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HomeMy WebLinkAbout0527 '~ ~ .... Ordinanc$ No · 527. An Ordinance providing for the form and details of ~)~fiS,000.O0 Bremerton Uater Works Bonds, authe~tzed by Ordinance No. 518 and by vote of the qualified voters of said City at a special election held therein on August 5, 1915, und and pursuant to said ordim~nce aud providing fog the e%ecution and delivery of said bonds. ~'fHEREAS, at a special election held in the City of Bremer~on, ~Yashington, on August Z,1915, under and pursuant to the provis~.ons of Ordinance No. 518 of said City, there was sub~;~itted to the e. ualified voters the proposition of th~ ~c- ~uisition by said City t!y condemn~tion or purchase of the ~'~ater ~;orks System within and without its corporate li~uits, which now supplies said City and the City of Charleston and the Puget Sound Navy Yard and other persons living adjacent ther to with wa~er, including all ~roperty. real, personal or mixed and ~ll franchise rights and privileges of any and every nature whatsoever constituting or being a part of such plat or appurtenant thereto, and the issuance by said Cit~ of bonds in a sum not exoer~,ding (;¢£25,000.00 for the purpose of paying the cost of ao~/uiring the same, said bonds to bear interest not exceeding six per cent per annum, pay- able semi-annually, to n~ture serially in from £ to£O years from date thereof, and to be payable~ both principal and interest, solely out of the special fund creat- ed by said Orainance and known ss "Bremerton ;'~'ater i'¢orks Fund," into which fund said City by said ,Qrdinance ,b. ound and obligated itself to set aside and pay from the gross revenue ~f said system Certain fixed amoLu~ts at certain fixed dates sufficient to pay the principal and interest of said bonds as the same should ma ~ure, 8nd ?~HERE¢~S, more than three-fifths of the qualified voters of s~id City voting at said election upon the proposition submitted as aforesaid voted in Cavor, thereof, and ~.'~HEREAS, said· City has entered into a written contract with John E. Price Company of Seattle, ;','ashington, for the sale of s~id 6 per cent bonds at the price of par and accrued interest, and , t., ~,k all litigation and proceedings instituted by said City for the pur- pose of acquiring s~id Water 'Jorks System has been compromised, adjusted and finally determined and adjudicated, and said City is now authorized by law to acquire said Water ~,;orks System, and ;;~HE~Mz%S, the cost and expense of acquiring said system-, including the costs and expenses necessarily incurred in connection with the litigation arising out of such transaction is the sum of ~7225,000.00, ~md it is for. the best interests of said City that it proceed forthwith to deliver said bonds and acquire said ;'later ;fCc rks Sys t e~. NO~, THEREFOr, the City Council of the City of Bremerton do ordain as follow~: Section 1. That for the purpose of paying the cost of aoR-uiring the afore- said '?later ~;'orks S ,.ystem and the cost and expense necessarily, incurred in the lit- igation arising out of the transa~.'tion, the Cityaf Bremerton issue and deliver ;!~225,000.00 bonds ~o be known as City of Bre~ueZ'ton ~:¢ater ~,"'lorks Bo.nds, the same being the bonds authorized by ~rinance No..al8 of said City and by the requisite vote of the qualified voters of said City a8:a special election held therein on August 5, 1915, under and pursuant to said Or~inance as aforesaid. Said bonds shall be of the denomination of $500.00 each, shall be n~mbered consecutively from i to 450, both,inclusive, sh~ll be dated f~przl l, 1916, sha, ll bear interest at the rate of 6 per cent per annum, payable ser~i-~.nnually, on the first days of October an~ April of each year for Which interest coupons shall be attached to said b,o, nds ~d chill be payable, both principal and interest in ~'old coin of the United Zt:~tes of the present s, tandard of w~ight and fineness at Cthe office of the Trasurer of City or at the Washington 2iscal ,~gency in the city and St~.te of New York, at the option of the holder, and solely out efa s~ci~l fund in the treasury of said City created hy s¢~id 0rdinan(,~e No. 518 and known as "BRE.~E~RTON WATER %'IORKS FUND." Said b,onds shall be signed by the mayor and attested, by the Clerk under the corpo~ate seal of said City and shall mature serially in the order of their numbers, lowest numbers first, in ~mounts, m~%bers and dates as follows: Amount Ih~n~bers Da te of ~¢a turities: $ 2,500.00 I to 5, both inclusive z'~pril l, 1918 ~,500.00 6 to lA, both inclusive ~pril l, 1919 7,500.00 15 to 29, Both inclusive ~'~pril l, 19£0 ¢~ 9,000.00 Z0 to ~?, both inclusive April l, 1921 Il,000.00 ~8 to 69, both inclusive ~pril,1, 1922 ll,O00.00 ?0 to 91 , both ~nolusive ~pril l, 192Z 11,000.00 92 to llZ, both inclusive A.pril 1, 1924 Il,000.00 ll4 to 135, both inclusive ~Lpril l, 1925 · A~ount Nu~.~bers Date of "*aturities: $11,500.00 156 to 158, both inclusive April,l, 1926 1Z,500.00 159 to 185, both inclusive April l, 192~ 13,500.00 186 to 212, both inclusive April l, 1528 1~,500.00 21Z to 259, both inclusive April l, 1929 1~,500.00 240 to 266, both inclusive April l, 1950 1Z,500.00 26~ to 293, both inclusive ~pril l, 195l 15,500.00 29~ to ~24, both inclusive ~April l, 19~2 15,500.00 Z25 to Z55, both inclusive April l, 1955 15,500.00 356 to Z86 both inclusive April l, 1934~ 16,000.00 387 to 418', both inclusive April l, 1935~ 16,000,00 419 to 450, both inclusive April l, 19Z6- Section 2. Said bonds and coupons shs~ll be in substantially the following form: . UNI~D ST~TES 0P ~..~RIC~ ST~TE 0F WASHI~]GTON ~;500.00  Tt~ CITY OP BRE~.~RTON %~[ATER W0~S BOND ~OW ALL l~5E~ BY THESE PRES~TS: T~at the City of Bremerton a municipal corporation of the St~.~t'e of %~ashington, for value received hereby promises to p~y to bearer Five H~mdred ($500.00) Dollars in Gold Coin of the United States, of the present standard of weight and fineness, on the first day of April, 19 .... , with interest thereon at the rate of six per cent per a~m, payable semi-a~ually on October 1st and April 1st of each year in like Gold Coin upon presentation ~d' surrender of the interest coupons hereto attached as they seFeral].y become due, both principal ~d interest payable at the Pizcal ~gen~y of the St~.~te of ;?ashington in the City and State of New York, or at the office of the Treasurer of said City, at the option of the holder hereof, solely out of the revenue and promeeds from the Water ¥;orks System of said. City, as provid- ed herein and in Ordinate No. 518, a copy of which is printed on the reverse side of this bond, which s~tid 0rdin~nce passed the City Council ~d was approved by the ~uor on the 28th day of June, 1915, and the City Tre~,surer of the City of Bremerton is hereby directed to pay the sa~ue as herein provided. This bond is one of a series of 450 bonds of like date and tenor except as to maturities, aggreg~ting ~o H~mdred ~enty- Five Thousand ~225,000.00) Dollars, all of which are author- ized by said 0rdi~nce N0. 518, and are iss~d by sa. id City for the purpose of ac~uirzng a ~ater ?forks S~Stem to be own- ed and controlled by said City pursuant to a system or plan therefor specified and~opted by said 0rdin~oe, and ratified by the vote of the qualified electors of said City voting at a special election held therein on August 3,' 1915. This bond and all bonds of the series of which it is one is payable solely out of a special ~nd in the Treasury of said City created by Said Ordinance and known as "Bre~erton ~ater V~orks Fund," which f~md is to be drawn upon Tor ~he sole purpose of paying the principal and interest of said bonds,, and for the payment of which provia ~.~n has been ~de as appears here- in and in said 0rdinance~ To secure ~d provide for the p~ment of the interest of this bond and all the ~onds of said series the City of Bre- ~aerton hereby covenants ~d agrees with the holder of this bond ~d each and every person who may become the holder hereof and hereb~ binds and obligates itself to set aside and into said special ~nd from the gross revenue of said Water Works System certain fixed amounts on ~ertain fixed dates as follows, to-wit: 0n or before the last day of each every calendar n~onth beginning with ~pril, 1916, a s~ equal to one-twelfth of the interest on all of said tmnds then outstanding ~d ~paid. To secure and provide for the payment of the principal o~ this bond ~d all of the bonds of said series of the City of Bre~uerton hereby covenants and agrees with the holed- er of this bond ~d each and every person who may ~ecome the holder hereoff, and hereby binds and obligates itself set aside a~ pay into said special f~d from the gross revenue of s~.id. Water Works System certain fixed amount~ on certain fixed dates as follows, ct-wit: On or before the last day of each and every calendar month beginning with the month of April, 1916, and thereafter 8o long as any of said bonds rer~min outstanding and unpaid, mn amount equal to one-twelfth of the principal amolmt of said bonds next maturing. IT IS l~R?]BY DECLf~RED that this issue of bonds is a first, prior and direct lien agai~t the gross revenue of said Water Works System and said City hereby expressly cov- enants and agrees with the holder of each and every bond of this series that the lien of any future or other in- debtedness which may be created and made payable out of the revenue of such System shall be subordinate, inferior and Junior to the lien of this series of bonds. ~nd the City of Bremerton he~eby irrevocably binds and obligates itself, not, without the consent of the owners of said bonds, to sell, lease or in any manner dispose of said Water Works System or any addition or extension t~.t may be made thereto until all of the bonds of this series, together with interest thereon shall have been fully paid, and siad City hereby further covenants and agrees with the holder or holders of each and every bond of this series that it will maintain in good ~ondition and operate said system; that it will not reduce the rates or charges for water so that the gross revenue of said System will be insufficient to main- tain and operate the same and to make the payments into said special f~md as aforesaid, and that if at any time the gross revenue of said System sh~.ll not be sufficient to make such payments and to maintain and operate said S.vstem, that it will increase its rates and charges for water-to such a figu~re as will make the revenue from such SYstem sufficient to maintain and operate the same and make such payments. Th~ City of Bremerton further covenants and agrees ~ith the holder of this bond and each and every person who may become the holder thereof punctually and faithfully to ~p and perform all of its duties, obligation and ~ov~ enants as set forth in this bond and in said ~rdinance, and for the further ~ssurance of the purchaser of this bond and ofeach successive holder hereof, it is hereby found and declared that the same is i~sued in strict compliance with the Laws of the State of ¥~ashington and the O~dinance of said City of Bremerton herein referred to, and it is further found ~nd declared theft all acts, things, elections, orders, ordin- an~es and conditions precedent to the ~ight to issue and deliver this bond, as prescribed by Said ~aws and Ordinances ~of said City, have happened, existed and been done and per- fomred in the manner therein provided and prior to the issue hereof, and that this bond is a valid and binding obligation upon and against said "Bremerton Water ~,?orks Pund"created and established as authorized by law and specified in this · bond. IN WITNES~ ~Y]~ihEO~, the City of Bremerton has caused this bond to be signed by its ~yor and attested by its Clerk and has caused its corporate seal to be hereunto aff- ixed, and has caused the coupons hereto attached to be signed by the lithogra~hed sigTlatu~m~ of~aid~eTfi~ers, and tbs bond to be dated April~'~,~16.~ I,~or of the C-{'ty of Bre'~erton. Attest: Clerk of the City of Bred~.~rton ( INTEREST COUPON) 20R VALUE RE~]~IVED, the City of Bremerton, State of Washington, will pay to bearer at the office of the Treasurer of said City, or the Fiscal Agency of the St~te of Washington, in the City and St~te of New York, at the option of the holder hereof, Fifteen Dollara~ (,~l~.O0), in Gold Coin of the United StAtes. said s~ being payable only out o~ the revenue from the ~m~ater Works System of said City, as provided f~r in the bond hereinafter mentioned, and in the urdinance of said City authori:~ing the same, and being ~ix months i~erest due on the first day of 19 , on its Bremerton Water %~orks Bond, D'at~ No. ~..~ayor of the City of Bremerton. ~ttest: City Clerk of the City of Bre~rton Section 5. The }~[ayor is hereby authorized and directed to' si~ said bonds a~ the clerk to attest the same and affix thereto the seal of said City. The coupons shall bear the lithographed fac-simile of the signatumes of the mayor and Clerk and~a lithographed fac-simile of the seal of said City, and such fac-similes sh~l be ~o all intents and purposes as binding upon said City as though the coupson bear- ing the same had been si~ed in proper handwriting of the ],,[ayor ~d Clerk and had affixed thereto the corporate seal of ~aid,Ci~y. Sec. 4. The CLerk is hereby authorized and directed to deliver all of said bonds duly ~cecuted to Jo~ E. Price & Company at Seattle ~a~h~ngton, upon pa~ent of the pure.se price therefor, to-wit; par and accrued interest, an~ the receipt of the Treasurer for said purchase money shall be full acquittance to the purchaser who shall not be bom~d to cee to the application of the pure]rose money. Sec. 5. This Ordin~ce shall be in ~ll force and effect five days gluer its passage, approval and publication. Passed by the City Council in regular session assembled, and approved by this 27th day of I,,Iarch 1916. "~"- ~ ' ~[a~o r Attest: City ~lerk. -~ar. Z1 (149)