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HomeMy WebLinkAbout0345 OrdinanceF, ORDIIT .ITCL ITO. J 3�, AN ORDINLNCE providing for the issuance of "150,000 of ire tial Water Revenue 3onds, in accordance with the proposition submitted by Orc. inan ce ido. 341, of the Citi, of i a sco, passed and approved 1-Tay,1, 7.925, ne_ adoptee_ by the voters of said City of Fasco at an election held therein on June 2, 1923, providing for the form and details of such bonds and the establishment of a 1-,ro er fund for the pay- ment of the principal and intere-t thereof, and ratifying the sale thereof, and providing for the delivery of said bonds. W 41REAS, heretofore, by Ordinance No. 341, the City Council of the City of Fasco specified and adoptee:_ a system or clan for the acquisition by purchase or condemnation of a com1)lete municipal water system for said city, including the acquiring of the water system owned by the Pacific Pover and Light Company, and the construction of additions and improvements thereto; and, WHERL_:S, at a speci`l election held at said City of Pasco on June 2, 1923, rursuant to said Ordinance No. 341, the qualified voters of said city voting at said election, voted. in favor of acquiring, con- structing and maintaining such a water system for said Cit -.17 of Pasco, and in favor of the proposition of issuing bonds to raise money to pay for such acquiring and construction; NOvi, R'HEREFO'_:E, the City Council of the City of Pasco do ordain as follows: Section 1. That the proposition of borrowing the sum of 5150,000 and issuing speci__l water revenue bonds as evi- dence of such indebtedness, as authorized by a vote of the qualified voters of 'said City of Fasco, voting at the election held th.erein on June 2, 1923, be and the same is hereby ratified and confirmed and the plan or system proposed for such water system adopted by the voters of said city at such election is hereby ratified and adopted, and the hiayor and City Clerk of the City of Pasco be and they are hereby authorized and directed to issue negotiable special water revenue bonds of the City of Pasco for the .irincipal sum of y,150, 000, numbered from 1 to 150, inclusive, doted November 1, 1923, and bearing interest at the rate of six per cent per annum, payable semi-annually, on the first days of may and November of each year, said bonds to be in the denomination of X1,000 each, maturing serially in the order of their number, as follows: 10 7r.l a 6, 000 on November 1, 192.9 - = = 3 iogf 47,000 on November 1, 1930- 'N �s' 3 ��- � y7 Lo ,a G .�7, 000 on November 1, 19311- ' 14, " 8, 000 V8's000 on November 1, 1932 3 y•: _ d 9 $� .on November 1, 1933'�1. c' ' //zJ �9, 000- on November 1, 1934• Jr ` �9, 000 on November 1, 1935, fy� :10,000 on November 1, 1936 41 ° -- 10,•000 on November 1, 193'Z�-``� 11, 000 on November 1, 19388' ► �`i�� X11, 000 on November 1, 1939�0 , I12,000 on November 1, 1940' 13, 000 on November 1, 1941; X1,14,000 on November 1, 1942 7s 15,000 on November 1, 1943 Section 2. Said special water revenue bonds shall be payable, both principal and interest, from a special fund hereby created for that rur,.ose, to be known as "Pasco Special Water Revenue Bond Fund", into which fund said city hereby irrevocably binds and obligates itself to set aside and pay from the gross revenues of its waterworks system from time to time, as required, and not less than thirty days prior to the respective dates on which interest or principal of said bonds shall become due and payable, certain fixed amounts, without regard to any fixed proportion of said revenue, sufficient to pay such principal and interest as the sane become due, which amounts so pledged are hereby made, and shall continue to be, a first and prior lien and charge upon the gross revenues of said waterworks system, and all additions, enlargements and extensions hereafter thereto made, subject only to the necessary charges for maintenance and operation, as pro- vided by law. In creating such special fund the corporate authorities of said city hereby declare that they have exercised due regard to the cost of the maintenance and operation of said waterworks system, that no portion of the revenues of said system have been previously pledged for any other indebtedness, and that they have not hereby bound and ob- ligated said city to set aside and pay into such special fund a greater amount out of the gross revenues of such waterworks system than in their judgment will be available over and above the cost of maintenance and operation thereof. Said city'hereby irrevocably binds and obligates it- self not to sell,lease, or in any manner dispose of said waterworks system, or any additions, extensions, or better- ments hereafter made thereto, until all such bonds, with interest thereon, shall have been fully paid, and said city hereby covenants and agrees to and with the holders of each and every of said bonds, in the event said bonds, or any portion thereof, be issued, to maintain in good condition, and operate said waterworks system, and to establish and maintain rates and charges for water sufficient to produce the gross revenues required to meet the obligations of said city as herein set forth. -3- Section 3. That the Special ':jater Bonds hereby author- ized to be issued shall be in substantially the following form, except as to the date of payment: No, e_ UNITEYD STATES OF AMEH:ICA State of ;7ashington County of Franklin, City of Pasco. PASCO SPECIAL ►TATER REVENUE BONA. KNOW ALL Iv EN BY THESE PRESENTS: That the City of Pasco, a municipal corporation of the State of 'ti;ashington, acknowledges itself to owe and, for valae received, hereby promises to pay to bearer, on the first day of November, lg , the principal sum of fi1,000.00, with interest thereon at the rate of six per cent per annum, payable semi-- annually on the first dUys of I,Iay and November of each year, as evidenced by and upon presentation and surrender of the annexed interest coupons as they severally become due, both principal and interest payable in gold coin of the United States of America of the present standard .of weight and fine- ness, at the office of the fiscal agency of the ;tate of Washington in the City of New York, both principal and inter- est being payable out of the gross revenues of the water sup- ply system of said City of Pasco, as provided in Ordinance No. 341 of said City, passed and approved on 'lay 1, 1923, and Ordinance No. of said City passed end approved October ,, 1923, and the City Treasurer of said City is hereby directed to pay the same as herein provided. This bona iscone of an issue of Special Revenue ;later Bonds in the sum of"'150,000, authorized by the voters of said City of Pasco at an election held therein on June 2, 1923, pursuant to Ordina:ce No. 341 of said City for the we . purpose of providing funds for acquiring and constructing a municipal water system, and is issued pursuant to Ordinance No. 341 and to Ordinance do. of said City, passed and approved October , 1923, and is payable oat of the special fund created by said last named ordinance, called Bocce "Pasco Special ,dater revenue/Fund", which fund is to be drawn upon for the sole purpose of paying the principal and interest of said bonds. The City of Pasco hereby covenants wi':h the holder o{ this bond thet it will keep and IE rform all the covenants and promises in the said Ordinances contained, to be by it Capt and performed, and said City does hereby irrevocably obligate and bind itself to set aside and pay into said bond fund from the gross revenues of said wate-system at least thirty days prior to the -respective dates upon v,hich interest or principal and interept of the bonds of this issue shall become due, a sum equal to the amounts of such intere.t or such principal ;and interest, as the case may be, ,,hich amounts so pledged are hereby declares to be a first and prior lien and charge upon the gross revenues of said waterworks system, and all additions, enlargements and extensions hereafter thereto made. The City of Pasco further binds itself to estLblish and maintain rates for water service which shall provide suffjicient revenues to permit the payment into such special fund of the said sums shish the city has pledged to be set aside for the payment of the principal and interest of said bonds until such bonds have been paid in full. It is hereby found, certified and deelt:red that said bonds are issued pursuant to and in strict compliance with the laws and constitution of the St-:te of ,,ashington and. of the or- dinances of the City of Pasco, and that all acts, conditions and -5- U. 4 things required to be done precedent to and in the issuance of this band have happened, been done and performed, as required by law. IN WITNESS !Hi2�EOF, the City of Pasco has caused this bond to be signed by its %Iayor and attested by its City Clerk, and its corporate seal to be hereto affixed, and the interest coupons attached to be signed and sealed with the lithographed signatures of said officers and the seal of said City, this first day of November, 1</23. ATTEST: CITY OF PASCO By Its ;:payor Its City Clerk. The interest coupons attached to said bond shall be substantially in the following form, except as to dates of pay- ment: No. X30.00 On the first day of , 19 , the City of Pasco, State of Washington, will pay to bearer, at the fis- cal agency of the State of ;;ashington in the City of New York, the sum of �30.00 in gold coin of the United States of America solely from the Special Fund known as "Pasco Revenue Bond sum being the semi --annual interest Special "later/Fund", said due that day on its Special `,tater Revenue Bond dated No- vember 1, 1923, numbered . CITY OF IASCO By ATTEST: Its Mayor Its City Clerk. M. Section 4. All of said bonds shall be signed by the Mayor and attested by the City Clerk under the seal of said city, and each of said interest coupons shall be signed with the facsimile of the signatures of said officers, attested .with the facsimile of said seal, and such facsimile signatures and seal shall be binding to all intents -and purposes upon the said City of Pasco. Section -5. That there be and is hereby created and established a special fund to be called "Pasco Special ,later Revenue Bond Fund", which fund is .to be drawn upon for the sole purpose of.paying the principal and interest of said Special ,'rater Revenue Bonds„ -rom and after the date of such bonds, and so lon; thereafter as any of said bonds are outstanding, the City Treasurer of said City of Pasco is hereby authorized and directed, at least thirty days prior to the respective dates upon which the interest or principal. and -interest of the bonds of this issue shall become due, to set aside and pay from the gross revenues of said water system into such special fund a sum equal to the amounts of such interest or such principal and interest, as the case may be. Said City hereby binds itself not to use any portion of said Special dater Bond Fund for any other purpose than the payment of the principal and inter- est of said Special Bonds until all 6f said bonds, both principal and interest, shall have been paid. Section 6. The sale of said Special Bonds heretofore made by said City to Yakima Trust Company is hereby ratified and confirmed in all thinks, and the l;;ayor and City Clerk of said City are hereby authorized and directed to have said bonds issued in accordance herewith, and to deliver --7" the same to the said purchaser upon payment of the purchase price. Section 7. That the proceeds derived from the sale of the bonds herein authorized shall be used solely to pay the cost and expense of the acquiring and constructing P of a complete water system for said City of pasco, as speci- fied in said Ordinance No. 341 of said City of Pasco. Section 8. This Ordinance shall take effect five days from and after its passage, approval by the Mayor and due publication in the manner and at the time provided by law... Mayor. -- ATTEST: / Cit Clerk.