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HomeMy WebLinkAbout0553 AN ORDIN~-~CE specifying and adopting a system or plan for the acquis~% ition, either by construction, conde~uuation, or purchase, by the City of Bremerton, of an electric light and power plant and system, within ~nd wi~ out its corpor~te limits for the pur~oose of furnishing said City and the habitants thereof, and any other persons, with an ample supply of electric- ity, light and power for lighting, heating, fuel ;~nd power purposes, public and private, declaring the estimated cost thereof, a s near as can be, creating a special fund for the sole purpose of defraying the ~ost of ac- quiring, condemning or purchasing such plant, providing for the issuance and s~le of bonds, p~'able only .out 0~ Blloh ~peolal fund, and ~ubmltting the s~.~e to the qualified voters of said City for ratif~cation or reject- ion, at a special election to be held in s~id City on the 18th d~y of Sept ember,lBl?. The City Council of the City of Bremerton do ordain as ~i'ollows: Sec.1. That the City of Bremert~u specifies and adopts the foll-~'- lng plan and system for the acquisition by the City of Bre,~,~erton of an Electric lighting plant and system within and without its corporate limits for the purpose of furnishing said City and the inhabitants thereof with an ample supply of electricity and other means of electric power and facilities for lighting, heating, fuel and power purposes, public and private, together ~ with the right to handle and sell or lease any meters, lamps, motors, transformers and euipment or accessories of any kind necessary and convenient for the use, distribution and sale thereof; and to purchase such electricity or power from ot~ers either ~ithin or without the city for the said pur- pose, and for f~urnishing its surplus supply, if any, to any other persons within or without the said City: That the City of Bremerton shall acquire ~y ~urchase, cnudemn~tion, or by enforced specific performance of the option of the said City of Bremerton, to buy under the terms of Ordinance ~Z1, of the City of Bremerton, the present existing electric light and power plant as now owden and operated by the North Pacific Public Service ~onpany under sated Ordinance ~B1 of the City of Bremert,~n, and comprising the entire and complete electric lighting system operated over and on the streets of Bre~erton and in the unincorporated portion of Kits~:.p Cou,~ty contiguous to the said City of Bremerton, together with such connecting wires, conveyors, transformers and other euipment as may be necessary and used as a part of the said present existing system to conn- ect same with a reliable supply of electricity for the uses hereinbefore speedilY, ed including all necessary property, real, personnel, or mixed, used and ~wned by the owners of the said electric lighting system ~a part of the same, or as incidental thereto; or to the said City of Bremerton, in the discretion of the City Council, shall construct a complete new electric light- ing and power system, substantially according to the plains of the present existing system, and in substantial duplication thereof, of like capacity and to ,~onsist ,of lines, poles, conduits, wires, transformers,fixtures, a~d ~ccessories of every kind, necessary to supply the said City of Bremertan, its inhabitants and other per~ons, with an apmle su!~ply of electric current for any and all purposes and to charge and collect therefor such rates as may be proper, and to sell ~nd dispose ,of ~ny surplus supply to any persons without the said City o~"f Bremerton, and to supply and sell all fixtures, equipnent and accessories and to instal same for use in buildings, residences and elsewhere in the said City of Bremerton, and to operate said plant in all respects as a public munici:~al utility. Y;hether the said City Council in its discretion shall purchase or acquire the existing system and operate same as hereinb,~fore set forth, or shall construct a new plant or system, and operate s~e as hereinbefore set forth, the cost of said plant or system, in either mase, as near as may be is hereby fixed, at no~ to exceed ~l~O,O00.O Sec. 2. ~or the purpose of defraying the ~cost of ac~,uiring, or const~ noting, said lighting system and plant, there is hereby created in the T~'easu~ a spe~ial fund to be known as the "Bremerton Light Fund" and bonds in the sum of One Hundred and Pifty Thousand (~150,000,001 dollars, or so much the~'e0f as may be necessary to acquire or construct ~aid plant and system shall be issued and sold, which said bonds and interest thereon shall be oayable only out of said special fund; shall bear ineterest not exceeding six per cent per annu~ payable semi-annually, and shall mature serially in the order of their numbers, lowest numbers fire't, approximately as follows: 5~.~ of the total issue of said bonds shall mature in six years ~fter date thereof: B% of the total issue of said bonds shall mature seven years after date thereof: B~ of the total issue of said bonds shall mature eight years ~fter date thereof: 5% of the total issue ,of sa~d bonds shall mature nine years after date thereof- 5~ of the total issue of Said bonds shall mature ten years after date thereof' 7% of the to~al issue of said bonds shall mature eleven years after date there 7% of the total issue of said bonds shall mature twelve years after date thereof. 7% of the total issue of said bonds shall mature thirteen years after date thereof. 7% of the total issue of said b.onds shall mature fourteen years a. ffter date thereof. 7% of the total issue o'f said bonds shall mature fifteen years after date thoreo£; 8% of t~e total issue of said bonds shall mature sixteen years after date tl~ereof: 8% of the total issue of said bonds shall mature seventeen years after date thereof: 8% of tile '2otal issue ,of said bonds shall mature eighteen years after date there.~f: 8% of the total issue of said bonds shall mature in nineteen years after da~ thereof: 8% of the total issue of said bonds shall mature twenty years after date thereof: If the oroo.osition submitted by this ordinance be ratified at the elec- tion. the Council shall orovide for the form and details .of s. uch bonds, and shall sell the same ~,t; not lessthan oar and accrued interest in such mamier as they ~'.eem for the best interest of the City; and the corporate authorities may provide in any contract for the construction or equipment of the said plar~ or system, that pa,muent therefor shall 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 or at the State Piscal Agency in New York City at the option of the purchaser; that the said bonds author- ized by this Ordinance rosy, in the dissect ion 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 One iiundred and Piety Thousand l;~lSO,O00) Dollars. Sec. $. The City of Bremerton to secure and provide for the payment of the interest on said bonds hereby obligates and binds itself to set aside and 0ay into said special fund from the gross revenues of said plant and syste~ on or before the first day or each and every calender month beginning with the month in which said bonds are dated, a sum equal to one-twelfth of the interest on all said bonds out'~tanding and unpaid; amd 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 ~ro~s revenues of said plant cer rain fixed amounts .on certain fixed dates, as fo Llow~: On or before the last day of the 12th calender month of the fifth year after the date of said bonds, and on or before the last day of each and every calender month thereafter so long as any of said bonds remain ot~tstanding and unpaid, an amount equal to one-twelfth of the principal amount of said bonds next maturing. It is hereby declared that .':aid City and its common 0ouncil in creating said special fund 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 regard to the cost of operation and maintenance of said plant, have found that no part or portion o~' the revenues of said plant has be~n previously pledged as a fund for any other indebtedness, and have not hhereby obligated and bound said City to sat aside into said special fund a greater amount of the revenues and profits of said plant than in their Judgement wil~ be available over and above such costs of maintenance and operation. Sec. 4. That a special election shall be held in said City on the 18th day of September, 1917, at which special elction there shall be sub- mitred to the eualified voters of said City for ratification or rejection the proposition set forth in this Ordinance, and particularly in l, 2 and 3 thereof. Notice of this election shall be published in the City Official newspaper and posted, all in the form and manner prescribed by law. Every votmr at said elmction desiring to vote in favor of said p',oposltion shall vote a ballot containing the following statement thereof. IN ~/,VOR of the system or plan submitted, specified and adopted by the ~ity .of Bremerton for acquiring by condemnation or pur'chase, or by construc- tion, an electric lighting 'plant or system within or without its corporate li,aIts for the purpose of furnishing said City and the inhabitants the~'eof and any other persons with an ample sup.oly of electricity and ~ll the oroduc~s and by-products of an electri~ lighting plant, including facil- ities for lighting, heating, fuel and powe~~ pnr!~oses and al~ accessories of any kind necessary and convenient for the use. dis tribution and sale there- of, at an esti~ated cost of One Hundred Pity Thousand Dollars, and the issuance and sale of bonds in an a~nount not exceeding said estimated cost, bearing interest at a rate not exceeding six ocr cent per annum, payable semi- annually, maturing serially in from five to twenty yes. rs from the date ~there- of, payable at the office of the City Treasurer or at the State Piscal Agency in New York City at the option of the purchaser, and payable only out of a special fund, into which said fund said ~ity binds and obligate~ it- self to set aside and pay from the gross revenues of the said plant and system csrtain fixed amounts a~ certain fixed dates, sufficient to pay the principal and interest o~ said bonds as the s~me may mature and become payable; all as set forth in Ordinance ~1o. ~8~ of said City and particular- ly in Sectionsl. ~. and Z of said Ordinance. Every voter at said election desiring to vote against said pro~osition shall vote a ballot containing the following statement thereof: AG~IINST the system or plan submitted, specified and ad~pted by the City ,of Bremerton for ~acquirlng by condemnation or purchase, or by co~s~ruct- ion an electric lighting plant or system within and withou~ its corporate limits fo~ the purpose of furnishing said City and the inhabitants there- of and any other per~ons with an ample supply of ~sl~ctricity and ~,ll the products and by-products of an electric lighting plant, inc~uding facilities for lighting, heating, fuel and power purposes and all accessories of any kind necessary and convenient for the use, distribution and sale thereof, at an estiuated cost of One Hundred i~ity Thousand ~ollars and the issuance and sale of bonds in an amount not exceeding said estimated cost, bearing int- erest at a r~te not exceeding six per cent per annum, payable semi-annually maturing serially in from fiv~ to twenty years from the date thereof, payable at *~he .office of the City Treasurer or ~t the State Piscal Agency in New York City at the option of the purchaser and p~yable only out of ~ special fum~ into which f~n~d safd City binds and obligates itself to set aside and pay from the gross revenues of the said ~lant and system certain fixed amounts ~t certain fixed dates, sufficient to pay the principal and interest o~; said bonds as the same may mature and become psyable; all as set forth in Ordinance No. ~ of said City and ~a~tlcularly in S~ections 1, £ and Z of s~id 0rdinanc~ Sec..~. In the event ~aid electric lighting p~lant;and system be acquired or a new one be constructed by said City it shall be operated, cond.~ ucted and maintained by said ~Jity, and said City shall have full power to regul~te and control the use, distribution ~nd price of all electricity,power ac~,essories or other things furnished thereby to ~ake additions and better- ments thereto, or extentlons thereof. ~nd to protect and ~afeguard ~ame. all pursuant to ~nd in co~pliance with the l~.ws of the State of ~Tashington thereto relating. Sec. 6. In the event said propositon hereby sub~ltted be ratified a~ said City all or any part of said special fund bonds for the purpose of raisin~ funds to a~:quire or construct said plant, thlen all such bonds so issued sh~ll be a first, prior ~nd dirst lien against the gross revenues of said L,!~nt, and said City hereby expressly coven~nts and agrees with the holder of each and every of such bonds so issued that the li~n of ~ll future or other indebted- ness ~uhich may be created and ~uade payable out of the revenues of such plant, shall be subordinant, inferior and Junior to the lein of s~ch bonds. Sec. ?. In the event such bonds or any portion thereof shall be issued, the City of Bremerton hereby irrevocably binds and ogligated itself not to sell, lease, or in any other manner dispose of said lighting plant or w any additions or extensions that may be made thereto until all of said bonds so issued with interest thereon shall be fully paid, withou~t the consent of the holders of such bonds; and the City of Bremerton further covenants and a~rees with the holder or holders of each and every said bonds that ir will maintain s~id plant and system in good condition and will e~'ficiently o~er~te the same; tha~ 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 mal,e payments into said special fund as hereinbefore provided; and that if at any time the gross revenues of said plant ~nd system shall not be suf~icient to ~ake such p~yments and to m~intain and o~,~erate t~'~e said plant and system, that i~ will in crease its rates and ch~r~es to such a figure as v~ill make the revenues therefor sufficient to ~intain and operate the same and make the said pa~nents. Sec. 8. This Ordinance shall be in f~21 force and effect From five da~s after its passage, approval and publication. Passed by the Council and approved by the ~,fayor this 2Zrd day of July, 191?. ~ ,. TO r ATT~ST: --~/w Clerk I~~J~ , Clerk of the City of Brensrtm /Y do hereby b-~rttfy that the foregoing is a full, true and correct copy of Ordinance No. 553 of the City of Bremerton as the sane appears on file and of record in my office. In witness whereof I have here~to set my hand and affixed the seal of the City of Bremerton th~s 25th day of July, 191?. er~Y-O~~mer'~on,