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HomeMy WebLinkAboutOrd 0377 - Water and Sewer Revenue Bonds for Waterworks Utility (Repealed by Ord 381)CITY OF TUKWILA, WASHINGTON ORDINANCE NO 377 REPEALED BY ORD 381 AN ORDINANCE specifying and adopting a system or plan of additions to and better- ments and extensions of the waterworks utility of the City of Tukwila, Washington, including the system of sewerage as a part thereof; declaring the estimated cost there- of as nearly as may be; providing for the issuance and sale of not to exceed $450,000.00 par value of water and sewer revenue bonds in one or more series to provide a part of the funds required to pay the cost there- of; declaring the intention of the City Council to form a local improvement district, the property therein to be assessed to the extent of not to exceed $550,000.00 of the cost of the improvement; and creating a special fund to provide for the payment of said revenue bonds if necessary. WHEREAS, the Town (now City) of Tukwila, Washington, by Ordinance No. 320, as amended by Ordinance No. 332, speci- fied and adopted a system or plan for a system of sewerage for the Town (now City) and provided that that system shall became a part of the waterworks utility of the Town (now City), which system of sewerage was thereafter acquired and constructed and the systems of water supply and distribution and sanitary sewage disposal, as combined pursuant to RCW 35.67.320, and by Ordinance No. 320, as amended by Ordinance No. 332, together with all additions thereto and betterments and extensions thereof now or at any time hereafter made, shall hereinafter be referred to as the "waterworks utility of the City," NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF TUKWILA, WASHINGTON, DO ORDAIN, as follows. Section 1. The inadequacy of the existing waterworks utility of the City is such 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 City hereinafter provided for be made. Section 2. 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 suffi- cient amounts to pay interest on the water and sewer revenue bonds herein authorized to be issued and on all outstanding "Water and Sewer Revenue Bonds, 1961," dated September 1, 1961, as such interest becomes due and payable, and to pay and redeem all of said bonds at maturity. Section 3. The City of Tukwila, Washington, hereby specifies and adopts a system or plan for making additions to and betterments and extensions of the existing waterworks utility of the City, as more particularly set forth in Exhibit A "General Facilities" and Exhibit B "Collection System" attached hereto and by this reference made a part hereof and incorporated herein. The City Council may: modify the details of the fore- going system or plan where in its judgment it appears 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, as near as may be, -2 of the aforesaid system or plan of additions, extensions and betterments is hereby declared to be $1,000,000.00, consisting of $450,000,00 for the "General Facilities" and $550,000.00 for the "Collection System." Section 6. The cost of acquiring, constructing and completing the foregoing system or plan shall be paid as follows: (a) from the proceeds received from the issuance and sale of "Water and Sewer Revenue Bonds, 1963," in the amount of not to exceed $450,000.00 par value, being the estimated cost or the "General Facilities"; and (b) by assessments to be levied in the amount of not to exceed $550,000.00 against the property included in the local improve- ment district proposed to be formed as hereinafter set forth, being the estimated cost of the "Collection System." Section 7. The "Water and Sewer Revenue Bonds, 1963," herein authorized to be issued and sold in the principal sum of notlD exceed $450,000.00 par value shall bear interest at not to exceed 6% per annum, payable semiannually, with interest coupons attached; shall be numbered from "one" upward consecu- tively; and shall be in such denominations and form, shall bear such date 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 the date of issuance and ending not later than thirty years thereafter, or may be term bonds, shall have such option of pay- ment prior to maturity, shall guarantee such coverage and col- lection of rates, shall provide for such additional funds and accounts, and shall contain and be subject to such provisions and covenants, as shall hereafter be provided by ordinance. The bonds shall be sold in such manner as the City Council of the City of Tukwila shall deem to be in the best interests of the City. Section 8. If the conditions required to be met for the issuance of party bonds, as set forth in Section 7 of Ordinance No. 334, adopted August 7, 1961, shall be met at the time of the issuance of the bonds herein authorized, and said bonds shall be issued as parity bonds with the outstanding "Water and Sewer Revenue Bonds, 1961," dated September 1, 1961, the bonds herein authorized shall be payable solely out of the special fund of the City created by Ordinance No. 320, passed May 1, 1961, as amended by Ordinance No. 332, passed August 7, 1961, and known as "Water and Sewer Revenue Bond Fund, 1961." In the event that the bonds herein authorized shall not be issued as parity bonds, the bonds shall be payable solely out of the special fund hereinafter 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 Tukwila, Washington. Section 9. In the event that the bonds herein authorized shall not be issued as parity bonds as referred to in Section 8 above, there shall be and hereby is created and established in the office of the Treasurer of the City of Tukwila a special fund to be known as "Water and Sewer Revenue Bond Fund, 1963," which fund is to be drawn upon for the sole pur- pose of paying the principal of and interest on the bonds herein authorized to be issued. From and after the date of the issuance of said bonds and so long thereafter as bonds are out- standing against said "Water and Sewer Revenue Bond Fund, 1961," or said "Water and Sewer Revenue Bond Fund, 1963," as the case may be, the City Treasurer shall set aside and pay into the appro- priate fund, out of the gross revenues of the waterworks utility of the City, a fixed amount without regard to any fixed propor- tion, namely, an amount sufficient to pay the principal of and interest on all bonds payable out of said special appropriate 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 said 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, PROVIDED, HOWEVER, that if the conditions required to be met for issuance of parity bonds as set forth in Section 7 of Ordinance No. 334, adopted August 7, 1961, shall be met at the time of the issuance of the bonds herein authorized, the charge or lien upon such gross revenues for the bonds herein authorized shall be on a parity with the charge or lien upon such gross revenues for the outstanding "Water and Sewer Revenue Bonds, 1961." If said parity conditions shall not be met 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 the presently out- standing "Water and Sewer Revenue Bonds, 1961." Section 10. The City Council and corporate author- ities of the City of Tukwila hereby declare that in fixing the amounts to be paid into said "Water and Sewer Revenue Bond Fund, 1961," or said "Water and Sewer Revenue Bond Fund, 1963," as the case may be, as set forth herein, they have exercised due regard to the cost of operation and maintenance of the waterworks utility of the City and the debt service requirements of the outstanding "Water and Sewer Revenue Bonds, 1961," dated September 1, 1961, and the City of Tukwila 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 the outstanding "Water and Sewer Revenue Bonds, 1961." Section 11. The proceeds from the sale of the "Water and Sewer Revenue Bonds, 1963," herein authorized shall be used for the sole purpose of constructing and acquiring the system or plan of additions to and betterments and extensions of the waterworks utility of the City as herein set forth and of paying a part of the cost and expenses connected therewith and the City of Tukwila shall, through its proper officers and agents, pro- ceed with the construction and acquisition of said system or plan as herein set forth upon the condition that a local improvement district is hereafter formed for the purpose of assessing not to exceed $550,000.00 of the cost of said improvement against the property specially benefited thereby. Section 12. It is the intention of the City Council, in connection with carrying out the improvement above set forth, to form a local improvement district and to adopt its resolu- tion of intention so to proceed. PASSED unanimously by the City Council of the City of Tukwila, Washington, at a regular meeting thereof and 2 day F�bTary, the City' thy- 5 O by the �ayqr a AP�'R 1963. AP PROS AS To FORM: ON 137th Street i3rd Avenue South ON 152nd Street econdary State fighway 1 -L asement cross ash. State Highway ight -of -way cross ash. State Highway ight -of -way acadam Road EXHIBIT A CITY OF TUKWILA GENERAL FACILITIES L. Sewage Lift Station located in the vicinity of the intersection of Interurban Avenue (S.S.H. 5M) and S. 137th Street Ult. Capacity 1,300 gpm. Pressure line from Lift Station to gravity trunk line located as follows: FROM Interurban Avenue S. 137th Street Trunk Sewers located as follows: FROM Macadam Road Lpprox. on 52nd Ave. S. S. 152nd Street Approx. 52nd Ave. S. 3rd Avenue South Secondary State Highway 1 -L Point on 53rd Ave. S. approx. 230' S of S.S.H. 1 -L Point approx. 470' S. of S.S.H. 1 -L and approx. 110' W of 53rd Avenue S. Point Approx. 640' E of 53rd Ave. S. and Approx. 1,530' N of S. 162nd Street S. 152nd Street TO 53rd Avenue South South 144th TO Approx. 52nd Avenue S. Secondary State Highway 1 -L 53rd Avenue S. Approx. 230' Sly Point Approx. 470' S of S.S.H. 1 -L and Approx. 110' W of 53rd Avenue S. SIZE 10" SIZE 24" 24" 24" 24" 24" Point Approx. 640' E of 24" 53rd Ave. S. and Approx. 1,530' N of S. 162nd St. 57th Ave. S. Approx. 1300' N of S 162nd St. 24" 53rd Avenue South 18" 3rd Avenue South Macadam Road 150' N of S. 144th St. 18" ON Interurban Avenue asement along Puget ound Power Light ;fight -of -way econdary State ighway 1 -L econdary State ighway 1 -L 3rd Avenue South xtended Nly 3rd Avenue South 7th Avenue South outh 164th St. asement Approx. 50' S of N Boundary f Section 26, ownship 23 North, ange 4 East, W.M. FROM -2- S. 141st Place S. 137th Street S. 137th Street 65th Avenue South 65th Avenue South S. 158th Street Secondary State Highway 1 -L Approx. 1300' N of S. 162nd Street 57th Avenue South 57th Avenue South TO 42nd Avenue South Christianson Road 57th Avenue South Secondary State Highway 1 -L Approx. 500' Sly S. 164th Street 63rd Avenue South 63rd Avenue South SIZE 15" 15" 10" 10" 12" 24" 24" 12* 12" DN Avenue S. 37th Street Avenue S. Avenue S. Avenue S. Place S. Avenue S. Avenue S. went Between .Avenue S. .Avenue S. .Avenue S. Place S. Turban Avenue .37th Street .39th Street .39th Street .40th Street it Street L41st Place L42nd Street Le Avenue L43rd Street L43rd Place L44th Street 144th Street 147th Street 149th Street 149th Street 150th Street FROM 150' S. of 144th St. 53rd Avenue S. S. 144th Street S. 144th Street S. 147th Street S. 141st Street S. 151st Street S. 149th Street Approx. 550' S. of S. 147th Street S. 149th Street 59th Avenue S. Approx. 200' SE S. 144th Street 53rd Avenue S. 53rd Avenue S. 55th Avenue S. 53rd Avenue S. 56th Avenue S. 58th Avenue S. 57th Avenue S. S. 144th Street Interurban Avenue Maule Avenue 53rd Avenue So. Maule Avenue Approx. 250' West of 56th Avenue S. 57th Avenue S. 59th Avenue S. Macadam Road EXHIBIT "B" CITY OF TUKWILA COLLECTION' .SYSTEM. TO S. 137th Street Interurban Avenue S. 142nd Street S. 139th Street S. 137th Street S. 137th Street Interurban Avenue S. 141st Place S. 147th Street 59th Place S. S. 142nd Street of S. 141st Place Interurban Avenue Approx. 280' Ely Interurban Avenue 55th Avenue S. 57th Avenue S. Interurban Avenue 59th Place So. S. 143rd Street Approx. 1300' Ely Approx. 700' Ely 59th Avenue S. Approx. 600' Ely 59th Avenue S. Approx. 700' Wly 62nd Avenue S. Approx. 500' Ely 2 )N cent along the boundary of ;le Land Company's Acre Tracts, 6 90 cent along the i boundary of 20 of Brookvale Na Tracts 10 47 Avenue So. 53rd Street Avenue S. Went Avenue S. FROM S. 147th Street NE corner said Tract 20 S. 151st Street 65th Avenue S. S. 153rd Street Point on 64th Ave. So. 350' S. of S. 153rd Street. Secondary State Highway 1 -L TO North boundary of tract 10 of said Subdivision NW corner said Tract 20 Secondary State Highway 1 -L Approx. 300' Wly Approx. 350' Sly Secondary State Highway 1 -L SIZE 8 8 8 811 8 8 Approx. 300' Nly 8"