HomeMy WebLinkAboutOrd 0105 - Plan for Acquisition of Municipal Waterworks System (Repealed by Ord 110)ORDINANCE NO. 105
Repealed by 110
AN ORDINANCE Specifying and Adopting a System or Plan for the Ac-
quisition 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 '$7,000 General
Negotiable Coupon Bonds of said Town, and 426,000 Bonds
payable froze the revenues of such water works system for
the "purpose of paying the cost of acquiring the same, and
Providing for the submission of said System or Plan, and
the issuance of said Bonds to the qualified electors of
said Town, at the General :election to be held therein on
March 11, 1924.
WHEREAS, the corporate authorities of the Town of Tukwila,
Washington, deem it advisable that said town acquire a, municipal
water works system and issue bonds of said town for the purpose
of paying the cost thereof, all as hereinafter more particularly
set forth; NOW, THEREFORE,
BE IT ORDAINED BY THE COUNCIL OF THE TOWN OF TUKWILA
AS FOLLOWS:
Section 1. That the following system or plan is hereby
specified and adopted as the system or plan proposed for the
acquisition by the Town of Tukwila of a municipal water works
system, towit:
That said town construct, condemn, purchase, acquire,
conduct and operate a complete water works system within
and without the corporate limits of said town for the pur-
pose of furnishing said town and the inhabitants thereof,
and other persons with an ample supply of water, including
the acquisition by purchase, condemnation or otherwise of
certain springs arising in the SE of the SE$ of Section
22, King county, State of Washington, as a source of sup-
ply, and from the source of supply a wood and steel pipe
line shall be constructed through a right of way to be ac-
quired by condemnation, purchase, or otherwise, to the
city limits and including the construction of a ehlorina-
tion system, a'reservoir and storage tank of an estimated
capacity of 50,000 gallons, the construction of a motor
operated booster pump in the main line of said system,
the construction of a distributing system within the
corporate limits of said town to be of steel pipe construe-)
tion, and the construction of necessary hydrants and valves,
and the construction of all buildings and structures, pipe
lines, flumes, conduits and tunnels incident to, or neces-
sary to make the project or plan complete.
That the estimated cost of the aforesaid system or
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elan is hereby declared to be as near as may be the
sum of Thirty -three Thousand Dollars 033,000.00).
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
)7,000 and bonds payable from the revenues of said water
works system in the principal sum of :26,000.
Said general bonds shall be in denominations of
X100 each, numbered from one to seventy (1 -70) both
inclusive, and shall bear interest at a rate not exceed-
ing six (6) per cent per annum, payable semi- annually
and shall be payable, both principal and interest, at the
office of the .gown Treasurer, or at the fiscal agency
of the state of Washington 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 commence with the second
year after the date of issue of such bonds, and end twenty
(20) years after date, and 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.
laid 026,000 revenue bonds shall be in denominations
of rive hundred Dollars 0500.00) each, numbered from one
to fifty -two t 1- i2) `=both inclusive, and shall bear inter-
est at six (6) per cent per annum, payable semi- annually;
shall be payable, both principal and interest at the office;
of the Town ,Treasurer, or at tu.e fiscal agency of the state,
of Washington in New York City at the option of the holder;:
shall be in such form and bear such date as may be here-
after fixed by ordinance, and shall mature in order of
their numbers, lowest numbers first, as follows: One
(thousand .collars x1000) three (3) years after date, One
thousand Dollars (;1u00) four (4) years after date, rii-
teen hundred collars (701b00) five (5) years after date,
and a like amount annuw3 ly thereafter.
Said .26,000 revenue bonds small be payable, both
principal and interest, solely from a special fund hereby
created and designated "MUNICIPAL `sa'iTEi SOriLS BOND rUND
from and after the date of said revenue bonds, and so long
thereafter as any of the same are outstanding and unpaid
the .gown reasurer 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 amounts out of
the gross revenues of said municipal water woes system,
including all additions, betterments, and extensions there-
to, equal to the respective amounts of interest, or prin-
cipal and interest, as tne case may be, next failing due.
Said revenues are hereby pledged to such semis- ansiva l pay-
ments which shall constitute a charge upon such revenues
prior and superior to all other charges whatsoever, includ-
ing charges for maintenance and operation. The said
26,000 revenue bonds shall be the only charge upon said
fund until all of said bonds with interest thereon shall
have been paid.
The Town of Tukwila does nereby declare that, in
fixing the amounts to be paid into said fund as aforesaid,
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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 (20) years.
Tne town of Tukwila hereby binds itself not to sell,
lease, or in any manner dispose or such municipal water
works system, or any additions, extension and betterments
thereto, until all of said =;26,000 revenue bonds have been
fully paid, and the town of Tukwila further binds itself
to estai4lish from time to time, and maintain such rates for
water as will provide sufficient revenues to permit tiie
payment of said sums into said ppecial fund until all of
said revenue bonds, with interest thereon, have been fully
paid.
Section 2. The pro,nosition 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 tnis Ordinance, shall be submitted to the qualified voters of
said town for ratification or rejection at the general election,
to be held therein on Mardi 11, 1924.
Such proposition shall be submitted to trie electors by bal-
lot, and shall appear upon the ballot under the following ballot
title:
Shall Tukwila issue 7,000
General Bonds and ':;26,000 YES
Water ;.evenue .bonds for ac-
quiring a municipal water
works system, all as set AO
forth in Ordinance Do. 105.
and such ballot title shall be certified to the Election _oard
as provided for by aection 6 of Chapter 53 of the 1923 session
Laws of the State of Washington.
Notice of said election snail be given in the manner, and
for the length of time as provided for by Section 7 of Chapter
53 of the 1923 Session Laws of the State of Washington.
The polls at said electi n shall be open at 8 o'clock A.M.
and remain open until 8 o'clock ._'.M. Tne polling place or places
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for said election, the election of officers, the ballot boxes
and ballots, poll books and tally sheets, shall be designated
and provided for in the manner set forth and provided in Sec-
tions 3 and 4 of the 1923 Session laws of the State of Fdashingt on.
If three fifths of the qualified voters of said town voting on
the proposition so submitted at said election shall vote in fa-
vor thereof, then such vote shall constitute an adoption and
ratification of such proposition, and said town shall be author-
ized 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 pro-
vided in Section 1 of this Ordinance for the purpose of paying
the cost thereof.
Section 3. This ordinance shall take effect and be in
full force and effect from and after the date of its ,passing,
approval and posting.
Passed by the Town Council this 1st day of February 1924.
Signed by me in open session in authentication of its
passing this 1st day of February 1924
Mayor E.F. Greene
City Clerk E.E. Lutz