Loading...
HomeMy WebLinkAbout0597 ORDINAN0W, NO. 59'/ AN ORDINANCE specifying and adopting a systeTM or plan for making additions and betterments to, and extension of the existing Municipal Dock and Dockage facilities; pr oviding for the purchase of necessary additional land; creating a special fund for the sole purpose of defraying the cost of said in- debtedness; providing for the issuance of bonds or warrants ~ayable only out of said special fund; directing the payment of wharfage revenues in~$ said fund, and submitting the said plan to the qualified voters of the Oity of BREMERTON, for ratification or rejection at a special election to be held on the 10th day of September 1918. THE CITY COUNCI% OE THE CITY O~ BREI~,RTON DO ORDAIN AS Section 1. That the City of Bremerton hereby specified and adopts a system or plan~ ~or making certai~ additions and betterments to, and extension of the existing H unicipal Dock an~ Wharfage ~acilities, ~nd for purchasing cer- tain additional l~nd deemed necessaryfor the proper development of the said system, and for the payunent into a special fund to be created by this Ordinance ~ll the gross receipts of the said l~Auuicipal Dock and Wharfage f~cilities; and the ,~ity of Bremerton hereby declares the estimated cost of said indebtedness, as near as may be, and proposes to pay the cost of same by the creation of a special f~u~d, to be known as the "Do~k and ~harfage ~und," into which shall be paid the gross revenues of the said Municipal Dock and ~harf~ge facilities, out of which shall ~be paid the necessary ~xpenses of operating the said facilities, and the interest and principal of the said indebtedness created in order to carry out the under- takings provided for in this Ordinance, the said bonds to be sold ~t not less than par, or delivered over to the contractor or others, in payment for the indebtedness incurred in such undertakings, either for the purchase of land deemed necessary for the proper development of said facilities, or for the expense of coustructtng such additions as may be provided for under the terms of this Ordinance. ~or all of such .e~penditures, warrants may be issued bearing interest at the rate provided for in the Ordinance of the City of Bremerton, which said warrants shall be there- after refunded into special fired, interest bearing boflds, if t.he OIty 0ounoil desires so to do, or such bonds may be issued in the first instance without issuing warrants. Section 2. That the revenues or proceeds of said system ~t the present current rates are and will be sufficient to meet all of the expenses of the operation and maintenance of s~i~unicip~l Dock and wharfage f~cilities, and for t'he payment of interest; and for' the creation of a sinking fund for the re- tirement of the bonds, provided for herein. Such funds for the p~yment of s~id bonds to be paid lute the said special fund out of the revenues of the said Municipal Dock a~d ~iharfage facilities for payment of said bonds and all charges in connection therewith, or which may legitLmately become a charge against said f~cili~ies. Section 3. That the plans of said additions and undertakino~s herein provided for, are to construct, improve and enlarge the present ~Atuicipal Dock at the foot of ~ront Street, to complete the purchase of, and pay for out of such funds, such tide lands and lots of ground lying and being contiguous or approximate to ~ront and Second Streets, or either of said streets as may' be necessary for said improvements and undertakings, and to construct at the foot of Second Street, such additions and betterments as may be neoessary to properly take care of the ~narfage demands of the 0ITY of BREMERTON, including facilities for the handling of freight of all kinds, and for the birthing of launches and other vessels, and for the · accommodation of passengers, including the necessary concessions, warehouses, rooms, offices and equipments. Section 4. That the estimated cost of all of said undertakings, as near as may be, is $6B,000.00 which said sum may be issued in warrants, as aforesaid, as the said expenses are incurred, against the Municipal Dock and Wharfage. ~uud, which said ~und is hereby created, and the said warrants when so issued,, shall be redeemable in bonds against said Epecial i~und at the option of the City Council, and may be negotiated at par, and the proceeds thereof used to pay for the costs and expenses of the said purchases and the said undertakings. ORDINANCE NO. §9? (Con,'d) ~(~ In the event that conditions arise re~!uiring changes in plans and extra work in t.he construction of said facilities and said undertakings and in the equipping of the same for the prope= handling of freight of all kinds, for the berthing of boats and launches and for the handling of passengers, so that addition- al expenditures may be reuuired such extra work and additional expenditures re- quired therefor shall be ~ncurr~d and warrants issued therefor,solely against said special fund, and such warrants may thereafter be converted into bonds all in the manner set forth herein, no~withstanding such undertakings may require an expendi- ture in excess of the amount of the original estimate. This provision for additional expenditures in excess of the estimate, i~ necessary, is made and a~opted by the council as a part of the proposition to be submitted to the people for ratification with the £ull understanding, also submitted as a part of said plan, that in case this provision for additional expenditures above said estimate should be held by the court to be illegal or unwarranted by law, that in such case the remainder of said plan, that is to say, to eincur exp~nses for said uuder- takings up to the amount of said estimate, shall not in any manner be e~fected by such ruling of the court or by this provision for such additions.1 expenditures as herein set forth. Section 6. The City Council is hereby authorized to issue Special ~ind Bonds to the sm~o~t of said expenditures as hereinbefore provided, whiah said bonds shall bear interest at not to exceed six per cent per annum from their date, payable semi-annually, and shall mstu. re in equal semi-annual series, lo,est numbers first, the aggregated sums of iildOO.00, maturing each six months, the first payment to mature and become payable on January lst,19EO, and a like sum of i~ld00.00, of said principal to be payable on each January 1st and July 1st thereafter ~til all of said bonds are paid. Interest coupons shall be attached to, and be a part of said bonds, and the said bonds and coupons shall be payable at the place therein stated, both principal and interest to be payable in Gold coin of the Uu]~ed States of the present standard of weight and fineness. The principal of said bonds together with the interest to be paid thereon, shall be an obligation only against said special fund, to-wi~, "The ~l~uuicipal Dock and ~¥harfage ~d," of Bremerton, which said fund shall be drawn upon for the sole and only purpose of paying said principal and interest on the bonds herein authorized, or for payment of the special fund warrants and interest thereon, issued for said indebtedness herein authorized. In case said bonds be authorized by the necessary vote of the people, the City 0ouncil shall provide for the form and details of said bonds not prescribed in this Ordinance. ~ll of s~id bonds shall be consecutively' n~nbered, or otherwise plainly designated a~ to date and number, and must be paid lowest numbers first. Section 6. ~rom and after the date of such bonds and so long th. ere- after as obligations created by such bonds are outstanding against su(~h fund, the City Treasurer of the City of Bremerton, shall set aside into such fund from ti~ue to time not less than Thirty days prior to the respective dates on which the interest and principal of said bonds shall become due and payable, certain fixed r~ini.mum amounts out of the gross revenues of the said ~,~unicipal Dock and i~harfage facilit~s, without regard to any fixed proportion thereof, equal ~o the respective amounts of interest and principal of said bonds ne~t falling due, that is to say: Not less than the sum of ~1800.00, and ~ll interest due and payable on said ne~t maturing interest pay day, on all of.~said outstanding bonds. In the event that the City Council does not elect to issue bonds for said indebtedness, but issues warrants only, against such special fund, then said warrants shall be paid, and shall ~ature in all respects as to interest and principal on the dates, and at the same semi-annual intervals, and in the same aggregate amoun~ of $1800.00, in each six months as is set forth herein for said bonds, provided, a greater amount of said bonds or warrants may be paid on any said date on call by notice published for ten days in an official newspaper of Bremerton, and the City of Bremerton binds itself to pay into said fund out of the revenues of said ~,h~nicipal Dock and i~arfage facilities, not less than the sum of ~1800.00, and interest every six months, as set forth hereinbefore, for the payment of said indebtedness, whether said indebt- edness be in the form of special fund war~ants or special fund bonds. Section ~. The City of Bremerton does hereby declare that in fixing the amounts to be paid into the said fund as aforesaid, it has exercised due regard to the cost of operation and m~intenance ~f said I~unicip~l Dock and Wharfage facil- ities and the existence of obligations against the revenues thereof, and has not thereby obligated and bound said City to set aside into said special fund a great~ amount of the revenues than in its judgment will be available over and above such cost of maintenance and operation. Section 8, That a special election be held in the Ci~y of Bremerton on the 10th da~ of September, 1918, at which election there shall be submitted to the qualified voters of said C~ty for ratification or rejection the propo- sition set forth in this Ordinance, and particularly in Sections 1,2,3,.:i,5,6 s.nd ~ hereof. Notice of such .election shall be published in the said official newspaper, and posted in the form and manner prescribed by law. Every voter at said election desiring to vote in favor of said proposition shall vote a ballot containing the following statement thereof: "IN ~LVOR 07 THE PLAN" specified and .adopted by the City Council of the City of Bremerton for making certain additions, extensions and betterments, and ~or purchasing additional land and erecting necessary additional structures to the existing ~Iunicipal Dock and Wharfage facilities of the City of Bremerton, and for creating a special f~=~d into which certain fixed portions of the revenues of said facilities shall be paid, ~.nd for issuing ~[unicipal Dock and .,~har:fage fund bonds or warrants in the estin~ted s~of i~5~,000.00, bearing interest at the rate of not exceeding six per cent per annu~, payable semi-annually, matur- ing at the rate of ~180~ .O0, every six months, commencius~' on the first da_v of January 1920, and on every January First and July First ~here~fter, until ali of said bonds are paid, payable only o~t of said spe~::ial fund into which said fund the City' binds and obligates itself to set aside and to pay from the ~'ross revenues of said facilities ~ertain fi~ed amounts at certain fixed dates suffi- cient to p~.y the principal and interest ou any and all bonds or warr'..ants issued under authority of this Ordinance, as the sa~e may mature ahd become p~yable. Any w~rrants issued under this Ordinance to bear interest at the rate of other warrants under the ordinances of the City of Bremerto~. ~ve y w~ter s~t said election desiring to vote a~aiost the said proposition shall vote a ballot containing the foll~]wing statement thereof: "~GAI~IST THE PL~" specified a. nl ~dopted by the City 0ouncil of the City of Bremerton for makin~ certain additions, ez:tensions and betterments, and for purchasing addition~l land and erectin~ necessary additional structures to the existing ~.[unicipal Dock and i~harfe~ge facilities of the City of Bremerton, and for creating a special fund into which:certain fixed portions of the revenues of said facilities shall be paled, ~_tnd for issuing IYk%uicipal Dock and. ~harfa~e fund bonds or ws~rrants in the eoti!nated szun of i)65,000.00, beari~g interest~ at the rate of not e~:cee~ing six ~ercent per annmu, payable semi-annually, maturing at the rate of ~1800.00, every six months, co~mencing on the first day of January 192.0, and on every January Pirst and July First theree, fter, until all of said bonds are pz~id, payable only out of said special fund ir:to which said fund the City binds and obligates itself to set s. side ~.nd to pay from the gross revenues of said f~cilit~.es certain fi:~ed arno~mts at certain fixed dates sufficient to pay the princip~l and interest om, any stud s~l] bonds or warrants icsued under authority of this Ordinance, as the sant,~ may mature and become payable. .~ny ~ar~ani;s is~',u~,d u~der this Ordin~tnce~ to be~?~r interest at the ratevof other ~¥:~rrants under the Ordinances of the City' of Bre~n~rtou. Section 9. In the event said proposition h. ereby submitted be rati- fied and said City issue all or any part of said special fund bonds for the purposes set forth in this Ordinance, then all such bonds so issued shall be a first, prior and direct lien a~'ainst the gross revenues of said iZunicipal Dock and ~harfage facilities, ~.~nd said City expressly covenants and agrees with the holder of each ...nd every of su~,h bonds so issued that the lien of all £~ture or other indebtedness ?~hich may be cres:ted and made payable out of the revenues of such plant, shall be subordinate, inferior and junior to the lien of such bonds, and in case warrants ~re issued for th~ said improvements and betterme~ts under the term of this Ordinance, and are not converted into bonds, then the said warrant shall have the same rank, and shall be protected by the same sureties, gn~arantees and pledges as are set forth herein for the said bonds in case sucl~ bonds are issued. Section lC. In the event of such bonds or warrants or any portion thereof be issued, the C~ty of Bre~erton hereby binds and obligates itself not to sell or lease or in any manner dispose of the said ~.,~£unicipal Dock and ~'mfharfage f~cilit'[es or any additions or extensions that m~_~..y be made thereto until,all of the said bonds or v,~arrants so issued, ?,~'ith interest thereon., shal~ be fully paid or provided for to the satisfaction of the holders of suc~ bonds or warrants; and the City of bremerton further covenm~ts .~.nO agrees ¥~th ~he holder or holders of each a~d every said bond or warrant that it will maintain said Nunicimpa~ Doek~ and fhar'?age facilities in good condition and will efficiently operate the same; that it will not reduc~ the r~tes or ct~:~'g,.~s :~or the conduct of said Lfur~icipal Dock and ,'fharfage facilities so that the gross revenues thereof will be insufficient to mai~tain an5 operate s~,~id facilities and ~,~l~e parchments into said special fund berei'~ pro- vided for in addition to the payments the City is already obligated to make from said gross revenues for the maintenance and operation of said f~tcilities; a~d that if at any ti~_e the gross revenues of said f~acilities shall not be euffic~eut to make such pa~aents and to maint-atin and overate the sa, id facilities tha. t it will increase its rs~tes e~nd chars'es to such ~ figure as ~J. ll make the revenues there- from sufficient to nainta, in and operate the same and make all of said pa~nents as hereinbefore set forth. Section 11. T~is Ordinance shall be of full force and effect from five days afters its passa6e,"approval and publication. Passed by the Council aud a~pproved by the Mayor this ]2th day of ~u~t 1918 ~ayor o Attest: