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HomeMy WebLinkAboutO-0271 - Waterworks revenue bonds and improvements (Special)243 ORDINANCE No.271. WATER SYSTEM -TA1'K: ANORD!NANCE providing for the making of an addition and betterment to the water works system for the ~own of Marysville by the acquisit- ion and purchase of a water tank and necessary connections,lands, right~of way and sites;specifying and adopting a plan,declaring the estimated cost thereof as near as may be,and submitting the proposition of adoption of said plan and the issuance of special water revenue bond.s in the sum of Jfifteen 'thousand ($15,000.00) Dollars,in payment therefor to the qualified voters of the Town of Marysville for ratification or rejection at a special election to be.held therein,and providing for the calling and holding of such eLec ti'on • WHEREAS it is deemed advisable fo~the ~own of Marysville that it shall extend and better its water works system by acquisition and purchase of a water tank to supply fresh w~ter for domestic uses and fire.protection,now therefore, JjE IT ORDAINED BY THE COUNCIL OF 'l'liE TOWN OF MARYSVILLE,.WASHINGTON: SECTION 1.That the following plan for making addition and better- ment of the water system of the town of Marysville is hereby proposed, specified and adopted to-wit: That the said town acquire and purchase a water tank of an ap- proximate capacity cif 100,000 gallons and erect said tank at such a place and height as will give the said town an adequate supply of water at apresure sufficient and adequate for domestic uses and for fire protection,together with the necessary piping and connections to install and connect the said tank with the present municipal water system,of Marysville;and that the said 'rown acquire the necessary lands,rights of way and sites necessary for such installation and betterment. That the estimated cost as near as may be of said acquisition and betterment as hereinbefore set forth is hereby declared to be the sum of .If if teen Thousand ($15,000.00)Dollars. oECTION 2.It.is hereby proposed,adopted and specified as an .intergiral part of the plan for the add.ition and betterment to its water works system as aforesaid,and for the purpose of providing for the payment thereof,that it sha11 issue its coupon interest bearing bonds not exceeding the principal sum of Fifteen Thousand ($15,000.00)Dollars in special water revenue bonds,bearing in ter- est at a rate not exceeding six per centum per annum,payable semi- annually,_payable both principal and interest,solely from a special I!und designated as "Marysville opecial water Hevenue Jjond Fund #2" as herein after created.The said issue of bonds shall be in den- ominations of ~500.00 and numbered from one to 30 inclusively,and mature serially in from one to fifteen years from date as follows: $500.00 in the year 1931 500.00 in the year 1932 500.00 in the year 1933 500.00 in the year 1934 500.00 in the year 1935 1,000.00 in the year 1936 1,000.00 in the year 1937 1,000.00 in the year 1938 1,000.00 in the year 1939 1,000.00 in the year 1940 1,500.00 in the year 1941 1,500.00 in the year 1942 1,500.00 in the year 1943 1,500.00 in the year 1944 1,500.00 in the year 1945 a I ,244 all of the said bonds to be payable,both principal and interest,at the office of the '.l.'own Treasurer of the 'rown of l\iarysville,or at the fiscal agency in the State of Washington,in ~ew York City,at the option of the holder and shall be on such a day and be in such form as the ~own Coucnil shall hereafter by ordinance prescribe. dECTION 3.~hat there be and there is hereby created a special fund ,to be known as "!\iaJ;'ysville Special Water Hevenue bond Fund {f2" which fund shall be drawn upon for the sole purpose of paying the interest ,and principal of said special revenue bonds.From and after the date of said special revenue bonds and so long as the same are outstanding and unpaid,the i'own Treasurer shall set aside and pay in such fund at least thirty (30)days prior to the respective dates on which the interest,or principal and interest,of said bonds shall become due and payable,certain fixed amounts out of the gross re- venue of said municipal water works system,including all additions, bett erments and extensions .the re t o,equal to the respective amounts' of interest,or principal and interest,as the case may be,next fall- ing due..rhe said gross revenues are hereby pledged to such payments, which shall constitute a charge upon all of such gross revenues, prior and superior to all other charges whatsoever,inclUding charges for maintenance and operation,save and except for amounts previously pledgedfor the payment of principal and interest of special.water re- venue bonds authorized and provided for in Ordinanc e iT226 of said 'i'own,enti tl64las follows·: "An Orinance provi~ding for the acquiring,constructing and mainta,ining of a waterworks syste#,orthe 'town of Marysville,Wash- ington,and its inhabitants,specifying and adopting a system or plan for the acquisition by said Town of said waterworks system, declaring the estimated cost thereof as near as may be,and sub- mi tting said system or plan,ani the question of authorizing the issuance of general bonds in the sum of '41,000.00 and special bonds in the sum of $43,000.00 to provide for the payment thereof to the qualified voters of said 'fown r or ratification at a special election to be held therein on May lOth,1921." and Ordinance #228 of said 'fown,entitled as follows: nAn Ordinance providing for the issuance of ~41,OOO.OO in general negotiable coupon water bonds,and :jli43,000.OO indpecial revenue water bonds,in accordance with the proposition submitted by or-da nance no . 226 of the Town.of Marysville,washington,.paaa ed Aprilllth,1921 to the vo t.er s of said rown at a special election held therein on the lOth day of !\lay,1921,and adop t ed..by said voters at said election;providing for the form and tenor of such bonds,the date ttereof and t he order of retiring the same cand the payment of the principal and interest thereof and establishing a fund for payment of principal and interest of such bonds." In creating such special fund the town council and other corporate authorities of the said town have exercised due regard to the cost of operation and maintenance of the said water works system as constructed and/or added to,and to such proportion or part of the revenue pre- Viously pledged as a fund for the payment of.bonds,warrants,or other indebtedness;and that the amounts set aside ,for "Marysville special water xev enue rsond .Ifuhd fl2t!is not a greater .amoun t or proportion of the revenue and proceeds than in their judgment will be available over and above such cost of maintenance and operation and the amount and/or proportion of the revenue so previously pledged,and that,in their jUdgment there will be a sufficient amount derived from said revenues to pay interest and principal of the bonds hereby authorized as the same shall fall due.'fhesaid Town hereby irrevocably binds ani obligates itself BOt to sell,lease or in any manner dispose of saidwater~~tstem or any additions,extensions or .betterments thereto until all such bonds wi th interest thereon shall have been fully pa id;and said Town hereby covenants and agrees to and with the holders of sach and every of said bonds,in the event said bonds or any portion thereof, be issued,to maintain in good condition and operate said water works system,and to establish and maintain rates and charges for water , 245 ORDINANCE No.271.(Cont'd)#3. sufficient to produce gross revenues required to meet the obligations of said Town as herein set forth. SECTION 4.That a special election be and the same is hereby called to be held inthe ~own of Marysville,Washington on the 3rd day of December,1929,at which election there shall be submitted to the qualified voters of said Town for ratification or rejection, the system or plan proposed,specified and adopted,for the said e~tension and betterment of the said water works system and the issuance of reWeU\l3111e bonds to pay therefor.At such election the pols shall be ~~.from eight o'clock A.M.until eight o'clock p.M.Notice of said election shall be given as required by law. Said election shall be conducted by ballot.The polling places shall be those designated,and the officers of election shall be those appointed,for the general ~own election to be held at the same time and place. The proposal hereby to be submitted shall appear upon the ballots in substantially the following form: P R B P °SIT ION "Shall the ~own of Marysville,Washington,pursuant to a plan adopted by Ordinance No.271 for the extension and betterment of its water works system acquire and purchase a water tank of an approKim- ate capacity of 100,000 gallons,and erect said tank at such place and height as will give the said ~own an adequate supply of water at a pressure sufficient and ade~uate for domestic uses and fire protection;together with the necessary piping wmd connections to install and connect with the present municipal water system of Marysville,and acquire the necessary lands,rights of way and sites necessary for such installation and betterment,at an estimated cost as near as may be,of ~15,000.00,and for the purpose of providing funds for the payment therefor issue $15,000.00 special water re- venue bonds,payable solely from revenues of said water works system serially from 2 to 17 years,payable semi-annually as provided in said Ordinance #271. In Favor of Above Proposition Against Above Proposition ( ( ) ) Every voter at said election desiring to vote in favor of said proposition shall mark an X in the square opposite "In Favor of Above Proposition"and every voter at said election desiring to vote against said proposition shall mark an X in the square opposite "Against Above Proposition."i SECTION 5.This ordinance shall take effect and bein force upon its passage,approval and publicatipn as provided by law. PASSED by the Town Counc il and approved by the Mayor this 21st day of October,1929. Fred-McCann Mayor ATTEST: W.·S.Myers Town Clerk Published the 24th,day of October,1929.