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HomeMy WebLinkAbout0606 AN Ot~DINANOE s0eoifyin~ add adopting a eye.tern or plan for the acGulslt].on, elthpr -~ .... ~ ...... ~m~o[i or curet,ass 'by ~he Ci~ of Bremerto~, of an e!ec~ric .... '_. ~ ....... . o .+ .... ~-'~ ~nd without i t~ oornorate limits f,~r the ~u~ose of-furnishi,l&' sai~ city and the inhabitants theraoz, aria any Other '~it~ an am~le sunnlv of electricity, lig~:~ a,~d power for li~<htin¥,heati~},~, fuel and power parposes, pub!is and pri~ate, 8eclaring the esti~nated cost thereof as n.e~r as mk~ be, crea~in8 a s~ecial ?and lek' ti-:e oole ourpose of defraying .~.e' cost o'f [ acquiring, ~pnd~ing ok purchasi-a~ su.h plant, providin6' for tho issuance and sale ~f bonds, payable only out of such special ftmd, and submi~tin8 tho ~a.:~e to th~ qualified voters of said city for ratification.or rejection, at a~ sp2cikl election~ to be held in said city on 'the 5rd day of Deaember, 1918, TtiE 0ITY .30U~CIL O~~ TLE CITY 0P DRE~IEidT01~ DO ORDAIN AS POLLOWS: Sect~.oa 1. That the City Df Oremerton s~eolTies dud ~dopts'~ the following plan and system for ~he acquisition by t[~e City of ~remerton of an electric lighting plaht a~d syste~a withiu and without; its corporate limits for the l~urpose -of fur- nis~in~' said city a~d the inhabitan~ t'~ereof with an ample supply of electricity and order means of ele~tri~ power ~d facilitie~ for lighting, heatiug, fuel power p'ar'poses, ~ublic and ~rivate, ~o~ether ..riCh the right tO handle a~t s~_~l leas~ any meters, !a~ps, me,ors, ~rausformers and equipment or accessories of any kind necessary and ~:onvenisut for t~:~ use, distributioa and sale thereof; add to purchase such electricity or 'power from others within or ~i~hout the ~ity for the said puc'pose, :~n~ fo~- ~Urnishin6 ~.ts surplus, if any, to any other persons within or :vithout ~he said city: i'~at the City .of Bre~erton ,~-:ha].i ac~:~uirs by purchase, condemnatio,~, or by Specific performance of 'the option ~' tho sai~ 0ity of Bremertmn to buy under tbs terms of Ordinaucs ilo. 51 of t~s City of ~remerton, the presen~ existiu~' electric,~ light and power plant as no.~:~ owned a. ud operated by the i~orth Pacific ~lic ~erv~.~e Company under said Ordinance No. 31 of the City of Bremerton and oompromisi~,:f tho entire and ~ompl~te electric li~=htin:~ ~yst~m operated over and on the streets Bre~'~erton an~ in t~portlon of ~i~sao Oounty contiguous, to tbs said City ~f ~remerton, toye~ner with ~u~ch eoanecti~ wires, conveyors, ~ransformers and o~her : e~.uipm~ut as may be neccssar~,,r~lia~lean~,used as electricity ~ I cart of the saidthe_usesOres~nt o:<i~tiu<_ s t~m ~o core, eot sn~ne wi~h a ~:~,o,~ly o~. for hereinbe]0re~ specifie,d includi, n~. =ll neoessary~{~o'perty, rs~l, pers.~nal, or mixed, use~ owu~d by the owners of t~-s said 4~tr~c li~;bti~d, system as a part ~f the ~me, or as incidental taere~o; at =n estiua~ed · = , e. 3..t as near as may be of ~200,000.00; or the s~fd Oity of Dre.,ertou, in the .~.sc~-etion of its City ~u~,c~ , ....... a complete new electric liffhtinz ~nd ~wer system, substantially ~ccordi~.~:j' t~ plans of ~ho ~)re=s~t e,:istia¥ s~;,t~e.,~, and in substantial duplication thereof, ' 0f like capacity an~ ~o consist 0f ]i/~oa;, 'poles, conduits, wires, transformers, fixtures, and acoesso~ie.~ of ever'~' ~ind, necessary to s~]pply ~:he said Jit~r ~'? 2rem- ertu~, its ~nhabitmn~s andoth~r ~e/,?ons, wi~:h an ample supply .3_ ,~] for any and ail purposes and to ch,~-~'::'e .~nd ,:.~'[lect tne~-efor s~u. ra~es ~s may ce proper, and t~ soil a-a~t dis~os,'~ of a~'~y ~rplus suni'ely to a.~ly p~rso~$ wit~,~ut Or~s an~ ~o install same for us8 in buildin~s, residences and elsewhere in the said oi~y of B~emer~on an~ ~o operate said plant in all respects as a public m~iotpal u~li~y, a~ ~ es~i~ed oos~, ~s near as may be of $99,500.00. Section 2, for ~he purpose of d~fra~inE ~he cos~ of aopuir~n~, o~ said ligh~in~ system and plant, ~here is herebm orea~ed in ~he ~easurv ~, sn~ai-~ f~d ~O be ~own as "Br~mer~on Light Bond and h~eres~ ~d" and bonds'i~ ~s~ of ~o H~dre.d Thousand [$SO0,O00,O0} dollars, or so much ~hereof as ~y be necessary $o acquire or construe~ said plant and system, shall be issued and sold, which said Bends-~d in~erest thereon shall be Payable only out of said'special f~d; shall bear interes~ a~ no~ exceeding six per cent per ann~ payable semi-a~lly, and shall mat, ute serially in ~he order of ~heir n~bers, lowes~ n~bers firs~, approximately follows: 5 per sent of She ~otal isssue of said bonds shall ma~ure seven years after date ~hereof, 5 per sent of ~he ~o~al ~ssue of said bonds shall ma~ure eight years after date thereof. ~ per cent of the total ~ssue of said bonds shall ma~ure nine years after da~e ~hereof, ~ ~ per sent of ~he ~otal ~ssue of said bonds shall mature ~en years after da~e ~hereof. ~ ~ per eon2 of ~he ~o~al ~ssue of ~ aid bonds shall mature ~ years after date ~hereof. ?',~ : ? Per dent of the total ~ssue of said bonds shall mature~Years after da~e . thereof, ~ per oent of the to~al ~ssue of said bonds shall ma~e ~e years after date~ ~hereof. g per contel ~he total issueof said bonds shall ma~ure years after date thereof. g per dent of ~he ~o~al issue of ~aid bonds shalI ma~ure ye~rs after d~e ~hereof. 8 per cent of the total issue of said bonds shall mature sixteen years ~fter date thereof. 8 per cent of the total issue .~f said bonds shall mature seventeen years ~fter date thereof. 8 per cent of the total issue of said bonds shall mature eighteen years after date thereof. 8 per cent of the t~tal ~i. ssme of said bonds shall mature nineteen years after ddt® thereof. 8 per cent of the total issue of s&id bonds shall mature twenty years after'date thereof. If the propositfon submitted by thiso~'dinanoe be ratified at the election the Council shgll provide for the i'orm and details of such bonds, and shall sell the sa~ne at not less than par and accrued interest in such ma~'~ner as they deem for the best interest of t__e said city$ and the corporate authorities ~y provide in any contract for ~hs construction or equipment of ~he said plant and system, tha~~ payment there- for shall be made only in such bonds and at the par value thereoT; 'said bonds shall be payable both ?rincipal and interest at the office of the City Treasurer; ~ha~ the said bonds authorized by this ordinance may, in the discretion of the city council be issued' in ~wo or more serieS, to be designated as Series A, Series B, a~d so forth, but in no case sh~ll the a~greggts amount o~Y the s~i~b0nds exceed ~o Hundred Thou~ sand {~B00,00$~ Dollars. ~ec~ion ~. The 0ity cT Breme~r~on to secure~ a~d ~provide for th~_ ~ay~ent of ~he interest onsaid bonds hereby obligates and binds itself to set aside ~d ?ay into said Bremerton Li~ht Bond and interest P~d fro.~ the .~ross revenues of said system on or before the first day of each and every cale~dar month be~in~in~-_~ the month in which said bonds are dated, a s=n equ.,~.l to one-twelfth of the interest on all said bonds outstandi~5' and ~paid ;' and said city to secure and ~ovide for the payment of ~he 9ri~cipal of said bonds hereby obligates and binds itself se~ aside and pay into said Bre~aerton Light .Bond and intere~:t ~d frown the gross revenues of said 'plant certain :fixed amo~ts on certain fixed dates as follows: ~0n or 'before tt~e last day of the 12th month o:!' ~he 5th year after the date of said bonds, and on or before the last day o~' each and every cale~'~dar month thereafter so long as any of said bonds re din outstanding and unp~id, an ~o~t equal to one- twelfth of the ~principal amou~: off said bonds ne.~t n~:~turing. It is hereby declared that~said city and its co~n~n co,oil in crea~i~:~g said s ~ecial ~und and in binding and o'bligati~g said city to set t~side ~.~ld i~ay into said ff~d certain fixed amounts at certain fib_ed dates as afores~.id, h~ve exercised due re~ard to the coot of operation Ynd-m~:~in~enance of said ,plant, ha e found ti~at no ?art or ~0ortion of the revenues of said plant ha~s been previously plods'eR as a ff~md for any other indebted- noes, and have not thereby oblig,~ted and bo~d said city t.o ~et aside into said special 2'und a greater a~ouno of the revsnuea~ ~nd profits of said plant ~han in their judgment will ne avail~.bl~s over and s~bove arch costs of ~aintenance and operation. That a..~l off the otf~er and re,nainin~ revenues of said electric system after full deductions, as hereinbefore set forth 2'or the payment of ~he bonds and interes~ hereinbefore authorized, shall remgtin in the "Ourre~t Li~'ht ~d" for payment of all o~her char~es agains~ said system ex. cep~ the said interest and bonds as herein- before set forth. The surplus accruing in said "0urrenfi Light ~d~" tf ~y, after all expense of operation, maintenance, upkeep and other charges, may be u~:~ed as the City Council may determine ~de:~' the laws o~~ the State of Washington. Section 4. That a special election be held in said city on the Zrd day of December 1918, ~t which mlection' there shall be su~>mi~ted to ~h q~lified vo~er~ of s~id city for ratification or rejection the propostion set forth in this ordinanc~ and particularly in Section l, 2 and ~ here.of. Notice of this election shall ]~e pub- lished in the city officeial newspaper, all in t~e form s~nd maker prescribed ~oy law. Every voter at said election desiring to vote in favor of sttid ?ropoeition sh~lii_ vote a ballot containing the ffollowinfl st ts~nent thereof: IN ~AVOR of the system or plan submitted, specified and adopted by the CI?Y BREI,~RT0~I for acquiring by condonation or purchase,o~ by construction, an electric lighting plant or system within or without its corporate limits for the purpose of furnishin~i said city and the inhabitants thereof and any other oerso~s with an ~pl~ supply of electricity and all' the products and by-products of an electric li~lhtin,~: plat includi.~g facilities for li~yhti.~-, heating, fuel ~.nd power purposes and t~ll accessorie~ of any kind necessary and convenient for th~:: use, distribR~ion and sale t[~erof, at an estimated cost of ~o iim~.:red Thousand dollars, if the present existi, n.:~1 ~la~t and system ~ is purchased or acquired, or of $99,500.00 iff a new ,plant or system be constructed,~ad the i:~;suancs a~'~d sale o:~' bonds in an amount not exceedi~g ~aid esti- mated cos~, bearing interest at a rats not exoeedins' six ~per cent 'oar ~.nnmn, pa,>a~:le semi-a~uaily, maturing serially in from ~:ix to twe~-~ty years fro~:~ t.~e date thez~eof, payable at the offffice off the city treasurer and payahle only out of a special fm~d which fund said city binds and oblig'ates itself to set aside and ~y from the ~roes revenues of the said plant and system certain fixed amom~ts at certain fixed dates, sufficient to pay the principal and intercept of said bonds as ~l~e sa~ne may m~:~ture and become paya~>le;' all as set forth in Ordinance No. 606 of said city and part- icularly in 5ec~i0ns ~2 and 3 of said 0rdin~nce. ORDINANCE NO. 506 Every voter at said election desiring to vote against said proposition shall ~ote a ballot containing the followin~ statement thereof:- AGAINST the system or plan submitted, specified and adopted by the City of Brem- erton for acquiring by condemnation or purchase or by construction an electric light- ing plant or system within or without its corporate limits for the purpose of fur- nishing said city and the inhabitants thereof and any other persons with an Ample supply of wlectricity and all the products and by-products of an electric lighting plant, including facilities for lighting, heating and fuel and power purposes and all 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 p~esent existing plant and system is purchased or' acquired, or of $99,500.00 if a new plant or system be constructed, and the issuance and sale of bonds in an amount not ex- ceeding said estimated cost, bearing interest at a rate not exceeding six per cent per annum, payable semi-annually, maturing serially in fro~ six 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 fund ~aid 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 interest of said bonds as the same may mature and become payable; all as set forth in Ordinance No. 605 of said city'and particularly in Sections l, 2 and 3 of ~said Ordinance. Section 8. In the event said electric lighting plant and ~ystem be acqhired or a new one be constructed by said city, it shall be operated, conducted a~d main-- rained by said city, and said city shall have full power to regulate and control the use, distribution and price of all electricity, power accessories or other things furnished thereby to make additions and betterments thereto, or extensions thereof, and to protect and safeguard same, all pursuant to and in compliance with the laws of the State of ~ashlngton thereto relating. Section $. In the event said proposition hereby submitted be ratified and said city issue all or any part of said special fund bonds for the purpose of raising fmmd to acquire or construct said plant, then all such bonds so issued shall be a first, prior and direct lien a gainer the gross revenues of said plant, and siad city hereby expressly covenants and agrees with the holder of each and every of such bonds so issued that 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, inferior and junior to the lien of such bonds. SeCtion 7. In the event such bonds or any portion thereof be issued, the City of Bremerton hereby irrevocably binds and obligates itself not to sell, lease, or in any manner dispose of siad lighting plant or any additions or extensions that may be made thereto until all of said bonds so issued with interest thereon shall have been fully paid, without the consent of the holders of such bonds; and the 0ity of Bremerton further covenants and agrees with the holder or holders of each and ever: of 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 system so that the gross revenues thereof will be~insufficient to maintain and operate said plant and make payments ,into said special fund as hereinbefore provided; and that if at any time the gross revenues of said plant and system shall not be gufficient t~ make such payments and to main- tain 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 and system. Section 8. This ordinance shall be of full force and effect from five days after its passage, approval and publication. ...... Passed by the Council and approved by th~ Mayor this llt~ day of Eovember, 1918. Attest: ~ ~ .... / O~'er~. "