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Ordinance 0404ORDIrA.10E 10.404-1. ` W An Ordinance providing for the acquiring, corstruction and �� maintenance of a municipal waterworks system for the City of Ed-� moods, specifying ard,adoptirg such system or plain, declaring the estimated cost thereof as near as may be, and submitting the propos it for of the adoption of said plan and the issuance of special water revenue Bords in the sum of $130,000.00 and general 206 Bonds in the sum of $20,000.00 in payment thereof to the qualified voters of said City of Edmonds for ratification or rejection at a special election to be held therein, and providirg for the calling and holding of such election. t:V=E.AS, It is deemed advisable by the City of Edmonds that it shall acquire a.rd mairtair a complete waterworks system of its own for the purpose of supplying the City and its inhabitants with water; row, therefore, The City Council of the City of Edmonds do ordain as follows. SECTIOr 1: That the following described system or plan for Otalv, the acquiring, const'raction and maintenance of a complete munici- pal water system for the purpose of furrishir_g said City of Ed- monds and its inhabitants with ar adequate supply of water, is hereby proposed, specified and adopted, towit: That said amity lacgaire the r_ecessary water rights, lands, � �� springs, rights -of -way and reservoir and stand pipe sites for a municipal water works plant, the source of water supply to con -of three or more wells, several hundred feet apart, to be located in the East central portion of said City, from which the water will be pumped into supply mains and the surplus water over ar•d above actual daily requirements be turned into a stand pipe and/or reservoir to be located rear the East City limits and from such wells and. storage facilities a twelve-ir_�ch supply main to lead to Mair. Street and down -gain Street to the waterfront with a twelve -inch main running porth and South from said supply main to feed the laterals comprising the distribution system and an eight -inch supply main to be constructed along the waterfront. South of Mair Street,. T Ls a part of said plan said City to also acquire and/or con- ' trust such wells, intakes, pumping plants, reservoirs, stand pipes, pipe lines, corduits, hydrants, distribution system and connect -.ors and all other accessories and appurterarces as may be necessary to make a complete water supply system, including such laterals and connections as will properly provide for the delivery of said water to all parts of said City. That the estimaited cost of acquiring and constructing such water supply system, as hereirbefore set forth, is hereby de- clared to be the sump of One Hundred and Fifty Thousand ($150,000.00) Dollars. SEG'"10f 2: Said City does hereby propose, adopt and specify �s an integral part 'of the plan or system for the acquiring and W - or•structirg of said waterworks system and for the purpose of roviciirg funds to pay therefor that it shall issue its general coupon irterest Borde it the principal sum of $20,000.00 bearing interest at a rate not exceeding five percent. per annum, payable semi-arrually, payable by general levy of taxes, and $130,000.00 ir_ special water revenue Bonds, bearing interest at a rate rot exceeding six Dercent. per arram, payable semi-annually,payable both principal and irterest, solely from a special fund designated W�r+V as "Ednords Waterworks 3Decial Bond Fund", as hereinafter created. -Sail general Bonds to be it deromiratiors of'$500.00 each, rum- bered from 1 to 40 inclasive, the various annual maturities com- mencing with the second year after date of issuance and ending sixteen years after date, and shall, as nearly as practicable, be ir_ such amounts as will, together with the interest on all outstarding Bonds, be met by equal anrual tag levy for the pay- mert of said Bonds and interest. Said issue of special water revenue Bonds shall be in denomi- ,OffiA/1"n, atiors of $1000.00 each, numbered from 1 to 130 inclusive, and rmature serially in from 6 to 25 years from date, as follows: $2, 000.00 it the r 2,000.00 in the 2,000.00 it the 2,000.00 in the 2,000.00 in the 29000.00 in the year 1954 year 19335 year 1956 year 1937 year 1938 year 1939 207 $4,000.00 in the year 1940. 6,000.00 in the year 1941 6,000.00 in the year 1942 7,000.00 in the year 1943 t7,000.00 in the year 1944 8,000.00 in the year 1945 8,000.00 in the year 1946 9,000.00 in the year 1947 9,000.00 in the year 1948 10,000.00 in the year 1949 10,000.00 in the year 1950 11,000.00 in the year 1951 11,000.00 in the year 1952 12,000.00 in the year 1953 All of said Bonds, both general and special, to be payable,EP Z& both principal and irterest,at the office of the City Treasurer of said City of Edmonds or at the fiscal agency of the State of tq Washington in hew York City, at the option of the holder, and shall bear such date and be in such form as the City Council shall hereafter by Ordinance prescribe. SECTIOF, 3: That there be, an&'JS hereby created a special fund to be known as "Edmonds Paterw�o;ks Special Bond Fund", ,Wd which fund shall be drawn upon for the sole purpose of paying the interest and principal of said special revenue Bonds. From and after the date of said special revenue Bonds, and so long as any of the same are outstanding and unpaid, the City Treasurer shall set aside and pay into such fund, at least thirty (30) days prior to the respective dates or which the interest or prin- cipal and interest of said Bonds shall become due and payable, certain fixed amounts out of the gross revenues of said municipal waterworks system, including all additions, betterments and ex- tensions thereto, equal to the respective amounts of interest or principal and interest, as the case may be, next falling due. Said gross revenues are hereby pledged to such paymerts, C2, which shall constitute a charge upon all of such gross revenues, prior and superior to all other charges whatsoever, including charges for mairterance and operation. In creating such special fund, said City hereby declares that it has exercised due re- gard to the cost of mairterarce and operation of said waterworks system; that ro portion of the revenues of said system have been previously pledged for ary other indebtedness; that the gross revenues to be derived from the operation of said waterworks system, ir. the juigmert of the corporate authorities of said City, will be sufficient to meet all expenses of operation and mairterarce, and to permit the setting aside irto said special fund amounts sufficient to pay the interest and principal of the Bords hereby authorized as the same fall due. Said City hereby irrevocably birds and obligates itself noti fir, to sell, lease or it ary marner dispose of said waterworks system, or any additions, extersions, or betterments thereto, el until all such Bonds, with interest thereon, shall have beer fully paid, ar_.d said City hereby covenants and agrees to and with the holders of each and every ore of said Bords, it the event said Bords or any portion thereof, be issued. to maintain in good corditior and operate said waterworks system, and to estab- lish and maintain rates and charges for water sufficient to pro- duce the gross revenues required to meet the obligatiors of said City as herein set forth. pp�� SECTIOE 4: There shall be include d it the arrua.l tag levy la* of said City of Edmonds a tax upor all o- the prope ty i�- said City subject to taxation suffi.ciert iy amount to pay the irteres �p e or said issue of gereral bords herein provided as the same may become due, and sufficient to provide a sirkirg fund for the pa;�me? t of the principal of said 30rds as the same mature, and there is hereby created ard' established a specie-1 fur_d to be called "Edmor_ds uereral Wa -er Bord Fund"', ir. to which Turd such zli � taxes so levied shall be p_id, ar.d ro part of such taxes so 04 W� D0 levied and paid irto d u said funshall be sed for ary other pur- ��� pose than it the payment of principal ar.d i- terest or said general water Buie, '= r d the full faith property aTA credit of said City are hereby irrevocably pledged for the collection and levy of said taxes ;s. rd the paymer_t of the principal and irterest of said gereral Bon SEt;-IOTA 5; That a special Election be, and the same is, here- by called to be held it the City of Edmords or Lugust 7,1928, at which election there shall be submitted to the qualified voters ' of said City for ratificatwor or re jectior, the system or piaw herein proposed, specified arc adopted, for the acquiring. ard. corstructior of said waterworks system and the issuance of revenue Boy -as to pay therefor. bt such election the polls shall be oper from eight O'clock A.Yi. ux.til eight o'clock P.:.. Lotice of said. electior shall be giver as required by law. Said election shall be cord -acted by ballot and the City Courcil shall by ?esolatior, hereafter prescribe the forty of ballot, desigr_ate the polliLg places, €rd appoirt the officers of elect -ion. SECTIOT 6: This Ordiraree shall take effect and be in force from and after five days after its passage, approval and publica- tior. ��/ Passed by the Oity Courcil and approved by the Mayor this /��" U 3rd day of July 192P. `" fittest: Geo.I.Zeyda, Clerk. F.A.Pou-rtr_er, Mayor. I hereby certi -, that the above and foregoirg is a true and correct copy of ance P o.404 of the City of Edmonds, Wash. Geo.M.Leyda, City Clerk.