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HomeMy WebLinkAbout0558 ORDIN~CE !~0. 558 ~ ORDiN.~.~!CE specifying and adopting a system ~r plan for the con- struction and maintenance by the City of Bremerton of mmicipal coal bunkers or a plant or system within' its corportate limits for the purpose of furnishing said City, its inhabitants and any other persons, with ample facilities for heating, fuel and power purposes, public and private, or power or heat, or any by-,~roduct thereof, and to regulate and control the use, di,etribution and price thereof, and to purchase such coal, heating, fuel and power facilities, or the products or by-products thereof, from others within or wtthou~ its corporate li.'aits for its own use nnd for the purpose .of selling such co~:~l, fuel or the products or by-products of such faciliti_.:s, to its inhabitants, and to other persons, declaring the estimated cost thereof, as near as can be, providing for the acquirement by purchase, condemnattom or otherwise of such real or personal property as may be necess, ary for said purpose.providing for the iss- uance of general bonds of the ~ity of Bre~erton in a sum not to exceed ~)15,000.00, creating a special fund and providing for the issuance of utility bonds or warrants in the further sum of iS10,000.00, payable only out of such special fund and submitt- ing such proposition to the qualified voters of the said City for ratification or rejection at a special election to be held in said 0ity on the 18th day of Sept- ember, 191.?. The City Council of the City of Bremertoh do ordain as follows: Sec. 1. That th,'~ City of Bremerton specifies and adopts the following plan and system for the acquisition by the City of Bremerton of municipal coal bunkers or a plant or system within its corporate li.:~its for the purpose of furn- ishing said City, its inhabitant~ and any ,other persons, with ample facilities for heating, fuel and power purposes, public and private, or power or heat or any product or by-product thereof, v,~ith power to regulate and control the use, distriln~tion and price thereof, and to purchase such coal,heating, fuel and power f~.~cilities or the products or by-products from others within or withou~ its corporate limits for its own use, and for the purpose of sellin~ such coal,fuel or the products or by-produ¢.'-~; ~.f such facilities to its inhabi~ants am~ to other persons. That the cost of said plant or system hereinbefore set forth shall not exceed the estimated sum of $2.~,000.00. ~ec. 2. J~or hte purpose of defraying the cost of acquiring or construct- ing said m~micipal coal bunkers, plant or system as set forth in Section i of this Ordinance, the City of Brenerton shall issue its general cou, pon bonds in a sum not in excess of ~15,000.00~ which said bonds shall bear in, retest at not to exceed six per cent per annum, payable semi-annually, and shall be payable within 20 years, and shall mature serially in the order of their mnnbers, lowest numbers first, approxi~mtely as follows: 5~i of the total issue of said b.~nds shall mature six years after date thereof: 5~ of the total issue of said bonds shall mature seven years after date thereof: 5' of the total issue of said bonds shall mature eight years after date thereof: 5'~ of the total issue of said bonds shall mature nine years after date thereof: 5'~ of the total issue of said bonds shall mature ten years after date thereof: 7't~ of the total issue of said bonds shall mature eleven years after date thereof: ?'!~ off the t:~tal issu,-~eof said bonds shall mature twelve yemrs after date the~'eos: 7"~ of the total issue of said bonds shall mature thirteen years after date thereof: 7'~J of the total issue of said bonds shall :.~ature fourteen years after date thereof: ?'!~ of the total issue of said bonds shall mature fifteen years afte~~ date thereof: 8~ of the total i~'.sue of said bonds shall mature six een years after date thereof: &~ of the total issue of said bond~' shall mature seventeen years after date thee'eof: 8:~ of the total issue ~f said bonds shall mature eighteen years after date thereof: 8'f~ of the total issue of said bonds shall mature nineteen years after date thereof: 81t of the total issue of said bonds shall mature twenty year'~ after date. thereof: If the proposition submitted by thi.s Ordinance is ratified at the election, the Council hhall provide ~for the formand details of such bonds, and shall sell the same at not less than par and accrued interest, in such manner as · ':~aid Council shall deem for the best interest of said City; and the corporate auJ~torities may provide in any contract for the con~:trnction or equipment of said coal bunkers, plant or system, that payment therefor shall be made only in such bonds and at the par value thereof; said bonds shall be payable both principal and ~nterest at the office of the City Treasurer, or at the State Piscal Agency in New Yor~ City at the option of the purchaser. Sec. 3. That for the further purpose of operating said coal bunkers, p~ant or system, and for the purpose of perfecting and completeing the same, there is hereby created in the Treasury of the City of Bremerton, a special fund to be known as "Hunicipal Coal Bunkers ~und". Bonds or warrants in the further sum of :.~10,000.O0, or so much thereof as may be necessary therefor shal.~ be issued and sold, or negotiated to dealers or contractors direct as set forth in Section ~. ~ this Ordinance, or as may be stipulated in the contracts of the City Co~mcil of the City of Bremerton with any such dealer or contractor, and said bonds or warrants an¢ interest thereon shall be payable only out of special fund, said bonds or warrants shall bear ineterest at ~:ix per cent per annum, l~a~able semi-annually, under like terms and conditions as to maturities and as to details as are set forth with references to general bonds In £ectton 2 of this Ordinance. 'Jarrants may be issued against the said special fund for operation, maintenance and conduct of said plant or system in the same manner and form as such warrants are ordinarily issued by the City ~f ~re~nerton. Sec. 4. The City of Bremerton to secure and proviae for the payment of interest on the general l'und bonds ~hich m~y be issued under this Ordinance ob- ligat,es and binds itself to set aside and pay~into the special fund from the gross revenues of said plant or system on .or before the first day of~.each and every calender ~-~onth begin~ing with the month in v~hich bonds are dated, a su~ equal one-twelfth of the interest .on all said bonds outstanding and unpaid; and said City to secure and provide for the Daym~nt ,~f the principal of said bonds hereby obligated and binds itself t3 set aside and pay into said special fund from the ~ross revenues of said plant certain fixed a~no~nuts on certain fi~Led dates, as follows: ('!n or before the last day of the twelfth calender mo~h of the fifth year after the d~-~,te of said bonds, ~nd on or before the last d~,y of each and every calende month thereafter so l~ng as any of said bonds rem~in outstanding nnd unpaid, an am- ount equal to one-twelfth of the principal amount of said bonds next maturing. It is hereby declared that said City and its co~'u~uon council in creating special fund and in bonding and obligating said City to set aside and pay into said fund cer~in fixed dates as aforesaid, have exercised due regard to the cost of operation and maintenance of said plant and system, have found that no part or.portion of the revenue of said plant has been previously pledged as a fund for any other indebtednes and have not thereby obligated and bound said City to set aside into saidspecial fund a greater amount of the revenues and profits of said plant than in their Judgement will be available over and above c~sts of maintenauce and operation. Sec, §. That a special election be held in sa~d City on the 18th day of September, 1917, at which election thereshall be submiited to the qualified voters of said City for ratification or rejection the proposition set forth in this Ordinance, and particularly in Sections l, 2, ~ and 4 hereof. Notice of this election shall be p.ublished ih the City official newspa~)er and posted, all in the f~rm and manner prescribed by law. Every voter at said ~v~lection desiring to vote in favor of said proposition shall vote a ballot containing the following statement thereof: IN P~VOR 0P the system 0F 'p~nm submitted, specified and adopted by the City .of Breaert~n for acquiring, constructing and maintaining municipal coal bunkers or a plant or system within its corporate liKnits for the purpose of furnishing said City, its inhabitants or any other persons with ample facilities for heating, fuel and power purposes, public and private, or power or heat, or any product or by-produc t~ereof, and ,~o regulate and control the use, distribution and price thereof and to purchase ~uch coal, heating, fuel and power facilities or the products or by-products thereof, fr0~n others within .or withou~ it~ corporate limits for its own use and for the ~)urpose of selling coal, fuel or the products or by-products of such facillt~es, to its inhabitants and to other persons, at an estimated cost $$r all purposes not to exceed $25,000.00 ~.nd the issuance and sale of bonds 'in an amount not exceeding said estimated cost, bearing interest at a rate not exceeding six per cent per annum, pa~able semi-annul~ly, ~aturing serially in from ,5 to 20 years from the date thereof, ~715,000.00 of said sum being tssded in the form of general coupon bonds a~ainst the City Of Bremerton, and being when issued general indebtedness bonds against the whole City and the re~ualning $10,000.00 of said sum or such portion there. ofas may be issued, to be payable out of a special fund, into which f~nad said City binds and obligates itself to set aside and pay from the gross revenues of said coal bunkers, plant or system, certain fixed a~ount:~ at certain fixed dates sufficient to pay the principal and interest of said bonds as the same shall mature end become payable; all as set forth in Ordinance ~o.558 of the said City and particularly in section l. 2, Z and 4 of said Ordinance. ~ll of the said bo~ds shall be payable at the ,office of the City Treasurer or at the State 2iscal Agency in New York City at the option of the purchaser. Every voter at said election desiring to vote against said proposition shall vote a ballot containing the following statement thereof; AGAINST the system or plan ~ubmitted, specified ard adopted by the City of ~remerton for ac~uiring, constructing and maintaining m~ulcipal coal bunkers or a pla~ or system within its corporate limits for the purpose of furnishing said City,its inhabitants,and any other persons with ample facilities for heating, fuel and power pur~oses, public and private, or pov,~r or heat, or any product or by-product thereof, and to regulate and control the use, distribution and prices thereof and to purchase said coal, heating, fuel and power facilities or the products or by-products thereof, from others within or without its corporate limits for its own use and for the purpos~ of selling coal, fuel or the products or byproducts of such facilities, to its inhabitants and to other persons, at an esti~ated cost for ~ll purposes not to exceed $E,5,000.00, and the issuance and sale of bonds in an amount not exceeding said cost bearing interest ~t a rate not exceeding six per cent per annum, payable semi-annuall: maturing serially in from five to twenty years from the date thereof , ~15,000.00 of said sum being issued in the forn] of general coupon bonds against ~.the City of Bremert( and being when issued general ifldebtedness bonds against the whole City, and the re- matning $10,000.00 of said sura or such portion thsreof as ma~ ~e issued, ~o be parable onl~ ou~ of a special f~d, in~o ~hioh f~d said Oi~ binds and i~self ~o se~ aside and pay from the gross revenues of s~id coal b~kers, plant or system, certain fixed amours a~ certain fixed dates sufficient to Day the principal and interest of s~id bonds as the [~ame shall mature and become payable; all as set forth in Ordinance I~o. 5~8 of ~he said City and particularly in Sections l, and 4 of s~&d Ordin~ce. :~ll of the said bonds shall be payable at the 5ffiee of the City Treasurer or at the State Piscal _gency in New York City, at the option of the purchaser. Sec. 6. In the event said coal b~kers, plant or system, shall be acquired or constructed by the City of Bremerton, and said coal bunkers, plant or systera shall be conducted and maintained by said City, and said City shall ~ve full power to megulate, sell and dispose of said coal, fuel and products and by- products of said utility and to make additions and betterments: thereto, or exten- sions thereof, and ~o protect and safe~ard the same, all purs~nt to ~nd in pliance with the l~ws of the State of ~.?ashington thereto relating. Sec. 7. In the event said proposition hereby submitted be ratified and said City issue all or ~y part of said special f~d bonds for the purpose of ra~ lng funds ~o acquire, maintain or construc~ and conduct said plant, then all such bonds so issued shall be a first, prior and direct lien against the gross revenues of said pl~, and said City hereby e]~pressly covenants and agrees with the holder of each and every bond so issued that the lien of all future and other indebtedness which may be created and made payeble out of the revenues of said plant, shall be subordinante, inferior ~d j%u~ior to the lien of such bonds. Oeo, 8. In the event such special f~d bonds or any portion thereof be issued, the City of Bremer~on hereby irrevocably hinds and obligated itself not to sell, lease or in any m~ner dispose of said coal h~ukers, plant or system, or_any additions or extensions that may be made thereto ~til all of said special fund bonds so issued wi~h interest thereon shall have been fully paid, without the c~ sent of the holders of such bonds; ~d ~he City of~ Bremerton further covenants and aErees with the holder or holders of each and every said bonds that it will maintain said plant or system tn ~ood condition a. nd ¥~ill efficiently operate the same; that it will no~ reduce the rates fo~ the product of said plant or system so that the gross revenues thereof will be insufficien~ to maintain and operate said plant or system ~d make pa~ents in said special f~d as hereinbefore provided S<~s. 9. This Ordinance shall be of full force and effect from fi~e days after its passage, approval and publication. Passed by the ~a~i~nd~ppr~ed by the ~'~ or this ~~day of L~ayo r ATTEST: Z ~"~'~Clerk of the City of ~re~erton, ~::ashin~ton do hereby certiT~%~ the foregoing is a full, true ~,_~nd correct copy of'-Ordinance No. ~-~, of the 'Citj~ of Bremsrton, as the same appears on file and record in my office. In witness/whereof I h~.ve hereunto set my hand and affixed the seal 2~remerton this ~ da~r of __ ~ 1917. OIe~/of the ~it7 Of B~ort~n.