HomeMy WebLinkAbout646 RESOLUTION No. & ~z&
A RESOLUTION of the City of Bremerton employing
Wm. P. Harper & Son & 0ompan~ of Seattle, ¥¥ashington
to perform certain services in connection with the
issuance and sale of approx~mately $$00,000 Water and/
or Sewer Revenue Bonds and establishing the charges
for the payment thereof.
WNEREAS, the City of Bremerton, Washington is desirous of constructing
certain additions and betterments to the sewer system .of said City which are
to be paid for by the issuance and sale of appropriate Water and/or Sewer
Revenue bond in the approximate amount of $$00,000; and
WHEREAS, it has been determined by the City Commission that it is to the
beet interests of the City of Bremerton that a person or firm skilled in such
matters be employed to assist and advise the City in the establishment of the
maturity schedule for, and other features of, the Revenue Bonds to be issued
in order to assure the sale thereof at the most advantageous price possible, and
WHEREAS, it is deemed to be to the best interest of the City that it employ
Wm. P. Harper & Son & Company of Seattle, WasHington as such expert advisors to
analyze the situation and prepare a study showing the financial plans available
to the City and, based upon its experience in the municipal bond business, to
recommend the plan which appears to be the most economical, feasible and
advantageous to the City,
NOW THEREFORE, BE IT RESOLVED by the Commission of the City of Bremerton,
Washington as follows:
Section 1: That Wm. P. Harper & Son & Compan~ of Seattle, Washington be,
s.nd they are, hereby employed to make a study of the situation and submit a report
suitable for distribution to prospective bond buyers, which study and report
shall include but not be limited to the following:
A. An analysis of historical operations of the Water Department and an
estimate of the gross revenues required to provide adequate coverage
on the anticipated debt after allowance for probable operating expenses.
B. Recommendations as to appropriate rate schedules for water and/or sewer
charges which will insure the necessary gross revenue and allow
maximum flexibility for future requirements.
C. Recommendations as to appropri~ate maturity schedules and desirable
terms and covenantw for said bonds based on the above.
Secion 2: That Wm. p. Harper & Son & Company of Seattle, Washington
shall be paid the sum of $1,250.00 upon completion of the above described
services~ Provided that if additional water and/or sewer revenue bonds
are desired to be sold within three years from date hereof then shall the
Council request and receive additional data to include these said bonds and
current information thereon to facilitate this sale and an additional fee of
$250.00 shall be paid upon the completion of these additional services.
PASSED, by the Commission of the City of Bremerton and approved by its
Mayor this ~ day of ~Z~ , 1948.
CITY OF BREMERTON, WASHINGT(N
Mayor
ATTEST:
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