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HomeMy WebLinkAbout0482 ~ ORDIN~E~C~ submitting to the voters of the Cit~~ of Bremerton at a special to be held there~n, a proposition theft the City of B remerton ratify and validate its warrant indebtedness already incurred, and issue its special bonds in the of Thre~ Thousand Eight Hundred ~ifty I~[~Z,SB0.O0) Dollars to refund and take up warrants and bond~ issued in the several loc~l improvement districts of the City of Bremerton. for the construo$1on of sewers, and for which provision h~s not been already made, said bonds to be fiwe {~) year bonds and to bear interest not exceed- ing si~ (6) per cent per ann~un. ~,M~EEE~.~S: The City of Bremerton has heretofore become indebted in the sum of Three ~housand Eight Hundred Fifty ~$~,850.00) Dollars for its p~rt of sewers al- ready constructe~ in the City of Bremerton in local improvement districts, and for which no provision has heretofore been made, ~nd ~;~E~E~YS: The said indebtedness h~s matured and ~is ~%bout to mature, and the said ~ity of Bremerton is without fund~ with which to p~y the same as they shall become due and payable; NOW? T~i~EP0~L~: The City Council of the City of B ~remertondo ordain as follows: Sec. 1. That the ~[ayor end 0ity Council of the City ~_~f Bremerton do hereby propose end submit to the voters of said city for their ratification or rejection by a majority o£ three-fifths {~/~) of tko votes of the ~oters voting ~hereon ~t a,speci~l election to be held in thc City of Bremerbon on Tuesday, the Snd d~.~y of December, A. D. 19~Z, the proposit[~on thet the City ~f ]~reme~'ton ra~ify and v~alid- ate its warrent indebtedness alre~dy incurred, amd ~o refmud its s~std indebtedness and reduce the interest upon s&id indebtedness, shall issue its negotiebl~ bonds for the purpose of providin~a f~m~. for the p~ayment thereof, which bonds shall bear interest at the r~te of net to e~eed six (6) per cent i~er annum, the s~me to become an indebtedness againstthe entire City o i' Bremerton upon it:-s five [5) per cent allowed by the Constitution ~nd Laws o~" the State of ¥? ashington. ~ Sec, 2. That a special election sh~ll be held in the City of Brem~rton on Tuesday, the ~nd d~y of December, ~Y.D. 1913, ~ the several precincts into which the same are divided, for the purpose o~" v&$ing~hereat b'Y the voters of s~id city upon the proposition submitted~o them under and by ~irOue of the provisions of this ordinance. SEid election shall be held at the sa:~e time and place as the regul~r municipal election at such voti~g plaaes in enid severaltprecinc'ts, shall be conducted hy such inspectors and Judge~ of election as shall have beeu designated atd appointed for the holding and conducting of said election in accord~nee with the ordinances of the City of Bremer~on ~nd L~?~s of the State of ','~ashington. The City Clerk shall give at least fifteen (15~ days notice of the time Pl~c~ and purpose of said election in the official newspaper of said city, to-wit, the Br~merton News, by publishing' in each issue of said paper during said time proper notice of such election, which notice shall include the proposition hezeby recruited to be submitted to the voters, and the forms of ballots to be c~st for and against such proposition, to be prescribed in this ordinance. Sec. Z. The proposition submitted to the voters of the City of Bremerton unde~ and by the provisions of this Ordinance shall be voted in the ~ollowing m~nne~r, to-w~ Every voter electing to vote in favor of said proposition that the City of Bremerton ratify and valid~te its warrant indebtedness already incurred, ~nd sh~ll issue its six ~6) per cent refunding bonds for the payment of a portion of said outstanding indebtedness of Three Thousand Eight Hundred B~ifty {~i~Z,850.00} Dol- lars by the issuance or ss~Ie of bonds in said sum, ~shall vote a ballot cotaining the wor~s: "In f~vor of the ~roposition as set forth and det~i!ed in Ordin~.~nce No. ~t8E~ to r~tify ~nd validate its warrant indebtedness already incurred ~nd to refund ~i)~,850.00 of s~id itdebtedness for the payment of sera'ers already constructed, and the issuance of its six per cent ~ener.~l bonds a~ainst the city upon its second five pe~' cent limit allowed by l~.~w." Every voter electing to vote -.-against said p?oposition last above specified sh~l vote a ballot containing the words: ".~gainst the proposition as set forth and detail ed in Ordinance No. 482 to r~tify and validate its ~varra~t !~]~,'~a~:~ ~lre~dy in~uz red, and to ref~d q~,850.00 o~ s~id indebtednes~ for paymen~ of s~wers already constructed, and~ the issuance of its six per cent gener~lbonds against the cit~y upon its second five per cent limit ~llowed bY l~w.' S~id proposition shall b~ printed Upon a ballo$ to be provided for s~d spe- cial election, and opposite and to the righ~ of ~ch proposition there shall be printed a blank square one half of an inch in size, within which the voter shall signify by marking with a ~ross "X" whether he votes for or s~gainst the proposition submitted, Sec. 4. If ~:.~t said special election to be held as provided for ~in ~his ord- inance, a majority of three-fifths of the voters in said city voting at said elec- tion upon said proposition shall vote in favor of the proposition ~:~ set forth in this ordinance, thereupon and thereby said proposition Sha!]. become adopted by said city, but if a majority of ~hre:~-fifths of said voters voting at said electioi~ upon said proposition do not vo~e for said proposi$ion a~ set forth, said proposition ,~.~ will. not be adopted by said city, and ~s ~r~inance shall be thenceforih be null and void, Sec. 5. In the event that the proposition that said ~ity of Bremerton ratify and validate its warrant indebtedness ~lready incurred, and shall refund its said indebedness in the s~ of ~,3, 850.00 and issue its six per cent negotiable bonds therefor ~e adopte~ by a three-fifths vote si' the people voting thereon ?~.s such special election, then thirty-nine ~39) special bonds of the City of BremertSn shall be prepared ~der the direction of the ~...[ayor of s~id city, said bonds shall be in the denomination oY One H~dred (lO0.00) Dollars, except the last, which shall be for Pifty [~50.00) Do].laro, shall bo mnnbered consecutively from one(l) to thirty- nine (59), both inclusive, shall be::~r interest at the rate of not exceeding {6) per cent per ann~a, p~yable ~x~-annually, sh~ll be payable on or before five (5) years after date, ~nd. shall in all re~i)eo~s comply with ti~e lav~ of the ~,tate of .~ashington authorizing the issuance of bonds in like amo, unts for for like pur- posesby m~.micip~l corporations. 5aid bonds sh~ll be in such form as may be pro- vided by the ~[~wor and City Clerk of the City of !{remerton, agreeable to the pro- visions of the laws of the St~te of ,~'ashington and the ordinances of the ,Jity of Bremerton, a~d shall be in substantially the s:~me form: SPECIAL '~'~ ~ ~ t{NO?~ iLL ~',g~I~[ BY ~ '~'""~ iL:': "~'~ ~' ~l~o:~ ~:~.~: Tha~ the (Jify of Bremer~on, a municipal corporation of the Shird class in the State of J~shimgton, for value received, promises to pay to bearer ~ . in ]old Coin off the United ;~tates, on the first d~y of 191 ..., ~in~.?~est tn~. ~on at the rate of per cent pe~' mnn~, -oa};'~ble semi-annually, on the first day of and .... e'ach ye.~r, iu like Gold Coin, upon presentation of the coupons h~6~ attainted as they se'vsrally beoome~due, both principal and interest payable at tke fiscal agenc~ of the of ~Vashi~ngton in the City and State of l~e~"~ York. This bond is one of ~n isaue of the City o/ Bremerton's special sewer bonds issue for the purpose of ref~ding an outstanding indebtedne~:~s ~gains~ s~id city for its part of the indebtedness in local improvement districts for the erection ~d m~intenance off public sewers in the sum of .,~;~,850,00, as authorized by 0rdin- ~nce No.__ of said city, passed by the ~ity Co,oil thereof on the 4th day of November, ~.D. 1913, ap~roved by the 1,[ayor on ~he .tth day of i[ovember, ~d r~tified by a three-fifths vote of the q~alified electors of said city a~ a special etee~ion duly called and held, on the 2nd day of D~ecember, A.D, 1913, and is further muthorized by the law~ of the 5~a~e o ~ Washington, ~ full cop~ of which ordinance and laws is printed on the back ~ereof- The z~.y o:f Bremert0n ~r the further assurance of the purchaser of this bond and of each successive hold- erhereof, hereby avows and declaresthat the same is issued in pursuance cZ' and in ~triot conformity with the laws of the S~ate of Jashington and the said Ordinance No. , thmt all acts,, things, elections, orders, ordinances, resolutions and c0n~~s precedent to t~e right of the City of Br~merton to issue and deliver bond~-as prescribed by said l~.~s, charter and ordin:mce~', have been hai~pened, e}:isted and been done and approved prior to the issuance hereof; that this bond is issued in the p~yment of ~m outstanding ~ewer indebtedness against said city, and for the refm~ding th~reof, and for which no provision has heeetofore been mad~ for pa~ent thereof; that thi~ bond is a valid and b~nd~' 'n,',o obli.~'~tion, upon the 0ity of ~Bremerton, and that its issue does not violate any conditioh, provision or limitation In ~he ConstitutiOn or la,Ye of t~e State of ;/ashington. IN .;Ii'NESS l;~iEi~0it the City of Bremerton has caused this bond to be signed by ~.he Mayor o~ s~id Ci~y and attested by ~he City Cl~rk, ~der the s~al of ~:aid City and caused the coui~ons hereto a~t~ohed to be ~'i~ned grid at~,sted by lithographic ~ign~tures of said ~yor and 01srk rcspsctluely'~' ~de~' the'seal of said Cit~,, this the City o$ Brem~r~on ~'Oi'~y Clerk of t}~e~ Oi~:- of Bre~n~rton. The con,pons to be attached to said bonds shall be in the usual form of cou- ~pons issued by said City and at~ached ~o i~s negotiable bond~. See. 6. All ti~e bonds provided to be issued by this ordinance may be ~ister.,d by the own~' tl'ier~of by presentation to the City Treasurer of the City ~of Brem~rton, and procuring the nota~i.m of ti~e n..:~me of t~e payee on the b.~ck of such bonds, and af.$er such registration any such bond shall be p~yable only such regisgs~'cd ~ayce or. order. Sec. 7. Upon the sale of said bonds the proceeds thee'eof shall be used by the City Treasurer in paying off, t~:tking up and oahoelling ~he indebtedness heretofo~'e incurred by said City upon its said sew~r indebtedness, Bec. 8. This ordinance shall be in full force and efffect.ff~'om five {5) days ~fter its passage, mppro~al and publication aooor,iing to law. Passed by the City Council and approved by me this Atl'~ day of November, A.D. ~yor ~ Oi ~ Clerk.