HomeMy WebLinkAbout0208904
ORDINAPU 1:0.
Ali ORDINAIICF, of the City of Port Towrlsf_nd. Wanhinrj toil
adopting a nlan for the. acnuis.it.lon. ^cnstructfon
and Installation of certain .ddit:ion::, and i.mnrove--
ments to and extensions of the r-x!..t+nc sanita.rt
sewage system of the city, and maktnrt sold system
as so improved a part of and belonry1n,, to the water
system of the city, declaring; the est.tmat�rd cost of
such additions, improvements and ext:enstons; pro
viding as a part of said plan for the issuance and
sale of $950,000 principal amount of water --sewer
revenue bonds of the city for payment of hart of
the cost of such additions, imnrovements and ex-
tensions; fixing the date -form, terms maturities
and covenants of said bands- providing that the
same will he issued on a parity with certain out. -
standing water revenue bonds of the city; creatingr
a construction fund; crea.tin!, a bond redemption
fund for the payment of the principal of and interest
on such bonds, and a reserve account:: providing and
adopting certain covenants and protective provisions
safeguarding the payment of the principal of and
interest on said bonds: confirming; the sale thereof
and declaring; an emergency.
WHEREAS, the City of Port Townsend, Washington (hereinafter
called the "City"), now owns, maintains and operates separate water and
sanitary sewage collection, treatment and disposal systems, and such
sewage system is in need of certain additions, improvements and exten-
sions in order to provide the City, its inhabitants and people living
in the vicinity thereof with adequate sanitary sewage collection., treat-
ment and disposal facilities; and
WHEREAS, in order to pay part of the cost of such additions,
improvements and extensions it is deemed necessary that the City issue
and sell its revenue bonds in the principal amount of $950,000 and, in
order to make such bonds more salable, that it combine its sanitary
serfage system with its water system as authorized by la%f- and
WHEREAS, the City Council has heretofore accepted the written
offer of McLean & Company, Inc., investment hankers of Tacoma. Washing-
ton, to purchase the bonds authorized herein under the terms, conditions
and covenants thereof hereinafter set forth;
NOW; THEREFORE, BE IT ORDAINED by the. Council or the City of
Port Townsend, Washington, as follows: