HomeMy WebLinkAbout01752ORDINANCE NO. 1321
AN ORDINANCE of the City of Port Townsend,
Washington, authorizing the issuance of
$2,200,000 of water revenue bonds of the
city to provide money for the purposes
set forth in Ordinance No. 1318 of the
city adopted and approved January 17,
1956; fixing the date, form, terms and
maturities of said bonds, creating a
Construction•.Fund, creating a Bond Re-
demption Fund for the payment of the
principal of and interest on said bonds
and a Reserve Account, creating a Trans-
mission Line Replacement Fund, providing
certain covenants and other protective
features safeguarding the payment of such
principal and interest, designating a
Trustee, and confirming the sale of said
bonds.
WHEREAS, Ordinance No. 1318 of the City of Port
Townsend, Washington, adopted and approved January 17, 1956,
proposed, specified and adopted a plan for the acquisition,
construction and installation of additions, betterments and
improvements to and replacements and extensions of the existing
water system of the city, found and declared the estimated cost
thereof to be, as near as may be, the sum of $2,200,000, and
authorized the issuance of water revenue bonds of the city in
the total principal sum of $2,200,000 to pay such cost; and
WHEREAS, as authorized by the laws of the State of
Washington and pursuant to proceedings duly and regularly taken
thereunder, including a special election held within the city on
March 13, 1956, the city entered into a lease agreement with
Crown 2ellerbach Corporation under date of March 15, 1956,
whereby it agreed to lease a certain part of its water system
outside its city limits at certain stipulated annual rental
payments for the full term of such lease to such corporation;
and