HomeMy WebLinkAboutO-0384 - Waterworks extension (Special):BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF
MARYsVILL:lil,WASHINGTON,.as fellows:
Seetien 1.Tae existing waterwerks utility-of'tae
Town of Marysville is in part in such cenaition·that the public
AN ORDINANCEispecifyiIig anda.<ile:p~i.~$a
system or ptan of a\iditions toan\i/~e~:t;~I'Blents
ana extensiElns lilf tlaewaterwGrksu;tilfty of tlae
Town of Marysville,Wasil.ington;/i.litcl'fl'il1.lii:.the
estimated nst tliiereof,as nearasmll.Y 0e;
:(lr0vialng fer tlae i asuanee of net t(i)litxclited.
~280,OOO.OO parve.lue 0f.waterreve~t1.ebonlis.
in <'meer,.more serles.,<to.e'btai.n fblnQ.S\wi;tlll.wh.1cll
to pay the c0St of said system orplan;/pro,..
viaing for ,tlle present'issuance lilft13~,(:)()Oi.00
par value,efsaili 'bonlls as Series .'IIAII;f':ll.'lt:l,ng
the Glate ,form,maturities,interestre:bes,and
terms e.nd covenants lilf said Series "A"bonQ.s;
creating a specialfuncft to proviliie fortlil.e
payment of saiabonis;and providing for tl!l.e
sale of said bonas to Terry Tlaompson lilf Seattle~
Wasllingten.
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T0J!l:iQF MAR:YSVILLE~WASHINGTON
.ORDINANCE NO.~;;If
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healtlil.,.,welfare,safety and clmvenience reqaire.and it is
aavisable.taat the adcil.itioms tel and betterments and extensl.ons
ef tlae waterworks utility of tne Town hereinafter providea for
be made.
Section 2.Tile gross revenues and benefits to be
derived frQm the eperation ana maintenance of the waterworks
utility of tlae Tawn.ana.the additions,extensions ana better..
ments thereto herein provided for,at the rates to be claQrged
for water service on the entire system will.in the jUdgment
ef the Tawn Council.be more tlaan sufficient to meet all expenses
of operation and maintenance thereof and to permit the setting
aside of a special fund out of the gross revenues Illf the enttre
system of amounts sufficieny to pay the interest on the revenue
bonds hereby authorizea to be issued.as SUCh,i'nterest be",
cames payable,and to'pay and redeem allot~~:l.d bonas at
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maturity.
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Section 3.The Town of Marysville hereby specifies
and adopt~a system or plan for making additions to and better~
ments and extensions of the existing waterworks utility of the
Town which shall consist of the following:
1.There shall be constructed a 1.QOO.000-gallon
surface reservoir.paved with three ineh asphaltic concrete,
including the acquisition and installation of all piping and
fencing required and the doing of all necessary appurtenant
work,the reservoir to be located on property owned by the Town
of Marysville described as follows:
The East 272.25 feet of the North 400.00 feet of the
Northwest Quarter of the Northwest Quarter of
Section 2.6,Township 30 North,Range·5 East of W.M••
less right of way for County roads.Snohomish
County,Washingtom.
2.There shall be acquired and installed approximately
10,QOO lineal feet of 12 inch asbestos cement water main from
the intersection of State Street (Pacific Highway)and Grove
Street easterly along Grove Street and County roads to"the
reservoir site described above,together with all valves,fittings
and structures required.
3.All water mains and laterals embraced within the
water distribution system within the corporate limits of the Town
of Marysville shall be replaced,improved and extended where
deemed necessary or advisable by the Town Engineer,the details
thereof to be described hereafter by ordinance prior to the
authorization of such work.
There shall be included in the foregoing the
acquisitiom and installation of all necessary valves,fittings,
couplings,connections.equipment and appurtenances and the
acquisitiolil of any easements,rights-of-way and water rights that
may be required;and there shall be included the performance of
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such work as may be incidental and necessary to the foregoing
construction and installation.
In lieu of the material heretofore specified,such other
suitable material may be used as may be deemed advisable and
necessary by the Town Council.
The Town Council may modify the details of the fore-
going system or plan where in its judgment it appears advisable,
provided such modifications do not SUbstantially alter the
purposes hereinbefore set forth.
Section 4.The lite of the foregoing system or plan
of additions to and betterments and extensions of the waterworks
utility of the Town is hereby declared to beat least thirty
years.
Section 5.The estimated cost,as near as may be,
of the aforesaid system or plan is declared to be $280,000.00.
Section 6.The cost of acquiring,constructing and
making the foregoing additions to and betterments and extensions
af said waterworks utility shall be paid from the proceeds received
fn>m the issuance and sale of water revenue bonds in an amount
of not to exceed $280,000.00 par value.It is the intention ot
the.Town to acquire,construct and complete such portions of the
foregoing system or plan of additions to and betterments and
extensions of the waterworkS utility of the Tawnas fram time to
time the Town Council shall deem advisable.Said bonds shall be
issued in one or more series at such times as the Town Council shall
deem advisable.Said bonds shall be elltitled "Water Revenue Bonds,
19521'with series designations following,shall bear interest at
not to exceed f%per annum,payable semiamnually,with interest
coupons attached representing interest to maturity,and shall be
aumbered from "one"upwards consecutively within each series as
issued.Said bonds shall be issued in such series,shall be in
such denominations and form,shall bear such dates and interest
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rate or rates,shall be payable at such place or places,shall
mature serially in accordance with such schedule beginning not
earlier than one year after date of issuance and ending not later
than tlairty years thereafter,shall have such option of payment
prior to maturity,shall guarantee such coverage and collection of
rates,shall provide for such additional funds and accounts and
shall contain and be subject to such provisions and covenants
as .shall hereinafter be provided or shall hereafter be.pravidedby
CIlrdinaneell
Sectiom '7..Said bonds shall be payable solely out of
the special fund herein created and shall bea valid claim of the
holder thereof only as·agai~st said special fund and tne amoumt of
the revenues of the said Waterworks utility pledged to such
special fund,and shall not be a general obligation of the Town of
Marysville.
Section eli Tlaere slaall be and hereby is ereated and
established a special fund to be known as "Water Revenue Bond
Fund,1952",which fund is to be drawl!l upon fGr the sale purpose.
of paying the principal of and interest upon said bonds from and
after the date thereof;and so long thereafter as bonds are out"
standing against such fund,the Town Treasurer of the Town of
Marysville shall set aside and pay into said fund out of the gross
revenues of the waterworks utility,including all additions.
extensions and betterments thereto at any time made,a fixed amount
without regard to any fixed proportion,namely,an amount sufficient
to pay the prine1pal af and interest en tlae said bonds hereill.
authorized as tney respectively become due and to create any
surplus or reserve as hereinafter set forth or as may hereafter
be prescribed by ordinance.
Tne gross revenues from said waterworks utility,and
all additiona,extensions and betterments thereto at any time made,
are hereby pledged to such payments and the bonds herein authorized
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shall constitute a charge upon such revenues prior and superior to
any other caarges whatever,excluding charges for maintenance and
operation,except as provided in Section l~hereof.
Section-9.Tae Town Ceuncil and corporate authorities
of the Town of Marysville hereby declare that in creating tne
said special fund and in fixing the amounts to be paid into it as
set forth herein,they have exercised due regard for the cost of
operation and maintenance of the said waterworks utility,and the
Town of Marysville has not bound and obligated itself to set aside
and pay into such special fund a greater amount or proportion of
the revenues of the said waterworks utility than in the judgment
of the Town Council will be available over and above such cests
ef maintenanoe and operation,and that no portion of the revenues
of the said waterworks utility has been previously pledged for
any other indebtedness.
Section 10.The Town of Marysville hereby binds
itself irrevocably not to mortgage,sell,lease or in any manner
dispose of the waterworks utility,now belonging or which may
hereafter belong to it,inclUding all additions,betterments
and extensions thereof at any time made,until all of the bonds
herein authorized and hereafter issued,with interest thereon~
Shall have been fully paid;and the said Town hereby covenants
and.agrees to maintain in good condition and to~erate said
waterworks utility,and to establish,maintain and c.olleet such
rates as will produce gross revenues from the said waterworks
utility sufficient to permit payment into said special fund of the
ameunts required for the payment of the principal of and i~terest
on the bonds herein authorized as they become due and the amounts
tlaat are required to be paid into any reserve account tlaat may be
provided for in connection with the sale of said bends,and in
addition thereto,to pay all costs of maintenance and operation
and taxes and otherwise to meet the obligations of the said Town
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as herein set forth ana as may be set forth in any orainanee
hereafter enacted pertaining to the issuance of said bonds.
Section 11.Tlae Town of Marysville will.while any of
the bonds herein authorized remain outstanding.keep proper
books of accounts and records (separate and apart from other
accounts and records)in which complete and correct entries will
be made of all transactions relating te the said waterworks
utili ty.and i tWl:J:1 :rfr±.mtsh the original,purchaser of said bonas,
and any sllbseqllent hollil$r er holdersth.ereof at the written request·
of such holder or holders.eemplete operating and income state-
ments of the said waterworks Iltility.in reasonable detail,
covering any fiscal year.not more than thirty days aftert.e
close of such fiscal year.smd it will grant anyhplder or holders
of at least twenty-five per eent (25$)of the outstandi.&bonds
herein authorized the right at reasonable times to inspect sai.
system and all records.accounts and data of the said Town
relating thereto o
Section 12.The following portion of the system or
plan for making additions to.and betterments and extensions ot
the waterworks Iltility shall be immediately Ilndertaken.to-wit:
The items set forth in sllb-seetioRs 1.and 2.
in Section 3.above.
Section 13.Tlae ca8t af aequiri1'lg.constructing aR.
camplating the foregoing portion of the system or plan for making
additions to and bett~rmerits and extensions of the waterworks
utility of the Town shall be paid from the proceeds received fre.
the iSsuance and sale of$lS&,OOO.OO par value of lIWater Revenue
Bonlils.1952.Series All hereby'authorized to be hsued.Said b~nQa...
slaall be im..denominations M:tl,OOo.oO each.slaall be numbered
f.rom 1 tOl3J.inclusive,shall lae dated JUly 1.1952.shall bear
interest:.ttherates hereinafter·set forth.interest to be payable
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semiannually on January 1st and rr*ly 1st of each year,interest te
maturity being evili.enced by CfllUPOI1S to 'be attacaeci h sm li.bends
with full obligation on the part of the Town to pay interest
at the seme rate or rates from and after tne p0nd maturity date
until said bonds wita interest are paid in full.Both principal
of and interest on said bonds shall be payable in lawful money
of tlll.e United states at the office of tliLe Town Treasurer of the
Town of Marysville,Waslaingten,and.said boncis shall 'be an obliga-
tion only against the "Water Revenue Bonlll Funa,19i2"la.erein oreated.
Saici bends shall mature serially,annually,and slaall bear interest
in accordance with tne fallowing sched.ule,to-wit:
~Bond Numbers Amount Interest Matu.rities
Rates
1 to 5,inclusive 5,000 2",,1!2%.Jaly 1,1953
6 to 10,"5,O00 2-1!2%.J1l1y 1,1954:
11 to 15,"5,000 2""1!2%.Ju.ly 1,1911i5
16 to 20,"5,000 2-i!2%.July I,1956
2l to 25,"5,000 2-1!2%.Ju.ly 1,1911i7
26 to 31'"6,000 2-1!2%.July 1,1958.".,,",'32 to '3'7,"6,CilOO 2-1!2%.JUly 1,1959
~8 to 4:,'3 "9,O00 2-1!2%.'July 1,1960
44:to 4:9'"6,OCilO 2-1!2%.July 1,1961,.' ·...·..;1
50 hal n.pi,000 2",,1/2%JUly 1,1962,,"",."t;jf "'7,000 '3~JUly I,1963$6 to 6.,
.'".'."'J ,000 if JuJ,.y 1,1964:6.3 to 651,
'70 to '76,"'7,Cil90 3'July I,1965
'7'7 to 83,"'7,OaCil 3%.July 1,1966
84 to 9;1.,"-8,,000 3%Ju.lyl,196'7
92 to 99""e,ooo 3-1!'%.July 1,1968
100 to lC)'7 "8,000 3-1!'%.July 1,1969
,.'108 to 116,II 9,000 3-11'%.July I,19'70
11'7 te1?5 i II 9,000 3-1!'%.July 1,19'71
126 to 134 "9,000 3-1/'%July 1,1972
Section 14.The Town of Marysville reserves tae rigat
te 'reEleem any or all of tlae outstanElhlg bonas ef said series on any
semiannaal'interest payment aate en and after JUly 1,195'7.Saia
bonds shall be redeemed in inverse numerical order,Rigaest numbers
first,by giving at least tairty days netice of BaCa intende.
redemption by publication tlaereof in the official newspaper of
said.Ten,such notice to be published once not less tillan tb.irty
nor more'thlan forty-five days prior to tli.e call date,amI by"
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mailing a copy of suca not:tCEl to Terry Tnampson,Dext:er-Horten
Building,Seattle,WasQington,at least tmirty days prior to the
call date.Interest on any bonds so called for redemption shall
cease en tile date fixed for such redemption.
Section 15.Tne "Water Revenue Band Fund,1952"herein
created shall be divided i1\to two acc0unts,namely,a "Principal
an.Il!lterest Account"ana a "Reserve Account."So long as bona.
of saia Series "A"are outstanaing against sucla fund tllLe Tow.
Council af the Town of Marysville shall set aside and pay inta said
fund out of the gross revemues of the waterworks utility a fixed
amount w.I.tb.out regard to any fixed proportion,as fellows:
(a)Into the "Principal and Interest Accoul1t,"
montlilly,begimning on August 1,1952,one-twelftlil of tQe next
ensuing twelve montlils l requirements of both principal and interest;
(b)Into tlile "Reserve Account,"montJalYI begianing on
August I,1952,at least Two Hundred Dollars ($200.00)until the
sus of Ninety-six Hundred Dollars ($9600.00)has been accumulated
therein.The sailiJ.sum slilall be accumulated by no later than July
I,1956.Said "Reserve Account"may be accumulated from any other
moneys which the Town of Marysville may have available for sUcR
puz'poseinaliJ.dition to using said re"lellues therefor.Said
"Reserve:'iAccoullt"shall be maintained 1m.such amount at all times
so long as any of said Series "A"bonds are outstal1aing,;Pro-
vided,Iaowever,that when tJae total 8lIIount in said special fund
snaIl equal the total amount of principal and interest on all
0utstanding bpnds of said Series "A"to the last maturi ty thereof I
no furth.er paymen~n.ed be made into said special fund.
IIIl the event that there shall'be a deficiency illl tllt.e
"Principal aliJ.ld"Iilteres,t Acceunt"in said special fund to meet
maturing installments lilfe1ther principal or interest,as tllle
case may be,such lieficienc y shall be made up from tb.e "Reserve
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Account"by tae wi tllil.drawal of casla tlaerefrom for tm.~~rittX'POS$.
Any deficien~y created in tae "Reserve Account ll by reason ef any
sue a withdrawal shall then be made up frem the moneys from tae
revenues of said waterworks utility first available after maki.g
aeeessary provisian for the required payments into the "Principal
and Interest Acceul'1t."The moneys ill tllle "Reserve Account"slaa11
otherwise be held intact and may be applied against the last out-
standing bonlis of thl.is Series "A".
All moneys in tile "Reserve Aeeolllilt"above provided for
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may be kept on depesit in the official bank depository of tae
Town of Marysville er in any national bank or may be invested in
United States Government obligations maturing not later than twelve
years from date of issue.Interest on any ~ueh investment or on suea
bank account shall be deposited in and beeeme a part of the "Reserve
Acceunt"until tllere shall be~~&1D01:t~ra'r(I:9).$Oo.00}illl.
said "Reserve Account,"as aferesaid.
Seet10l'1 16.TheTewn of Mar;v's'Ville slutll establisll.,
maintain and collect suca rate,s andeJaargesror water service,as
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long as any of said bonas lI.erein autRerizedt~be issued are out-
standing,as will make available for tb.e pllymehtV(i)f tae principal
of and interest on all such bonds as the same shall accrue,am
amount equivalent to at least 1.4 times the average annual debt
service 0f both principal ana.interest of the salli!.bond issue,after
deducting maintel'1ance,operation and otlaer necessary expenditures
from the revenues of said waterworks utility.
Section l?Tae bonds presently to be issued and sola
Shall be known as "Water Revenue Bon.ds,1952,Series A"and shall
be in substantially the fallowing form:
NO.,_
UNITED STATES OF AMERIOA
STATE OF WASHINGfON
TOWN OF MARYSVILLE
WATER REVENUE BOND,SERIES A.
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$1,000.00
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KNOW ALL MEN BY THESE PRESENTS that the Town of
Marysville,State of Waslnington,ackliewlelilges itself to owe arid for
value received hereby promises to pay to bearer on the 1st day of
July,19 ,tine principal swm of-
oN!THOUSAND DOLLARS
together with interest thereon at the rate of per cent per
annum,payable semiannually on the 1st.day of JaRUary and July of
each year upon the presentation and surrender of the.attached ...
interest coupons as they severally mature up to the bond maturi~y
date,a nd with full obligation on the part of the Town to pay
interest at the same rate from and after the maturity date until
this bond with interest is paid in full.Both principal and interest
are payable in lawful money of tine United States at the office of the
Town Treasurer of Marysville,Washington,solely out of the special
fundcreateli by Ordinance No.:5Y r',known as "Water Revenue Bond
Fund,1952",into Which fund the Town of Marysvl11e hereby irrevocably
binds itself to pay certain fixed amounts out of the gross revenues
of the municipal waterworks utility,now belonging or which may here-
after belong to said Town,including the additions,replacements,
extensions and betterments now or at any time hereafter made or
constru.cted,wfthout regard to any fixed proporti on,namely,aD
amlllu.nt sufficient to payttae principal of and interest on ttais issue
of bonds as they respectively become due and to accumulate a reserve
of Ninety-six Hundred Dollars ($9,600.00),all at the times and in
tlile manner set forth in Or!ilinance No.'3 8'h .The gross revenues
from said waterworks utility,and all addi ons,extensions and
betterments thereto at any time made,are hereby pledged to such
payments and the bonds of this issue constitute a cha1"ge upon sucb.
revenues prior and superior to any other charges whatever,exclUding
eaarges for maintenance and operation,except that the Town may issue
additional water revenue bonds or water and sewer revenue bonds en
a parity with the bonds of this issu.?/under the concilitions aet fortlil
in Section 19.of Ordinance No.1;.1'7 •
The Town of Marysville shall establish,maintain ana
collect such rates and charges fer water service So long as any bonds
of this issue are outstanding as will make available for the payment
of the principal and interest on all of such bonds as the same shall
accrue an amount equivalent to at least 1.4 times the average annual.
debt service,both principal and interest,of said bend issue,after
deducting maintenance,operation and otner necessary expenditures
tram the gross revenues of its waterworks utility •
.This bond is one of a series of 0lle Hundred Tl'lirty~foul'
Thousand Dollars <t131,000.OO)par value of bGn~~of a total authorized
issue of Two Hundred Eighty Thousalla Dellars (~g80,000 .00)par value •
All bonas of this series are of a like date,tenor anCl effect,except
as to iJaterest rates,maturities and redemption rigb.ts,are payable
from tlile·said "water Revenue BElndFund,1952 11 of the Town of Marys-
ville,and.are issued by said Town·under and in pursuance of the
laws of the State of Wasb.ingtonallli OrdinaneeNo.3 S'i IlIf the Town
of Marysville,for the purpose of providing funds te.pay the cost of
carrying out a portion of the system or plan for making certaill
addi tioRS to and betterments and exbenat.oas of tlae wa,terworks utility
of the Tewn.Referenee is made to saia Ordinance as more fully
aescri~ing the covenants wi tla and rights of holders of bonds ef this
series and issue.
Tlae Town of Marysville reserves the\right to redeem alllY
or all of the outstamiing condsef this series.on any interest
payment date on and after July 1,1957,at par plus accrued interest,
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in inverse numerical oraer,Iilighest numbers first,by giving at
least tlairty bys notice of suchintenaed;t'E!demptiGliilby.publieation
thereof in the official newsPe.per of tllle Tawn,Slllc.h notJcete pe
pllblisheaonce not less than.tiairty Jl.or mOl'e than forty-five cil.ays
prior to the call liate,and by mailing a copy cfsaid notice ef
redemption to Terry Thompsen,Dexter Horton Building,Seat;tle#
Waslaington,at least thirty days prior to the call date •Interest
on any bonds so called for l'edemption shall cease on tae date fixed
for such redemption.
The Town of Marysville aereby binds itself irrevocably
not to mortgage,sell,lease or in any manner encumber~lrdispose
of said mun.icipal watel'works utility now belonging or~ichmay here-
after belong to it,including any additions,replacements,better-
mt:lnts and extensions tlaereof,until all the blmds Gft;his series and.
issue with interest tl!lereon shallllave been fully,paip.j and the said
Town hereby covenantsll,nd agrees to and witla the Iil.olders ef each and
every said bond te maintain in goed cendi tien and to operatt:l saia
waterWorks utility,and all additions,extensions,l'eplacements ana
betterments thereto,and to maintain and collect suck rates ana
clil.al'ges in connection thel'ewith,as will proviae sufficient l'evenues
to produce tne gross revenues necessary to meet tae obligations of
said Town as herein set forth.
V'It is hereby certified and declared that said bonds are
issued pursuant to and in strict compliance witlil.the Const1tutioJl and
laws of the State of Washington and the ordinances of the Town of
Mal'ysville,and that all acts,conditions ancii things required to be
done pre¢~dent to and in the issuance of this bond have happened,been
Q0ne aruf performed as required by law.
IN WITNESS WHEREOF,the Town of Marysville,Wa.shi8Stolil.,
haseaused tais bond to be signed by rts Mayor and attested by its
Olerk,and its c0rporate seal'te be hereto affixed,and t;heinterest
coupons attachelil to be signEia.by the facsimile sigrllitures of sait
offieials this 1st day of July,1952..
TOWN OF MARYSVILLE.WASHINGTON
BY:,~..,..",---__
Attest:
rr-owncClerK
Tile interest COIlP0rlS attacl:i.ed to said bonds shall be in
substantially the following form:
On (January])(JUly.1),.19,__
The TOWN OF MARYSVILLE,W4SHINGTON,upon presentation
and surrender of this coupon,will pay to bearer~at the office oftheTownTreasul'er,the sum of ~_
..lDoll$rs ($.')in lawful
m0ney of he Urlited States of herrea,fromti'J.especia1 fund of saili
Town known as the "Water Revenue BC)D.d F\1.nll ..l~li2u ..saidS\Ul.being
sixmontlil.s'interest then due on its "Water Revenue Bomd,1952,
Series A",No.,dated July 1,1952.
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Uoupon No.~__~_
TOWN OF l\'J.A.RYSVILLE,WASHING'l'ON.
Attest::
BY.:'-_~~_
Town Clerk
Clerk.
Se.ction 19.TlJ.e Town of Marysville may issue additional
water revenue bonds,or water and sewer revenue bonds in the$vent
that tlJ.e Town may hereafter provide by ordinance for the con.tructioR
of a system of sewerage or additions,extensions and betterments to
Section 18.Said bonds shall be printed on lithographea
:forms,shall be signed by tae Mayor ana attestea by the CleI%saall
m.ave tl1le seal of tm.e Town of Marysville affixed thereto,aha the
coupons shall bear the facsimile signatures of the Mayor and the
BY.--~ro;mC16ir--
an eXisting system and 'provide that the system of sewerage,inclUding
tae additions,extensions and betterments tm.ereto,shall become a
part of the water utility,which bonds saaB constitute a charge and.
liell"upon.tlae revenues of the water utility,incluaing the sewerage.,
system iii the same is maae a part of ttl-e water ,utilitYt en a parity
'I!thitlaebends of this issue,provided tiae following concditions shall
be met ahd complied with at the time of the issuance of such additional
b0lads:
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(a)Till.at all payments required by tllis ordiinance anG.
any 0rainance hereinafter enacted pertaitlilag to tae 'bolids of this
\ssue shall aave been made ilato the "Water Revenue Bona Funa,1952;"
and.
.(b)Tnat the revenues of thle said waterwerks U.tilit7,
including the sewerage system in the event that tae sa.me is combinea
witlt and becomes a part of the waterworks utility,tGIgethter wi tllJ.
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in tee best interests of the Town the.tsaia offer be accepted.Tille
said offer of Terry Tillompson is,therefore,hereby accepted and
tille proper Town officers are lIlereby dlrected to issue and deliver
said bonas to Terry TIIl••psonin accordance witlll said offer upon
Qf the Tewn and of paying tllLe cests and expEmseSUnneQ!I;."tllerewit1!l.;,....and tl'iJ.e Town of Marysville saall,tillrougla i t8 prope~••0fflieers al1a.
agents preceed wita tae making of saidimproV8ments as h.~X'e1n se.t
ferth.
tlae saidsystemi~rPt!HLf'er making
extensions .e:t'~;pr~.waterworks atili ty.
thesele purpose of carrying O\1t
additions to and betterments amd
tae anticipated revenUeS to be received frem the impreT~ent
to beundElrtaken im co:nneetHm Yiitb.th.El issuance ofsucn.additional
bonds,shall be amI!be e.eemelil..sUfficient,after tn.e paymentef
~eratien,maintenanee eests anfil taxes,to equal at least 1.4:times
the average annual principal amd interest requirements af the ponds
ef tilis issue then Elutstanaing ana of the aliditienll.1 revent<lebonas
proposeli to be 50 issued.Such.Eleterminat10l1.ef the 8uffieiency of
the revenues shall be macile and.certified to by an.engineer experieneeli
in municipal utilities and acceptable to Terry Thempse:n.
Section 20.Tlae preceeds Qfthe sale ef tl1e "Water
Revenue Bonds,1952,Series A"aerein au'\;lD.orized shall be use«fer
Section 21.Terry Tho.pson of Seattle,Wasb.ington,
Iaas sUbmitted.an offer to purchalle tlUiI saili $134,000.00 par 'Value
of Series "A"banGls at a price of $99.S0 per eaclll :\!llOO.OO prln<;tpal
amount of said bonas,together wita accrued interest from the date
ef issuance to the Elate of delivery to sal.pureRaser,t ..purcQaser
to furnislll at l1is expense tll'l.e necessary legal prlilceeliings anlil.tlrl.e
prlntelibollllis read,,.far execution by tille Tewn offichtlsanli the Town
to furnish tille unqualified approving legal opinion of Weter,Roberts
&Sillefelman,aunicipal bond ceunsel of Seattle,Wasn.ingten,flor
which the purchaser sillall pay.Tn.e Town Council is of tille opinioR
t&9.t no better price <lou.ld be obtained for said bonds and that it is
f
t
'""'","11'>
paymenttlaerefor as.stated.
,~'",'-)'~.<I
It{
this ~tm.Iilay
PASSED by tllle Town·Ceuncil and.APPROVED by tllLeMayer
of Ju.ly,1952.
Attest:
At.yer,1'$,Waslaingtell
;f/d_E_~_.~..~~__
CIerK;'1'0wn"'l\l:arYSVl n e,-Waslil.ngtu
•
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