HomeMy WebLinkAbout639 - Ordinance - Waterworks Utility Extensions, Betterments of AdditionsTOM OF PORT ORCHARD, WASHINGTON
ORDIN&E NO.
JN ORDINANCE specifying and adopting a system or
plan of additions to and betterments and extensions of
the waterworks utility of the Town of Port Orchard,
Washington; declaring the estimated cost thereof, as
nearly as may be; providing for the issuance and sale
of not to exceed $95,000.O.O par value of water revenue
bonds in one or more series to obtain funds with which
to pay the cost of said system or plan; creating a special
fund to provide for the payment of said bonds; providing
certain other protective features safeguarding the payment
thereof; and authorizing and directing the Town officials
to proceed with the improvement.
BE IT ORDAINED BY THE TOWN COIF OF THE TOWN OF PORT ORCHARD,
WiINGTON, as follows
Sect. The existing waterworks utility of the Town of Port
Orchard is in part in such condition that the public health, welfare.,
safety and convenience require and it is advisable that the additions to
and betterments and extensions of. the waterworks utility of the Town* herein-
after provided for be made.
Sect. The gross revenues and benefits to be derived from
the operation and maintenance of the waterworks utility of the Town and the
additions, extensions and bettezmets thereto herein provided for at the
rates to be charged for water service on the entire utility will, in the
Judgment of the Town 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 entire utility sufficient
amounts to pay the interest on the bonds herein authorized to be issued as
such interest becomes due and payable and to pay and redeem all of said bonds
at maturity.
section S® The Town of Port Orchard hereby specifies and adopts
a system or plan for making additions to and betterments and extensions of the
existing waterworks utility of the Town which shall consist of the followings
(1) Thereshall be constructed and installed at Well
�6 a water storage reservoir and rump house.
(2) There shall be constructed and installed the
following water mains at the following approximate loca-
tions:
(a) Approximately 6v,J lineal feet of a inch
cast iron water pipe from the well house north to
the existing 6 inch line on State Highway $14,
(b) a.pproximatel,, 850 lineal feet of 6 inch
cast iron waver Nine from 'ell #5 south to Third
Street,
(c) Approximately l,0O. lineal feet of 6 inch
cast iron water pipe to replace the old wood pipe in
Prospect and Bank Streets,
(d) Approximately 4, 2u; lineal feet of 10 inch
cast iron water pipe on Sidney Street fromKendall
Street to Tremont Street, to supplement the existing
4 inch water pipe,
(e) Approximately 4,200 lineal feet of 666 inch
cast iron water pipe on Maple Street from Third Street
south to the south Gity Limits, thence west to the
reservoir at Sidney Street on Kendal Street and east
to Mitchell Road, along Kendall Street produced,
(f) Approxirsatelyy 800 lineal feet of 4 inch
steel pipe, paper wrapred, on Division Street from
Seattle Street to Maple Street, to replace the exist-
ing 4 inch wood pipe, and
(g) Approximately 803 lineal feet of 6 inch cast
iron water pipe on Tremont Street from Sidney Road west
to Reward Avenue.
(3) A 20,0.:c gallon wood water tank shall be installed at
an appropriate location, and the Molzans tower shall be repaired
if acquired by the Town.
There shall be included in the foregoing the acquisition and in-
•stallation of all necessary valves, fittings, couplings, connections, equip -
merit and ap..urtenances and the acquisition of any easements, rights of way
and water rights that may be required; and there shall be included the per-
formance of 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 foregoing system or
- 2 -
plan where in its judgment it appears advisable, provided, such aodtfica-
tions 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 b. The estimated cost, as nearly as may be, of the afore-
said system or plan of additions, extensions and betterments, ie declared to
be $95,000000.
Section 6, The cost of acquiring, constructing and making the fore-
going additions to and betterments and extensions of said waterworks utility
shall be paid from the proceeds received from the issuance and sale of water
revenue bonds in the amount of not to exceed $95,000.00 par value. It is the
intention of the Town 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 Town, as from time to time theTown Council
shall deem advisable, The bonds shall be issued in one or more series at
such times as the Town Council shall deem advisable. The bonds shall be
entitled "Pater Revenue Bonds, 1957," 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" upwards, consecutively, within each series as issued. The bonds shall
be issued in such series; 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, be-
ginning not earlier than one year after date of issuance and ending not later
than thirty years thereafter; shall have such option of payment prior to
maturity; shall guarantee such coverage and collection of rates; shall pro-
vide for such additional funds and accounts; and shall contain and be sub-
ject to such provisions 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
-3-
n
against such special find, and the amount of, the revenues of the waterworks
utility pledged to such special fund, and shall not be a genaal obligation
of the Town of Port Orchard, Washington®
Sec® There shall be. and hereby is created and established
in the office of the Treasurer of the Town of Port Orchard a special fund to
be known as °°Water Revenue Bond Fund, 1957," which fund is to be drawn upon
for the sole purpose of paying the principal of and interest upon the bonds.
From and after the date thereof and so long thereafter as bonds are outstand-
ing against such fund the Town Treasurer shall set aside and pay into said
fund out of the .gross revenues, of the waterworks utility now belonging to or
which may hereafter belong to the Town, including all additions, extensions
and betterments thereof at any time made, a fixed amount without regard to
any fixed proportion, namely, an amount sufficient to pay the principal of
and interest on the bonds herein authorized as they respectively become due
and to create such surplus and reserve, if any, that may hereafter be pre-
scribed by ordinance. The gross revenues 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 maintenance and operation,
except that the Town Council may hereafter provide for the issuance of
additional water revenue t on a parity of lien with the bonds authorized
herein under such terms and conditions as the Town Council shall hereafter
provide,
Section 9. The Town Council and corporate authorities of the Town
of Port Orchard, 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 waterworks utility,
and the Town of Port Orchard 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 waterworks utility than in the judgment of the Town Council will be
Y- ,
available over and above such costs of maintenance and operation and debt
service requirements for said outstanding bonds, and that no portion of
the revenues of the waterworks utility has been previously pledged for any
other indebtedness,
Section 1®o The Town of Port Orchard hereby binds itself irrevo
cably not te mortgage, sell, lease, or in any manner encumber or 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 Town hereby covenants
and agrees to maintain in good condition and to operate the waterworks
utility and to establish, maintain and collect such rates as will produce
gross revenues from the waterworks utility sufficient to permit payment into
said special fund of the amounts required for the payment of the principal
of and interest on the bonds herein authorized as they become due and the
amounts that my be required to be paid into any reserve account that may be
provided for in connection with the sale of said bonds, to pay all costs of
maintenance and operation and taxes, and otherwise to meet the obligations
of the Town as herein set forth and as may be set forth in any ordinance
hereafter enacted pertaining to the issuance of said bonds®
Section lla The Town of Port Orchard 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 com-
plots and correct entires will be made of all transactions relating to the
waterworks utility and it will frnish the original purchaser of the bonds
and any subsequent holder or holders thereof at the written request of such
holder or holders complete operating and income statements of the waterworks
utility in reasonable detail, covering any fiscal year, not more than thirty
days after the close of such fiscal year, and it will grant any holder or
holders of at least of the outstanding bonds herein authorized the right
r k�
at all reasonable times to inspect the system and all records, accounts and
data of the Town relating thereto®
Sectioan lk. The proceeds of the sale of the foregoing bonds shall
be used for the sole purpose of making additions to and betterr•nts and
extensions of the waterworks utility as herein authorized and of paying the
cost and expenses connected therewith, and the Town of Port Orchard, through
its proper officers and agents, shall proceed with the making of said improve*
ments and the calling of bids therefor in the Banner provided by law.
PISSED by the Town Council at a regular meeting thereof and APPROVED
by the Mayor of the Town of Port Orchard, Washington, this 8th day of Aprih,
1957.
AYO
M