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HomeMy WebLinkAbout0599 ~ ORDIN~.NOE NO. 699 4.~'-2 'AN OiQDIN~MCE specifying and adopting a system or plan for the acquisition, either by construction, condensation, or purhhase, by the City of Bremerton, of an electric light ~nd power plant and system, within .and without its corporate limits for the purpose of furnishing said city and the inhabitants thereof, and any other persons, with an ~mple supply of electricity, light and power for lighting, heating, fuel and power pnrposes, public and private, declaring the estimated cost thereof, as near,as may be, creating ~ special f~nd for the sole purpose of defraying the cost of acquiring, conde~in~, or purohmsinE such plant, providing for the issu~ncs and sale of boods, payable o~ly out cT such special f~d, and submitting the sa~'~e to the qualified voters of said city for r~tiTica- tion or re~ection, at a special election to be held in said city on the 10th day of september, 1918, ~E ~I~ COU']¥JiL O? ~"~'~.~ 0!1~ OP BL~E~RTON D00i~AIN ~B P~LLO',~S: Section 1. That the City of Bremerton=specifies and adopts the follow- ina plan and system~ fo~_ the _~oq~isition by the city. of Bremerton of an electric lighting plant ~_~nd syste~ within and without its~corporate limit~ flor t~,~ purpose of furnishing said City and the inhabitants thereof ~ith ar, ample sup.~ly of elec- tricity and other means of electric power a~d facilities for lighting, g, heating, fuel ~d power purposes, public and ?private, together '~vit[~ the rig~t to and sell or lease any meters, la,ni~s, motors, transfor~;~ers ~md equip~e~.'~t or accessories of any l~ind neoess~ry and convenient for the ~se, d~strib'~tion sale thereof$ and to ourchase such electricity or power from others w~thi~ or ~?ithout ~he city for the said puri~ose, and for furnishing its surplus supply, if any, to any other persons within or without the said city: That the City of Bremerton shall acquire or purchase, condonation, or by enforced speciffic perfora~auce off~:~the option of the said City of Bremerton to buy under the terms of Ordinance Nc. S1 off the City of Bremerton, the present e~isting electric light and power plant as no~- o~-aed ~d operated by the North Pacif-~c t~blic Service Company under said Ordinance No,3l of t~e City of Bremerton, and comprising the entire and complete electric lighting system operated over and the streets of 'Bremerton and in the unincorporated portion of Kitsap County con- ti~ous to the said City of Bremertou, together with such connectin~ wires, con- veyors, transformers, and other ~quipment as ms.y be necessary aud used as a part of the said present existing system ~o connect same with a reliable supply of electricity for the uses hereinbefore specified i~.cluding all necessary property, real personal, or ~ixed, used and ow, ned hy the o~ers of the said electric ltEht- ina system as a pa~rt of the same, or as incidental thereto; at an estimated cost, as near as ma~y be, off ,~200,000; or the said City of Bra.~erton, in. the di. scretiou of its Ci~y 0ouncil, shall construct a complete new electric lighting ~nd power system, substantis~lly according to the plaus of the present existing s~stem, and in substantial duplication thereof, of li]~'e capacity and to consist of lines, poles, conduits, wires, transformers, fixtures, and ac~essories of every kind, necessary to sup~ly the said City of Bremerton, its inhabitants and other persons, with an ample supoly off electric current for any ~:tnd all purposes and to and collect therefor such rates as may be proper, am1 to sell an~ dispose of surolus to any persons v~ithout the said ~ty of ~remerton and to supply ~f~d sell all fixtures, equipmen$ and accessories and to install same for use iu build,nas, residences atnd else~here in the said City of Bre~:~erton, and to operate said pl~nt in all respects as a public m~.icipal utility, at an estimated cost, as near as may be of [~99,500.00 Section 2. For the purpose off defraying the cost of a~quirin~, or con- structing, said lightin~ system and plant, there is hereby created in the Treasury a special f~d to be ~own as "Bremerton ~ght ~und" and bonds in the sum of Two Hm~dred Thousand [~200,000) dollars, or so much thereoff as may be necessary acquire or construct said plant and system, shall be issued ~nd so]d, which said bonds and interest thereon shall be payable only out of said special f~md; shall bear interest not exceeding six per cent per a~num payable semi-annually, and shall mature serially in the order,of their h~nbers, lowest n~nbers first, approximately as follows: ~ per cent of the total issue of said bonds shall mature six years after date thereof: ~ per cent of the total issue of said bonds shall mature seven years after date thereof: 8 per cent of the total issue of said bonds shall mz~ture eight years after date thereof: 8 per cent of the total issue of said bonds shall mature nine years after date thereof: 5 per cent of the total issu~ of s~id bonds shall matu. re ten years after date thereof: ~ per cent of the total issue of sa~id bonds shall mature eleven years after date thereof; ~ per cent of the total issue of said bonds shall ms~ture twelve years after date thereof: V per cent of the total issue of said bonds shall mature thirteen years after date thereof: ~ per cent of th~ total issue of said bonds shall mature fourteen years after date thereof: V per cent of the total issue of said bonds shall mature fifteen years after date th. ereof: 8 per cent of the total issue of said bonds shall mature sixteen years after date thereof: 8 per cent of the total issue of said bonds shall mature seventeen years after date thereof: 8 per cent of the total issue of said bonds shall mstture eighteen years after date the~¢eof: 8 per cent of the total issue of said bonds shall mature nineteen years after date thereof: 8 per cent of the total issue of said bonds shall mature twenty years after date thereof: If the proposition submitted by this Ordinance be ratified at the election the Council shall provide for the form and details of such bonds, and shall sell the same at not less than par and accrued interest in such manner as they deem for the best interest of the said city; and the corporate authorities may provide in any contract for t~he co~structione or equipment of the said plant and s~stem, that payment there~%hall be made only in such bonds and at the par value thereof; said bonds shall be payable both principal and interest at the office of the City Treasurer; that the said bonds authorized by this Ordinance may, in the dis- cretion of the City Council, be issued in two or more series, to be designated as series A, Series B, and so forth, but in no case shall the aggregate amount of the said bonds exceed Two Hundred Thousand [$200,000) dollars. Section 3. The 0ity of Bremerton to secure and provide for the payment of the interest on said bonds hereby obligates and binds itself to set aside and pay intomsaid special fund from the gross revenues of said plant and system on or before the first day of each and every calendar month beginning with the month in which said bonds are dated, a sum equal to one-twelfth of the interest on all s&id bonds outstanding and unpaid; and said city to secure and provide for the payment of the principal of said bonds hereby obligates and binds itself to Set aside and pay into said special fund from the gross revenues of said plant certain fixed amounts on certain fixed dates, as follows: On or before the last day of the 12th calendar month of the fifth year after the date of said bonds, and on or before the last day of each and every calendar month thereafter so long as any of said bonds remain outstanding and unpaid, an amount equal to one-twelfth of the principal amount of said bonds ORDINANCE NO. 599 (0ont'd) next maturing. I~ is hereby declared that said city and its common council in creating said special ihmd and in binding and obligating said city to set aside and pay into said fund certain fixed amounts at certain fixed dates as aforesaid, have exercised due reg~trd to the cost of operation and maintenance of said plant, have found that no part or portion of the revenues of said plant has been pre- viously pledged as a fund for any other indebt~edness, and have not thereby obligated and bound said city to set aside into said special fund a greater amount of the revenues e. nd profits of said plant than in their judgment will be available over s. nd above such costs of maintenance and operation. Section 4, That a special election he held in said city on the 10th day of September, 1918, at which election there shall be submitted to the quali- fied voters of said city for ratification or rejection the proposition set forth in this Ordinance, and particularly in Sections 1,2, and 3 hereof. Notice of this election shall be published in the city official newspaper and posted, all 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 ~AVOR O~ the system or plan submitted, specified and adopted by the CITY 0P BREI~RTON for acquiring by condemnation or purchase, or by co~-~structioz~, an electric lighting plant or syste~:~ within or without its corporate limits for the purpose of furn_~shing said city and the inhabitants thereof and any other persons with an am~.ple supply electricgy and all the products and by-products of an electric lightiig plant, including facilities for lighting, heating, fuel and power purposes and all accessories of any kind necessary and convenient for the use, distribution and ~ale thereof, at an esti~]ated cost of Two Hundred Thousand Dollars, if the present e~'~isting plant and systenl is purchased or ~cquired, or of $99,500.00 if a new plant or system be constructed, and the issuance and sale o~ bonds in an amouut not exceeding said estimated cost, bearing interest at a rate not exceeding six per cent per ann~un, payable seal, i-annually, maturing serially in from five to twenty years frown the date thereof, payable at the office of the city treasurer and payable only out of a special fund, into which f~md said city binds and obligates itself to set e, side and pay from the gross revenues of the said plant and system certain fi:~ed ~nounts at certai, n fixed dates, sufficient to pay the principal and interest of said bonds as the same may mature and become payable; all as set fort~ in Ordinance No. of said city~and particularly in Sections 1,2, and ~ of said Ordinance. .Every voter at said election desiring to vote against said proposition shall, vote a ballot containi~g the following statement th. ereof: AGAINST the system or plan submitted, specified and adopted by the City of Bremerton for acquiring by condemnation or purchase or by construction an electric lighting plant or system within o~ without its corporate li~,~its for the purpose of furnishing said city az]d the inhabitants thereof and any other persons with an ample supply of electricity and all the products and by-products of an electric lighting plant,$ncluding facilities for lighting, heating and fuel and power purposes and al% accessories of any kind necessary and convenient for the use, distribution and. sale thereof, at an estimated cost of Two Hundred Thousand Dollars, if the present existing plant and system is purchased or acquired, or of $99,500.00 if a new plant or syste:n be constructed, and the issuance and sale of bonds in an amount not exceeding said estimated cost, bearing interest at a rate not exceeding six per cent per annul~, payable semi-annually, maturing serially in from five to twenty years from the date thereof, payable at the office of the city treasurer and payable only out of a special fund, into which fttud said city binds and obligates itself to set aside and pay from the gross revenues of the said plant and system certain fixed amounts at certain fixed dates, sufficient to pay the principal and intere, st of said bonds as the same may mature and become payable; all as set forth in Ordinance No. of said city and oarticularly in Sections 1,2, and 3 of said Ordinance. ' Section 5. In the event said electric lighting plant and system be acquired or a new one be constructed by said city, it shall be operated, con- ducted and maintained by said city, and said city sha'll have full power to regulate and control the use, distribution and price of all electricity, power accessories or other things ~rnished thereby to make additions and betterments thereto, or extensions thereof, and to protect and safe-guard same, all pursuant to and in compliance with the laws of the State of ~'~ashington thereto relating. Section 8. In the event said proposition hereby submitted be ratified and said city issue all or any part of said special fund bends for the purpoee of raising funds to acquire or construct said plant, then all such bonds so issued shall be a first, prior and diremt lien against the gross reven~es of said plant, and said city hereby expressly covenants and agrees with the holder of each and every of such bonds so issued .~hat the lien of all future or other indebtedness which may be created and made payable out of the revenues of such plant, shall be subordinate, in$~erior and j~zuior to the lien of such bonds. Section 7. In the event s~.ch bonds or any portion thereof be issued, the City of Bre~erton hereby irrevocably binds and obligates itself not to sell, lease, or in any manner dispose of said lighting plant or any additions or ex- tensions that may be made thereto u~til all of said bonds so issued with interest thereon sh~ll have been fully paid, without the consent of the holders of such bonds; and the City of Bre~erton further covenants and agrees with the holder or holders of each and every said bonds that it will maintain said plant and system in good condition and will efficiently operate the same; that it will not reduce the rates or charges for the product of said plant and syste~]'~ so that the gross revenues thereof will be insufficient to maintain and' operate said plant and make payments into said special fund as hereinbefore provide~; and that if at anyntime the gross revenues of said plant and system shall not be sufficien$ to make such payments and ~o maintain and operate the said plant and system, that it will increase its rates and charges to such a figure as will make the revenues therefor sufficient to make such payments and to maintain and operate the said plant ~nd system, that it will increase its rates and charges to such a figure as will :hake the revenues therefor sufficdent to maintain and operate the same and make the said payments, Section 8. This ordinance shall be of full force and effect from five days after its passage, a',pproval and publication. Passed by the 0ouncil and approved by the Mayor this llth day of August, 1918. / ~ yo r Attest: / City Cle~k I, E.J. ~ ~[cOall, O!er]~ of the City of Bremerton, ~[ashington, do hereby certify t~at the foregoing is a full, true and correct copy of Ordinance ii[o.599 of the City of Bremerton as the sa~e appears on file and of record in. my office, In witness whereof I have hereunto set my ha~nd and affixed the seal of Bremerton this 14th day of August, 1918. 01erk o~Fthe 0ity of Bremerton. lOublished ~kugust 17, 1918.