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HomeMy WebLinkAbout0428 ORDINANCE NO. 428 ~;"~;'~ AN ORDINANCE ratifying and confirming a loaI~ of Fifteen Thousar~d ($15,000) Dollars authorized by a special election held in the City of Bremerton on the 6th day of December, 1910, under and in pursuance of Ordinance No, 373 of said City, directing the iss- uance of bo~ds therefor, providing for the form and details of such bond',~, providing for t},e delivery of such bonds .~nd pro- viding for the payments of the principal and interest thereof. WHEREAS, at a special election held in the City of Bremerton on the 6th day of December, 1910, under and in pursuance of Ordir~ance No. 373 of said City, entitled "An Ordinance declaring t~e intention of the City Cou~cil of the City of Bremerton to incur indebtedness against the said City of Bremerton in excess of one and one-half (1~-) per centum of the assessed valuation of the property within t[~e said City when added to its p~esent i~debtedness, such add- itional indebtedness to be for strictly municipal purposes, to-wit, a municipal dock, and calling an election to determine whether or not three-fifths ~(3/5) of the electors of the said Ci?.y of Bremerton assent thereto", more than three- fifths (3/5) of ~he qualified voters of said City voting at such election on said proposition voted in favor, of incurring such indebtedness and the issuance of general negotiable coupon bonds of said City th~erefor; and, WHEREAS, 'thereafter the City Clerk duly advertised for bids for said bonds in the manner prescribed by law and the Ordinances of said City; and, WHEREAS, T~BU~ FIR~ T NATIONAL BANK of Bremerton,Washington, bid for said bonds, payable twenty (20) years after date, wLth option of prior payme~t .on any interest bearing date after July 1,1922, bearing six (6~$ per cent int- e~"est, payable semi-annually, the sum of Fifteen Thousand ($15,000)Dollars(par) accrued interest and a premium of Three Hundred Seventy-five (~,~375) Dollars;and, WHEREAS, said bid was the highest and best bid received therefor and 'was thereafter duly accepted by said City; NOW, THEREFORE, the City Council of the City of Bremerton do ordain as follows: Section 1. That said loan of Fifteen Thousand (.,$15,000) Dollars authorized by said Ordinance No. 373 and by said special election held on the 6th day of Decemeber,1910, under and in pursuance of said Ordinance, be and the same is hereby, in all matters, things and particulars, ratified, confirmed and approved, and the Mayor and City Clerk be and they are hereby authorized to issue and deliver to said The First National Bank of Bremer~on the negotiable coupon bonds of the City of Bremerton in the sum of Fifteen Thousand (~15,000) Dollars, the same being the bonds authorized as aforesaid, said bonds to be of the denomination of One Thousand (~?;1.,000) Dollars each; to be numbered from One (1) to fifteen (15) inclusive, to be dated July 1,1912, and to bear interest Ordinance No. 428 (continued) at the rate of Six (6%) per cent per annum, payable semi-annually on January 1st and July lst; to be payable, bot~.~ principal and interest, at the City Treasurer's office ~n Bremerton, or at the Washington Fiscal Agency in New York City, at the option of the holder of said bonds; to become due and payable twenty (20) years after date, with the right reserved to said city to redeem all or any part of said bomds on aDy interest bearing date after July 1,192~ ; to be delivered to said The First National Nank of Bremerton upon its payment to the City Trasurer of the purchase price therefor, and the receipt of the C try Trasurer to sa i. d purchaser shall be a full acquittance for said purchase price, and said purchaser sha'~l not be bound to see to the application of said purchase money. Section 2. The form of said bonds and coupons shall be substantially as follow: "UNITED STATES OF AS~RICA STATE OF WASHINGTON COUNTY OF KITSAP CITY BRE m TON. NO. ? lOOO. co WHARF BOND KNOW ALL ~fE, N BY TH]ESE PRESENTS:ThAt the City of Bremerton ,in the County of Kitsap, State of Washington, is justly indebted to and for, value received hereby promises to pay to the b~arer on the 1st day of July,A.D. 19~2, the principal sum of One Thousand ($1000) Dollars, with interest thereon at the rate of six (6~) per centum per annum, payable semi-annually on the 1st days of January and Ju].y ir~ each year on presentation and surrender of the annexed interest coupons as they severally become due; both principal and int- erest of this bon~ are payable in ~old coin of the United States of the present standard of weight and fineness at the office of' tho City Treasurer in Bremerton, oD at the Washington Fiscal Agency in New York City, at the option of the holder; for the prompt payment whereof, both principal and interest as t~ey mature, the f full faith, credit and resources of the said C!.ty of Bremer?on are hereby irrev- ocably pledged, The City of Bremerton expressly reserves the right to redeem this bond on any interest bearing date after July 1,19~°2. This bond is issued by the City of Bremerton for the purpose of pro- vidtng money for hhe cons*~ruction or acquisition of a municipal dock or wharf, under and p~.~rsuant to the provisions of Ordinance No. 373 of said City, and under and pursuant to a special elect on duly and regularly called and held i~ said City on December 6,1910, at which more than three-fifths (,~/5) of the qualified Ordinance No. 4'28 (Continded) t}~')~ voters voters of said C~ty voting at such election on the proposition of incurr- ing said. indebtedness and the issuance of bonds therefor for said purpose voted in favot thereof; and this bond is issued pursuant to and in full compliance with the Ordinances of said City and the Constitution and laws of the State of Washington. / It is hereby recited, certified and declared that all acts, conditions and things required by the Constitution and laws of the State of Washington and the Ordinances of said City to exist and be done precedent to the issuance of this bond hav~ existed and been done in due and regular form, time and manner, as re- ~ quired by law; and that the total indebtedness of said City, inc~udin~ this bond, does not exceed any limitation prescribed by the Constitution or statutes of said State. IN V~TNESS WHEREOF, ~aid The City of Breme~ton, by due corporate ~ctlon, has caused this bond to besigned by its Mayor and attested by the Clerk under the seal of said City, and t is bond to be dated the 1st day of July,191B. THE CITY OF BREMERTON, By Mayor Attest~ City Clerk" INTEREST COUPON No. $30.00 On __, 19__, The City of Bremerton,Kitsap County, Washington, will pay to bearer at the City Treasurer's of~ice or at the Wash- inton Fiscal Agency in New Yorh Gity, at the option of the holder, the sum of Thirty ($30)Dollars in gold co~n of the U~ited States, for semi-annual interest due that day on its wharf Bond dated July 1,191~, No. Mayor Attest: City Clerk" Section 3. That t!~e signatures of the Mayor and the City Clerk to the interest coupons attached to said bonds may be by lithographed or engraved facsimiles of the signatures of said officers, and the seal of ~aid City to Ordinance No 4:~.8 (Continued) coupons may be by li%hographed or engraved facsimile of the~seal of said City, ard such lithographed or engraved :facsimile signatures and seal to such coupons shall be as valid and binding to all intents and purposes upon the City of Bremerton as if the same were signed in the proper handwriting of such officers and had the seal of said City impressed to and upon each of said interest coupons. Section 4. Said bonds shall be printed or engraved or lithographed up- on good bo~d paper and a copy of Chapter CXX~fIII[ of the Session laws of t:~e State of Washi~n~ton, 1891, together with a copy of Ordinance No. 373 of said City,to- gether with a statement signed by the I~ayor and Clerk of said City showing the result of sa~.d special elect [on, shall be printed on the back of each bond. Sectiou 5. There shall be levied each year by City of Br-merton tn its annual tax levy upon all property in Said city subje.~t t~ taxation a *ax,in addition to the tax for other purposes in sa].d city, suff- icient to p.ay the interest upnn said bonds as the same may accrue, and the amount of such tax as collected shall be by the proper officers apportioned to a special fund for the payment of the interest upon said bonds, and no part of ~uch fund shall be diverted to any other purpose than the payment of such interest; and the full faith, credit and resources of said City are hereby irrevoacably pledged for the annual levy an.~t collection of such tax and the regular payment of such t. nter, est; such taxes shall become dus and collectible as other taxes in said City. Section 6. At least seven (7) years before said bonds are due , and thence forward1 in each year until their maturity, there shall be levied by the City Counc!.]~ of t e City of Bremerton in its annual tax levy, upon all property in said ci)y subject- to taxation, a tax, in addltton to the tax for other pur- poses in said City, sufficient to accumulate during said series a sinking fund sufficient to pay and discharge such bonds at maturity, and the amount of such ~ax as collected shall be by the proper officers of said City apportioned to a special fund for the payment of the principal of such bonds as a stnkin[~ fund, and the amount so levied for the creation of such sinking fund and the pay~ent of the princip~l of said bonds shall be paid into such fund and. no part of said ft~d shall be diverted to any other purpose than the payment of such principal; and the full faith, credit and resources of said city are hereby irrevocably pledged for the levy and collectio~ of such taxes and the payment of the prin- cipal of said bonds at maturity; such taxes shall~become due and co~lectlble as Other taxes in said city. Section 7. Said sinking fund, or any accrued portion thereof, may be in- vested at such time and in such securities as may be authorized by the laws of the State of Washington for t;~e investment of general bond sinking funds. Ordinance No. 428 (continued) Sectio~ 8. This Odrinance shall be in f~ll force and effect from five (5) days after its passage, approval and publication. Passed by the City Council this 30th day of September, 191~ and approved by me this 30th day oF September. Mayor Attest: City Clerk. Filed by me this 30th day oF September, 1.912.