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HomeMy WebLinkAbout0607 AN ORDINANCE specifying and adopting a Plan for'a municipal ferry system to operate between the Bremerton wharg and East Bremerton, heretofore known as ~;L~nette, and to other points on Port Orchard Bay; providing for the~purchase or construction of a ferry with necessary~equipment and also providing for the construction or purchase ef necessary landing places and all things necessary for a complete municipal ferry system; creati',ng a special fund for the purpose ,of defraying the cost of indebtedness incurred for the inssuance of bonds or warrants payable ~nly out of such special fund; directin~~ the payment of all the revenues of said municipal ferry syste~into said fund and Submittin~ the said plan~o the qualified voters of the City of Bremer- tone for ra~ific~tion or rejection at a special election to be held on the thi~dday of December, 1918. ~ TEE CITY COUNCIL 0~ THE C!T]f 0~~ BRE~RTON DO ORDAIN AS ~.0LLO?~S: Section 1. That the City of Bremert..n hereby specifies and adopts a plan for a municipal ferry system to operate between Bremerton wharf and East Bremerton and other: points on Port Orchard ~ay, which ~aid system shall charge ?assenger, freight and vehicle rates for ~$ssa~e thereon; the said plan Further ?roviding for t~he l~urchase of such a vessel or ferry as may be deemed adequate for the said service, to~ethero wi~h such equipment, landing places and facilities a~ may be necessary$ and the City Council of the City of Bre~erton hereby declares the estimated cost of said undertakings as nearly as may be, to be Thirty-five Thousand ~JB,000.00~ Dollars and proposes to pay the cost of same by the creation of a special fund to ~e known as the "~erry Bond and Interest Fund", into which fund certain fixed a~nounts, at stated intervals, as hereinafter set forth, shal~ be set aside and paid out of the gross revenues of the said municipal ferry system; all of t~e said gross revenues to be first paid into the cure'rent ferry fund. Out of the said cmrrent ferry fund, sh~ll be paid all of the said expenses of o~oe~'ating the said facilities and all expenses for maintenance, upkeep repairs ~nd other charges and the~-'e shall be paid out of the said current expense fund, into the said "~erry Bond and Interest ~und", the ~ixed amounts at the stated intervals hereinafter set forth. There shall be issued and sold at not less than par,~ or delivered over to t~e contractor or others, in payment for the indebtedness incurred in such Rndertakings, either for the ~0urchase or con- struction of the said vessel or to cover any other ex~enditures -~rovided for in thais ordinance in ,order to carry out the said undertakings, wa~.rants or bond~, or w~rants and bonds, as the case may be; the s~id war,rants to ~oear ~the ordinary interest pro- vided for warrants under the ordinances of the City ,of ~re~ner$on and the laws of the State of ~'yaShington, which s~id warrants may be thereafter refunded into s~eci~l fund interest bearing bond~, if t~e dity Cou~cil desires ,~o to do, ,or such bonds may be issued in the first instance, without issuing warrants. Section 2. That the estimated cost of all of said undertakings, ~s near as m~y ~e is tjX,000.00, which said s.m~n may be issued in warrants, as aforesaid, as the said expwnses are insurred, against the "~erry Bond and Interest ~und," which said ~und is hereby created, by this ordina~ce, and the said warrants when so issued ah~ll be redeemable in bonds a~'ainst said S~ecial ~und at ~he option of t~e Oity 0ouncil, and may be negotiated at par, and t~e proceeds the-~'eof used to pay for the costs and ex.ceri- ses of the said undertakings. Section J. The $ity Council is hereby authorized to issue S~oecial ?erry Bonds to th amount of said expenditures as hereinbefore provided, which said bonds shall bear in- ter_est at not to exceed six per cent 'per annum from their date, paya~ole semi-annually and shall matur~ in equal semi-annual series, lowest numbers firs~ ~he a~r~ tea sum of $1,000.00 maturing each six months, ~he first payme~t to .uature and become ~oayable dn January l, 19~0, and a like su~ of ~l,000.00 of said ~rinci~oal to be paya, le on each July 1st and Januar~.~ 1st thereafter until all of said bonds are paid. Interest coupons ~hall ~e arc, ached to, and be a part of siad 'bonds and the s~id bonds a~d couDons shall be .!?ayable ai~ the place therein stated, both ?rincipal and interest to be payable in Gold Coin of the United States ,of the ~resent ~tandard of weight and fine ness. The .principal of said bond~ , to~ether with the interest to be paid thereon, shal be an obligation only against the gros~ revenues of the said m~znicipal ferry s~stem, · hich said revenues shall be drawn upon for thte sole a~d only purpose of ~.ying said principal And interest on the bonds herein a, uthorized, or for i~a~ent of the s~eci fund warrants and interest thereon, issued for said indebtedness, herein authorized. In case said bonds be authorized by the necessarj~ vote of the people, the City Council shall provide for the form and detail~ of said bond,~ not prescribed in rD_is ©rdinance~ All of said bonds shall be consecutively n~unbered, or otherwise plai~ly designated as to date and number, and must be paid lowest nut, bets first. '~ Section ~. ~rom and after the date of such bonds and so lon~, thereafter as obliga- tions created by such bonds ~r~ outstanding agai~t such fund, the City Treasurer of the City of Bre~nertoa sh~ll set aside into the "~erry Bond and Interest Pund" from ti~e to time not le~s th~n thirty days prior to the ~es~ective dates on which inter- ~st and principal of said bonds shall beco~ue due and payable certain fixed minimu~n amounts ,out .of ti~e gross revenues ,~f the said municipal ferry system without regard ~o any fixed proportion thereof, equal to the resipective amounts .of interest and ORDINANOE NO. 607 (Oont'd) principal of said bonds next falling due, that is to say: Not less than the sum ~f $1,000.00 and all interest due and payanle on said next matutinal' interest pay day on all of said outstanding 'bonds. In the event that the City Council does not elect to i. sssue bonds for said indabtedness, but issued warrants only, against such s,pecia[ fund, then said warrants shall be paid and shall mature in all respects as to inter- est and princioal on the dates, a~d at the same semi-annual intervals, and in the sa, ne aggregate amount of ~l,000.00 each si~_ months as is set forth herein for said bonds, provided, a greater amount of said bonds or warrants may be paid on any said dateon call by notice published for ten days in an offic&~l newspaper of 8remerton. and the City of Bremerton 'binds itself to _~.~ay into said ftmd out of the revenues of said municipal ferry ststem, not less than the sum of i~l,000.O0 an~ intez'es~t every six months, as se~ £orth he~,~einbefore, for the payment of the said indebtedness, whether said indebtedness be in the form of special fund warrants or special fm~d bonds. Section 5. The City of Bremerton does hereby declare that in fixtn~ the amom~ts to be ~aid into the said fund, as aforesaid, it has ~exercised due regard to the cost of operation and maintenance of said municipal ferry system and the existence of obligations against the revenues thereof, and has not therebyobligated and bom~d said Ci4y to set aside into said special fund a greater-amount of the reven- ues than in its judgment will ice available over and above such cost of maintenance and operation.. Section 6. That a sgecial election be held in the City of Bremerton on the ~;rd day o£ December, 1918, at which election there shall 'be submitted to the qu~.lified voters of said 0ity ~'or ratification or rejection the proposition set forti~ in this ordinance, and particula~'ly in Sections l, 2, $, 4 and 5 hereof. Notice of suc~ election shall be published in the said offi~;ial newspaper, in the fo~.-.~ and manner prescribed by law. Every voter at said election desiring to vote in favor of s~d proposition s~hall vote a ballot containing the following stateme.~t: "IN FAV0~ 02 THE PLAN," specified and adopted ~y the Cit.y Council of the City of Bremerton for a municipal ferry system for the City of Bremerton, and for creating a special fund into which eertainfixed portions of the revenues of said mun- icil~al ferry system shall be paid, and ~'or issuing municipal ferry bonds or warrants 'in the estimated sum of $35,000.00, bearing interest at the rate of not exceeding six ~er cent per annum, ~ayaiole semi-~mually, maturing at the rate of ~l,000.00 every six months, co~mmencing on t~ first day of January, 1920, and on every July first and January first therea£ter until all of saidbonds are ~aid, paya.~le only out of s2id special fund into which said fund the City binds and obligates itsel~ ~to set aside and to pay from th~ gross revenues of said certain fixed ::;motu~ts at certain fixed dates sufficient to ~ay the orincipa. 1 and interest on any ~.nd all bonds or warrants issued rudder authority of thisordinance, as t~'~.e same may-mature become ?ayable. Any.wa~'rants issued under this ordinance to bear intere~.t ~t ti~e rate of other w~rrants under the ordinances of the City of Bremerton. revery voter at said electi,n desiri.~.~g to vote against the said pro?osition shall vote a ballot containing the followin~ statement thereof: "AGAINST T~-~iE PLaCId!," specified a~d adopted by the City Council of the City of ~rem- er~on, for a f,Iunicipal ~,~e~-ry System for the City of Bremerton and for creatin~' a spec ~al fund into which certain fixe~ portions of the revenues off said municipal ferry system shall be oaid and for issuin.~' m~uicipal ferry bonds or war~.'ants in the esti- ms, ted stun of $35 ~ 000. 00 , bearing interest at the ~'ate of not e:~ceedin.~· siz er cent per a~mmn, payable semi-a~nuall~., maturing ~t the rate of ~l,000.00 every six months, co;~mencing on the fiz. at day .of January, 1920, and on every July first and January first the~eafter, until all of said bonds ~re paid, i.~ayable only .out of ~aid s0ecial fund into which said fund ~he City binds and obligates itself to set aside and to pay from the ~ro.~:s revenues of co~rtain fixed amounts at certain fixed d~.~tes suffi- cient ~e pay the principal and interest on any atnd all bonds or war:~'ants issued under authority of this ordinance a~- t.he same m:~y m,:~ture and become payable. Any warrants issued under this ordinance to ~oear in~;erest at the rate of other warrants under the ordinances of ti~ City of 3remerton. Section ~. In the event~ said proposition h~reby submitted 'be ratified an~ s:~i~ City issue all or any part of said special fund bo~.~ s for th.~ purposes set £orth in this ordinance, then all such bonds so issued shall be a first, !prior and direct lien , ainst th~ ~ross r-:~'venues press~ covenants and a~rees wi of said municioal fRrrv system a~d ~ th tY.:~ holder oi' each a~d every cz such oon~ se~- issued, that the lien of all~ future or other indebtedness which may be created and made payable out of the revenue~,~ of said munici~al ferry system, shall be subordinate, inferior and Junior to the lien of such bonds, and in case warrants are issued for the said improvements and betterments under the term of this ordin- ance, and are not converted into bonds, then the said warrant shall have the same rank, and shall be protected by the same sureties, guarantees and pled~'es as are set forth herein for the said bonds in case such bonds are issued. ORDTNANOE NO' 60? SeCtion 8. In the event such bonds or warrants or any portion thereof be issued the City of Breme~ton hereby 'binds and obligates itself not to sell or lease or in any manner dispose of the said municipal ferry system or any additions ,or exten- sions that may be made thereto until ail of the s~& bends or warrants so issued, 'with interest thereon, sha.~l be fully paid or provided for to the satisfaction of~the holder~ off such bo:..~ds or warrants; and the City of Bremerton further covenants and agrees with the holder or holder's of each and every said bond or warrant that it will maintain Said municigal ferry system in good cond&tion and will efficiently operate the same; that it will not reduce the rates or charges for~the conduct of said municipal ferry system so that the gross revenues thereof will be insufficient to maintain and operate said facilities and make payments into said special ftuud herein provided for in addition to the payments the C~ty ~is already obligated to make from said gross recenues for the maintenance aha operation of said municipal ferry system; and that if at any time the gross revenues of said system shall not be sufficient to make such payments and to maintain and operate the said system, that it will increase its r~tes and charges to such a ~igure as will make the revenues therefrom sufficient to maintain and operate the same and make all of s&~d paymenSs as hereinbefore set Section 9. This ordinance shall be of full force and effect form five days after its passage, approv-~l and public.~tion. Passed by the 0euncil and approved by the Mayor, this llth day of November, 1~18, ~ayo r · City ~lerk.