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Home My WebLink About0424 AN ORDINANCE ratifying and confirmin~ a loan of Fifteen Thousand (~15,000) Dollars authorize~ by a speciaI election held il_ the City of Bremerto~ ~ t]~e ~th ?~y of December,1910 , under and pursuance of Ordnance N~ 37o of said City, direct[~ the issua~ce of bonds therefor, ~ov:ld~n~ ~fop the form and details of~uch bonds providing fo? ~e del~ of such ~onds and providin~ for the 373 o~ "~id '.t~ e~ ...... ~ .... · ~ . Cil, v~c[1 remertcn t' o h~cur indebte'dness against ti~e said City of ct~ one and one-~'~alf (1-]-) per centum of the assesed valua the property within the said city when ad,ed to its pr~~ , such additional indebtedness to be fop strictly mun~-cii)A~ ,o-wi~, .~ ':unicipal dock, and calling an election to dete,~u~.h~e r not three-fifths (3/5) ~f the eiectors of the said 0ity of as ;ant thereto", more than three-fifths (3/5) of th~ / qu~-~l[fi ~ of ~a[d City votin~ at such election on said proposition voted in fuvor~ of incurr[n~ such !nd~btedness and the issuance of general negot'~able cok~pon bonds :~f said C~ty therefor; and, WHEREAS, thereafter the City C~erk duly advemtised for bi:~s for sai,~ lJo~d~ in tl~e mac,ncr p~'escr'[i,~d by law and the ordinancea of said citv~ a lid , .nE~J~,A~, Tho First ?~ tional Bank of Brenerton, Washinston, i ,~ ..i~ bonds, payable tv:enty (20) years after date, with optien~0~' prior, parafont on ahy int,.Pest ~earlng ~ate after July 1,192~, bearing six (6]~[~, po~, ceat intere t, p~yable annually, +he sum of FiFteen Thousand ('~ ,0~...0/ Doil.-~% (par), accr'uod interest and a premltm of Three H~drod ~,=venty- Five (;375} Dollal, ; :~nd, , W.I-IE~tiEAi, said b~d was the hf.~he:~t, and best bid received a~d was thereafter duly accepted, by ;raid city; NOW, TI~REFORE, the City Coui~cil of the City of Bmemerton do ord~n Seetioh 1. Thatsaid loan of F'fteen Thousand (.~IS,O00) Dollars tilt]lOP[" ~ -'' ,~e~ by ~-~id 0r,~nance No. 373 a~d by sald special elect~on held o~ the sixt~ day of Decomher,i910, m'lder and in pursuance off said 0rdlnanc% be ~nd ihs s:~me is hereby, in all matters, things and particulars, ratified co~fim;'ed :,nd approved, and tho }~or and 0Ity 51erk be and they are hereby ~uthorized to lssue and deliver to said First National Ba~ of Bremerton the n,~otiable coupon bonds of the 5ity of Bremerton in the sum of FiFteen Thousand (~ ~lc,O00) Dollars, the same heine the bonds authorized aforesaid, ..~ai.d bonds to be oF the :tenomi f O~e Thousand Dollars (-~1000) each~ to be~umLerc:d~ ~rom on~ (i~ ~o/~ fif'Le~ (1~.), ipc~usive, to be J[afed 1,101:., ac~,.~ to be~r i:~t. er~t at the rate of six (6~) per cent per semi-annuall~anuary 1st a~:cl July lst; to be payable, both paya~!e City Tre:~.succro~.l~flrchase 'therefor, and the receipt of tho City Treasurer /~ ~ / purchase mone~. Zect~_nn~ 2. The form of sn,.l~( bonds and coupons sh~!t be sub- sta~t[ally a-- roi'lows: "U}~ITED TTAS~ES 0P A}IERICA ~ AoHII~ G.0h COL~'ITY 0F KITSAP 'I'~ CITY 0F BREMERTOU. No._ ............. ~}1000.00 W II ~ R F B 0 }I ~ K?0W ,.,I ...... !:~E~'T BY PRE,:~E~IT~: That the City of Bremerton, the County off Kitsap, Stateoff '"' o - .,aohlngton ts justly indebted to and for w~lue received hereby p~omiscs to pay to the bearer on the 1st day of July, A.D. 1932, the principal sum of One Thousand (~1,000) ~ollars, with h~terest th~reoa at the rate of six (6~) per cetm~ per annum, payable semi-annually on the First days of January and July In each year o~ presentation and surrender of the annexed interest coupons as riley sevcr~.~ ly becom~ due; b~th interest and principal of this bond are payable in go14 coin of tl~e Unlte'~ States of ~l'~a present standard of ~elght and f[~enoss at the office of the City Treasui~er in Bremerton, or at t'e Was!_tt_o'~.o~; Fiscal i~eimy in ~!ew Ysrk City, at the option of t':e holder; for t~e prompt payment whoreof, both principal nd intercept as they mature, hl'~ "'utl faith, credi~ and resou.rc.as of said City of Bremerton are hereby irrevooabl~ pledged. Tbe-CL-~y of Bremerton expressly reserves.the ~ight t'o redeem ~l~Ls bo~ d on ~ny interest bearing date after July c u~oL~ 3 ;?ignatures of the }layer and tl~c 6ity Clorq~ .... . ...... ~t, cou OhS ~.~ to said bonds -ay t)cby lithograph~d / ~-mgrgved facsLMi!es of 'h~: ai~n._,tu~es oF said officers, and the sea% of Ciiy to said.c~pons may b~-: by lithrogra,~hed or engraved 2/ oF t~e sel~ of ~ City, and such lltho~rap]:ed cz~ engraved / s~i'~atur'~s ~uM~eal to such ooupous s!~ll be w~lid and b[ndi, n~ to all ~euts:~'l~a~d ~ ~ poses u~ t]~e City of Brsmerton as if the same wer'e ~,~}~c)p~r han~lt,.ng of such officers and !':a~ the seal of aaL4 City LtL~-~:~SOd tn an i each of said inuerSst coupons, '~ecti~n 4. Said l)or~(h~ shall be printed or engz~aved or lithograph- od upon ~o~1 bond ~aper ~nd ~.~ ccp~.~ of Chapter O~II of the session Laws oF t,}ic Sta anf Wt _, ~a. . shhi~tnn, 1S91~ to~ether with a copy of Or,:].ir;u]ae .,73 ~~ City, tog~i.her ~.~ith a statement signed by the ~ayor and of sa~Oit~, showin~ the re~;ult of said special election, shall be p~.i~'~t~fl on th~ })ack of each bond. Section 5. There shall be levi~d each year by the City Council oF *he City of Br~ ~on i~, its annual tax levy upon all property in said cits~ subject to taxation a t;~x, in addition to the tax for othe~TM purposes %v a:~id city, suFFic[~nt to pay t~e interest upon sai~ b~nds as t~ :~ttc~ tax as co'tlected sh[.tll be by '~r~eOit~ ~r-ellt of 'the iht- pi'si:si' offlc~;~)s api)o~'tloned h : ~ 1 ~urtd for' the pa~ er'oat ttl)O~ s;~td bonds , a~:.~ no pal't of such fund shall be diverted to any o,.!~t- ptu'l sss t,..a~ tho l':~ym~at of:~u.c',t [ntei~est; rind the full faith,credit ~t:l resnui.-.cos of said City ~t'o hel:el}y irrevocably pled.ged for the attnual levv at;d collection of _':uah t:tx a~-:d t]:.e regular payment oF such interest; :such tax(sa ~:~all become due ~nd co]leotiblc as other taxes of said City. ~.ectl'on ~. At least seven (V) years before said beads due, ~t.d thence forwai~d i~ each yea~ until thei~ maturity~ there shall be lcv~[_ ~cy ......~"~ City Council of the City of Bra'-erton in its annual tax lc~ry,. ~tpon al-'.,~ ~u~"+Y-., in :~aid city subject to taxation, a tax, in add- irish to t,h~: tax far o[he~~ purposes in said city, sufficient to acct~autate dtn, t~.~g said series of years a s'[nking fm~d suffficient to pay and discharge suc]~ bonds ,~t m,turity, and the amount of such tax as collected shall be by t, lte proi,er officers of said City apportioned to n special fund ?:r the payment of the principal of such bonds as a si~ing fund, and the amouat ~so l~vled fc,~~ the creation of such sinking fund and the payment of the principal of said bonds shall be p~id into such f~d and no part of eu~d :~M~'[1 be diverted to any other purpose than the payment of such prin- ORDINM~CE This bond is issued by the City of Bremerton for the purposr of providin~ mon~y for the~nstruction or acquisition of a mun].ctpal dock called and leld_~ sai.~ft.y on P~ember 6,1910, at which more th.~n thPee- fiFth~ (3/5) ~the qumi-rted [~'ters of sa1,.1 C~ty votlfi~at such election i.~onds/t~~said purpose voted in favor thePeofj and d~is 1)o~d isst~e~sua~-andtX~/ in full. compliance with the ordinances of aai. d City and the C ons~tut[o': and laws of the State of Washlaaton. It is hereby roclt, ed, certified and declared that allacts, con- dttlons~~tings required by the Constitution and laws of the State Waahl.'~on and the ordin~-znces of sa:d City to exist and bc done precedent to the issta:tnce of this bond h'-zve existed and been done in due ~znd regular form, time and manner, as required by law; and that the total indebted- ne~;a oF said city inc!udhtg this bond, doss not exceed any limtt,'ttlon pres- cribed h,r the Coi~s+itutlon ct ora,utes of sai,~ state. IN ?,~o~.~.,,~.,,., ,.,,HEREOF, Sa.~d The City of Bremerton, by d~e corporate ~ct, ton, has ca ~ed this bond to be ~ned by its Mayor and attested by the C!c~*k mMeP the seal ~ said City, and this bond [o be dated the off ,!uly,-!91:3. C'tt}f Clerk I }T T E R ~q S T O 0 U'.P 0 N No, ,;,6u. O0 On ,~9_ , The City of Bmememton, Kit, sap Washtnfton Fiscal Office in New York City, at +he option of the holder, , . . . , __ i, 60~ Dotlans in ~olfl. coin of. the United States, for ~;~1 interest dur that day on its V~arf bond dated July t,1912,No. A 'L t .] ;; 'f.: I City ClePk" 0RDINANOE N0, 424 (Continued) : oit~r hePeby irP~vobably~ P!~.~o'~t~v~~_~~_~ an~ colloction of such taxec a~d become duooa~~/ collecti~e~ as other taxes in sa~d city. ~ction ~a~d sirfi~ing fund, or any accrued portion fiw~ (~day~afteP its pas:':a~re, approval and publication. , /~ ~ / Passed by the City Council and si~ned by me in open session th.i.s 19th day of Augus Mayo ~ Attest: Clerk ~iled b~ me this 19th day of August,1912. City Clel-k.