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HomeMy WebLinkAboutOrd 0092 - General Election for Issuance and Sale of Bonds ORDINANCE No, 92 AN ORDINANCE, Submitting to the qualified voters tf the Town of Tukwila, e.t the General Election to be held in said Tovm of Tukwila, on Tuesday, May 2nd, 1922, the proposition for %1e creation of an indebtedness in the sum of Nine Thousand Dollars 09,000.00), by the issuance and sale of General Negotiable Interest bearing Coupon Bonds of the Town of Tukwila in said amount for the construction of a Water Supply System consistingof a Well., a Pumping Station, Pumping Main, Reservoir and Distribution System; or e. Gravity System, Reservoir and Distribution System in said Town of Tukwila: BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF TUKWILA, AS FOLLOWS: Section One: That there shall be submitted to the qualified voters of the Town of Tukwila, at the General Election to be held in said Tovm on Tuesday, the 2nd day of May, A. D. 1922, the proposition for the creation of aniridabtedness in the sum of Nine Thousand Dollars 09,000.00) by the issuance and sale of General Ne- go cable Serial Coupon 4oxitls of the Town of Tukwila in said amount, which bonds shall mature in equal annual series, lowest number first, commencing ten (10) interest years and ending Twenty (20) years after' their date, and shall bearLat a rate not to exceed six per cent. (60) per annum, payable semi annually, for which interest coupons shall be attached to and be part of said bonds, for the purpooe of providing money for strictly Municipal purposes, to -vit: The construction of F Water Supply System consisting of a Well, a Pumping Station, Pumping, Main, Re: ervoir mad Distribution System; or, a Gravity System, Reservoir, and Distrib- ution System in said Town. The eetni rated cost of said Water Supply System is the sum of Seventeen Thousand Dollars (17,000.00), of which the sum of Nine Thousand Dollars 0'9,000.00) is to be raised by the said General Negotiable Bonds herein provided for, and the balance of said total sum is to beraieed by the issuance and sale of bonds of the Local,Inprovement District to be created by the Council of the Tovm of Tukwila by Ord .nano hereafter. Section Tero: At a general election to be helcl in the Town of Tukwila on Tuesday, the 2nd day of May, A. D. 1922, there shall be voted upon by the qualified voters pf said Town, the proposition mentioned in Section 1 of this Ordinance; Provided that any other proposition may be submitted for the incurring of any indebtedness by the Town at the sane election, in pursuance of any other ordinance or ordinances of said Town that may so provide. Said election shall bo held and conducted in accordance with law, and for the purpose of said election all of the territory within the corporate limits of said Town is hereby created into and declared to be one election precinct, and the polling place therein .shall be Hu1:!.'e Hall, corner Ritz Avenue and Main Street. Section Three: Nptice of said election shall be published in the Seattle Daily Star, a daily publication of greatest circulation in said Toy ?m, which publication shall be for a period of Ten (10) days, daily, all preceding the date of said general election, and the Town Clerk shall also post notices of election in three (3) of the most public places in said town, at least Ten (10) days prior to said election date. Section Four: The proposition so submitted shall be voted upon in the following manner, to -wit: "Shall the Town of Tukwila, for Municipal purposes, to wit: For the purpose of constructing a dater Supply System as provided by Ordinance No.. 92, borrow 9,000.00 and issue its general negotiable bonds therefor "Bonds Yes" "Bonds No" Every qualified voter at such election shall prepare his ballot by striking therefrom "Bonds Yes" or "Bonds No" so that the remaining portion of his ballot shall express his vote on the question. Section Five: If three/fifths (3/5) of the qualified voters voting on such proposi- tion shall vote in favor of incurring said indebtedness by the issuance and sale of said bonds, said Town shall be deemed to be authorized to borrow said money and -2- issue said bonds and the Town Council shall provide for the issuance„ sale and deliL9ery if said bonds. Section Six: The money derived from the sale of said bonds shall be applied and usdd only for the purpose of constructing said Water Supply System and for no other purpose whatsoever. Section Seven: Said bonds when issued shall be general obligations of the Town of Tukwila and shall be of the denomination of Five Hundred Dollars ($500.00) each and bear interest at the rate of six per cent. (5%) per annum, payable semi— annually, both principal and interest payable at the office of the Treasurer of said Town or at the fiscal agency of the State of Washington in New York City, at the option of the holder. Section. Eitit: The Legislative authority of the Town of Tukwila shall levy in the annual tax levy during the life of said bonds, and until the same are paid, a tax upon all the property of said Town subject to taxation, sufficient to pay the interest upon said bonds as the same may accrue, and in the year 1931 and annually thereafter there shall be levied a tax sufficient to pay the principal of said bonds which become due in the next succeeding year. Such tax shall be in addition to all other taxes and shall be levied upon all property in said Town subject to taxation, and such taxes as collected shall be paid into a special fund hereby created and known as "Bond Fund of 1922 and no portion of the moneys in said fund shall be used for any other purposes than the payment of the princi- pal and interest of said bonds, and the faith and credit of the Town are hereby pledged for the levy and collection of such taxes and the regular payment of such principal interest Passed by the Town Council this 14th day of ril AI. 1922. Mayor. ATTE T i :rG Town Clerk.