Loading...
HomeMy WebLinkAbout0532 ORDINANCE NO. AN ORDINANCE amending Section ~! of ~rdinance No. 527 of the City of B~emerton entitled: "An 0rdi~Lanae providing for the for~ and details of $22§,000.00 Bremerton Water ¥~orks Bond~ , authorixed by Ordinance No. 518 and by vote of ~ke qualified voters of said C'm ya$ a special election held on .~ufust 3, 191~. ~der and pursuant ~o s~id ordtn~cet~nd providing for the execution and delivery of ~aid bonds." T}~ CITY CO~{CiL 0F THE CITY O? B~RTON DO 0~AIN AS FOLLOWS. Sec. 1. Tha~ Section 2 of 0rdin~ce Ho. 527 of ~he City of Brenerto~, entitled ~ Ordinance providing for the form and details of $225.000.~0 Bremerton Water Works Bonds, authorixed by Ordinance No. 518 and by vote of the qualified voters of said ~ity at a special election held on Au~st Z, 1915, m~der and p~suant ?~o said ordin- ance and providing for ~he execution and delivery of said bonds," be and the same is hereby amended ~o read as follo~vs: See. 2 Said bonds and coupons shall be in substantially the following form: UNITED STATES 0P ~i{ICA STATE 0~~ WASHINGTON'. No .... . $500.00 THE CITY WATER ~0~ BOND ~{0~t ALL }~N BY THESE Pi~SENTS: That the City of Bremerton, a m~micipal corpora- tion of the State of ~,~a:~hington, for v~lue r~ceived hereby promises to pay to bearer Plve H~dred ($500.00) Dollars in Gold Coin of the United States of ~he present stan- dard of weight and fineness, on the first day of April 19..., with interest th~reon at ~he rate of six per cent per ann~, payable semi-a~ually on October 1st ~d April 1st of each year in like ~old Coin upon presentation and surrender of the interest coupons hereto attached as ~hey severally beOOm~ie due, both pr~.ncipal and interest pa~ ~ble at the ~iscal Agency of the State of Washington in the ~ity and State of New York, or at the office off the Treasurer of said City, at the option of the holder hereof, solely out of the revenue and proceeds from the ~#ater Works System o~' said City as provided herein and in Ordinance No. 518, a copy of which is printed on the reverse side of this bond, which said ordinance passed the City Co~mcil and was app- roved by the ~.~yor on the 28th day of J~n~e, 1915, and the City Treas~u'er of the City of Bremerton is hereby direr:ted to pay the sa~ne as herein provided. This bond is one of a series of 450 bonds of like d~.te ~d tenor, except as to maturities, aggregating Two H~dred ~enty-five Thou~,~nd ($22~,000.00) Dollars, all of which are authorized by said Ordinance No~, 518, and a. re is~ued by ~aid City for th purpose .of acquiring a Water '~orks Systen to be owned a~:~d controlled by said City pursuant to ~ system or plan thereof specified and adopted by said Ordinance, and ratified by the vote of the qualified electors of said City voting a.t a special electi.on held the'z'eln on August 5, 1915, This bo.~d and all bonds oF the series of which it is one is payahle solely out of a special fund in the treasury of said City created by said Ordin~nce and ]~own as "Bremerton ~Yater Yfor~s F~md," which f~d is to be drawn u!)on for the sole ~urpose of ~aying the principal and interest of said bonds, and for the pay;ent of which !~rovision has been made as appears herein and in said 0rdina,~ce. To secure andorovtde for the pa~ent of the interest of this bond and all of hhe bonds of said ser~s the City of Bremerton hereby covenants ~d agrees with the holderof this band and each and every person who may beco~Ge the holder thereof, hereby binds and obligates i~self to set aside and pay into said special f~d fro~ the gross revenue of s~id water works system cert~in fixed ~:,.mo~mts on certain fixed dates, a~ follows, to-wit: On o~ before the last day cc? each and every calendar month begi:~ning with April 1916, a s~u,~ equal to one-twelfth of the interest on all of said bonds then .~utst~nding and un~)aid. To secure and provide fo~ the L)ay,uent oi' the principal ~f this bond ~nd all of the bonds sf said series, the City ,)f Bremerton hereby coven~ts and agrees with the holder ~f this bond and each and every ?erson who ~nay become the holder ~;hereof, a~ hereby binds ~ndobligates i self to s et aside and pay into said special f~md from the gr~ss revenue ~f s~id ~ater Works System certain fixed amo~mts on certain fixed dates as follows, t~a-wit: On or before the last day of each and ever~ calendar month begin- ning wi~h the month of D~reh, 1917, and thereafter so long as a.ny of said bonds~ remai~ outstanding and m~paid, an amo,~nt equal to one-twelfth of the ~rincipal amount of sai( bonds next maturing. IT IS HEi~EBY DECL~RED that this issue of bonds is a first, prior and direct lien again~:~,t the gross revenue of said Water ~¥orks System and said City ~ereby expressly eo~en~$~ ~d agrees with ~he holder ~f each and every bond of this series that the lien ~f any future or other ~ndebtedness which may he,eared and m~de payable out of the revenue of su~:h Syste~ shall be subordinant, inferior and J~ior to the lien this series of bonds. And the City of Bremez'ton hereby irrevocably binds and obligate~ ORDINANCE NO. 5SE (0ont'd) itself, not, without consent of the owners of said bonds, to sell, lease or in any manner dispose o.f said Water Works System or any addition or extensions that r~my be made thereto ~mtil all of the bonds of this series, together with interest thereon shall have been fully paid, and said City hereby further covenants and ~.frees with the holder or holders of e~,~oh and every bond of this series that ~t will maintain in good condition and operate said system; that it will hot re(~uce the rates or charges for water so that the gross revenue of said System will be insufficient to maintain and op,,rate the same and to make the payments into said special fund as aforesaid, and that if at any ti~]e the gross revenue of said System shall hot be sufficient to make such payments ~{nd to maintain and operate said system, that it will inorea~e its rates and charges for water to such a figure as will make the revenue from such sys- tem sufficien~ to maintain and operate the same and make such p~yments. The City of Bremerton further covenants and aErees with the holder of this bond and each and every person who may become the holder thereof pmuctually and faithfully to keep and perform ~ll of its Xuties, obligations and covenants as set forth in this bond and in said Ordinance, and for the further assurance .f the purchaser of this bond and of each successive holder hereof, it is he~e!~y found and declared that the same is issued in strio~ compliance w~.~h the Laws of the State of Washin~ton and the Ordinance of the said City of i~remerton herein referred to, and it is further found and declared that all acts, things, elections, orders, ordinances and conditions precedent to the right to issue and deliver this bond, as prescribed by said Laws and 0rdina~oes of said ~:ity, have happened, existed and been'~done and pe'rformed in the manner therein provided and prior to the issue hereof, and that this bond ia a valid and binding obligation upon and against said"Bremerton Water Works Pund" created and established as au~horized by l~w and specified in this ~ond. IN WITNESS ~,~[EREOP, the City of Bren~erton has caused this bond to be ~igned by its Nayor and attested by its Clerk and has caused its corporate seal to be heremuto affixed, and has caused the coupons h~reto attached to be signed by the lithograph- ed signature of said o~?ficers, ~nd this bond to be dated Apr~ 1./irgl6,~ Attest: Mayor 0~ -the City o~ Br~merton. Olerk'"of"the""'City o'f Bremerton. (INTE/.EST COUPON) ..... co .~0R VALUE RECEIVED, the City of Bremerton, ~tate of ~ashtngton, will pay to bear- er at the office of the Treasurer of said City, or the Fiscal Agency of the State of [~ashington in the ..;i~y and State of New York, at the option of the holder hereof, ~ifteen Dollars {~lB.O0), in Gold Coin of the United States, said s~ being payable only out .~f the revenue from the Water Jorks ~ystem of said City, as provided for in ~he bond hereinafter mentioned, and in the Ordinance of ~aid City authorizin~ the same, and being six months interest due on the first day of... ............. , 19..., on its Bremerton ,~ater Works Bond dated April ~, 1916, -- At,est: ~yor of th~ C5t7 ~f Bremer~on. 'Clerk of t~he ~]ity 5f B'~-emertO'n. Sec. 2. This 0rdinan~e shall be in full force and effect fi~e days after its passage, approval and.publication. Passed by the City Co,moil in reg~lar session assembled, and approved by me this lOth day 3f April, 1916. ATTEST: Mayor. City"Clerk.