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Home My WebLink AboutO-0581 - Water and sewer revenue bonds (Special).... CITY OF MARYSVILLE,WASHINGTON ORDINANCE NO.~ AN ORDINANCE specifying and adopting a system or plan of additions to and better- ments and extensions of the waterworks utility of the City of Marysville,Washington, including the sewerage system as a part thereof;declaring the estimated cost thereof as nearly as may be;providing for the issu- ance and sale of not to exceed $275,000.00 'par value of water and sewer revenue bonds in one or more series to obtain the funds with which to pay the cost of said system or plan; creating a special fund to provide for the pay- ment of said bonds;and authorizing and directing the City officials to proceed with the improvement. WHEREAS,the City of Marysville,by Ordinance No.385, passed September 2,1952,combined the sewerage system of the City with all additions and improvements thereto with the waterworks utility of the City,and the sewerage system at all times since has been con- sidered a part of and belonging to the waterworks utility of the City,and the words "waterworks utility of the City"shall hereinafter mean the com- bined sewerage system and water system of the City,together with all additions thereto and betterments and extensions thereof hereafter made, NOW,THEREFORE, THE CITY COUNCIL OF THE CITY OF MARYSVILLE, WASHINGTON,DO ORDAIN as follows: Section 1.The waterworks utility of the City is in such condition that the public health,safety and welfare require the making of certain additions thereto and betterments and extensions thereof as here m-, after specifically set forth. Section 2.The gros s revenues and benefits to be derived from the operation and maintenance of the waterworks utility of the City and che additions,extensions and betterments thereto herein prov ide d :[01- at the rates to be charged for water and sanitary sewage disposal service on the entire utility will,in the judgment of the City Council,be more than sufficient to meet all expenses of operation and maintenance thereof and to permit the setting aside into a special fund out of the gross revenues of the waterworks utility of the City of sufficient amounts to pay the int8r- est on the bonds herein authorized to be issued and on the presently out- standing "Water Revenue Bonds,1952,"(Series A and Series B),"Water Revenue Bonds,1955,""Water and Sewer Revenue Bonds,1959,II "Water and Sewer Revenue Bonds,1963,"and "Water and Sewer Revenue Bonds, 1965,"as such interest becomes due and payable,and to pay and redeem all of said bonds at maturity. Section 3. The City of Marysville hereby specifies and adopts a system or plan of additions to and betterments and extensions of the waterworks utility of the City to consist of the following: (1)There shall be constructed and installed 5,775 lineal feet of 12-inch water main with appurtenances west of Interstate Highway No.5 along the Marysville Tulalip Road to '~he Rainwater Road. (2)There shall be constructed and installed approximately 8,300 lineal feet of 12-inch water main wit..appurtenances along the Shoultes Road from the Otter Road to the Z:.....;ell Road. (3)There shall be constn;.ad and installed approximately 1,600 lineal feet of la-inch water main Y•...h appurtenances south from the Fire Trail Road along the Stimson Road to ~:3 6th Street N.E. (4)There shall be constructed and installed approximately 5,200 lineal feet of 18-inch sanitary sewer main with appurtenances from 9th Street and Delta Avenue to 81 st Street N.E.and State Avenue. (5)There shall be constructed and installed approximately 900 lineal feet of 8-inch sanitary sewer main with appurtenances along Grove Street from State Avenue to Alder Avenue 0 (6)There shall be a test well drilled at the Lake Goodwin site and another site which will be determined in the future. - 2 - (7)There shall be a comprehensive sewerage report compiled to supplement the 1955 report. There shall be included in the foregoing the acquisition and installation of all necessary manholes,valves,fittings,couplings, connections,equipment and appurtenances,and the acquisition of any easements or rights-of-way that may be required;and there shall be in- cluded the performance of such work as may be incidental and necessary to the foregoing construction and installation. The City Council may modify the details of the foregoing system or plan where,in its judgment,it seems'advisable,provided such modifications do not substantially alter the purposes hereinbefore set forth. Section 4.The life of the foregoing additions,betterments and extensions is hereby declared to be at least thirty years. Section 5.The estimated cost of the acquisition,con- struction and installation of the above-de scribed additions and betterments to the waterworks utility of the City is hereby declared to be,as nearly as may be,the sum of $275,000.00. Section 6.The cost of acquiring ,constructing and making the foregoing additions to and betterments and extensions of the waterworks utility of the City shall be paid from the proceeds received from the issuance and sale of water and sewer revenue bonds in the amount of not to exceed $275,000.00.It is the intention of the City to acquire and construct and complete such portions of the foregoing system or plan of additions to and betterments and extensions of the waterworks utility of the City as from time to time the City Council shall deem advisable .The bonds shall be issued in one or more series at such times as the City Council shall deem advisable.The bonds shall be entitled "Water and Sewer Revenue Bonds, 1967,"with series designations following,if issued in series.The bonds shall bear interest at a rate or rates not to exceed 6%per annum,payable semiannually,and shall be numbered from "one"upward,consecutively, within each series as issued.The bonds shall be issued in such series; -3 - shall be in such denominations and form;shall bear such date or dates and interest rate or rates;shall be payable at such place or places;shall mature serially in accordance with such schedule,beginning not earlier than one '):'ear after date of is suance and ending not later than thirty years thereafter or shall be term bonds;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 subj ect to such pro- visions or covenants as shall be hereafter provided by ordinance. Section 7.The bonds shall be payable solely out of the special fund herein created and shall be a valid claim of the holder thereof only as against such special fund,and the amount of the revenues of the waterworks utility of the City pledged to such special fund,and shall not be a general obligation of the City of Marysville,Washington. Section 8.There shall be and hereby is created and estab- lished in the office of the Treasurer of the City of Marysville a special fund to be known as "Water and Sewer Revenue Bond Fund,1967,"which fund is to be drawn upon for the sale purpose of paying the principal of and interest on the bonds.From and after the date thereof and so long thereafter as bonds are outstanding against such fund,the City Treasurer shall set aside and pay into said fund out of the gross revenues of the waterworks utility of the City a fixed amount without regard to any fixed proportion,namely,an amount sufficient to pay the principal of and interest on the bonds as they respectively become due and to create such surplus and reserve,if any, that may hereafter be prescribed by ordinance.The gros s revenue s from the said waterworks utility are hereby pledged to such payment and the bonds herein authorized shall constitute a charge or lien upon such revenues prior and superior to any other charges whatsoever,excluding charges for main- tenance and operation,provided,however,that if the conditions required to be met as set forth in Section 19 of Ordinance No.384,passed July 14, 1952,.shall be met at the time of the issuance of the bonds herein autho- r iz ec the charge or lien upon such gross revenues for the bonds herein - 4 - authorized shall be on a parity with the charge or lien upon such gross revenues for the outstanding "Water Revenue Bonds,1952,"(Series A and Series B),"Water and Sewer Revenue Bonds,1955,""Water and Sewer Revenue Bonds I 1959,""Water and Sewer Revenue Bonds,1963 I " and "Water and Sewer Revenue Bonds,1965."Otherwise,the charge or lien upon such gross revenues for the bonds herein authorized shall be ,' subordinate and inferior to the prior charge or lien upon such gross revenues for said presently outstanding bonds. Section 9.The City Council and corporate authoritie s of the City of Marysville hereby declare that in creating the said special fund and in fixing the amounts to be paid into it as set forth herein they have exercised due regard to the cost of operation and maintenance of the system of sewerage of the City and the debt service requirements of the outstanding "Water Revenue Bonds,1952 ,"(Series A and Series B);"Water and Sewer Revenue Bonds,1955,""Water and Sewer Revenue Bonds,1959,""Water and Sewer Revenue Bonds,1963 I"and "Water and Sewer Revenue Bonds I 1965,"and the City of Marysville has not bound and obligated ~itself and will not bind and obligate itself to set aside and pay into such special fund a greater amount or proportion of the revenues of the waterworks utility than in the judgment of the City Council will be available over and above such costs of maintenance and operation and debt service requirements of said outstanding bonds,and that no portion of the revenues of the wat erworks utility has been previously pledged for any indebtedness other than said outstanding bonds. Section 10.The proceeds of the sale of the foreqornq bonds shall be used for the sole purpose of making additions to and betterments and extensions of the waterworks utility as herein authorized and of paying the cost and expenses connected therewith I and the City of Marysville, through its proper officers and agents,shall proceed with,the making of said Improvements and the calling of bids therefor in the manner provideci by law. ~;;ect ion.11:.'l'iti...:;()rdiirwnce slwL 1 tU.K€effect 0.74,1 0& iii.force from ;;JnG.ajt er i t~;pa;dwge,up,Jroua land five cj;:.!ya fa ~t\,,!iiY"1>i its pub t i cu.tt on.(Ad Y'8~uired by tu», ~'.~.. PASSED by the City Council of the City of Marysville, Washington,and approved by its Mayor at a regular meeting thereof held on the 10th day of April,1967. Mayor ATTEST: ~;~~City Clerk APPROVED AS TO FORM: -6 - I,AMELIE DOCKENDORF I Clerk of the City of Marysville I Washington I do hereby certify that the attached is a true and correct copy of Ordinance No.581 I passed April l Oth,1967,as said ordinance appears on the Minute Book of the City. DATED April 10 I 1967. ~;r~~L AMELIE DOCKENDORF P City Clerk