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RESOLUTION NO. 286
W'LEREA$, the City of Bremerton has issued and there are now outstanding the
interest warrants dra~ against th~ Park Avenue S~w~r ~r~nc~f O.~5inanc~ No.
1339, and ~ergency Ordinance No. 1438 Fund, which with interest computed to
April 15, 1943, will total Sixt[~-two thousm~ and no/1OOths (~52,000.00) [rollers,
which said sm constitutes an outstanding7 indebtedness of said city evidenced
by ssi~ watt,ts, an~
WNE~EAS, the City Comcil of the City of Br~m~rton ~eems it advisable to
iss~e funding ~onds w~th which to take up and cancel sai~ outstam-~ing indebted-
ness, and that by the issuance of snch bonds the City of Bremerton will make
substantial savings i~ the matter oF interest,
~'~0,~ PHE~EFOR:~, ~ IT RESOLVE'O ~'~,~ TI-~E C., ~. CO~U~CIL OF '?tie CIT~ OF
that the ~ity of ~remerton issue on April 15, 1943, g~neral obligation f~m~ng
bonds of the city of Bremerton, to be ]~own as "Sewer Fun~ing '.~onds," for the
purpose of taking up an8 c~celling the outstanding in~e'btedness of said city
for imp~.~ements to the Park Avenue sewer and for the City's share of the con-
stm~ction of a sewer system, known as F.W.A. ~cket No.45-172, In the s~~, of
Sixty-two thousand an~ no/100ths (:;~62,000.00) ~llars, in ~enomfnattons of On~
Tho~san~ and no/lOOths (~$1,000.00) l~llsrs each, to be signe5 by the ~syor,
countersi~f'ne~ ~V,-~ t~e Treas~rer and attested by the Clerk, an~ '~ear~n~.~ .~ the official
seal of the city of Bremerton. Such ~oonds shall bear a rate of interest to be
fixed by the successful bidder but not to exceed however the rate of four
one-half (4~-) per cent per anm~, oayable semi-annually on the 15th day of
April an~t the l~th 8a¥ of October of each year, starting October 15, 1943,
which interest shall be evidenced b'y prooer coupons sttache~ to each bon~; said
bom~s shall proviSe that the City may refund all of said bon~s, or any part of
sai~t bomds then outstanding, on any interest paying ~ate after five (~) y~ars
from the date of the issuance of said bonds, and the principal and interest of
which bonds shall be payable in the office of the Treasurer of the bity of
Bremerton, in twenty (~0) series, payable tn from one to twenty years after
the dste of lss~e, the m~r~ber of each series, the par value of bonds in sai~
series and the date of maturity of sa]~'~ bon~s being as follows:
UU~.~B'~R OF SER~ES: PAR VALUE 0~ BONDS: DAFE OF
L ~$2000.00 April 15, 1944
2 2000.00 " 15, 1945
3 2000. O0 " 15, 1946
4 gO00. O0 " 15, 1947
5 3000.00 " 15, 1948
6 3000.00 " 15, 1949
7 3000.00 " 15, 1950
8 3000.00 " 15, 1951
9 3000.00 " 15, 1952
10 3000.00 " 15, 1953
11 3000.00 " 15, 1954
12 3000 ~00 " 15, 1955
13 3000..00 " 15, 1956
14 3000~00 " 15, 1957
15 4000.00 " 15, 1958
16 4000.00 " 1 5, 1959
17 4000.00 " 15, 1960
18 4000.00 " 15, 1961
19 4000.00 " 15, 1962
20 4000.00 " 15, 1963
The said bonds shall be sold at not less than par value an~ the proceeds thereof
used exclusively for the pur?ose of retiring ~d cancelling said indebtedness.
BE IT F~RTHER RESOLVED, that the Mayor and the Treasurer of th~ City of
Br~m. erton shall cause a notice of the propos~ issuance of such bonds, atteste5
by the Clerk of the City of ~r,m~rton, to b, given by ~,blication tn the official
newspaper of said city, at least once a week for four (4) consecutive weeks,
which notice shall state for what purpose and th~ total amount for which it is
so proposed to issue bon~s, into how many series the same are to be ~ivided,
and the ~ount of and the period for which each series is to r~, an,:l which
notic~ shall fix the 17th 5ay of I,~arch 1943, at 10:00 A.i,~., as the ~ay an5 hour
for considerfn.~L the bids for such bon~s, end s.hall ask bi~ders to name the price
an~ rate of interest at which they will purchas~ such bonds, an~ to name such
price an~ rate of interest for each ser-~ss of s~ch bonds separately, sn~ ~,'.,'~ch
m:tice shall notify each bi~'~er to submit a s~ale5 bi~, accomp~d by a certifie~
check for .~3100.00 to be returne~ to the bi,der in case his bi~ is
ot~',erwise to apply on the purchase price of said bonds, provided that in case
such succe~sful bidder shall not comply with the terms of said bid, saint check
will be forfeited absolutely to the Cit~ of Bremerton, nnless after examination
it is deci~e~t that there can be no legal issuance of said bonds, in which case
such check ~'ill be return~ to such bidder. Such notice shall further state tibet
st th~ time name~ in such notice for the opening an~ considering of bids, the
City Co~mcil and City Clerk will meet with the City Treasurer of the City of
$remerton at his office and with him open said bi~s, and shall sell said bonds to
RESOLUTION 286 (cont)
the person or persons making the most 8dvantageous offer therefor; provided,
however, that sai~ bonus shall never be sold or disposed of below pa~.r an~ such
corporate authorities shall ha~e the right to reject an,~' amd all bids, and that
each b~dder shall in th~ bid agree to r~rnish sixt~f-two (6Z) bonds necessary
for such issue and accept ~liver~ of said bon~s at Bremerton, ,~ashington, and
~gree to submit the necessary ordinances, resolutions, an~ proceedings to the
City Council which h~ d~ems necessary for the legal ~ssuance of sa!~ bon~s with-
out any charge whatsoever to the City of ~remerton for any cost of attorney's
opinion upon the vsl~dity of such bon~s.
PASSED by the City Council of the City of Bremerton, sigmed by the [.~ayor,
an~ attestecl by the City Olerk in authentication of such passsge, this ~rd day
of February,
~ayor
A ~TE~)T.
E. J. ~{cCall
C[ty Clerk
Oeputy City