HomeMy WebLinkAbout0544 ~ ~a~5
','~'~,~'~.~' ~oroviclin~ ~.or the form an~i. ctetaiB_a of 000.00 Bremer~on Wa~er
;'forks Bonds, au~i~orized by Ordinance I1o. 518 and by vote of the oualified voters of
said city at a special e!ee%ion held therein on AuSust 3, 19~5, m~der ar~. purs~nt
to sia6 ordinance an~ providin~ for the execution and deliver? o? said b~,nds.
WIIEREAS, a~ a special e!eclion held in the Oi~y of Bremerton, '~?ashi;-~ton, on
August 5, 1915, ~mderand pursua/~ to the provisins of 0rdinm'~ce No. 53_a of
there was submitted to t]~e oualified voters tl,e proposition of ~ke ~ai~iil~n
said 0ity by conderanation or purchase .of the ;~later Works system wi'bin and ~thout
its corporate limits, which now supplies said ~ity ~d the City of Oharlesto~: and
the Puget ~o~d Navy Yard and other persons living adjacent thereto with water,
including all the prope':~ty, real, personal 0r sized and all franchise rights and priv
ileges of any a~d everi~ nature whatsoever constituting or being a part of such plant
or appurtenant thereto, and the issuance by said 0;ty of bonds in a sm.a not
ing $225,000.00 fo;~ the purpose of paying the cost of acquiring the same, said bonds
to bear interest not exceeding six per cent per ann~na, payable ser:~i-annually, to
mature serially in from 2 5o 20 years from date thereof, and to be payable, both
principal and interest, solely ou~ of the special f'~d created by s~d Ordinance and
~.o~ as "Bremerton Water Works ~d," into which f~md said City by said Ordinance
b.~m~d and obligated i~self to set aside and ~.y from the gross revenue of said
system certain fixed amom~ts at certain fixed dates sufficient to pay the principal
and interest of said bonds as the sa~e should mature, a~
~E~S more than three-zz~.th.s of the quall~z_.d voters of said City voting at
said election upon the proposition subnitted as afforesaid voted in favor thereof, ~d
:,.~HEi~AS, said City has entered into a written contract with John E. Price & Com-
pany of Seattle, }?ashin:~ton, for t}~e sale off said 6% bonds at the pric:e ~f par arid
accrued interest, a:~
'~i~AS, all litigation and proceedings instituted by said City for th~ purpose
of acquiring said ','later Works Systea has been compromised, adjusted and finally
determined and adjudicated and ssi~ City is now authorized by lhw-~to acquire said
Water Works ~,
DXs t e~:l, and
WHE~IAS, the cost and expense of ~quiring said system, including the costs and
expenses necessarily incurred in conne~tion with the littEation arisin~ out oY such
transaction is the sum of ~2a5,0. 0.00, e~-~d it is for t}~e best interests ~f said City
that it proceed forthwith to deliver said bonds and acquire sa~d ~fater Works System.
NOW TI[E[.EPORE, the City Co,moil of the City of Bremerton do ordain as follows:
Sec. 1. Ti~at for the puz-pose .of payi~g tt:e cost of acquiring the aforesaid Water
~orks Syst~:~m and the cost and e. pense necessarily incurred in the litigation arising
out of the transaction tl~e 0ltv of ~remerton issue and deliver ~}22,,0~0.00 bonds to
be ~o~ as City of Bremerton Water Works Bonds, the s~ae being the bonds authori,.:ed
by Ordinance No. 518 of said ti""
,~ and oy ~he requisite vote of the qualif ied voters
off said 0ity at a Special election i~eld t!aerein on August i~, 1915, m'~dea' and iu~'su~t
to said Ordinance as aforesaid. Said bonds shall be of the denomination of ~500.00
each, shall be n~ubered oonsecuti'~ely from I to 450, both incisive, shall be dated
January l, 1917, shall bea~ interest at the rate of 6% per a~, paya~.le sel~lt-
annually on the first days of July a,~d January of each yea~' for which interest coupons
shall be attached to zaid bonds and shall be:payable, both principal and interest in
gold coin ~f the United States .~ff the ~resen. t standard weight and fineness at the
office of the Treasurer off said (lf~y or at the ',~lashington Pis~al Agency in the ~ity
and State of New York, at ti~e option ~f th holder, and solely out of a special fund
in the Treasury of said 0ity created by said Ordinance No. 518 and known as
I'iATEi~ i'10~S FUND." Said bonds shall be signed by the ,i:Iayor and attested by the Clerk
under the corporate seal of'~aicl 0ity and sha)_l mature serially in the order of their
n~bers, lowest n~aber2.~z~t, in amounts, n~m~ber~ and dates as follows;
~0UNT -~ I.~L~E!~ DATE 0F 15'~ ~TU.~ITI~,~
$2,B00,0O i' to 5 both [nc!uSive January 1"; 1919: '
4'500.00 6 to 14 " " " ~, 1920
?,500.00 15 to 29. " " " 1, 1921
9,000.00 Z0 to 47 " " " l, 1922'
11,000.00 48 to 69 " " ', ~, 19Z3
11,000.00 70 to 91 " " " 1, 1924
I1,000.00 92 to 113" " " l, 1925
11,000,00 llt to 155 " " " l, 1926
11,500.00 156 to 158" " " l, 192?
13,500.00 159 to 185" " " l, 1928
13,500.00 186 to 212" " " 1, 1929
13,500.00 215 to 239 " " " l, 19ZO
13,500.00 240 to 266 " " " l, 1931
13,500.00 257 to 293" " '~ l, 1932
ORDTI,L~i!CE NO,. 5¢4 (Oant'a i
A,q0UN T NUL{BERS DA?T'] OPi hLTURIT IES:
15,500'.'00 294 ta 324 bo~h inclusive J~nuary !, 19~5 '
15,500.00 5E5 to ~55 " " " 1, 193~
15,500.00 S56 to 386 " " " 1, 1955
1~.000.00 587 to 4i0 " " " 1, 1956
16,000.00 -119 to 460 " " " 1, 1937
Sec. 2. Said bonds and coupons shall be in substantially the followin~ form:
No. ~00. O0
THE CI,.Y (? ~:'~',.~',H:
~, ~., .~,l~ WORKS ~OND.
~{0"1 .L;]L ~lI qV.. '~'[U']~-~] ~'~:~z*°~'~T"~¢.,_: .: mhat_ the ~ity of Bremerton, a mlulicioal, corpor-
ation of the ~tate .of Uashirig~on, or.value received hereby promisc~s to psy to bearer
~'ive !k~dred (.,~500,00) Dollars in Gold Coin of t]ie United i~tat~s of the present stan-
dard of weight and fineness, on ~,he first day of J~nuary 19 with interest thereon
at the rate of six per ~ent per annie, payable semi-annually on July first and Janu-
ary first of each year in like Gold Coi~n upon presentation and surrender of the inter
est coupons hereto attached as they severally become due, both principal and interest
payable %t the 2iscal Agency o.f the ,~tates of ~7ashiil~toil in the uity and btate of i~ew
York, o~)at ~he .office .of the -rea~urer oJ~ said Jity, at the o2tion of the holder
hereef,; solely out of the revenues and proceeds from the :Tater ?~orks i-;ystem of said
City as provided herein ~ndin Ordinance No. 518j~a copy oJ' wPtall is printed on the
reverse side of this bond, whic~said Ordinance nassed the city colmcil and was
~ cz ~ce, l~i~, and the City Treasurer of the
ap,)r, oved by the Llay.or aii the 28th day ~ ' ""
3f ~remertoa is hereby directed to pay the s,]e as herein provided,
This bond is one of ~$ series of 450 bonds of like date a~d tenor, e:~ceo~ as
maturities, aggre~atin~?wo ~!~mdr-,d Twenty-five Thousand (:~225,000.00) Do~lars,) all
of which are authorized by said ~rdiaanee Ilo. 518, and are issued by said City' for
tn~ ,)llr,).ase aoquirin~ a .,'ater Uorks Susten to be owned and controlled by said
City pursuant to a syste:a .3~' plan therefor specified and adopted by said .rdinanoe,
and ratified by the vote ,3~ the filzalified electors of said oit2~ voting at a 8peotal
' electi.)n held therein On ckll~Utt S, 1915, This ~odd and all bonds .of the series
"which it is ,3n~ is payable solely 3llt o.g a ~'peoial find in t] e '.Jreasury .of said Oity
created by said ~rdinance and ~]wn as "Bremerton 'Jatar Works F~d," wtlioh fmid is to
~/ be drawn upon foz' the sole pllrpose of paying the principal and int~rest of sai bonds
a~td for tile payment 3f whi~oh provisi)n has been made as ap~ear~ herein and in said
Ordinance.
To secure ~d provide for the payment ,)f the intereat of this bond ~d all of the
bonds of said series the ~ii;y of ;;re~m~rton hereby covenants and agrees with th~
holder of this bond ~d each and eve!'y person who may become the holder thereof, and
hereby binds and obligates itself to set aside and pay~nto said special f~md from
the gross revenue of said water works system oert:tin fixed amo~mts on ceftin fixed
dates, as follows, tocwit:~On or before the last ~ay of each and ev~ry calendar monet
begin:~ing w~th Janua.%~ 1917, a s~n equal to one-twelfth of the interest on al.! of sai~
bonds then outstanding and ~u~paid.
To secure and provide for th., payment of the principal of this bo ,d and all of
the bonds of said series, the city of ]~remerton hereby covenants ~d agrees with the
~olde~' ef th%s bond ~,'1. each and every person who may beoce the holder thereof, and
hereby binds and obligates itself to set aaide and pay into said special fund from
the gross revenue of said 'Jater ./o~ks ~ystera certain fixed ano~mt~ ,m]n certain fined
dates as follows, to-wit: ()n or before the last day off each and every calnndar
' t
month beginning with the :mn,h o~ December 1917, and thereafter so long as any of
said bonds remain outstandi~ and ~mpaid, an am~mt equal to one-twelfth of the
principal amount of said bonds next maturing,
;~:~:~_~::z u,~u~;u,~ that this issue of bonds i8 a first prior arid direct lien
against the gross revenue of said Uater Uorks System.,and said City hereby e:.:pressly
covenants and a~rees wi bh the holder of each rand every bond of this series that the
of any future or other indebtedness which may be created and ~]ad.e ~yable out of the
revenues )f suuh syste~l shall ~,e su]~ordinate, inferior and ~ior to the lien of this
series ~f bonds and the ~ ,*
, _t~ of 4remerton hereby irrevocably binds ~d obligates
itself, not without the consent of the owners of said bonds, to sell, lease 3r in
any manner disoose, off said 'Jater ,,orks Systen or an~,,, additions or extensions that
may be made thereto ~til all of the bonds of this series, together with interest
thereon shall have bean fully paid, and said dity heret}y further covenants and agrees
with the holder or }~olders of each and every bond of this series that it will main-
rain in .~ood condition ando2erate said sustem; that it will not .reduce the rates or
O~L,L~C..~ NO 544 (Cont'd}
char~ t~.o ....... for water so that the gro~s revenue of sa~d SFstem will be insufficieut
and ~e~a~e~s~he same and ~o make tho ~yments into s~id special fund a~ aforesaid, ~ d
~hat if at any time the gross reveille oJ~ said sy~tem shall not be sufficient to make
such payments and to maintain and operate said Ssstem, that it will increas~e its'~ rates
and char~es for water to such a figure as wil~ m~ke the revenue from such system
sufficien~ t0 maintain and operate the s~ae and make such ~pyments.
The City of ~remerton further covenants and agrees with the holder oY this bond
and each ~nd every :)erso~ who ~ay becorae the holder thereof p~otually ~nd faithfully
to keep and per;form all of its duties, ob!i~a~ions anJ covenants as set forth in this
bond and in said Ordinance, and for the further assurance of the purc]~aser of this
bond and of each successive holer hereof, it is hereby found and declared t~at the sam
is issmed in strict compliance wiU~ the Laws of the states of ~Jashingto~ and the
Ordinance of the m~id udty of ~renerton herein referred to, and it is i;urther fo~ and
declared that all ac~s, things, elections, orders, ordinam~es ~d conditions precedent
to the riont to issue and deliver this bond, as prescribed by sa~_d Lawa ~d Ordinances
of said ~ity, have happened, exist,,d and been done and 9erformed in the ~anner therein
provided and prior to the issue~here3f, and tha~ this bond is a v~id and binding
~:~].~s--F~' create~ and estal,l~
obligation uoon and against said~"~remerton~Igter~ ' ~
as auth0rize~ by law a d specified in this bond.
Ii~ ~/IT~,~ESS ~E_~3~, the ~i _~ ~remerton has caused this bond to l~e s!~ed by its
May~r ~d ~tbested by its Clerk ~d h~s c~used its corporate se~l to be hereunto aff-
ixed, and h~ caused the compels hereto att~ched to be si~ed by the lt~hograDhed
signature of said officers, and this bond to b.~ dated JanB~r~--1,~917..'
~ayor of the Jity ~f
Attest:
~-01er~of the ~,bity o~. ~r~me~ton,
~;~ ~'~UE - ~;,,~ , the ()ity of .~re;'~erton, State ~? Washi:~ton will pay to bearer
at th~ .'.f:fioe ~f the l'reasurer .3f said ~ity, ~pr th Pisca! ~:~gency ')f the ~tate
~ashington in the 0ity m%d ~tate of New York, at the option of the holder here;,f
~ifteen Do lars (~,~5.00), in 3o!d ~3i~ of the United ~tate.~, said s~u~:~ be.Ln~ paya],!e
;only out of the revenue fro~ the ~,/ater ~7orks System of said Uity, as provided for
in the bond hereinafter ~aentione~,, and in the Ordinance o~f said city aul;horizin~:;
same, and being six months interest due on the d~:~y of on its J~remerton
~a~ter ~orks ~ond dated, January !, 1917. __~~'~
Attest: i~ayor o:f the City o'f Uremeg~o~.
..... Cl~k ~£ the City o? Bremerton,
~ Sec, 3. Tke -[ay.or is hereby authori:~ed and directed to s~ign said bonds ~d the
clerk to attest the same and a'?fi:c t}~.ereto the seal of said City. The coupons ~d~at~_
bear the lithograpked fac-si~,~ile Of the si[~na~ures of the [[a. yor ~d :]!erk and a !ith-
~graphed fac-simile of the seal of said City, and such fac-similes shall be to all
intents and purposes as bindf, ng upon said City as though the coupons bearin.~ tl~e sa:~e
t~ad been signed in ~Le proper hand-;ritin:~ o"' t}~ .~ay.or and c!~,r~,, and },.ad affi:.:ed there-
to the top,rate seal of said ~ity.
b Sec. 4. The cle:r',~ t~ here~;y ~uth.orizac~ and directed to deliver all of said bonds
duly executed to John ]~. Pri~e & Company, Seattle, Washington, upon pay~ent of the
purchase price therefor, to-wit, ~ar ~md accrued ;nterest, and the receipt of the
urerfor said purchase money shall be full acquittance to the purc;:aser who siva?! bet
be bound to see to the a plication o:f t~ :,ur~hase
Sec. 5. Ordinates ~o. 527 and .[o. 532 amending section 2 thereof are here]~y rel~oal
Sec. 6. This Ordinance shall be in full force and effe~;t fire days after its passaEe
approval and publication.
Sassed by the ~ity Core, oil tn resular sez~sion assembled, and approved by ,:~e th~s
15ti~ day of JanBa~y 1~17,
Attest: