Loading...
HomeMy WebLinkAbout841 RESOLUTION NO. ~ A RESOLUTION of the City of Bremerton, Washington, creating a Warren Avenue Bridge Construction Fund, providing for the payment of certain moneys therein, fixing the ourposes for which such moneys may be expended, and autaorizing the issuance of warrants thereof. WHEREAS, by Ordinance No. 2043, passed and approved September 23, 1953, it was orovided that the City of Bremerton could issue and sell its limited tax leYy general obligation bonds in the princival sum of ~00,000 or so much thereof as may be found necessary to pay the costs of '~reliminary engineering reports, traffic surveys, finan- cial and feasibility reports, final engineering plans, and other costs inci~ental to the construction of the Warren Avenue Toll Bridge across the P'ort Wasg~ington Narrows and the issuance of said bonds; and WHEREAS, if said bridge is to be constructed the cost thereof will be paid by the sale of bonds of the Toll Bridge Authority of the State of Washington; and WHEREAS, it is anticioated t~t the city will be reimbursed by the Toll Bridge Authority out of the proceeds of the sale of the bonds it will issue to construct such bridge, for all of such expenses oaid or incurred by the city; and WHEREAS, it is deemed necessary that a construction fund of the city be created to .~ay such exoenses and that the proceeds of the sale of those bonds of the above mentioned bond issue of the city that s~re sold be paid therein and that tine moneys received from the Washington Toll Bridge Authority as reimbursement for such expenses oaid by the city be also oald therein unless necessary to pay such moneys into the Bond Rede~ption Fund created by Ordinance No. 2043 for the redemption of such bonds of the city that may have been issued for the same purposes; and WHEREAS, the city now is or will soon be obligated to provide funds necessary to pay some of such expenses; NOW, THEREF©?~, BE IT RESOLVED by the City Council of the City of Bremerton, Washington, as follows: Section 1. That there be and is hereby created a special fund of the city to be known as the "Warren Avenue Bridge Construction Fund." Section 2. All moneys received from the sale of those bonds of the general obligation bond issue of the city authorized in Ordinance No. £043 that are sold (exclusive of accrued interest) shall be paid into ~aid Construction FUnd. All moneys which will be received from the Toll Bridge Authority of the State of Washington as reimbursement to the city for the above described expenses ~aid by it, except for those moneys received from the Authority which may be necessary to redeem and retire any of the above described outstanding general obligation bonds of the city, shall also be paid into said Fund. Section_3. The moneys in said Fund shall be used for the sole '0urpose of paying the costs of preliminary engineering reports, traffic surveys, financial and feasibility reports, final engineering olans, and other costs incidental to the construction of the Warren Avenue Brld~e across the Port Wast~ingZon Narrows and the issuance of the bonds of the Washin ~:ton Toll Bridge Authority necessary to pay the cost of const~uct!~qf~ such bridge and the issuance and sale of such bonds of the city. Upon authorization of the Council, the proper city officials ~re hereby authorized and directed to issue warrants drawn on such Fund in payment of such expenses. Such warrants shall be numbered, dated, and in such amounts as fixed by the Council, shall bear interest