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HomeMy WebLinkAbout0435 ORDINANCE NO. 455 AN ORDINANCE providing for the purchasing, acquiring and coRstructing of an elec'~ric lighting system for the Cit,? ~f Bremerton and providing for the :borrowing of money to be us ~uerefor by issuing negotiable cou. pon bonds of Sald City of Bremert~'u'Ot~ m of-Twenty-five Thousand Dollars; and for the fSssuance and negot, iat~~speela! Lighting Fund bonds ~gainst tho a~rBings o'f : ~?s:aid eleet~in 1~~ ystem in such further sum or sums as to the Cit-,- Council ~Bremertou~r ratification or rejection, :~:~ W~REAS, It is deemed advi. sable for the City Council of the Cit.]f of Bre~ Orion, that the said City .shall acquire, own and maintain and electric lighting ::~'~ystem of its own, either by the pupchase of the ppesant lighting p2ant now ~?~:~perated and maintained by the Bremerton-Charleston Light and Fuel Company as ~operated and maintained, or such other firm, corporation or persofl as may now or ~:~;~hereafter own or operate the said plant, or in the option and judgement or the ~Gity Cotuacil of t}'te City of Bremertot] to construct a near:and independent system to furnished with electric lighting current either from a plant installed as a ( ~Pa~t of said system or su~,h other source as may be deemed best by the City Council, W~REAS, Preliminary plans and estimates covering such electric lighting ~ system have been prepared and are now on file in the office of the City Clerk and ~ ~[the estimated costs of purchasing and acquiring said electric lighting system 'of '~ho Bpemer~on-Oharlesgon Llgh~ an~ Fuel ~ompan7 as opeeat, ed and maintained, o~ ?~guch etcher firm, corporation or person as may no~'or hereafter own or operate the [Said plant is One Hundred twenty-five Thousand Dollars (~125,000) and a lake sum f ~for the construction of a distributing plant,, adequate to furnish the City of [:~Bremerton such light, lng facilities as are necessary to supply lhe nmnlcipaltty ~or, [ts streets and public places a~d al~o the inhab itant~ of the City of Bre¢- ;:~BmtOn for private consumption, such distributing system so const~cted to receive ~:!ectric current from.an outside course, that is to say, from sonic plant already ::~?fn' operation s~rch as t!~at of the Olympic Power Company, and WHE}.:EAS, it is necessary that the said p~oposed plans for the establi~b- ~ng of an electric lighting plant by the City of Bremerton and the incurring of }~lndebtedness'therefor 8hall be ~pproved by three-fifths (3~5) of the qualified octets voting thereon, at an election to be h~ld for that 'purpose, now therefore The City Council .of the City of Bremerton do ordain as follows: } ~CTI~N. 1, That subject to the eatif4catlon of the qualified voteps of the City of remerton at an election hereafter called to be held in the City 0f Bramopt~n, there shall be purchased, acquired and conatructed an Electric [,ight- ..... *~m 'in and fo~~ the said of Bremerton under plans and specifications as :.::~,'e5 "~a'°~''~ ' ~ - /: / /~follows: 9/ / ~;~": The prose'hi Lighting ~ant o[ the Bremerton-Charl[st~n Light and Fuel ~.~ny as now operated and~int,~ned, or such other firm, cot potation or person as /:~ay now or hereafter ov[n~orH~erate said plant, shall be purchased,acquired or con- : ~demn'ed hv whatever ne~tiat~ons, condemnation suits or proceedings may be found ' ~ki~.~'~,t ~ a~,~ro,~ b~//the Oit, y of Bremerton at such S~meas ~mt~ be adeqttate ~therefor.by th~City]~ounc~] o~as may be ~dJudged b~ the Court, cz as may toe othe~.- ~::~s4 ·legally ~et~-m~d. / For the purpose of bSrrowing money t,o be used in the :~:?:: ent' of ,a~ic~ ~]l~~L~t, ing... . Sy~tem,~o the 0ity of Bremerton, small issue~ ~ts. neg- ~btiable coupon l~s for the sum of .~i:.~5,000.00 payable not mo~e t. hant, went~ (20) -~years from d~te ~ereof with interest, at.. the fate of six (6~) per cent per annum, [mavable semi~nt~lly. The form, time and details of said bonds shall be pres- ~riS4d t~y t~e~¥ co~,~ci~ cf-tar the election hereafter called, shall hhve been ~ ~held, said Bonds shall be of the denomination of ~1000.00 each, bearing date of [ '[their issue and shall be numbered consecut, i~ely from one to twenty-five, shall be . ~P~yable in gold coin or lawful money of the United States of America at such bank- [:~[ng house or t~tst Company as shall be designated in said bonds. Such other and : [~fful'ther stun as may be required as a?oresaid for paysent of and for the said Elec- 4:~trlc Ligh'[,ing plant over and above the said sum of ~25,000.00 shall be deriwed ~from the sale by the said City of Bt~emerton on the open market at such t~rms and '(~upon such conditions as my be deemed wise and pro. per. The special Lig~t~ng Fund ?~:~B0nds of said City which said bonds shall be a lien upon the profits and revenues ;[~:?f the said Lighting plant subject to the terms and conditions ~et forth hereinafter. ~,~n this Ordinance. PROPOSITION II. The said City of Bremen'ton in case it shall ~etdbe.:;d~cmed wise or exped- ~[~:~lent or, if for any reason, it shall be determined by the City 0ouncil that the Dost ::(~.:~interests of t}~e City and the inhabitants thereof, require that a new and complete ::. l~.plant::~ s~ll be installed, then and in such event, the. Cit~. y Council shall, proce~'ed ::~with the installation of such plant, ~klng same comply substantially with the form :~:~and plans of the pre[ent Lighting ~lant as now operated in the said 0ity of Bremer- ~:~:bOn, subject, however, to such improvement and alterations as may be essential to the said plant t~e greatest efficiency possible by this outlay of ouch sum as [.:::~ay be equal substanially to t]~.e value of the said plant as tt now stands. In :[.~Ihe event of the City Council adoptit~.Z this proposition, towit: Proposition NO,II '~then and in that case, the amount of the indebtedness t,o be incurred for thc cor~- :[~:[:~t'uction or establishing of said plant shall be covered by negotiable coupon bonds ]~:~igainst the whole City in the :.~tmz of ~;25,000,00 as specified in the foreMoin~ prov- (([~ions relative to P~oposition No. I and the said City 0ouncil shall further[be : authorized in case of the adoption of this proposition, or' of eithe]~ of said prop- .~ssit. ions by the electot,s of the City of Breme~$on as .~.,foresaid, to issue such spec- :al Lighting Ftmd Bonds as ~ay be nocessary in the opln.ton of said Council to ,lly and adequately pay for and maintain the said plant, such bond5 to ])e issued negotiated on tach tom':ts as may be deemed wise by the City Council and to com- Ply with the general terms and stipulat.ions he ein.~fter set forth for such Light- F~nd Bonds. PROFOSITION III. In the event of the City Council of the City of Bremerton being able to a satisfact,~ry am~angement wit]~ any competent Powe~-~ ComPany for the purchase the saidCity electric lig~ting and power current in such quantities and such )nditions as may be deemed adequate,safe and conservative by the said City Coun- '~j~ci! without the ~]ecessity fro- the immediate installation by the said City of a ;::~ptant for the purpose of manufacturit~g electric current, then and insuch ca"se,upon .:~PProval 10y t. he e~ectors of the 0ity of Bremerton, as aforesaid, the said City [:~O$~hcil shal:L prnceed to install a general Electric Lighting distributing system :]~2th such transmitters, transformers cud oiler', requisites as have been specified ~ ' out. lt~ed in the gener, al specifications now on file in the Clerk's office of ~i City of Bremerton, or as may be required to establish a general distributing ~stem with lines, transmitters, meters and other appliances snbstantia!ly the same S ~ow in use in the said Oit,,.~ of Bremerton, such distributing system to be paid by the said City Cotmcil of the City of Bre~ er, ton by ~he negot, i~ble Coupon Bonds the ~aid 0ity of Bremerton in t]!e sum of ~E5000,O0 said Bonds to b~ issued as here re set forth under 'propositions numbered I and II and the said ~ity 0ou~tcil, ]ect to the'approval of this proposition by the electors ,of the City of Bremer- as aforesaid, shall have full authority to issue and sell upon $,he best , such further Lighting Fund Bsnds or war,'an'ts, the same t.: be a lien ely against the profits of said I,iEht~g and distributing plant, as may appear the City Council to be necessar]r, adequate and proper i~ the .premises. Section 2. If the City of Bremerton shall become the owllel~ of an Electric Light'I~lg System u~der eit]~er of the aforesaid propositions and all of the pr.~'..perty, rights and things appurtenant t,> such a plant or system, then and ~u such ¢~se, the ~aid Cit~! ?~erate the s~id plant ,as a municipal Lighting ,v~,stem fo~ s~ch pu~poses.az~ undez such privil~,ges and ~'ights as may Seetion 3. For t~pU~e of 5orrowing money to be used in payment for the said I.ig]iting Pla~ff~v~% operation oP fol~ the constr, uction~of ~ ne¥~"~ plant, og a ney,, distrit'~g~tem ~s or for either or any of said ~nd~Bonds ~~~vuch sum or sums a.:~ may~ from time to time appear to the u~tv C~~~~'emerton as necessary and appropriate in the premise~, ~~~~ be pay~e t© bearer in not more t~an twe~lty years fr,~m with interleaf s~ ~7~) per cent per annum, payable semi-annually both principal ~tdinterest, i'rl goldi coin of the United State,.~ of America, at such bankit)g house or place as may be designated insaid bonds, ~ild the }.~ayor of the Cits of Bremertorl ~s hereby aut~:iorized and directed ih sase of the i~atific- ation as provided by law by the qualified electors of the ,lty of Bremsrton at an e!ectinn called for the said pul~t~ose of either Of said propositions as here- inbefore provided, t,o issue tn the t~ame of the said City~ signed by himself as 1.layor and attested by the City Clerk under the seal of the said City, such Lightii~g ~lnd Bonds as may be ordered ])y t!16 Council in accordance with the terms and condOr%OhS set forth iii this ~rdirlancs atld as the said Council may be authorized and permitted so to do, ~y the Laws and 'Statutes of the State of Washington. Section 4. Thai in case of the approval of either of said propos- itions by tiie electors of the City of Bremerton as aforesaid, there shall be ~stablished by the City Tre~l~urer~ a Fund to be known as the LightlMg Fu, d' of the City of Bremerton, into ~vliich said ~lnd shall be paid seventy-five per cent of the ~r~ss revenue of the said Lighting System as the same shall be operated by the City of Bremerton, provided tllis reqlii~e~nt m~y be altered[ or amended by i~utual coiis~iit of the hold~i~ or holders of ~ll of the bonds iss- ued and outstand%ng against th~ said Fund and the Clt~ Council, such consent to be attested in writing by the holders of such bonds and to' be confirmed by Ordin,ihce of t~ie City Council; or the said requirement to deposit seventy~ five per c~nt of said revenue to tii'o cz. edit of the 'said ~nd as aforesaid, may be altered or amedded by agreement ~i'i writing at an~ time prior to ~.he sale of said Bonds or at the time of negntiating for the sale of the said Bonds. The said bond.s shall be l~aid and x~etlre~ in their consebutive order under such te~m and conditions as maZ, be a~greed upon. The intere'st of sam~ shall be paid semi- annuall3. ~o part of the amongst o~ said special L'ighting ~n~ Bon~ls s]~ll ever be or ~ecome a debt ,~gainst the general Fund of the City of Bremerton ~xcept the ~said special Lighting Fund her~In provided for. Th~said 'special Lighting Bonds shall be and continue to b~ a first and dlr.ect lien against the entire and gross revenue of th~ said Lighting system. Section 5. That the Cit~; ~f ~reraerton hereby irrevocably binds and obligates itself not to sell or in any manner dispose of the s~?~id general Light- trig ~y~t~m or ~u~y addition or extensions that may he made 'thereto until all the bonds issued against the revenue of the said system with interest thereon shall ~-have been paid in full a~!d the said City of Bremerton further covenants and agrees with the holder or holders of said bonds to maintain the said Lighting system in ,zood condition and to ~operate th~ same ~ontinualiy ind to maintain the rates and charges and current at such amount that the gross revenues of said system s~ll be sufficient to pay th~'l~ter~t on 5he said bonds and to form a sir~k[]~S fund sufficient to retire the said bonds'as they shall ~ture and that in cas~ th~ rate char['~d for electric current o~'~rvice at any ti~e shall inadequate to pay tile said interest and maintain the said sinking fund, ,~that In such case, th8 rate for said service o~ cur~n~[wi!l be raised to such amount as may be necessary. Section 6, The money dal~iv~d from ti'~ ~le of the sa~ld bonds her~ln authorized shall be paid into the treasur~ of the said City and ~'hall be drawn [lpon so!el~ for the put-pose of p~ying %~18 o6s~s and expellees necessary for quiring, constructing, owning and maint~inin~ Such Lighting system and the sur~ plus of mo~-.ey, if a.r~y, from the sale of said Don4a oYg~r and above the total cos~ of s:i[t Light[n~ :_~ystem shall b~ applied to ~,he pa%yment of said special Lighting ~n~ Bon~'~s as the sam~ may mature. S~ct~on 7 ~ That ~ ~p~oi~l el~ot~o~ sh~11 ~ held on Tues~tav th8 day of December,~lgl2,in the City of ~rem~on'at %he'' several pollin~Dla~es' [ thereof under the' same g~neral ruli~'~gs and requirements and conducted ~fter the manner as 'the general City election, at which shall be submitted to th~ qualified voters of the City for ratification or rejection, the said three propositions ~ in set forth for the acq construction ef the said Lighting system toget~ er with the propositions for .ng a general indebtedness and for the issuance of the General Negotiable Cou ~onds of the City of Bremerto~ in the sum of ~25000.00 therefor, and the fur ap ~roval of said proposition and the authorizat . ~on of the issuance of such : ~ng Fund Bonds as may be aecessary in acc- ordance with the t~ms a,~'ld s~ set forth in this Or~i~;a~uce. ?.~:~: Sectton~8. The f ballot to be used at said election shall be: "fihall the City of BI for the purchase, acquiring, and constructing of the proposed electric L system, the proposition set forth in Ordinance No. of t!~e City of and designated therein as Proposition ~ojI, there- by authorlz'[ng the City of the City of Bremerton to purchas~ or acquire by whatever negotiations, ~tion suits or proceedings that may be found necess- ~,. aryor appropriate and ~ ~um as may be deemed adequate therefor,the present Lighting system of ;on-Charleston Light and Fuel Company as operated and maintained, or su , corporation or person as may now or hereafter own ~r operate the ~S . . NO . "Shall the City of Bremerton adopt for the purchase, acquiring and con- strUcting of the proposed electric Lighting system the proposition set forth in Ordinance No. of the City of Bremerton and dasig_~at~d therein as Proposit- ion No. II, thereby authorizing the City Council of the C.tty of Bremerton in case it shall not be deemed wise or expedient or for the best interest of the City and the inhabitants thereof, to purchase the present plant, then and in such event,to construct a complete new plant of substantially the same capacity and according to substantially the same plans as the present plaut as now owned and operated by the owners thereof", "Shall the City of Bremerton adopt for the purchase, acquiring and con- structing of the proposed electric'Lighting system, the propositi.on set ~orth in Ordinance No.~ of the City of Bremerton and designated therein as Proposition No. III, thereby authorizing the City Council of the City of Bremerton to construct a general distributing system with such poles, wires and equipment as may be necess- ary for transmitting and distributing electric current to the' inhabitants of said City and to such other persons as ~y demand electric current without constructing or acquiring a ~nufacturing plant for the production of electric current, such electric to be provided for the said distributing plant by purchase from the Olym- pic Power Company or from such other sourse as ~y be deemed wise and proper by C the said °~ncil . :~ . .... NO .... "S~ll the City of Bremerton issue its negotiable Cdupon Bonds to the amount of $~000~00 to provide money for the construction or purchase of an Elec- tric Lighting system l~ the City of Bremerton, the proceeds of the sale of such general Coupon Bonds to be used and expended by the City Council of the City of Bremerton in acquiring and establishing an Electric Lighting system as provided in this Ordinance designated und~r such of the propositions as ~y be adopted here- after by the City Council, such bonds to be general bonds and to be ~ charge against the whole City". ~ ~ Bonds, Yes O~dlnance No: 435, . P~e~3 ,,,,, , "~'~, The said election shs~l~ ,~eld. at the same votzng places in th~ said Section 9. . . ~ . City whei, e the general munict~~ctton will be held on December to-wit; In precinct Numbe~ ~ht the City Hall; In precinct T~umber ~, at Fi~'e S~.ation number 2; I~ecinct number 3, at Fire Station humbler 3; In~ of the ~~Smitted thereat, together with t form of b~tiiot ne~spap~~~ ~remert,m and be posted ~s requi'?ed by Section~ 10. This Ordinance shall be of full force and effect from five days after its pJissage, approval and publication. Passed by the Council and approved by me thl~i 28th day of October, At te st: Filed by me this 98th day of October,].9!~. ~y Clerk.