Loading...
HomeMy WebLinkAbout0575160 .. . ORDL\A. \CE No: aTa. IN-' ORDINANCE PROVIDINGrFOR THE SUBMISSION TO THE QUALI= FIED ELECTORS OFt THEeC1TT• OF PORT ANGELES. AT =A SPECIAL FI.F,CTION TO.. BE- .CALLED • FOR THAT • PURPOSE. - FOR --,THEIR ASSENT • TO THE 's VALIDATION. ItATIFICATION. AND FUNDING OF CERTAIN, WARRANTS. '•••• • DRAWN UPON THE LIGHTING -FUND. OF THE LIGHTING PLANT OF SAID CITY. AND FOR THEIR: A.CCENT TO THE ISSUANCE BY SAID CITY" AND SALE OF BONDS FOR ' THE REDEMPTION OF • -SAID - •WAit- RANTS.AND•FOR THE FURTHER BETTERMENTS AND.. ENLARGE -, RENTS AND EXTENSIONS OF SAID LIGHTING PLANT, AND FOR THE CREATION OF A SPECIAL FUND THEREFOR. • - WHEREAS. The corporation author -I Ries of the City of Port Angels. have heretofore lasued certain warrants on the part of the said City which were drawn upon the Lighting Fund for the, payment of cost and expenses of ea -. tensions and betterments of the Nlec -, talc Light Plant of said City. and • WHEREAS. There are now warrant.', outstanding which represent • Indebted -', ness against' the Lighting, Fund and that said indebtedness now exists. by [Cason of the fact that warrants were heretofore issued•agatnat Bald Light- ing Fund for betterments and exten- sions of the Electric Lighting Plant and that said,. Indebtedness • now •out- standing agalnet said - Lighting' Fund is in the son of $13,68L42. and • WHEREAS. Public necessity ' de -. mands that said Indebtedness be fund- ed - and that -further extensions and betterments - for said 'Lighting: Plant be made and that provisions be made for additional funds therefor, and Ss WHEREAS• It appears from the re- port of the City Electrician. that. the net profit of said Lighting Plant-for the year 1916. - was :1n the ; sum - of $8.285.86. and that said net earnings• will be greatly increased by the bet- terments - and extensions • now neces- sary to be made and that the esti- mated -COsts of raid betterments and extenslonr is In the sum • of $C.926.71, and �.t .. WHEREAS. The indebtedness 'now outstanding prevents the - sale and issue of additional issues of said .war tants and prevents • further better Monts and extension. and It has been made to appear to the City Council. that If said indebtedness now • out - standing Is funded. and a special fund' created and bonds issued against the same. that the gross income of said Lighting Plant will be Increased. and !the necessary betterments and eaten- NOW THEREFORE. ��` THE CITY COUNCIL OF,THE CITY OF PORT ANGELES. WASHINGTON,: DO ORDAIN AS FOLLOWS: Section 1. - That the Mayor and "City Council of the City of Port 'Angeles, Washington. propose to the voters of said Clty, at a special election to be held on the 20th day of July A. D. 1917, for their assent to the validation. -represented -by. of certain indebtedness represented ..by • warrants - now "- out- standing against said '. Lighting Fund. which., Indebtedness -was, created by reason of the fact that warrants were Issued upon the Lighting Fund ; for maintenance, ''betterments. and en- largements- of ,.the Electric • Lighting Plant of said City which was not fully authorized by "the electors of mid' City also for the authority of such corpor- ate authorities of said • City to Issue • and sell bonds for the redemption. of said warrants. and for the further-ex.- tensions and betterments of said Elec =, tric Lighting Plant In the aggregate, amount of 030,000.00• and such others. amount. as said electors shall assent to.. o- •ve - 0000. Section • � 2. • Th • r• several proposi- tio• ns for submission 'to the' electors of-the City In and by Section 1 of this Ordinance, shall be ,.subdivided u Into three', propositions and designated as Proposition No. 1, which" shall refer to the questions of validating and ratify- ing all warrants issued and outstand- ing against the special fund known as the Lighting Fund of the Electric :Light Plant of said City. and the in- debtedness against said Lighting Fund which • amour.t.- In the - aggregate to Fourteen "'Thousand Sixt hundred ($14,600.00) Dollars; • • � r - - Proposltlon No. 2. shall refer to the question of authority for, ismance of Bonds upon said Special Bond Light - lug Fund and to pay for ant take ur said outstanding warrants isaue•l apse said Lighting Fund In the aggregate amounting to Feu; tee.[ '^hnusand Six Hundred (114.600.00) Dollars; • -.' :- Preporltion No. 3 shall refer to the question of authorizing the 'issuance of bonds' In the alditlonah sum of • 915,400.00 for - additional betterments and enlargements of - • said Electric bighting Plant, as follow.: F.xten- •sions to Puget Sound Mills & Timber Company: Fifth Street to ,K •Street;, Sixteenth and C Streets; Tenth and B Streets; Tumwater and Fifth Street.; Sixteenth. and Pine; Twelfth to Broad- way-and Cherry Street; from,,Elghth to firoadway and Lincoln Street; First and Race Street: rebuilding old lines; making - temporary - connections : per- ,u000ol; :0,0,1 for permission: to the mayor and clerk to issue bonds against said Lighting • Plant: in the full sum of 930,000.00 for the payment of out - standing warrants and for the issu- ance of warrants for additional bet - terments and extensions. • Section 3. Every voter electing to vote for or against Proposition No. 1, shall vote a ballot on which shall be printed the words, via: "Proposition No. 1, for validation and ratification 0f I.Igltt Warrants For Proposition[ No 1 .against Proposition No. 1 Every voter electing 10 vole for or against Proposition No. 2 shall vote a ballot on which is [written the worst,, ti `cam. S 7S. '3Piapoaltm the- NoaMayor . aonr d g--iC�tlleurkveto issue bonds' against the SDerlal-'doad: :LlgtBng-FUnd to against isle Light- flag; flaarraat d.0.1 issued again[ aisle urt en, Jigg; Fund :-la- the ;sum - of. Fourteen, Thousand'99Fe ;. Hundred (914,000) Doll c.a...; ,yon N _.- .., r , For Proposition No. 2 Against ector' Proposition No.' Everyt elector, electing to r vote • for or again[ Propoaltion-Na- 3. shall rote a- lnaltot -neon which shall be. written —the word.` via: . -},IF' - - ,+Proposltlon - No. '- 3,'O for c the .latu- ence of additional J3onda for - fur- ther bettetatente and .00. enlargements to the amount of Thirty.00. and a total Bond !sane of Thirty. Thousand Dol- lars _ • : .:- For Propoaltton No. 32- Against Proposition No. 3. , Upon each ballot thus voted. 1f the voter le In favor the voter shall place a cross In the square 'fallowing the' words "For Proposition' and if he be agalnat be ahall place a cross in - the square following the words "Against. Proposition No.." Section • 4. -If the necessary three fifths (3 -5) majority of the qualified: electors of the City shal•-vote in favor of assenting to the validation. i rat16- catlon and funding of all outstanding warrants. Issued " upon:. the . Lighting. Fund of the City Lighting Plant - of said Clty. and for authority to lessee additional bonds against raid Lighting. Fund to 'the amount of '815.400.00 .to pay for further and additional better ments and enlargements of eaidLight .Ing Plant. the City Council shall upon' such "authority or said electors, 'pro- ceed , to at once validate, ratify - .and!. fund' all such 'outstanding -warrants; and If the ... necessary . . ;three -fifths majority- i of s such c electors o voting at . such .. elections-shall favor -the ,Issuance of bonds against. said Light- ing Fund In the sum of $14.600.00 to ;take up said outstanding - warrant. or. the •, aunt - of 0$30.000.00 Ito 11n 'elude •• 915,400.00 for - further - better -i ,,cots and enlargemente, to said Light- ing Plant, said City Council shall order' and authorize the 'issuance - of "such: bonds. .• Said bonds shall r be - payable'.. In the order of their numbers as is sued, on or before 12 yearn. from the . date of their issuance and shall bear interest at the rate of ' six per cent' per annum payable setnI- annually. ands, said bonds shall be lreued - In - denom(n -! anions of not less than One Hundred: Dollars [ more ore than One Thousand, .Dollars, and shall be numbered con -. secutively from one upwards as Issued, and bear the date of their - issuance' and shall - be registered- by the Clty-, Treasurer in a book to be kept °spec -,i tally for that purpose. They shall be printed and engraved and shall be is -' sued and payable only gout' of,; the Special • Fund • hereby created. - to • be known as the "SpocIal.Bond Lighting -Fund," of said Lighting Plant of -sold City, and out of the gross proceeds of said Lighting Plant. which • shall". be . paid into said "Special Bond Lighting Fund." • Said bonds shall have'attach- ed -.- thereto, •`• semi - annual!- %interest coupons' payable at., tt,e- 01Oce -of' the. City Treasurer, to the holder thereof. on the 30th day of Tune and the •Mat day of December of each year "and• each of the said bonds. and coupon&: shall he signed by'the °Mayor and at -• tested to by the City Clerk. who shall affix the seal of the City to each of said bonds. provided that said coupons' in lieu of being so signed shall have the • fac- simile of the • signatures "of 'the' Mayor and Clerk printed thereon,` and each of such bonds shall refer' to the "Special ' Bund Lighting - .Fund," .: and. the ordinance creating the same and shall provide and state tl at the prin- cipal sum therein named with the in- terest thereon shall be payable •only[ out of the "Special 9; 13004 Llghting' Fond." . ,w ,. .,r... Section r 5. -. That there: be''- and is hereby created a Special. Bond Light- ing Fund, to be known as the "Special Bond Lighting Fund," and the betide. and coupons shall be- payable only outs of said "Special Bond Lighting Fund.'• and there shall be paid Into said "Spec -. lal Bond- .Lighting Fund" r from .the gross earnings of the, Electric Light Plant of the City of Port Angeles the Sum of Three Hundred. ($300.00)-.1)01 - Mrs per month. n•.1:4 Section 6. The funds derived from the sale of said bond. shall be deposit- ed In Bald "Special a Bond Lighting: Fund" and shall be used' and drawn therefrom for the payment, it first of said outstanding Lighting Fund war -, rants named In Section 1 of this Ord- inance, and the balance thereof re maining after the redemption of said warrants, shall be used for the pay anent of further- betterments. eaten - alone and enlargements of the Light -; Mg Plant of said City. ' s.0... _4c;t •d Section •7. =I1 shall -be the` duty of the City Treasurer to place all money which shall accrue to Bald, "Special Bond Lighting Fund "•-Into the credltj of said Special Bond Lighting Fund"' as herein provided for the payment of: said bonds and interest - :..0 :... •;o-,I Section 8. • Said "Special "',• - Bond! Lighting Fund" shall be a special fund' for the special purposes. heroin named;' subject to the assent of said elector., to Bald ratification • and r issuance of bonds to be made disbursable only for the purpose for which it- shall be created. Section 9. It shall be tha duty of- the Clty Treasurer to note upon the face of each bond and on the register of the same the purpose for which the bonds are Issued, to -wit: "For Electric, Lighting Plant." Section 10. This Ordinance shall) ` take, effect and be In 'force from and after Five (5) days after its lawful publication. Passed June 26tH, 1917. Approved June 27th, 1917. Published June 29th, 1917. E. J. WALT ON, Attest: Stayer. .I. L. iii .331. City Clerl<. 1.