HomeMy WebLinkAboutO-0296 - Bond issue (Special)C1'"
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An ONttltance "jr'o:-ndiiig 'tof ;~fi~.:inip'rovement SJ,dbetterme~t 'o'f'the ,waterworks''sy~tem"of'::the Town of'Marysville,
Washington"constMiction-a.lld,~eV:elopme~t:of'.the 'p,i-esent sour-ce ,
,of',water supply by'the construction 'ot:,new drains,pipes,f'lumes,
,or tunnels,a new .screen chamber arid"sand ,tra.p and by ,the,con-
structio~of'a new-,10""graVity'pipe 'li~e:,f'rom said source t.o .
the town \vater distribution system,-declaring the eS,timatecl ,
cost thereof'.as near as may be,and submitting the proposition
oNtlie Ta;cll:lp1;:fon(ofsaid:plan 'and 'tli~\l's,sua.ncie of'special water
"'r,evenUeJbonds;'in:the 'event 'of'0:f'edera.l grant alone in the'
,amoun1;iJof'-"$41,300.·001 'and 'in'the'event',of,lJoth,federalal1cl state
grants"in the amo~t of'*30,,10Q.00,,~,f,0,rthe payment,,thereof'to
the qualif'ied voters of"said ,townf'o~,,~a~ificati,onor reje:ction
at a special election'to 'be held therein"and providing f'or the,
calling and holding ,of''said ,election~,:~".
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D~IT ORDA:tNlIDnYTlIE T.OWri 'q01m'CIL OFTlIE TOWN OF
MARYSVILLE,WASHINGTON!',,",'
Section 1."That the,Tci~mCouncllof',the Town of'
Mary$ville"Wll:sI1ington,"hereby proposes,'specifies and adopts
the f'olloll"ing plan or,,system f'or"the ,;inrprovement an(11Jetterment"
of"its)mUnicipal waterworks'system:'~'<-;,','"
f ""UI"),That the To\m of'MarySVille 'C()]lstrtict and ,develop a
new 'colle'ctingsystemat its'present's'om-ce()f'water supply
locat,ed'in the Sln/4 of'thesw.,~/!l·of';S~ctibn:24;TwP.31 ~.
,Range 5E~:W.:H.in the County of'SnohoIidsh,State .of'wasllingtoll,
bythe'constrtiction of'new dra:tml,pipes,'flumes or tUnnels",a
nelf,screen,ohllJIlber an(lsancl trap;and from the screen chamber
,cO!1l3truct"a new 10"gravity pipe'line'wh1ch shall f'ollow County
Road'No.'675 to LaIl:ewood,and CountynoadNo.284to thePaci'f'ic
HighWay','thencesoutl1erlyaiong theeas:t'sideo~,the,Pacific
High\vay,thence to the Harysville water clistribution system at
State and ~finth Streets,tlmnce east on :NinthStreet to :ColuinlJia
,Street,:theI1l~e southerly'on Columbia ,to,Fif'"l;h ;Street ,together
lvith all necessary valves,fittings;ancl appurtenances to make
a complete improvement.,' , ' ,,,' " " '
:,;,"'That the estimated cost 'thereof'is herebydeclar,ed as
'near:as:maybe,tobe the sum of'Fif'tySix'ThousanclDollars "
($56,000.00).":',' , ' ,"",:,.
,'Section2.,It is hereby proposed,adopted 'a,l(l,specified
as an integral part of'said planf'orthe 'pu'rPose of',pr,oV:lding
'f'unds'to'pay the cost thereof',the'To\fl1 of'Uarysville'proposes
to 'applyf'or a f'ederal,grant 'of'thirty percent (31'(.),of"the 0',
estimated cost of'labor aJ1dmaterials,nllJIlely,thesU1l\of'
FourteelrThousan(l Seven IIundrecl Dollars ($14,700.00),and a ,
grantf'rom the State,of'J'lashingtol1 o,f'twenty per cent (2~)of'
-the estimated cost,nllJIlely;,the,swnof'Eleven Thousand TwQ.
Hundred Dollare ($11,200.00),and,ittl1e,f'ederal aid alone is
granted/to issue its special water revemie,bonds payable solely
f'rom the revenues of said water,worIl:s:system ill'the sum of' ,
,Forty:"oneThousand Thr,ee Hundred Dopa~s'($41,300 ~00)as her-e«'
inaf'termore"partieularly setf'orth,and in the event .of',both
f'ederaland's'l;a,te graJ1ts to issue 'speCial water r,evemiesbonds
payable'solely f'r.om therevelities'of'.saidwater worlm system ' ,
'itt'the:'SUIll,of Thirty ThOUsand One UUn¥edDol1ars ($30,moo.00 )
as:,ihereinaf'ter,set f'or'l;h.' ",;,,;':',.,","
';p """"T1i8.t fnthe event of'issuarice}said $41,300.00
Spe'cia'1 'waterworlcsRevenue DOJlds'shal1'be/tr 'interest not exceed-
",ing if'()ur,iper'cent (4~1 per aJl11Um;payablesemi~amluallylind
.;shlilL"mature'serially as f'ollows:
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f;;300;00 in the year 1937,'
'500;00 ill,the'ye~r 1938
1;500~00 :tii the yeJar 1939
2;000~00 ill the yea,r1MO
2,500~00 in the year 19414;OOO~OOill,\th~.;ye,~l,:t9,1L,2,L'F';
",,':H'..4~500 ;OO.ill ,.the:y:~a:r,;',:l;043,,'i,j :r 'I .""'''j''''.':r.s,,
",;.j''.•,..,~{OOO~00,,in"the.iy~a,r'1l)~"'''J''J ",n.r:"d..h't',.·,r
"o{,OOO.OO,in,.the..ye,ar",194".,\",;,.'I'),)',"T:'
,'';':l~:;~:'~e:':;:[1:~~U~:~}1~~~1~i::,:;,:::~~~j:':::
,~h~t ~iJi"t~·1I3.eye1\t '0f'issu~ce'~J,saidli*~0,,100.00.Special 'Watel'>
Wor~~s nev,e.,l,l,ue,Dol,l(ls f>h~ll.,bear 'illter,~s.t.notexceeding,;f'our"per
.c.en1i",(4~J,pe.r an:J?,um,payaple ".semi":"annually,.~hall)mature "
s.~~Jlj.gY,as;;f'o~lo~vs L',,">'.;',i""..;it·
'J'.',"j .MJ'"f,';',','$";,1300 •.00.in ·the year 1937, '~,.'"-,,1,000;00 in,the year 1938,·,;
.J,1;00C!~OOirithe 'year J 1939 ..,
2,000~00 in the year 1940
3;500~00 in the year 1941
5,OOO~OO.ill~the year 1942
R~OOO~OO in the year 1943,
n,ooo.oO in the year l~M.
5,000.001n the,year 11145 ",'
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Anel either i.ssuance of'bonds ..,shall bear-such date and,
shaUbe,executed in suchdello!Uillations.as the TOlvn Councd.L
shall;hereafterby ordinance prescribe ,anelall of.the"said
bonds to,,be payallle,bothprillcipal and,interest,'$.t theo.ff'ice
orthe~own .Treasurer of the Town'of'Marysvil,le"or.;at thef'iscal
agency;of ,the State of'.l'fasllillgton,in,NelV York City,.,at tIle,option
.,of'the llolder.'ce,"'".....'..'."J ".'.,..,..".'.".'"'..-'",.•
',";rr Sec,tion 3.Thatthere be and there:l.s hereby"·,created
aspeeial fulld to be Io1olmas~lJarYsvilleSpe,ciaIWat.er"ne,:ve1iue ("''1
Fund No.3"lVhichfulld shall,bedrawnupqnf'prtheso,lenPJU'Pose .)
of'.paying the interest and principal of".s~d sp.ecial ,re:v;e:t:lue,,
bonds ..FromaJlel af'ter the.date of'said special revenue,bonds
and SO lOl1g as the same are outstanding and unpaid"the Town
Treasurer shall set asiele and pay in such fullelatleaf>t:tll1rty
(30)days prior to the respective date.s onlVhich.theinterest,
or principal and interest of'saiel bonds shall become due and
payable,certain fixed amounts out of the gross revenue of"said
mWlicipal waterworI~s system,.including all add:\.tions"be,tterrnents
andextensi0lJ-sthere-t,o,equa1rto therespe.ctive amount.s of'.
interest,orprincipalalld interest,as the casemaybe,n,ext
f'allillgdue.The said Gr.oss revenues ar-e hereby,pledged to;,such
.payments,lVhichshall.constitute ,a charge upon all,Of'sl1'ch '
gross revenues"prior ,allel superior to all other.chargeswpatso-
ever,including ,chargesf'or maintellanceanr1,operatiOll,SaVeand
except f'or ..amounts previously pledged 1'01'the .paymellt .of.pJi,ncipal
.and interest,o;f'special lVater'revenue bonds authorized and.pro-
videdf'orin Ordinance No.226 of'said ,T,own,entitled 8.sf'ollows:
,."An Ore'linanceproviding·f'or the,acqtiiring,con-,.
structing and mainta,illing'of'a lVaterworlcs system:f'or
the Town of Marysville,Washington,and its:illJ1abi tants,.
,specifying and adopting a sy-stemor',plan';f'or'the;
lIoCquistionbysaid Town of saiellVate:Mvorks ,System,
declaring tne estimated 'cost ther,eofas near as maY'
be,and submitting said system orplall 'ane1 the.question
of'authorizing'the 1ssuanceof'general bonds in the
sU!l!of $41,OQO.OOand$pecial bonds in the sum of'"'''\
$42,000.00 providing f'or the payment tl1el'eof'·to the r.)
qtialif'ied voters or said Townf'or l'at1ficatioll',ata ,
,special elections to ,be held tIlerein on May 10l '1921."
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Ordi'naliceNo.22gOf'sllidTown entitlerlast'oll()lVs:
,,-Ii An'6rdinan,c~'providing f'or the .i.Ssuance .of'
$41,000.00 in general Iiegotiable coupon \Vate,r bonds,
and $43~~~d:d~I~s;ec~ai.;ev~n,uewflt~~>bondS~·in accord-
',ance with tIle proposition sUbmitted 1,y Orrlinance..No.226
"',Of'the Town of'Mllrysville,'.'Washington,Passed April 11th,
'"1921,to,the voters of'said Towl'l at .special election
Theld thereinonthe10thdlly'o:rMay,1921;and adopted
",bysairl voters at!said election;Tproviding f'or the .':
".i'.i'/f'ona and :.tenor of'such bonds,the rlate,thereof'and the
__Lorder of'.retiring the aame vand the principal'and
interest thereof'a11l1esta,blishing a f'tUld f'or payment
,of'principal'and interest,of'such bonds."
and
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and,Ordinallc,eNo';271 of'sairITo,m.enti tIed as f'ollows:
."'.,'il
r"AnOrdinal1ce providing':ror tM maIdng ,of'.:an additi on
"and betterment to '.the ,waterworl~ssy.stemf'or.tIle
'Town of'UarysviUeby the a.cquistion andvpur-chase
'i:,',i,.;rf'alvatertank and necessary connections,Lands ,
.rigl1ts·of 'I'ayandsites;specif'yingand adopting
a plan,declaring the estimated.cost thereof'as
nearias maybe;and submitting the proposition of'
,:;·."adoptioll of'saidplananrlthe issuance ,of'special
"'Hvater r-evenuerbonds in the,sum of'Fif'teen Thousand
.Dollars ($15;000.00)inpaymOllt therefor to the,.
qualif'ied voters 0,1"thelllnwn'of,Marysville f'or rati;;;
fication orrejectioll at a special election to 1)0
held there ill,and providing f'or the calling alld holding
of'such election."
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and Ordinance No.,.274 of'said To,m·elltitled .as f'01l01vs:
."An Ordinance providillg f'or theissUall,ces of'$15,ooo,00
.of'special lvater,r-evenuejionda inac~6rdance with a
.proposition submi tted by Ordinance No.271 of'the,Town
of'Marysville,Wasbington,'passedand approved on '
'the.21st day'of'October,1929,.and adopted by voters
ot'said Town at and election beld therein on the 3rd da.v
of December.,1929,provirlillg f'op the f'om and detail.s •
of'such bonds ,and providing f'oI'the sale thereot'."
In creating such special f'lUlrlthe to,m council and,
other corporate authorities Of'the said town.have exercised
due .regard to the cost of'operation alldmaintenance6f'the said
.waterworks system as,constructed.allri/or added to,anrl to such
proportion or part of'.the revenue preViously pieriged as a'
f'und,f'ortI1e payment of'bonds,warx-ants,'.or otherindelJtedness;
and 'that theantounts set asidef'or "Uarysville ,SIJeclal lYa.ter
nevenue DOnd IFurid No..3"is not.a greater amount or proportion
of thex-evenue and proceeds than in:their,judgment will be
available over anrlabovesuch cost of'maf.rrtenance anrl operation
..and the amount anll/or proportion of'the revenue so previously
pledged,and that,in their jurlgment there.will be a 'sufficient
amoIDltderived f'rom said revellues to pay interest and principal
of'the bonds hepebyau.thprizedas the same shall t'all due.,The
said 'l'o,m hereby irrevocably binds and obligates'its,elf not
to s,e11,lease or in any manner-llispose of'saill ,rater works
system or any additions,extensions or~ettertilel1ts tliereto until
all such bonds''vith interest thei'eon,shall have been fUlly .
paid;and sa.id TrJ\m herebycovenall:ts and'agrees to and with
the holders of'oaoh anl1every of'said 1Jol'lrls,:I,n the.event sairl
bondscor-any portion thereof',be issued,tonaintain in goorl
condition and operate said water \Vorks system,and to establish
andmainta.in rates~ld charges for water suf'f'icient to produce
gross .r-evenuea r-equf.r-od to meet,the 01Jligation9'of srticlToWI1
as herein set forth.
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Section ,,4~'l'hat a special election.:be alldtItesame,
is Mre1Jycal1ed ,to be helel.'illthe'l'0ll"il of'],Iarysville,'Ilashington
on the,14th day ,0t',}lovembeI','1933'::i.t:which election there shall
be,submitted to thequali:f':l.ed voters qt'said To,,'n 1'01'ratif'icati,on
;01'",rej ec1;ioll,the ,'sysMmoI"plall pI'opo~ed,"speci:f':l.ed,.and adopted,
1'or.,the said ext ensf.on Iand.bettermentcot'the saidwateI',worrcs '
'system(~and"theissuance odrevenue balldstopay tItere1'or.At
SUCll ielection 'tI1epolls sIlall'beoperied:rrom:eight'0 I clocIe A.l.!.
untiLeigIlt q I clocI~P .H.,!-fotice of"sa:td election shall he given ()
as r.equired by,la,v •Said "lectiali shalL1Je conduotied 1,y hallot.'
The polling'places:shall he'those'desisnated;and theo1'f'icers
of'election sha.ll'l,e those appointed by the,To\Vn Oouncd L,
PROPOSITIml
"Shall the TOlVn ot'Harysville construct and develop
a new,collecting sy.stem at :1.tsp.rescnt sour-ce vof'water supply
located ill the 5111/4 of'the 51'1174 ot',Sectton24,TWp.31,1-1.
Range 5,.E.,'IT.H.in the County of'snohomish,State of'
Washington,by tIle construction of'new clrai)ls~pipesf'lumes,
ortmmels,a new screen chamberaml sancltrap';'and f'roP.1 the
screen chamber,cons tz-ucn a ne,v'10"gravity,pipe line,which
shall f'ollow COlmtynoad No.675 to Lweewood and County ,Road
No.234 to the Pacif'ic IIigluvay,thence SOlltIlerly along the east
side of'the Pacif'ic Highway to the Harysville water dtstrilmtion
system at State St'l'eet and Ninth Streets"thence east on Ninth
Street to ColtunlJia Street;thence,soutIlerly on ColUmlJia to FHth
Street,together ,vith all necessary valves,f'ittings,ane1 appur-
tenances to make a complete improvement;at an estimated cost,
as near as may be,to the sum of'Fif'ty Six Thousancl Dollavs
Umo,000.00);and as an integral part-of'saie1 plan f'or the purpose
·of'providing f'lID<ls to pay the cost thereof'the'Town of'![arysville
to apply for a f'ederal grant of'thirty per cent (30~)of'the
·estimated cost of'labor and materials,namely,",the"sum of'
FouI'teen Thou~v.1te1 Seven Hundred Dollar.s ($:14,700.00),'ane1 a
grant f'rom tlIeState of'Washington of't,venty per cent.(20f.)of'
the estimated cost;namel)!:,the sum of'P.lev~n:TI~ousanel !ivo .( )
IIlmdred Dollars ($1:1,200.00)and if'the f'ecleralaielalone is
granted to issue its special ,v;;tter r-evenue bonds paya1,le !101ely
f'rom the revenues of'said murrl.cf.pa't ,vater ,vorl,s·syst(lm in the·sum
of FOI'ty-One ThousailCl Three lIlU1dred DoJ.1.ars(S41,300.00)as ,
·hereinaf'termore particularly set f'orth,and in the.event of'
both 1'ederd and state.gr3.ntsto·issue special ,vater revenue
bonds payable solely 1'rom the revenues of'said m'micipal water-
works 'system in the.aum of'Thirty ThousaI1cl One !lundr,ed Dollars
($30,100.00).as hereina1'ter more particularly set .f'orth:in.the
event of'issuance,saiel $41,300.00 Special WateI'lvorks nevenl.'le
BOllds shall bear interest not exceeding f'our.pel'cent (4~~)per
annum,payab l,e senti-annually shall manur-e serially as 1'ollows:
.,...'.
$300~00 in the yeaI'1037'
500;00 in the year 1938..
1;500;00 in the year 1939
2,000;1')1)in the year 1940
2~500;'OO in the year 1941
4,000;00 in the year 1942
4,500;00 in the year 1943
5,000~00 in the 'year 1944
5,000;00 in the ye;;tr 1945
5,000;00 in the year 194$
5;000;00 in the year 1047
6,000.OQ in the year 1948
and:lmthe event of the issua)lce of said $3Q,100.00 Special 'rater (~.
'VorJes nevenue Donds shall bearinteI'est not exceecl:tng'f'our per
cent (4~)per annum,payable semi-annually,shall mature
serially as follows:
.,---_...._------.---
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$1300~OO ill tho year 1937
1,000.00 in the yea~1938
1;000';00 :1.11 the year 1939
2;OOO~OO in the year 1940
3,,500.00 in the year 1941
5,OOO~00 in the.year 194~
r"OOO~OO in the,year 1943
0;000.00 in the year 1944
,5,000.00 in the year 194;5
alIas provined in Ore1:inance NO .2913 of'said,To,m.
5'
,.,.
III Favor of'Above'I'roposition
Against Above Proposition ?)
)
Evory vo tor-at said elect.iondesir.il1,1;to vote in
f'avorof'saiel proposition shall martc an X in tIle ,square opposite
"In Favor 0'"Above Propo~ition"'and,overy voter at,said election
def>irine to vote against saiel pr-opoaf,tion shall1:larJ~an X in the
square opposite "Against Above Propositi.on"• , '.,.'.'.
,I ",'","'Sect±on 5.This ordinance shall talce ef'f'ect,.and be in
f'orcc upon its passage,approval and pUblication as provided
by 13,,,.,,','
Passeel by:the'TownCoUl1cil,and appr-oved Tly:the mayor-
pro tempore this 31st day of'Oct.ober-,1D33:
P.!I.Plhrers
)[ayo1'Pro Tempore
Attest:
,tr.S.Hyers
C)Toml ClcrJ~.
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