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HomeMy WebLinkAbout0411 AN 0RDIN~'~NCE providing for the purchase or acc. uirement of the watwe works and all water supl~lies, riparian rights, water rights, rights-ofWay, lands, personal property and franchises now owned or operated by the Bremerton Water and Power Company, or H. Orchard or his assignees, or pa~t of such water plant and system, declaring the estimated cost said purchase; providing for borrowing money to be used in pa~nent therefor and issuin~ Special ~lmter l~d bonds of the City of Bremerton for the sum of $1B0,O00.O0; creating a special fund for the p'ayment of said. bonds; providing for calling a special election £or sub~itting the said pro- positions to the qualified electors of the 0ity of Bremerton for ratification or rejection, The City Council of the City of Breme~ton do ordain as fol$ows; Sec. 1. That the City Council of the City of Bremerto$ d~em it advisable that the sa~d City of Bremerton, purchase, acquire or condemn the water works and all water supplies, riparian rights, rights-of-way, lands, lets, pers&nal property and franchises as are now owned or operated by tyhe Bremerton Water and Power Co., and by H. Orchard, or assignees as part of such water plant and s~s~em, being all the rights and priveleges attached to or appurtenant to said plant as owned and operated by the said Bremerton ~ater and Power Co., by which water is now supplid to the Cities of Breme~ton and Charleston and to the inhabitants thereof and to the ~uget Sound Navy Yard and to the people living aJacent an~ proxi'nate to said Cities ~nd Navy Yard, and that the said ~roposition be and the saree is hereby sub- mitted to the qualified electors of the City of Bremerton foe their acceptanc~ or rejection as herein set forth. Sec. 2. If the City of Bremerton ~hail~l become the owner of the said water works system, and all the rights, property and things a~purtenant thereto, the said City will~)perate the said plant as municipal water system for such '~urposes and under such priveleges and rights as may be allowed and provided by the statutes of ~ashington. Sec. B. ~or the purpose of borrowing money to be used in payment for the said water works system and alll the property, rights ~nd things appurtenant there- to; the City ~,f Bremerton shall isue its Special Water Fund B~nds for the sum of $1B0,O00.00, payable to bearer 'within twenty years from the date thereof, out of the revenues of said system withinterest at the rate of six (6) per centum per annum payable semi-annually both principal and interwst payable in gold coin of the United States of America at such banking house or place as shall be designated unde~ ~rder of the Council and set forth in the said bonds. Sec. A. The Mayor of the City of Bremerton is hereby authorized and directed in ~ase of ratification by the qualified voters of the City of Bremerton at an elec- tion for the submission of said proposition as hereinafter provided, to issue in the name of the said City, signed by himself as ~ayor and attested by the City Cler! under the seal of the said City, one hundre~ and fifty ~lB0) negotiable coupon bonds of One Thousand ~$1000.00) Dollars each, or sa~d bonds may be issued in smalle~ denominations if directed by the City Council to be designated upon the face ~hereof "~ater B~nds of the ~ity of'Bremerton,' with interest thereon as provided in the thir~ section of this Ordinance; which bonds stall be numbered consecutively beginning with number one and hall be so sigaed and attested be delivered by the Mayor to the Treasurer of the City of Bremerton,for sale and. negotiation under authority of the City Council as provided. Sec. §. The City Council of the City of Bremerton shall negotiate the sale of s~id bonds a~ter having duly advertised the same for sale in such manner as may be deemed wise by the said Council and according to law; proviAed that said bond~ shall not be sold for less than par and accrued interest. The said City Council shall L~ediately upon receipts of moneys received therefor, pa~ the same over to the City Treasurer. Sec. 6. That there be and hereby is created and established a fund to be c~lled water works of Bremerton Seriem No. l~ into which said fund shall be paid seventy-five (?B) per cent of the gross revenue of the water system,as the same shal~ be operated by the City of Breme~ton, peov~ded, it shall not be necessary to deposit to the credit of s~id fund more than ten thous~nd ~$10,000.00) Dollars above the interest required to be paid, in any one year; which said sum so paid shall consti- tute a sinking fund f~r the retirement of sa d bonds which shall be ~.id and retire~ in their cpnsecutive order as the money to t~e credit of s,~id fund shall Ordinance No. ~All CO~t'd. accumulate. The intereHt to be paid semi-annually on the said honds and sh 11 be paid, first, out of the said sum so credited to the said funS. No p~rt of the amount of the s id bonds shall be or become a deht against the general fund or any other fund of the City of Bremerton, except the said special fund herein provided for . Sec. 7. In case of the ratification of the sad propo&ition by the quali- fied voters of the City of Bremerton at the special election herein provided for the City Council is authorized and instructed upon execution and delivery by the said Bremerton .~Nater and Power Company of a good and sufficieh~ deed to vest in said City in perfect title to the said Water Works and plant and all property appurtenant thereto, the said title to be approved by the City Council, to pay out of the ~)oney received from the sale of the said bpnd~ to the said Bremerton '~ater and P~[wer Oompany the entire sum of One Hundred and ~ifty ThouSand ~$150, 000.00) Dollars, or so much thereof as may be found due and coming to it, in pay0 ment for its said plant, rights and fr~%nchises under the terms of it s maid franchise with the City of Bremerton, or as may be provided and aggee& upon. Sec. 8. That the said s:?ecial water bonds are, and will continue to be, the first and direct lien against the entire gr~ss revenues of the said Water System prior to the lien of any future or other indebtedness that m~y be created by said City and ,~ayable out of the revenues of said water system, and it is ex- pressly covenanted by said City that an~ future or other indebtedness which may be created and payable out of the revenues of said water ststem shall constitute a Junior lien :ts'.thei; the charge created by this Ordinance. Sec. 9. That the City of Bremerton hereby irrevocably binds and obligates i~self not to sell, lease, or in any other manner dispose of its said water sys- tem, including any additions or extensions that m~ty be made thereto, until all the bonds issued against the revenues of s~id system, withinterest thereon, shall have been paid in full , unless said provision sh~ll have been m&~le for payment of all of said bonds and interest in full. Ane the City.of B remerton further covenants and agrees with the holder or holders of the bonds aforesaid ~o ~'~intai.n in good condition ~nd operatemits wat,~r system, and not to reduce its ~rates o~.t~_~ charges for water so that the gro.-s revenues of said system shall be insufficient to make the payemnts into said fund, hereinNef~re required and ordained, until such obligations and all interest thereon shall have been fully liquidated J.nd discharged; and that if at any ti~e the gross revenues of said water works slXstem shall nob be sufficient to pay into said special fund hereinbeforemcreated in favor of the bonds herein authorized ~t least Seventy-five Hundred ($?,§00.00) Dollars each year in excess of all interest accruing on said bonds it will in- crease its said rates and charges to such a figure as will be sufficient to m~ke the payments into said fund hereinabove required. Sec. 10. The money derived from the s~,le of any of thebonds herein authorized shall be paid into iJhe Treasury of s~id Eity, as hereinbefore provided and shall be drawn upon solely for the purpose of paying the costs and e~penses og acquiring, o~nstructing, owning ~nd maintaining such water system, ~nd all costs and expenses connected therewith and the surplus of the money, if ~ny, from the sale of said bonds over and above the bot~.~.l cost of the said water syste~m, shall be applied to the p~yment of said Soeoial ~ater ~und bonds, as the same ma bur e. Sec. 11. Th&t a special election shal be held on Tuesday, the 16th of Apri: 1912, in th~ City of Bremerton, at which shall be submitted to the qualified vot~r~ of said City for ratification or rejection the s~zid proposition herein set forth of the aquirement of the said Jater '~orks System and property toge.~her with the proposition of incurri~)~) a s~eoial bonded indebedness, bearing interest at the rate of six per cent per annum, the said amount o ~ be 1)aid out of funds set aside from the gross revenues or proceeds to be derived from the ~ater ~ystem ac pur- chased and acquired. Sec, 12 , The form of ballot ct be used at the said election shall be: "Shall the City of Bremerton purchasm or acquire the '~ater Works System and all property, rtghts and bh~ngs appurtenant thereto, and now belonging to the Bremerto~ ~aber and Power $ompany, for a sum not to exceed One Hundred ~ifty Thousand ($1~0,000.00) Dollars, and issue its special fund bonds therefor against a fund to )~e supplied with moneys from the revenue and proceeds of the said '~ater System.' The ballot shall be further prepared in such form as to enable all persons favor- ing the said purchase and issuy~nce of the bonds to vote for the same ~nd for those unfavorable, to vote against the s~me. Sec. lB. The said election shall be held at the same voting places in the said City where the last general municio~l election was held, to-wit: in the City Hall; in fire station No. £ om Ple~sant Avenue, and in PAre StatiOn No. Z on ~ourth Street, and be conducted by such Judges and ins~)ecbors of election as may be hereafter designated and appointed, and shall be conducted in all respects as provided by the general laws of the State of ~ashington. The City Clerk shall give at least ten days notice of ~the time, place and purpose of maid eleotioz Ordinance No. 411 Cont'd. _. ~i~ ~ and the propositions to be submitted thereat, together with the form of the bal- lot to be used as set forth herein; which notice shall be published in the official newspaper of the City of Bremerton and be posted as required by law. and shall contain a full copy of this ordinance. Sec. 14. Thi~ ordinance shall be in full force and effect from fi~e days after its passage, approval and publication. Passed by the City Council and approved by me ~% 18t~ day, of Narch.191E. Attest: Mayor. /Oity Ol~rk ~iled this l~th day of ~arch, 1912. /~ity Clerk ' '