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HomeMy WebLinkAboutO-0843 - Provides for waterworks improvements (Special)·-.._.~, CITY OF MARYSVILLE,WASHINGTON ORDINANCE NO. AN ORDINANCE of the City of Marysville,Washington, specifying and adopting a system or plan of additions to and betterments and extensions of the waterworks utility of the City,including the sewerage system as a part thereof;declaring the estimated cost thereof as nearly as may be;consolidating Local Improvement District No.59 and Local Improvement District No.60 and converting such consolidated districts to Utility Local Improvement District No.4;authorizing the issuance and sale of water and sewer revenpe bonds in the.principal sum of approximately $93,000.00 to provide the funds necessary to carry out such system or plan,such bonds to be combined with the water and sewer revenue bonds authorized to be issued by Ordinance No.820,as amended by Ordinances Nos.824 and 833;and authorizing the issuance of interest- bearing warrants drawn upon the "Water and Sewer Construction Fund,1974,"created by Ordinance No.820 pending the sale of such revenue bonds. WHERE1i$',the City of Marysville,Washington,hereinafter called the "City,"by Ordinance No.385,passed September 2,1952, combined the sewage system of the City and all additions and improvements thereto with the waterworks utility of the City,and the sewage system at all times since has been considered a part of and belonging to the waterworks utility of the City,and the words "waterworks utility of the City"shall hereinafter mean the combined sewage system and water system of the City,together with all additions thereto and betterments and extensions thereof hereafter made;and WHEREAS,on August 12,1974,the City Council of the City of Marysville passed Ordinance No.821 ordering the improvement of the area commonly known as "Wfilters Manor"by the construction and installation of a certain sewer main and appurtenances,which was <, specifically described and established as Local Improvement District No.59 in which such improvement was to be constructed and installed, confirming the preliminary estimate and preliminary assessment therefor of $87,000.00,and no ordinance has been adopted approving and confirming the final assessment roll of such local improvement district;and WHEREAS,on October 28,1974,the City Council of the City of Marysville passed Ordinance No.834 ordering the improvement of the area commonly known as "Country Valley Homesites"by the construction and improvement of a certain sewer main and appurtenances,and established Local Improvement District No.60 in which such improvement was to be constructed and installed,and confirmed the preliminary estimate and preliminary assessment therefor of $5,621~83,and no ordinance has been adopted approving and confirming the final assessment roll of such local improvement district;and WHEREAS,the City Council has determined it to be in the best interests of the City that such improvements be financed by the issuance and sale of water and sewer revenue bonds,and pursuant to Section 28, Chapter 52,Laws of 1967 of the State of Washington (RCW 35.43.043) such Local Improvement Districts Nos.59 and 60 should be consolidated and converted into one Utility Local Improvement District to support such water and sewer revenue bonds to be issued; NOW,THEREFORE, THE CITY COUNCIL OF THE CITY OF MARYSVILLE, WASHINGTON,DO ORDAIN,as follows: Section 1.The City hereby specifies and adopts a system or plan of additions to and betterments and extensions of the waterworks utilitY,of the City,which system or plan includes the sewer mains and appurtenances authorized by Ordinance No.821 to be constructed -2- ,, and installed in Local Improvement District No.59,and the sewer mains and appurtenances authorized by Ordinance No.834 to be constructed and installed in Local Improvement District No.60.The said improvements are specifically described in each of said ordinances, and by this reference are adopted herein as if fully set forth. The City may modify the details of the foregoing system or plan so as to make changes in the location and size of such sewer lines and appurtenances where such modifications do not substantially alter the purpose of that system or plan. All the foregoing shall be in accordance with the plans and specifications therefor prepared by the City Engineer. Section 2.The life of the foregoing additions,betterments and extensions is hereby declared to be at least thirty years. Section 3.The estimated cost of the acquisition, construction and installation of the above-described additions to and betterments and extensions of the waterworks utility of the City is hereby declared to be,as nearly as may be,the sum of $93,000.00, and such estimated costs shall be met and defrayed from the proceeds received from the issuance and sale of water and sewer revenue bonds of the City in the amount of approximately $93,000.00. Section 4.Pursuant to the provisions of Section 28, Chapter 53,Laws of 1967 of the State of Washington (RCW 35.43.043), Local Improvement District No.59 of the City created by and described in Ordinance No.821,and Local Improvement District No.60 of the City created by and described in Ordinance No.834,are hereby consolidated, and further,are hereby converted to a utility local improvement -3- ,. district to be known as "Utility Local Improvement District No.4." The improvements to be constructed and installed under and within Utility Local Improvement District No.4 shall be those improvements described in the respective ordinances creating the original improvement districts and as adopted by this ordinance.The said improvements are best and most economically borne if constructed at the same time. Section 5.The entire cost and expense of the improvements within Utility Local Improvement District No.4 shall be borne by and assessed against the properties specially benefited by such improvements included in such utility local improvement district embracing,as near as may be,all the properties specially benefited by such improvements. In accordance with the provisions of Section 7 of Chapter 258,Laws of 1969,1st Ex.Sess.,of the State of Washington (RCW 35.44.047), the City may use any method or 'combination of methods to compute assessments which may be deemed to fairly reflect the special benefits to the properties being assessed. Section 6.The special assessments to be levied and assessed upon the properties within Utility Local Improvement District No.4 shall be paid in twenty equal annual installments with interest to be hereafter fixed by ordinance not exceeding 8-1/2%per annum.In the case of default in the payment of any assessment when the same shall become due,there shall be added interest at a rate to be hereafter fixed by ordinance not to exceed 8-1/2%per annum,and a penalty of 5% which shall also be collected. -4- ·, Section 7.The City shall issue one or more series of water and sewer revenue bonds at such times as the City Council shall deem advisable.Such water and sewer revenue bonds shall be combined with the approximately $923,600.00 of water and sewer revenue bonds authorized to be issued by Ordinance No.820,as amended by Ordinances Nos.824 and 833.The water and sewer revenue bonds shall bear such designation as the City Council shall hereafter determine in lieu of the designation specified in Ordinance No.820,as amended by Ordinances Nos.824 and 833.Such bonds shall bear interest payable semiannually,and shall be numbered from "1"upward consecutively within each series as issued.The bonds shall be issued in such series,shall be in such denomination 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 year after date of issuance 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 subject to such provisions or covenants as shall be hereafter provided by ordinance.The bonds shall be sold in such manner as the City Council of the City shall deem to be in the best interest of the City.The bonds shall be payable from the gross revenues received from charges for water furnished and sanitary sewage disposal service and from the receipt of payments of assessments levied in Utility Local Improvement Districts Nos.1,2 and 3 created by Ordinance No.820,as amended by Ordinances Nos.824 and 833,and in Utility Local Improvement District No.4 created by this ordinance. -5- ·, Section 8.The gross revenues and benefits to be derived from the operation and maintenance of the waterworks utility of the City and the additions thereto and extensions and betterments thereof herein provided at the rates to be charged for water furnished 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 anq maintenance thereof and to permit the setting aside into a special fund out of the gross revenues of the waterworks utility of the City,in addition to the special assessments to be levied and collected in Utility Local Improvement Districts Nos. 1,2,3 and 4,of sufficient amounts to pay the interest on the water and sewer revenue bonds authorized by Ordinance No.820,as amended by Ordinances Nos.824 and 833,and herein authorized to be issued and on all other presently outstanding water revenue bonds and water and sewer revenue bonds of the City as such interest becomes due and payable and to pay and redeem all of those bonds at maturity. The water and sewer revneue bonds herein authorized to be issued and sold shall be payable solely out of the special fund created and established in the office of the Treasurer of the City by Ordinance No.820,as amended by Ordinances Nos.824 and 833,and therein designated as the "Water and Sewer Revenue Bond Fund,1974,"which designation is hereby changed to "Water and Sewer Revenue Bond Fund, 1975,"which fund is to be drawn upon for the sole purpose of paying the principal of and interest on the water and sewer revenue bonds authorized by Ordinance No.820,as amended by Ordinances Nos.824 and 833,and herein authorized to be issued and sold and any additional water and sewer revenue bonds which may be hereafter issued on a parity -6- .' of lien therewith under such terms and conditions as the City Council may prescribe.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 that fund out of the gross revenues of the waterworks utility of the City now belonging to or which may hereafter belong to the City,including all additions to and extensions and betterments of that utility at any time made,a fixed amount without regard to any fixed proportion,namely,an~amount in addition to any special assessments levied and collected in Utility Local Improvement Districts Nos.1,2,3 and 4 and in any utility local improvement district hereafter created the assessments in which will be payable into that special fund,which will be sufficient to pay the principal of and interest on all bonds payable out of that special fund as they respectively become due and to create such surplus and reserve,if any,that may hereafter be prescribed by ordinance.The gross revenues from the waterworks utility of the City and any special assessments levied within Utility Local Improvement Districts Nos.1,2,3 and 4 are hereby pledged to such payment and the water and sewer revenue bonds herein authorized,including the water and sewer revenue bonds authorized by Ordinance No.820,as amended by Ordinances Nos.824 and 833,and any future parity bonds shall constitute 'a charge or lien upon such revenues and special assessments prior and superior to any other charges'whatsoever excluding charges for maintenance and operation,except that the charge or lien upon such revenues for such bonds shall be subordinate and inferior to the prior charge or lien upon such gross revenues for th~presently outstanding ."Water Revenue Bonds,1952 (Series A and Series B),""Water and Sewer Revenue -7- ..r ' ".. .., Bonds,1955,""Water and Sewer Revenue Bonds,1959,""Water and Sewer Revenue Bonds,1963,""Water and Sewer Revenue Bonds,1965," "Water and Sewer Revenue Bonds,1967,""Water and Sewer Revenue Bonds,1969,""Water and Sewer Revenue Bonds,1969,Issue No.2," and additional water and sewer revenue bonds hereafter issued on a parity therewith pursuant to the provisions of Section 19 of Ordinance No.384 and Section 11 of Ordinance No.668. Section 9.The City Council and corporate authorities of the City hereby declare that in creating the "Water and Sewer Revenue Bond Fund,1975,"and fixing the amounts to be paid into it as set forth in this ordinance and in Ordinance No.820,as amended by Ordinances Nos.824 and 833,they have exercised due regard to the cost of the operation and maintenance of the waterworks utility of the City and the debt service requirements of all presently outstanding water revenue bonds and water and sewer revenue bonds referred to above.The City has not bound or obligated itself and will not bind and obligate itself to set aside and pay into such special fund a greater amount or proportion of revenues'of the waterworks utility of the City than in the judgment of the City Council will be available over and above such costs and maintenance and operation and debt service requirements of those o~tstanding bonds.No portion of the revenues of the waterworks utility of the City has been previously pledged for any indebtedness other than the aforesaid bonds. Section 10.Ordinance No.820,as amended by Ordinances Nos.824 and 833,created and established in the office of the Treasurer of the City a special fund to be known as the "Water and Sewer Construction Fund,1974,"into which fund are to be deposited the -8- ...t ..".,. •A' I.'.~ r ., proceeds received from the sale of the water and sewer revenue bonds authorized to be issued by Ordinance No.820,as amended by Ordinances Nos.824 and 833.The proceeds received from the sale of the additional water and sewer revenue bonds herein authorized to be issued shall be deposited in the "Water and Sewer Construction Fund, 1974,"and shall be used for the purpose of paying the cost of carrying out the additions to and betterments and extensions of the waterworks utility of the City as herein authorized and of paying the costs and expenses connected therewith.The City,through its proper officers and agents,shall proceed with the making of those improvements and the calling of bids'therefor in the manner provided by law.Pending the sale of the water and sewer revenue bonds herein authorized to be issued,the City may issue interest-bearing warrants drawn upon the "Water and Sewer Construction Fund,1974,11 to be paid out of the proceeds of the sale of the bonds and from any other moneys available to the City in cash to finance the improvements. Section 11.This Ordinance shall take effect from and after passage and five (5)days following its publication as required by law. PASSED by the City Council and APPROVED by the Mayor of the city of Marysville,Washington,at an open public regular meeting thereof,this 10th day of February,1975 • • APPROVED AS TO FORM: -9-