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HomeMy WebLinkAboutOrd 0112 - Plan for Acquisition of Municipal Waterworks SystemAN ORDINANCE specifying and adopting a system or plan for the acquisition by the Town of Tukwila of a municipal water works system, declaring the estimated cost thereof, as near as may be, and providing for the issuance of $14,000.00 general obligation bonds of said town and $14,000.00 bonds payable from the revenues of such water works system for the purpose of paying the cost of acquiring the same, and providing for the submission of the proposition to the qualified voters of said town at a special bond election to be held therein on a date to be fixed by the King County, Washington, Election Board. WHEREAS, the corporate authorities of the Town of Tukwila, Washington, deem it advisable that said town acquire a municipal water works system and issue bonds for the purpose of paying the cost thereof, all as hereinafter more particu- larly set forth; NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE T OWN OF TUKWI LA SECTION 1. That the following system or plan is hereby specified and adopted as the system or plan proposed for the acquisition by the Town of Tukwila of a municipal water works system, to-wit: That the source of supply be the Cedar River pipe line of the City of Seattle, such source to be made available by a connection to be made with said pipe line at or near the Campbell School; that from said source the water be conveyed to said town by pipe line approximately 9,000 ft. long, to be constructed over rights-of-way to be acquired by condemnation or purchase, to a reservoir of approximate- ly 150,000 gallons capacity, to be constructed in said town on a suitable site therefor.to be acquired by condemnation or purchase, from which We 4e the water shall be distributed throughout said town by means of a distributing system to be built and installed under the laws relating to the making of local improvements. That the estimated cost of said system or plan is hereby declared, as near as may be, to be the sum of $28,000.00. That to provide moneys to carry out said system or plan, said town shall issue its general obligation bonds in the principal amount of 04,000.00, and bonds payable solely from the revenues of said water works system in the principal sum of $14,000.00. All such bonds shall bear interest at a rate not exceeding 6% per annum, payable semi annually, shall be payable ,_both principal and interest, at the office of the ORIDNANCE NO 112 town treasurer, and shall be in such denominations and form, and bear such date as may be hereafter -fixed by ordinance. Said general bonds shall mature in varying annual amounts, beginning two years and ending trenty years after date thereof, and the various maturities shall, as nearly as practicable, be in such amounts as will, together with interest on such general bonds, be met by an equal annual tax levy for the payment of such general bonds and interest thereon. Said revenue bonds shall mature as follows: $1,000 three years after date thereof and a like amount annually thereafter, and said revenue bonds shall be payable, both principal and interest, solely from a special fund hereby created and designated "MUNICIP.L WATER :'TORT'S BOND FUND After said revenue bonds have been issued, and so long as any of same are outstanding and unpaid, the treasurer shall set aside and pay into said fund, thirty days prior to the respective dates on which interest, or principal and interest of said revenue bonds shall become due and payable, certain fixed amounts out of the gross revenues of said municipal water works system, including all additions, betterments and extensions hereafter thereto made, equal to the respective amounts ofinterest, or principal and interest, as the case may be, next falling due. Said gross revenues are hereby pledged to such semi- annual payments, which shall constitute a charge upon such gross revenues prior and superior to all other charges whatsoever. Said town does hereby declare that no proportion or part of said revenues has been previously pledged as a fund for the payment of bonds, warrants or other indebtedness, and does further hereby declare that in fixing the amounts to be paid into said fund, as aforesaid, it has exercised due regard to the cost of the operation and maintenance of said water works system, and has not hereby obligated and bound itself to set aside and pay into said fund a greater amount of such revenues than in its judgment will be available over and above such cost of maintenance and operation. Said town hereby further covenants and agrees not to sell, lease or in any manner dispose of said water works system, or any additions, extensions or betterments hereafter thereto made, until all of said revenue bonds have been fully paid. Said town further hereby covenants and agrees to establish from time to time and maintain such rates for water as will provide sufficient revenues to permit the payment of said semi annual payments into said special fund, and also to pay the cost of maintaining and operat- ing said system. Said town further hereby declares that the life of the improvement to be acquired by the issuance of the bonds herein mentioned is twenty years. 2 SECTION 2. The proposition of acquiring said municipal water works system, pursuant to the system or plan therefor hereinbefore specified and adopted, and the issuance of said bonds to pay the cost thereof, shall be submitted to the qualified voters of said town for ratification or rejec- tion at a special bond election to be held therein on a date to be fixed by the Election Board of ?ding County, Washington. Such proposition shall appear upon the ballot under the following ballot title: SHALL Tukwila issue $14,000.00 General Bonds and $14,000.00 Water Revenue YES Bonds for acquiring a municipal water works system, all as set forth in NO Ordinance No. 112 and such ballot title shall be certified to said Election Board as provided by law. by law. Notice of said election shall be given as provided SECTION 3. A certified copy of this ordinance shall be delivered to said Election Board, which Board is hereby requested to call and fix a date for the special election herein mentioned, to fix the polling places in the several voting precincts, to designate the election officers, to provide ballot boxes and ballots or voting machines, poll books and tally sheets, and to deliver same to the precinct election officers at the polling places, and to publish and post notices of such election, all as provided by law. SECTION 4. This ordinance shall be in full force and effect from and after its passage, approval and posting. Passed by the Town Council on June 16, 1927 Approved by me on ATTEST: Mayor John R. Walkup city Clerk D.A. Newton