HomeMy WebLinkAboutO-0824 - Amends Sec. 3 of Ord. 820, increasing principal sum of water and sewer revenue bonds (Special)...of
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ORDINANCE NO
AN ORDINANCE of the Clty of Marysvllle amendlng
and correctlng Ordlnance No 820 passed on August
12,1974,by lncreaslng the prlnclpal sum of the
proposed water and sewer revenue bonds to approxl-
mately $788,600 00
WHEREAS,on August 12,1974,the Clty Councll of the Clty
of Marysvl1le adopted Ordlnance No 820 speclfYlng and adoptlng a
~system or plan of addlt~ons to and betterments and extenslons of
the waterworks utlllty of the Clty,lncludlng the sewerage'system
as a part thereof,declarlng the estlmated costs thereof as nearly
as may be,convertlng Local Imp~ovement Dlstrlct No 56 to Utlllty
Local Improvement Dlstrlct No 1,Local Improvement Dlstrlct No 57
to Utlllty Local Improvement Dlstrlct No 2,and Local Improvement
Dlstrlct No 58 to Utlllty Local Improvement Dlstrlct No.3,author-
lZlng the lssuance and sale of water and sewer revenue bonds ln the
prlnclpal sum of approxlmately $665,000 00 to provlde the funds
necessary to carry out such system of'plan,creatlng a speclal fund
to provlde for the payment of such water and sewer revenue bonds,
creatlng a "Water and Sewer Constructlon Fund,1974",authorlzlng
the lssuance of lnterest-bearlng warrants drawn upon the "Water and
Sewer Constructlon Fund,1974"pendlng the sale of such revenue
bonds,and repeallng Ordlnance No 819 passed July 8,1974,and
WHEREAS,sald Ordlnance erroneously stated that the total
cost of the comblned lmprovements authorlzed by the three local
lmprovement dlstrlcts would be approxlmately $665,000 00 when In
fact the mathematlcal total of the three sald dlstrlcts lS $788,600 00,
Now,Therefore,
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THE CITY COUNCIL OF THE CITY OF MARYSVILLE,WASHINGTON,
DO ORDAIN as follows
Sect10n 1 Sect10n 3 of Ord1nance No.820,adopted by the
C1ty on August 12,1974,1S hereby amended to read as follows
The est1mated cost of the acqu1s1t1on,construc-
t10n and 1nsta11at1on of the above-descr1bed add1t1ons
to and betterments and extens10ns of the waterworks
ut111ty of the C1ty 15 hereby declared to be,as nearly
as may be,the sum of $788,600 00,and such est1mated
cost shall be met and defrayed from the proceeds re-
ce1ved from the lssuance and sale of water and sewer
revenue bonds of the C1ty 1n the amount of approx1mately
$788,600 00
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The bonds shall be 1ssued at such t1mes and 1n such
amounts or ser1es as the C1ty Counc11 shall hereafter
determ1ne,and shall conta1n such covenants and 1nterest
rates as the C1ty Counc1l shall hereafter approve The
bonds shall be payable from the gross revenues rece1ved
from charges for water furn1shed and san1tary sewage
d1sposa1 serV1ce and from the rece1pt of payments of
assessments 1ev1ed 1n Ut111ty Local Improvement D1strlcts
Nos 1,2 and 3 created by th1S ord1nance.Such assess-
ments shall be for the sole purpose of payment 1nto the
spec1a1 revenue bond redempt10n fund here1nafter created
for the payment of the revenue bonds author1zed by thlS
ordlnance and any addltlonal and/or refundlng water and
sewer revenue bonds hereafter lssued on a parlty of llen
w1th the bonds author1zed by th1S ordlnance under such
terms and con~lons as shall be hereafter spec1f1ed by
the C1ty Counc1l
PASSED by the C1ty Counc1l and APPROVED by the Mayor of
the C1ty of Marysv1lle,Wash1ngton,at an open publ1C regular meet1ng
hereof,th1S 26th day of August,1974
o Mayor
APPROVED AS
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