Loading...
HomeMy WebLinkAboutOrd 0560 - Water and Sewer Revenue Bonds for Waterworks UtilityCITY OF TUKWILA, WASHINGTON ORDINANCE NO. 560 AMENDED BY 596 AN ORDINANCE specifying and adopting a system or plan of additions to and betterments and extensions of the waterworks utility of the City of Tukwila, including the system of sewerage as a part thereof; declaring the estimated cost thereof as nearly as may be; providing for the issuance and sale of not to exceed $500,000.00 par value of water and sewer revenue bonds required to pay the cost thereof; and providing for the issuance and sale of interest bearing warrants pending the sale of the water and sewer revenue bonds. WHEREAS, the City of Tukwila, Washington (then the Town of Tukwila) by Ordinance No. 320, passed by the Town Council and approved by the Mayor on the 1st day of May, 1961, and subsequently amended, speci- fied and adopted a system or plan for a system of sewerage for the Town and providing that the system of sewerage become a part of the waterworks utility of the Town, and authorized the issuance and sale of "Water and Sewer Revenue Bonds, 1961," in the principal sum of not to exceed $170,000.00 to pay a portion of the cost thereof, such waterworks utility, as hereinafter referred to, being deemed to include the systems of water supply and distribution and sanitary sewage disposal, as combined by Ordinance No. 320 pursuant to RCW 35.67.320, and any additions thereto and extensions, renewals and betterments thereof hereafter made or constructed; and WHEREAS, $170,000.00 of the "Water and Sewer Revenue Bonds, 1961" (hereinafter referred to as the "1961 Bonds were issued pursuant to Ordinance No. 334 and are payable from the gross revenues of the waterworks utility, including as a part of such revenues a water and sanitary sewage disposal service surcharge payable under a contract between the City and Puget Western, Inc. a Washington corporation; and WHEREAS, the City, in Section 7 of Ordinance No. 334 authorizing the issuance of the 1961 Bonds, reserved the right to issue additional water and sewer revenue bonds on a parity of lien with the 1961 Bonds if certain conditions should be met and complied with at the time of the issuance of such additional bonds; and WHEREAS, the City of Tukwila, Washington, by Ordinance No. 381, passed by the City Council and approved by the Mayor on the 3rd day of June, 1963, adopted a system or plan for making additions to and betterments and extensions of the waterworks utility of the City, consisting of the construction and installation of certain sewer collection lines, trunk sewer lines, and general facilities, estimated the total cost of said plan to be $819,000.00, and provided that payment therefor would be made (a) by assessments to be levied in the amount of not to exceed $412,000.00 against property specially benefited by the proposed improvement and included in a local improvement district to be formed, and (b) from the proceeds received from the issuance and sale of "Water and Sewer Revenue Bonds, 1963," in the amount of not to exceed $407,000.00 par value; and WHEREAS, by Ordinance No. 382, passed by the City Council and approved by the Mayor on the 1st day of July, 1963, the system or plan of additions to and betterments and extensions of the waterworks utility of the City of Tukwila, as adopted by Ordinance No. 381, was ordered to be carried out, Local Improvement District No. 5 was established, and it was ordered that not to exceed $412,000.00 of the cost and expense of carrying out said system or plan should be paid by assessments to be levied in the amount of not to exceed $412,000.00 against the property specially benefited by such improvement and included in Local Improvement District No. 5 and the remain- ing cost to be paid from the proceeds to be received from the issuance and sale of "Water and Sewer Revenue Bonds, 1963" (hereinafter referred to as the "1963 Bonds"), in the amount of not to exceed $407,000.00, provided, however, that in the event that Val Vue Sewer District, King County, Washing- ton, should construct the "Val Vue Trunk Sewers as defined in Ordinance No. 381 the amount of such water and sewer revenue bonds should be reduced by $140,000.00 to not to exceed $267,000.00; and WHEREAS, the City thereafter contracted with Val Vue Sewer District to construct said "Val Vue Trunk Sewers," and, pursuant to Ordinance No. 387, passed by the City Council and approved by the Mayor on October 7, 1963, issued and sold $190,000.00 par value of the not to exceed $267,000.00 par value of said 1963 Bonds; and -2- WHEREAS, the City Council heretofore determined that the proceeds received from the issuance and sale of said "Water and Sewer Revenue Bonds, 1963" were insufficient to complete the carrying out of the system or plan of additions to and betterments and extensions of the waterworks utility of the City, as adopted by Ordinance No. 381 and by Ordinance No. 422, passed by the City Council and approved by the Mayor on the 18th day of January, 1965, issued and sold an additional $45,000.00 par value of the remaining authorized but unissued $77,000.00 par value of water and sewer revenue bonds authorized by Ordinances Nos. 381 and 382, said $45,000.00 par value of bonds having been combined with an additional authorized $40,000.00 par value of bonds issued under date of March 1, 1965, in the total amount of $85,000.00 par value and designated as "Water and Sewer Revenue Bonds, 1965" (hereinafter referred to as the "1965 Bonds and WHEREAS, the City Council heretofore determined that the proceeds of the sale of the 1965 bonds were still insufficient to complete the carrying out of the system or plan of additions to and betterments and extensions of the waterworks utility of the City as adopted by Ordinance No. 381, and pursuant to Ordinance No. 442 passed November 15, 1965, the City specified and adopted a system or plan of additions to and betterments and extensions of the waterworks utility of the City, provided for the issuance and sale of not to exceed $80,000.00 par value of water and sewer revenue bonds required to pay the cost thereof and the cost of completing the system or plan of additions to and betterments and extensions of the waterworks utility of the City as adopted by Ordinance No. 381, which authorized water and sewer revenue bonds have not as yet been issued by the City, and the City has issued interest bearing warrants drawn upon the "Water and Sewer Construction Fund, 1963," pending the issuance and sale of such water and sewer revenue bonds; and WHEREAS, the public health, welfare, safety and convenience require and it is advisable that certain water improvements be made to the waterworks utility of the City, the estimated cost of which is $500,000.00, and that water and sewer revenue bonds be issued to provide the funds necessary to carry out such improvements, which bonds may be combined with the water -3- and sewer revenue bonds authorized to be issued by Ordinance No. 442, NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF TUKWILA, WASHINGTON, DO ORDAIN, as follows: Section 1. The City of Tukwila, Washington, hereby specifies and adopts the system or plan for making additions to and betterments and extensions of the existing waterworks utility of the City, consisting of the construction and installation of the water mains, more particularly described in Exhibits A and B attached hereto and by this reference made a part hereof. Section 2. The life of the foregoing additions, betterments and extensions is hereby declared to be at least forty years. Section 3. The estimated cost as near as may be of the aforesaid system or plan of additions, extensions and betterments is hereby declared to be $500,000.00, being $150,000.00 for the improvements described in Exhibit A (Schedules I and II) and $350,000.00 for the improvements described in Exhibit B, and shall be paid from the proceeds received from the issuance and sale of not to exceed $500,000.00 par value of water and sewer revenue bonds which may be combined with and issued as a single combined issue with the $80,000.00 par value of water and sewer revenue bonds authorized to be issued by Ordinance No. 442. Section 4. The gross revenues and benefits to be derived from the operation and maintenance of the waterworks utility of the City at the rates to be charged for water service 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, including any special assessments to be collected in any utility local improvement district or districts hereafter created, of sufficient amounts to pay interest on the water and sewer revenue bonds herein authorized to be issued and on all outstanding 1961 Bonds, 1963 Bonds and 1965 Bonds as such interest becomes due and payable, and to pay and redeem all of said bonds at maturity. -4- Section 5. The bonds herein authorized to be issued shall be issued in one or more series at such time as the City Council should deem it advisable, shall bear such designation, shall bear such interest rate or rates, shall be in such denominations and form, shall be payable at such place or places and shall mature in accordance with schedule beginning not earlier than one year after date of issuance and ending not later than forty 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 sub- ject to such provisions and covenants as shall hereafter be provided by ordinance. The bonds shall be sold at such times and in such manners as the City Council 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 service and sanitary sewage disposal service and from the receipt of assessments levied and assessed against property specially benefited by the improvement included in one or more utility local improvement districts hereby authorized to be created pursuant to the provisions of Chapter 52, Laws of 1967 of the State of Washington (RCW 35.43.042 et seq.) in the event the City Council shall determine to create such utility local improvement district or districts in connection with carrying out the improvements herein authorized. Section 6. If the conditions required to be met for the issuance of parity bonds as set forth in Section 7 of Ordinance No. 334 authorizing the issuance of the 1961 bonds shall be met at the time of the issuance of the bonds herein authorized and such bonds shall be issued as parity bonds with the outstanding "Water and Sewer Revenue Bonds, 1961," "Water and Sewer Revenue Bonds, 1963" and "Water and Sewer Revenue Bonds, 1965," the bonds herein authorized shall be payable solely out of the special fund of the City created by Ordinance No. 320, as amended, and known as the "Water and Sewer Bond Fund, 1961." In the event the bonds herein authorized shall not be issued as parity bonds, the bonds shall be payable solely out of such special fund as shall be hereafter created in connection with the issuance and sale of such bonds and shall be a valid claim of the holder thereof only as against such -5- special fund and the amounts of the waterworks revenue of the City (and including any utility local improvement district assessments) pledged to such special fund and shall not be a general obligation of the City of Tukwila, Washington. Section 7. The proceeds from the sale of the bonds authorized herein shall be deposited in the "Water and Sewer Construction Fund, 1963" of the City created by Ordinance No. 387. P ending the sale of the water and sewer revenue bonds herein authorized, the City may issue interest bearing warrants drawn upon the "Water and Sewer Construction Fund, 1963" to bear interest at such rate as may hereafter be determined and to be redeemed from the proceeds received from the sale of the water and sewer revenue bonds herein authorized to be issued within such period of time as the City Council may hereafter determine. PASSED by the City Council of the City of Tukwila, Washington, at a regular meeting thereof,and APPROVED by the Mayor this 16th day of June, 1969. ATTEST: FORM •''ROVED: City Attorney CITY OF TUKWILA, WASHINGTON By Mayor Pipe Size On 12" Renton -Three Tree Point Road 12" Interurban Ave. S. 12" 12" 12" 10" 58th Ave. S. Maule Ave. S. S. 139th St. Interurban Ave. S. approximately 200' NW of Renton -Three Tree Point Road 10" S. 149th Street 10" S. 144th Street 10" S. 143rd Street EXHIBIT "A" SC IAEDULE L From 65th Avenue S. Renton -Three Tree Point Road Interurban Ave. S. 58th Ave. S. Maule Ave. S. West side of Inter- urban Ave. S. To Interurban Ave. S. 58th Ave. S. Maule Ave. S. S. 139th Street Interurban Ave. S. East side of Inter- urban Ave. S. Interurban Ave. S. Maule Ave. S. Interurban Ave. S. Maule Ave. S. Interurban Ave. S. Maule Ave. S. In addition to the above mentioned water mains shall be all appurtenances including fire hydrants, all of which shall be con- structed in accordance with the plans and specifications for the above project. EXHIBIT "A" SCHEDULE II Pipe Size On From To 8" 65th Ave. South South 152nd St. South 151st St. 8" South 151st St. 65th Ave. South 62nd Ave. South 8" 62nd Ave. South South 151st St. South 149th St. 8" South 147th St. 59th Ave. South 58th Ave. South In addition to the above mentioned water mains shall be all appurtenances, including fire hydrants, all of which shall be constructed in accordance with the plans and specifications for the above projec#. Pipe Size 6" South 153rd St. 4" 64th Ave. South 6" 62nd Ave.South 4" 6" 6" 8 On From 65th Ave. South South 153rd St. South 153rd St. Approx.325 ft. South of South 147th St. 500 ft.North of South 147th St. 58th Ave.South 59th Ave.South South 142nd St. 59th Ave.South 6" South 144th St. 59th Ave. South 8" 57th Ave. South 6" 57th Ave. South South 147th St. 6" An easement across 57th Ave. South private property. 6" South 149th St. 57th Ave. South 6" An easement across South 149th St. private property. 6" South 150th St. 6" Macadam Road 6" 53rd Ave. South SbuthTt47th Sta Approx.200 ft. South of South. 150th St. Macadam Road To Approx.120 ft.West of 64th Ave.South Approx.300 ft.South of South 153rd St. South 151st St. Approx.650 ft.South of South 147th St. South 142nd St. 58th Ave. South 58th Ave. South Approx.500 ft.North South 147th St. of South 152nd St. Approx.350 ft.North of South 147th St. Interurban Ave.South Approx.650 ft. West of 57th Ave.South South 150th St. Approx.450 ft. Macadam Road East of Macadam Rd. 53rd Ave. South South 144th. St. 58th South Macadam Road PIPE SIZE 6" ON 56th Ave. South 6" 55th Ave. South 6" 55th Ave. South 6" 53rd Ave. South 6" 53rd Ave. South 6" South 137th St. 6" 56th Ave. South 6" South 139th St. 6" 56th Place South 6" South 140th St. 8" South 143rd St. 6" South 143rd St. 6" An easement across private property along the Duwamish River. 6" South 144th St. 6" Interurban Ave.; South. FROM South 147th St. South 147th St. Approx.250 ft.North of South 141st St. South 144th St. South 138th St. 53rd Ave. South South 137th St. 55th Ave. South South 139th St. Maule Ave. South Maule Ave. South Approx.750 ft.East of Maule Ave.South. South 143rd St. Duwamish River 57th Ave. South TO South 141st St. South 141st St. South 139th St. South 139th St. South 137th St. Interurban Ave. South South 139th St. 56th Place South South 141st St. Duwamish River Approx.750 ft.East of Maule Ave.South Duwamish River South 144th St. Maule Ave. South South 137th St. 6" South 142nd St. 53rd Ave. South 55th Ave. South Pipe Size 12" 12" 8" 6" 8 ON Interurban Ave.South 45th Ave. South South 132nd St. South 133rd St. 6" An easement across private property. 6" 47th Ave. South 42nd Ave. South FROM TO 48th Ave. South 42nd Ave. South Interurban Ave. South 134th St. South. 42nd Ave. South 47th Ave. South 42nd Ave. South Approx.560 ft.East of South 132nd St. 47th Ave. South South 133rd St. South 132nd St. South 133rd St. In addition to the above mentioned water mains shall be all appurtenances, including fire hydrants. Approx. 340 ft. Northeasterly of South 132nd St. Interurban Ave. South