HomeMy WebLinkAboutOrd 0110 - Plan for Acquisition of Municipal Waterworks SystemORDINANCE NO 110
AN 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
General Negotiable Coupon Bonds of said Town, and 21,000
Bonds payable from the revenues of such water v,ror.s system
for the purpose of paying the cost of acquiring the salve,
and providing for the submission of said System or _elan,
and the issuance of said Bonds, to the qualified electors
of said Town at the Special Iaection to be held therein
on November 2, 1926.
WHEREAS, the corporate authorities of the Town of Tukwila,
Washington, deems it advisable that said town acquire a municipal
water works system: and issue bonds of said town for the purpose
of paying the cost thereof, all as hereinafter more particularly
set :forth; NOW THEREFORE
BE IT ORDAINED BY THE COUNCIL OF THE TOWN OF TUKWILA
AS FOLLOWS:
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 T'uk.wila of a municipal water works
system, towit:
That said town construct, condemn purchase, acquire,
conduct and operate a complete water works system within
and without the corporate limits of said town for the pur-
pose of furnishing said town and the inhabitants thereof,
and other persons, with an ample supply of water, including
the acquisition by purchase, condemnation or otherwise of
certain lands located in the 1E of the v of Section 22,
Township 23 N Range 4 .J, :f •i.l. tL111 County, State of
:Jashington, and certain property located within the west-
erly portion of the Town of Tukwila, as a source of supply
by :Weans of wells, and a location for storage works, and
from the source of supply a steel pipe line shall be con-
structed through a right of way to be acquired by condem-
nation, purchase or otherwise, to the city limits, and
including the construction of a reservoir and storage tank
of an estimated capacity of 150,000- gallons, the installa-
tion of duplicate A.otor- operated pumps to supply said sys-
tem, the construction of a distribution system within the
corporate limits of said town to be of steel pipe construct-
ion, and the construction of the necessary hydrants, valves
and accessories, and the construction of all buildings, st-
ructures, pipe lines, flumes, conduits, tunnels and appur-
tenances incident to, or necessary to make the project or
plan complete and operative.
The Town of Tukwila does 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 said town to set aside into
such fund a greater amount of such revenues than in its
judgment will be available over and above such cost of
maintenance and operation, and it is further hereby de-
clared that the life of the improvements to be acquired by
the issuance of the bonds herein above provided for is a
period of twenty five (25) years.
The town of Tukwila hereby binds itself not to sell,
lease, or in any manner dispose of such municipal water
works system, or any additions extension and betterments
thereto, until all of said revenue bonds have been fully
paid, and the town of Tukwila further binds itself to
establish from time to time and maintain such rates for
water as will provide sufficient revenues to permit the
payment of said sums into said special fund until all of
said revenue bonds, with interest thereon, have been 1'u11.
paid.
SECTION 2. The proposition of acquiring the aforesaid
municipal water works system, pursuant to the system or plan
specified and adopted in Section 1 of this Ordinance, and the
issuance of bonds to pay the cost thereof as provided in Section 1
of this Ordinance, shall be submitted to the qualified voters of
said town for ratification or rejection at the special election,
to be held therein on November 2, 1926.
Such proposition shall be submitted to the electors by
ballot, and shall appear upon the ballot under the following
ballot title;
Shall Tukwila issue 14,000
General Bonds and ,r 21,000
dater Revenue Bonds for ac-
quiring a municipal water
works system, all as set
forth in Ordinance No. 110
YES
S
NO
and such ballot title shall be certified to the Election Board
as provided for by Section 6 of Chapter 53 of the 1923 Session
Laws of the State of Washington.
Notice off said election shall be given in the manner, and
for the length of time as provided for by the laws of the State
of 7ashington.
That the estimated cost of the aforesaid system or
plan is hereby declared to be as near as may be the sum
of THIRTY -FIVI. THOUSAND-DOLLARS 35,000.00).
That to provide moneys to carry out the aforesaid
plan or system, the town of Tukwila shall issue its
General Negotiable Coupon Bonds in the principal sum of
41; 14,000 and bonds payable from the revenues of said water
works system in the principal sum of 21,000.
Said general bonds shall be in denominations of
100 each, numbered from one to one hundred and forty
(1 140), both inclusive, and shall bear interest at a
rate not exceeding six (6) per cent per annum, payable
semi annually and shall be payable, both principal and
interest, at the offices of the Town Treasurer, or at
the fiscal agency of the State of •,ashington in New York
City at the option of the holder, and shall be in such
form, and shall bear such date as may be hereafter fixed
by ordinance. The various annual maturities shall com-
mence with the second year after the date of issuance of
such bonds, and end twenty -five (25) years after date,
shall (as nearly as practicable) be in such amounts as will,
together with the interest. on all outstanding bonds, be met
by an equal annual tax levy for the payment of said bonds
and interest.
Said 21,000 revenue bonds shall be in denominations
of Five Hundred Dollars 500.00) each, numbered from one
to forty -two (1 42) both inclusive, and shall bear inter-
est at a rate not exceeding six (6) per cent per annum, pay-
able semi- annually; shall be payable, both principal and
interest, at the office of the Town Treasurer, or at the
.fiscal agency of the State of ..ashington in hew York City
at the option of the holder; shall he in such form and bear
such date as may be hereafter fixed by ordinance, and shall
mature in order of their numbers, lowest numbers first,
as follows: Fifteen Hundred Dollars 1500) starting
four_(4) years after date, and a like amount annually
thereafter.
Said j 21,000 revenue bonds shall be payable, both
principal and interest, solely from a special fund hereby
created and designated UNIC lOAL i,1i.]. :U .a`,: 36RD FUND"
from and after the date of said revenue bonds, and so long
thereafter as any of the same are outstanding and unpaid
the Town Treasurer shall set aside and pay into such fund
thirty (30) days prior to the respective date on which the
interest, or principal and interest, of said revenue bonds
shall become due and payable, certain fixed alaounts out of
the gross revenues of said municipal water works system,
including all additions, betterments, and extensions thereto,
equal to the respective amounts of interest, or principal
and interest, as the case may be, next falling due, Said
revenues are hereby pledged to such semi- annual payments
which shall constutute a charge upon such revenues prior
and superior to all other charges whatsoever, including
charges for maintenance and operation.
The polls at said election shall be open at 8 o'clock
A.M. and remain open until 8 o'clock P.LL. If three fifths of
the qualified voters of said town voting on the proposition
sp submitted at said election shali vote in favor thereof,
then such vote shall constitute an adoption and ratification
of such proposition, and said town shall be authorized to
acquire said water works system in accordance with the system
or plan therefor specified and adopted in Section 1 of this
Ordinance, and shall be authorized to issue bonds as provided
in Section 1 of this Ordinance for the purpose of paying the
cost thereof.
S' 3. This Ordinance shall take effect and be in
full force and effect from and after the date of its passing,
approval and posting.
PISSED BY THE TOWN COOUNCIL THIS 16TH DAY OF SEPTVIABER, 1926.
SIGNED BY ME IN OPEN SESSION IN AUTHENTICATION NTICATION OF ITS
PASSING THIS 18TH DAY OF SEPTEMBER 1926
Councilmember President E.F. Greene
City Clerk D.A. Newton