Loading...
HomeMy WebLinkAbout0555 0RDIiL~CE NO. 555 Preamble to (~rd~nance ilo. 555 Y~HER>IAS the emergency brought on by war demands of the government, and the large increase in population incident to war preparation will require the expend- iture of a sum approximating ~50,000.00 for permanant betterments, improvements and extensions to the Bremerton w~ter supply system in addition to a sen in excess of water fund in ordinary water fund warrants for unusual addit ions, charges ~nd ~xpenses of or!~uization and, i;~hereas the revenues of the water system are greatly increasing each month so that all opera~ing expenses, maintaRancs, interest and sinking fund for purchase bonds now out~andlng can readily be met and an ample cu~n be laid aside from the ordinary plant revenues t.o pay the said additions and unusual expenditures without increasing the rates charge~ for water, provided the said unu~ual and extraordinary expenditures are paid out of said revenues of the said system graduall~ and over an extended period, T~:~'~;'~v the City Coltneil of the City of Bremerton do pass and adopt the following Ordinance: O;{DI~,A/,,C~'~ N0. 555 An ordinance specifying and adopting a '~ystem or plan f~or malting certain additions and betterments to, and extensions of, the existing water supoly system of the ~Jity of ]~remerton and for refunding outstanding water fund warrants issued for ~uuusual expenses incurred in similar additions, betterments ~::nd unusual expenses of organization, declaring the estimated cost thereof, as near ag may be, creating a special fund for the s.ole purpose of defraying the cost af said undertakings; adopting a plan for the continuing of such fund for further and additional like expenditures; providing for the issuance of bonds or warrants payable only out of such special fund, and submitting the s~me to the ~ualified voters of the city of Bremerton for ratification or rejection at a special election to be held on the 18th day of ~epte~ber, 1917. ~ec. 1. That the City of Bremerton by this C'rdinance hereby specifies and adopts a system or plan for making certain additions rand betterments to, and extensions Sf, the existing water supply system of the !]ity of Bremerton, and for refunding outstanding water fund warrants in the sum .of ~10,000.00 for expenses already incurred in similar additions, betterments ~,nd unusual expenses of organization; and the city of Bre~erton hereby declares the esti~nated cost there- of as near as may be, and proposes to pay the cost of same by a creation of a spec- ial "Improvements and Betterments V~ater Fund" into which shall be paid certain revenues of said water suppl:' system to pay the principal and interest on certain "Improvements and Betterments Y~ater Pund" warrants to be sold or negotiated by the city or delivered over~ c3ntractors~2r others in payments for indebtedness incurred in such undertakin.~s, said '~-~'arrants to be thereafter refunded into special fund interest~ bearing bonds, if the Council desires so to do, or such b)nds to be issuedat first instance without first issuing said warrants. That the increased demands ~-{ the Government of the. United fJtate~ for an added supply of water from the said system and the increased demands of local population in the cities of Bremerton and Charleston, and in contiguous unincorpora-ted co~nmunities requires additions and betterments of, or extensions to, the said existing water supply system, includ- ming additions~l water rights at Wild Cat Lake and additional land. Sec. 2. That the revenues or proceeds of said system at present current rates, are and will be sufficient to meet all of the expenses of the operation and maintenance of said water supply, including the construction, operation and main- ~enance of the additions, betterments or extensions proposed herein, and will be sufficient to permit the setting aside from time to time of fixed amounts from the revonues and proceeds of said water supply system int~ a special fund to pay the principal and interest upon all out standing obligations of said water supply system including sinking f~d for payment'~<f purchase bonds, m~intenance, upkeep and all charges, and also to pay the additional expenditures herein proved ed for. Sec. ~. Th~t the ~lans of said additions, extensions, betterments ~nd unug:ual ex~'~enditu~es herein provided for are to construct and lay an ~dditional pipe linm or lines with extensions and additions to meet accruing demands for new water connections, to acquire certain additional lands and additonal water rights at ~ild dst Lake or elsewhere, to safeguard and assure at roll times an ample water supply, to construct, euip and put into shape for use a reservoir or reservoirs in Ole Hansen's Navy Yard addition or elsewhere, as may be necessary to provide water sufficient for the demands of said system and f~r the satisfactory operati.~n of said plant, and to refund ~lO,O00.00 of ordin1%ary water fund warrants into said special fund, which said ~10,000.00 has already been expended in said undertakings and in uan~sual expenses of organization. i~a~e ,i#20rdina~nce No. 555 Sec;. 4. That the estimated c,~st of said undertakJ.ngs, as near as may be, is ;.~60,000.00, which said sum may he issued in warrants against the "Improvements and Betterments ~'/ater i~und" which is hereby created, said special fund warrants may be issued direct to contractors or others in '0ayment of indebtedness incurred in said undertakings or they may be sold or negotiated at par and the proceeds used to p~.~' said indebtedness. Said warrants shall bear ll~e interest as ordinary warra:~ts ,of the City of Bremerton. In case additional expenditures in said under- ~ takings on account of extra or additional work ~n~ changes are made necessary in course of construction o~' development ~-:o as to require th~ expenditure of a ~ larger aggregate s~ than that estimated in this Ordinance, such a~gitional e~pend- iture may be incurred without regard to the esti~ate provided in this Ordinance, but shall be paid only out of said special f~md in the roamer provided in this 0rdinance~ Sec. 5. The City Co,moil is hereby authorized to issue special fund bonds for the amo~u~t of said expenditures as hereinbefore provided, which said bonds shall bear interest at not to exceed 6 per cent per annum from their date, payable semi-annu~lly, and shall mature in equal semi-annual series, l~west numbers first, the aggregate stun of ~5,000.00 maturing each six months, the first payment to mature July let, 1918 and a like sum of ~3,000.00 of said principal to be payable on each January let and. July let thereafter till all of said bonds shall be paid. Interest coupons shall be attached to and be part of said bonds, and the said bonds and coupons shall be payable at the place therein stated, both p~ineipal and interes~ to be pasable in gold coin of the United States of the present standard of weight and fineness. The principal of said b~ds together with the in.retest t-~ be paid thereon shall be an obligation only against the said special fund,to-wit: The"Improvements and Betterments i'~ater Fund" of Bremerton, which said f~md shall be drawn upon for the s$1e and only purpose of paying said principal and interest of the bonds herein authorized or for pa~nent of the special fund warrants and interest thereon issued for said indebtedness herein authorized, but in no case shall warrant be paid out of said fund, until all bonds matured or to mature within six months are paid or provided for, together with the interests, In case said bonds be authorized by the necessary vote of the people, the City Council shall provide for the form and details of said bonds not prescribed in this Ordinance. Such bonds may be issued in series, as Series A, Series B and so forth, and at different dates, but all bonds issued under thi~ Ordinance shall be consecutively numbered, or otherwise plaf~ly designated as to date and number, and must be paid l~west number and earliest date first out of said special fund. Sec. 6. 2rom and after the date of such bonds, and so long thereafter as obligations created by said bonds are outstanding against such fund, the City Treasurer of the City of Bremerton shall set aside into s~',ch fund frown time to time not less ~han thirty days prior to the repective dates on which the interest and principal of said bonds shall become due and payable, certain fixed minimum amotu~ts out of the gross revenues of the said Bremerton water supply system, without regard to any fixed proportion thereof, equal th the respe~tlve amounts of interest and principal of ,said b~nds next falling due, that is to say not less than the sum of i~3,000.00 and all interest due and payable on said next maturing interest payday on all ef said outstanding bonds. In the event that the City Council does not elect to issue bonds for said indebtednes~ but issue warrants against said special fund, then said warrants shall be l~aid and shall mature in all respects as to interest and principal on the dates and at the same semi-annual intervals and in the same aggregate amount of ~Z,000.00 es. ch six months, as is set forth herein for said bonds, provided a greater amotu~t of said bonds or warrants may be ~aid oh any such date .on aall by notice EEpublished i'or ten days in the official newspaper of Bremerton, and the City of Bremerton binds itself to pay into said fund out of the reveunues of said water symptom not less than the sum of ~3,000.00 and interest as hereinbefo~.e, set forth, for the payment of said indebtedness, whether said indebt- edness be in the form of a special fund warrants or special fund bonds. Sec. 7. The City of Bremerton does hereby declare that in fixing the amounts to be paid into ~aid fund as aforesaid, it has exercised due regard to the cost of oper~tion and maintenance of said water supply system and th~ existing ob- ligations a~gainst the revenues thereof, and has not thereby obligated and bound said City to set aside into said soecial fund a greater amount of the revenues than in its Judgement will be availahle over and above such costs of maintenance and operation and the existing obligations against such revenues. Sec. 8. That a special election be held in said City of Bremerton oh the 18th day of September, 191?, at which election there shall be submitted to the qualified voters of said City for ratification or reJectio~ the proposit~.ons set forth in this 0rdina~ce, and particularly in Sections, l, 2, Z, 4, 5, 6, a~d ? hereof. Notice of this election shall be published in the City official news- psi)er and posted in the form and man::~er prescribed by law. '.'.very voter at said election desiring to vote in favor of said proposition s~sll vote a bal]0t containing the~"~ollowing ~'tatement thereof: IN FAV()R 0~ TH~ SYSTEI,,I or plan ~peclfied and adopted by the City of Bre~'~erton for making certain additions~and betterments to, and extensions of, the existing water supply system of the City of Bremerton,, and for refunding outstanding water fund ~arrants.in the sum of ~10,000.00 for indebtedness alread,'.' incurred for Pag~e~3 Ordinance ~555 '?~ ~ ~ ~ sia~ilar additions, betterments and unusual expenses of organization; and for the further construction by' the .i;ity of Bremertoh of certain addit~'ons, exter~on~ and bet~eremnts of said ~ater supply system to consist of additonal pipe lines, t~e ~cquiring of a~ditional land, the construction and equipe~t of a reservoir or reservoirs, creating the "Improvements and Betterments ~ater F~d", into which said fund stated amounts shall be ~id out of the revenues of said system, and providing for the issuance of special fund bonds or warrants in the estimated sum of $60,000.00 bearing interest at a rate no~- exceeding si~ per cmnt per annum, payable semi-annually, maturing serially at the rate o~' ~,000.O0 every six months beginning on the first day of July, 1918, and on every January lot and July ls~ ~hereaf~er ~til ~.ll of s~:.id bonds are paid, payable only out of said s0ecial fund into which said f~d the C~t~ binds and obligates itself to set aside and pay from the gross revenues of said water supply system certain fixed amo~ts at certain fixed dates s~ficient to pay the principal and interest on any and all bonds or warrants issued ~der the authority of th~s Ordinance, as the same may mature and become payable. ~v~ry voter at said election desiring to vote against the said proposition shall vote a ballot containing the following statement thereof: ~GAINST the system ~r plan adopted by the City of Bremerton for making certain additons and betterments to, ~d extensions.of, the existing water supply system of the City of Bremer~on, and for re.~unding~'V~'htstanding water f~d warrants in the s~ of ~lO,O00.O0 for indebtedness already incurred for similar additions, betterments ~nd ~musu~l expenses of .organization; and for the further cons~truction by the City of ~remerton of certain additions, exte:~sions and betterments of said wat~ supply system to consist of additonal pipe lines, the acquiring of additional land, the construction and equipment of a reservoir or reservoirs, crea~ing the "Impi-ovem~ts and Better~ent '~ater Pund", into which said fund stated amounts shal~ be paid,out of the revenues of said syste~n, and providing for the issu~nce of spe~ial f~d bonds or warrants in tL~ ssti~u~ted ~um as near s.s ma~ be, of ~)60,000.00 bearing interest at a rate not ~o exceed six per cent per a~um payable semi-annually maturing ~eri~lly at the rate of ~Z,O00.O0, every six months beginning on the first day of July, 1918, and .3~ every ~anuary ls.t and July l~t thereafter until all of said bonds are paid, payable onl~,~ out of [~aig special fund, into ~,.~hi.2h sa~ fund the City binds itself and obliga~e~ itself to set aside and pay from the ~ross revenues of ~:~t wa~er ~up,)~-~ system certain fixed amounts ~uffic~ent to pay the principal and interest .~n any ~tnd ~-~ll sa. id bonds or warrants issued under authority of t~':~ ()rdina~ce as the same ~nay mature and become p~yable Sec. 9. Tn the event said proposition hereby submitted be ratified and said city issue all or any part off said special f~nd bonds for the purposes set forth In this Ordindnce, then all such.bonds so issued z:hsll be a ftrst,prior and dire~t lien against the gross revenues of said plant .... , .... eect only to present purchase bonds outstanding against the ss, id water supply system i~ the origin.~l s~ of ~22~,000.00 and said city ~res~:ly covenants and .agreed with the holder of aach and every of such bonds so issued that a llen of alL future or o tl~er indebted- ne~s which ~',~ay be created and ~,~ade payable out of the revenues of such plant shall be subordinante, inferior and Junior to the lien of such bonds, and in c~se warrants are issued for the said i.,~provements and betterments ~der the terms of t]~is Ordinance ~nd are not converted into bonds, then the said warrant' shall have the same rank, and shall be protected by the sa:~ sureties, guaranties and pledges as are set forth herein for the said bonds in case such bonds are issued. Sec. 10, In the e,zent such bonds or warrants or any portion thereof be issued, the (:ity of Bremerton hereby binds; and obligates itself not to sell, lease or in any manner dispose of the said water supply system or any sdditions or exten- sion~]~at ~uay be ~nade thereto until ~ull of the said bonds or warrants so issued with interest thereon, shall be fully paid or t~r~$.~ed holder's o.~ such i,oi~d~ o'~' warr~:~.nts; ai~J ~.~ 0ity o:[' Lre~lerto:~ and agrees with the holder or holders of each and every said bond or warrant that it will maintain said plant and system tn good condition ~.nd will efficiently operete the same; that it will not reduce the rate:~, or charges for the conduct of said plant am~ system so that the gross revenues thereof will be insufficient to m~intaln and operate said plant and m~ke payments into said special f~d herein provided for in addition to the pa,w,~ents the City is already obligated to make from said gross revenues for the purchase bonds now outstanding agaimmt the said system; ~.nd that if at any time ~he gross revenues of said plant and system shall no,t be sufficient to make such paj~ents and to maintain and operate said water suppl'y ~ystem, that tt will increase its rates and charges to such a fibre as will ms, kc the revenues therefrom sufficient to maintain and operate the same and make all of said payments as hereinbefore set forth. Sec. ll. This Ordinance shall be in full force and effect five days from and after its passage, approval and publication. ~[~assed by the City Oomucil and approved by me t~ts 1Zth day of August,1917. ~ City Clerk.