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HomeMy WebLinkAbout0434 AN 0RDI~IANCE providing for' the purchase or acquirement of the water works and all water supplies, riparian rights, wa'ret, rights, rights-of-way, lands, personal property and franchises now owned and operated by the Bremer'ton Water' a~ Power Co., or by ti. Orchard or his ass~.g~ees as part of such wa'Le~ plant and system; declaring the estimated, cost of said purchase; providing borrowing :'o:~ey to be used in payme~;ff., therefor and ~ ssuing Special ?fate? Fund bonds of the City of Bremerton for ,~ ' a · ouc~ ~:um as may be necessary; creat~.,-,g a spec!el Fund for the payment of said bonds; providing for calling a special election for submitt~.~g the said proposition to ',I've qualified vet. ers of the City of Bremerton for ratification or rejection. The City ounc~, of the City of B~,e~:~.ertor~ do ordai~'~ as follows: SECTIO~ 1. That the CLty Council of the City of BremerLon de~m advise]cie *~ ~.~at the said City ~f Bmeme~.ton purchase, acquire or condemn the water works a~d all water su~pl~es. . , riparian r~.~hts,.~ water rl.~?~t~:~,- ri~hts-ef- way, lands, lots, personal property %nd franc]~ises, as ar, e now owned a~d opez~ ated ~:~y t]~e B~,emerton Water & Power o., and by ~. Orchard or his assigne,ss part of such ~ater plant and system, being all the r[ci~ts and privileges ad to or appurte~-~ant to said plant, as owned and operated by the said Br~m~erLon Water and Power Co., by'wh.~.ch ~:~ate~ is now supplied to the cities of Bramerton and C]mrlostoi~ and to th~ in]~abitants t]~areof and to the Puget Sou~d Navy Yard and to the p~o !c living adjacent and proximate to said cities and Na~y Yard, and that t}~e said proposition be and the same is her'aby submitted to th~ qua]_- ified voLers of t.~e C~t~, nf qremerton fo~' their acceptance or rejecL~.?,-, set ~orth. ~ If tlc City of Brem,~rton sba!'~ become th~-~ owner of sai,~ water works system, and a]~i t]~e property, rights and things appurtea~nt ~hereto, the ssi4 c~.ty will operate the sc~d plant as a ~un[ciDa! water system for such purposes and ~,la~~ suc~ pr, iviloges ~nd rights as may %e al~o~,~' ~m' a~d provided by the statutes oF Washi~gton, SECTIO~ 3. For the purposing of borrowing money to be used tn pay- merit for the said ~.~at~r~ works system, and all the p~ ~i~r~''~ '~ , rights_ and thi~gs appurtenant thereto, t]~a City of Bremerton shall issue its special~'~.~t~ ~ Fun~ ~onds for such sum as .may be deemed ~ ~e .~ .~(.~ess~.~y payable to bearer within t'"~,~ (20) years from the date th~r~of, out of the revenues of said sy~tem with int- erest at f.he rate of six (6) per centum per anmnn, payable semi-annually, both principal and interest payable in gold coin of t~e United States of Am~rica at such banki~g house or place as shall be designated under order of the Co~- cil -~hd set Forth i}~ the sai! bonds. T SECT,0~., 4. The ~ayor oF t}~e City of Bremerton is hereby authorized and dir~c'ted in case of ratification by t~e qualified voters of the City of Breme~ton at an aiectio'n ~o~ the au~m~lss~on of sai..i propos~.~,on as ~ere!aaFt. e~~ provided, to issue In the name o~~ the sa~d City, sighted by himself as attest, ed by t]~e C~ty C]erk, unde? the ~ea'[ oF t;:e sa[{~ City, so many bonds as ~}ay be required of One ~hou~sa~d~ ~ (1,000) Dollars each, or said bond~.~ may ],~..~, is,.4~.d in smaller denominatio~s if d[t~ect, ed L? t:v C~.t,~ Co~nci!, to be desig~at..ed ul';~n the face thereof, ,': .t,e~~ Bonds of f, 1~e City of Breme~"ton" u~ith interest thereon as provided in t}',.: 3rd section n~._. this Ordinance; which bonds ~_a_l"~ ' be ~:umberad consecutively beci~u~ing with number one and ~all, when so si~ned and attested be delivered b~ t!~e ~:a~or to t~e Treasurer of the City of B~emarton for sale and negotiation, under autho~,ity oF thc City Co-~,~c].] as here[~be~oro pz~ovided. S~Cm!O~ 5. The:~fty..~DonhciD sh~lt ne[~ottate the sale of "~.ae said bonds in such manner as the said Counc].l shall deem.for the best public That t]~ei.e be and hereby is created and establi, sheda fund to be called"Watez~ Fund Series ~o. 1.' into ;~,'hich fund shall be paid s~venty-five (75) per aantum of the rew. nueo,--~ t]~e said e.ntir~;: water system as the same shall be operated the City of Bremerton, Provided, L at no sreatez, gross sum need be pla~ea ~ c~edit the sai~ fund than shal~ be necessary to ~'atire all accruing ~6Rds. T]~e minimum and maximum amount of such gross s~mu Lo be credited Lo said fund each year for the purpose of retirin6 t]~e said bonds may be agra:ad uppn by,the Council and the purchasaz's of the sai~%, bonds at *~,e time of their sale an~-~ issuance. All of said bonds shall be payable wit}Lln twenty yea~s from date of iss~e, b~]~ retirin:c dates and scedule of maturities shall be left to the discretio~ of the Council at the time of the offeri~g of said ]~onds for sale No I. ar~. of ~ cunt of the ~a!d bo~ds shall ever he or become a debt agai~st th~; .2eneral Funds or any ut. her 'ft,.nd of the City~ of Bremerton, except a,~oaz'nst the Special Water' Fu~d herei~ provided for. ,,EC,IOL 6. In case of t]'~e ratification o~ the said .,proposition by the .~ualified voters of the City of Br~m~erto~ at t~e special election herein provided ~ ~. aut_:o~lzed and instructed upon tl~e executio~'~ arid dei~.ve~y for, the Cit~ Cm~nc~] is ~' ~' by the said Breme~ton Water ~ Power Company, of a good and sufficient deed [o vest in said City a perfect title to the Sa~.d Water Works ~nd plant and all erty appurtenant thereto, the said title to be approved by the City 0ou~cil, pay out of the money received from the sale of t!~e said bonds to the saiJ 2rem- erton Wate~' and P~wer Company such sum aa ~y be Found due and coming to it, in paymer~t for its saJ:d pla,~t, rights and franchises under the terms of its said fra~- chise with the C~y of Breme~ton, or as ~'my be provided and agreed up~,~.. S~CTION 7, Tha~ the said F~pecial ,,ate~~ F~md Bo~ds are, and will co~tint~ to be, the first and direct lien against the entire gross revenues of the said system, ~rlor t,% +,,~. lien of any future or other indebtedness that may be created by said °ity and payable out of the reve~ues of said water system, and i~.is ex- pressly covenanted by ~d City t~,a~ any future or other indebtedness which may be crea$cd and payable out of the revenues of said wader system shall constitute a junior lien to the c~mrge created by this SECTION 2. Tha~' the City of Bremertm~ hereby irrevocably ~inds obligates itself not to sol. l, l~a~e, of i~ any manne~' dispose of its sa~d wat~.r s~stem, i~cluding a~uf additions cz' ox~.e~lsions that may be made thereto, until all the bonds issued against the r~venu~s of said of said system, with intere~t on, shall have been paid in full, unless and until provis~[o~ s-h~ haw:~ ~,~:,~ for payment of all of said bonds a~d interest i~ full. And the City ~ further covena~ts a:~d agrees wilJ~ +h ~older or holders of the bonds aforesaid, to ~mintai~,c i~ goo,] condition and operate its wate~~ .?~ystem, a~d ~ot t~, rcduse rates or c~rgcs for water so ti.at t]~e ~ or ......revent~es of said system shall be sufficient to make the payments t~to said fund, hereinbefore required and until such obligations and all interest th~:~reon shall have been f~!ly liquidated and discharged; and that if at any time the gross revenues of ~aid water works system shall not be sufficient to pay int~ the said specia:l fund hereinbefore created in f~vor of the bonds herein autho~'ized, at least such san as ~r~y be ~c- essary tc retire said bonds as they mature, each year in excess of all interest accruing on said bonds, it will increase its said rates and charges to such fig~re as will be suffice, out to make the payments into said fm~d hereinabove required. SE.,~ION 9. Tb~~ mone~ derived From the sale of any of the bonds herein authorized shall be ~ald into the treasury of said City, as hereinbefore provided, and shall be drawn upo~ solely for the purpose of paying the costs and expenses of acquiring, constructing, owning and maintalng such water works system, and all ousts and expenses connected therewith, and the surplu~ of the money, if any,from th~ sa%e of said bonds over and above the total cost of said ~ater system,shall be applied to the payment of said Special Water Fund Bonds, as th e same ~ture. SECTION 10. That a special election shall be held on Tuesday, the 2nd day o~ December,1912, in the City of Bremerton, at which shall~be submitted to the q~li:fled electors of s~id City for ratification or rejectian, the s~ld prepos- ition herein set forth. First, as to the adoption of the general plan as set forth in this 0rdinanc~ to purchase, con,ems or acquire the water system now owned anR operated by the Bremerton Water and Power Company and to operate same as a municipal water plaat for supplying of Water to those who are now or may hereafter become patrons of the said water system, Second, The s~ld electors shall further vote on the proposition of authorizing the City Council of the City of Brsmerton to issue Water Fund Bonds as provided in this Ordiaa~ce in such sum as may be necessary to carry out the purpose and provisions of this o~inance, SECTION 11. Th~ form of the ~llot to b~ used at the said election shall be so d~awn and worded as sha].! comply with the taw and will clearl~ pro- vide to the electors a ready and convenleat opportunity to vote "yes" or ~'No" oneach ~k.~a of the said propositions. SECTION 12. The said election shall be held at the s.~me,polling places and at the same time and shall be conducted and governed in all respects i~a the same ma~ne? and by the same general laws as is provide~ '~or gener~l elections ia the City of Bremerton. The City Clerk shall give at least ten days ~otice of the time and place of said electl~oa and of the pro?~,.~itions'~'~s to be submitted thereat,' + which notice shall be pub].ished ia the offical newspaper of the City 6f and be postad as required by law. Section 13. This rdlnance shall be of full force an~ effect from Five days after its pa:~s~e, approval and publi, catIo!~.. Passed by %he Council and approved by me this:'~9~h~da~ 1912, Attest: Filed by .,ne this ~9th d~ of October',1912.