the month of April, 1920, and thereafter so long as any of said bonds re- main outstanding and unpaid, a sum equal to one-twelfth of the principal amount of said 'bonds next m~turing. It is here0y certified and declared that said issue of b~nds of which thais is one is a first, prior and direct lien against the entire gross revenues of said ?,~ater works system of said City, and all additions, extensions, betterments and enlargements that may hereafter be made to said water works system, subject only to the lien against such gross revenues of an issue of ~)225,000 "BRE~ERTON WAT.RWORi{S BONDS" dated January l, 1917, and said City hereby ex,crossly covenanSs and agrees with the holder of each and every bond of this series that the lien of any future indebtedness which may be created and m~de p~yable out 'of the reve~ues of such system shall be subordinate, in- ferior and junior to te lien of this series of bo~ds. And the City of Bremerton here- by irrevocable binds and obligates itself, not without the co:~sent of the owners of said bonds ~o sell, lease or in any maimer dispos~ of said water works system, or any additions, e~.tensions, betterments or enlargements that may b~t made thereto until all the bonds of this series~[ together-with interest thereon, shall have been fully paid; and s:~id C~ity hereby further covenants ~_~nd agre~s with the holder or holders of each and every bond of this series that it ~,~ill maintain in good :onditi~n and operate said system, that it will not reduce the rates or charges for water so that the gross rev- enues of said system will 0e insufficient to make the payments~into said s.~e~ial fund, as af.~r esaid, and that if at any time the $'ross reve~use of s~id system shall not be sufficient to make such payments, that it will increase its ratea: and char~ed for water to such a figure as wi.'~.l make the revenues from such water system sufficient to make Such payments. The City of Bremerton further covenants and agrees with the holder of this bo:-d an each and every person who may become the holder thereof, punctually and faithfully to keep and perform all of its duties, o~ligations and covenants as set forth in tl'~is bond and in said Ordinance No. 652, and for the i'urther assurance of the purchaser of this bond, and each successive holder t~ereof, it is found and declared ~hat the same is issued in strict co:npliance with the Constitution and laws of the °tats o~' 'f¢~shington an Ordinance No. 652 of said City, and it is further found and declared that all acts, things, elections, orders, ordinance~ and conditions precedent to the right to issue and deliver this bond as prescribed by law have ha_opened, existed and been done and performe as therein provided, and prior to the issue thereoff, and that this bond is a valid and binding obligation upon and against said "BRiE:~RTON WAT'-:~RWORKS EXTENSION PUND" created established as aut~orized by law and specified in said Ordinance No. 652. IN WITNESS WHEi~EOP the City of Breme~"ton has caused this bond to be siEned by its Mayor and attested by its Clerk and has caused its corporate seal to be here u~to affix- md, and has caused the interest coupons hereto attached to be signed by ~he li~'bographed signature of said officers, and this bond to be dated April 1, 1920. Attest: i~ayor of the ~ity of Bremerto~ Clerk ~ t'~e 0i'ty of Bremerton INTEREST COUPON No. ~,~Z0 · 00 On the first day of 19__, for value received, the Oity of Bremsrton, State of Washington , will Pay to bearer at the office of the Treasurer of said Oity, or at the fiscal agency of the State of Washington in the City and State of ~ew York, at the option of the holder hereof, thirty dollars ~n gold coin ;~f the Unite~ Sta~es, said sum beinE ~ayable only out of the revenue from t'he water ~o rks system of said City as provided for in ~he bond hereinafter mentioned ~d in the ~rdinance of said City authorizing t~e same, and bein~ six monti~s' interest then d~0n its and numb ed ~. / ~ ~ ~aT?R,V xXS EXT-[CNSi0~S BOND" dated April 1, 1920 ,, ~. ~ . -Clerk of the City of Bremerton. CERTIFICATE OF REGISTRATION THIS IS TO CERTiPY that this bond was registered by me prior' to its issuance, as provided by law. Treasurer of the City of Bremerton Section O. That to secure and provide for t~he payment of the interest of said bonds, the City of Br~merton hereby covenants and agrees with the holder of each a~d every of said bonds, and hereby irrevocably binds and obligates itself to set aside and ~o/ y into said "BRE~IERTON w~TERT~0Ri{S E~TENSi0~i FUND", from the gross revenues of said water works system and all ~dditions, mmtensions, enlargements and better.m'n~nts that may hereafter be made thereto, certain fixed amounts om certain fixed dates as follows, to-wit: On or before the 18th day bf .each and every calendar month, begin- n~ng with April, 19~0, a sum equal to one~t:~elfth of the interest on all of said then outstanding and umpair. Section 6. To secure and provide for the pa~ment o~ the principal of said bonds~ ~he Cit~,~ .of Bremerton hereby covenants and agrees with the holder of each and every of said bonds, and hereby irrevocably binds and obligates itself to set aside and pay into said "BRE~,'~RTON ~#AT'!?t~¥01~KS ELTENSION FUi~D" from the gross r~vem~es of said water works system and all a¢.ditions, ex~ ns~ons, eniargemen~s and betterments that may here.s, fter be made thereto, certain fixed amounts on certain fixed dates a~ follows, to-wit: On or before the 15th day of each and every calendar month, beginning with the month of April, 1920, a~'~,d thereafter so long as any of said bonds shall remain outstanding and unpaid, a sum equal to one-t~-elfth of the principal amount of said so ~ds ~ex,~ m~,.;,.~'.i,~5. Seotion 7. The City of Bremerton does hereby certify and declare that in creat- ~%~ng said "BRE~RTON W~TEhWORtfB ~TENSiO~ PU~tD" and in hereby irrevocably binding and obligating said City ~o pay into said fund ~r the purpose of paying the princioal and interest on said bonds certain fixed amounts at certain fixed dates, as afore?aid, tint the Common Council and corporate authorities of sa~d Oity have exercised due r~gard to t. he cost of operation ~d maintenance of said water works sysfem as originally acquired and added to and to ~he part of the revenues of said sgstem previously pledged as a fund for the payment .of the principal and interest, of $~£5,000 "BR~i~JERTON /~ATER BONDS" dated January l, 1919, i~r~viously issued under the provisions of Ordinance No, ~18 'of said City, and that said City and its Common Council and corporate authorities~' has not_by this Ordinance bound and obligated said City to set aside into said TON WATER~70RKS EXTENSION 2UND", as aforesaid, greater amounts 3f the .revenues and ceeds than in their judgment will be available over and above such cost of maintenance and operation and the amount of such revenues and proceeds so previously pledgee,d? S~ction 8. The bonds hgrein authorized shall be and constitute a firs~;,'pbior and direct lien aga'inst the gross revenues of said water works system of said City and all additions, extensions, betterments and enlargements thereof that may hereafter be made, subject only to the lien of ~S5,000 "BRE~¢ERT0i~ W~.TER ~'~0RKS BONDS" dated January l, lO1~ previously issued under the provisions of Ordinance ~o. 518 of said City. That all future and other indebtednass which may hereafter bs created and made payable out of the revenues of suci~ system shall be subordinate, inferio]~ and junior ~o the lien of series of bonds. The City of Bremerton hereby irrevocably binds and obliga~tes itself no without the consent of the owners of the bo~ds of ~his series, to sell, lease or in any mann.~r dispose of said wate~r works system or any additions, e~tensions, betterments or enlargements that may hereafter be made thereto, until all of the bonds of this set ies, together with iht. crest thereon, shall have been fully 9aid; and said City hereby further covenants and agre~s with the holders of each and every of the bonds of this series, that it ~ill maintain in good condition and operate said water :~rks system, that it will not reduce the rates or charges for water so ~hat the gross revenues of 'said system will be insufficient to maintain and ooerate same 'and make the ?ayments into said ~'BR?.~&ERTON ~VATERWORKS EXTElm,~SION ~UND", as aforesaid, and that if at any time the gross revenues of said system shall not be sufficient to make said payme~.~t that ~t will increase its rates ~nd charges for water to such a figure as will make the revo. nue from said system sufficient to Sake such ?aymen~s. Section 9. The City of Bremerton hereby covenants and agrees with the holder of each and every of the bonds of ~his series and hereby irrevocably ~inds and obli- gates itself to punctually and ffaithfully keep and per orm all of its dut~iss, obli- gations and covenants as s~t f~rth in Shis Ordinance. Section 10. ~ copy of ~his Ordinance shall be printed o~ the revers::~ side of each of the bo, ntis of ~his series. Section ll. ,Said City of Bremerton hereby reserves the right. ?~rior to the suance of the bonds provided for by this Ordinance. to take u~o, redeem a~d cancel any of ~.h~ aforesaid warrants drawn on s~d "i~,~RO~_,[E~TS ~,ND BETT Ri~'~N?S WATT~R FUND" and in ~he event the fa~e value and accrued interest oF the aforesaid "ii~RO~_.~i~TS AND BETTER~[ENTS W~TER FUND" warrants shall at the t~me the 'bonds herein authorized are is- sued t~e less than tha total am.~unt of bonds~f this series hereby authorized, then bonds of this series shall not be issued in excess of the face value and accrued inter- est of such warra~ts ~nd any reduction in the amount of the bonds of this series made necessary on account thereof shall be made from the b~nds last maturing~ This Ordinance, after its passage and approval, shall take effect five days after the date,of its publ!.cation. Passed November lO, 1919. Approved November 1~.~, 1~t9. At ~es t: ei~ff ~lefk.