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Ordinance 0420�} 02,DILALCE 110. 420. An Ordirar_ce p­ vidir_g for makirg an additior and betterment to the water worksy-tem of the City of Edmor-ds by the acquisi- tior bk cordemratior. and purchase of the water-sh:;.." : f the Ed. -- mor_d� %prirg Water Gom.ary, specifying and adopti_ laL, declar- ing the estimated cast thereof as rear as may be, submitting the proposition of adbr''_-i or� of said plan and the issuance of special eater Reve.-ue Bonds in the sum of Twerty-five Thousand ($25,000.00) Dollars in paymer..t thereof to the qualified voters of the City of Edmord: for ratification or re jectioL at a special election to be held thereir, and providing --for the calling and holding of such elec-.-or. IIBHEi-REAS, It is erred advisable by the City of Edmonds that it shall exter_d and c:tu-er its water works system by the acqui- f�%u' sitior of the water-hed to obtain a supply of fresh water for domestic uses and fi-re protection and to protect such supply of water from polu ior; row, therefore, Be it ordaired -, y the Cour:cil of the City of Edmonds: SECTIOI 1: T- the following plan_ for makirg an additior and betterment tot . municipal Water System of the City of Ed- morLds is hereby pr , sed, specified ardv adopted, towit: Thy the said _-ty acquire by cordemr.:atior: and purchase the ater-shad row owrt by the Edmonds Spring Water Compary, to- gether with the easei:r-ts, franchises a.rd water -rights ir_cidert thereto. The water -shed is a tract of lard in Snohomish County, L" Waeh irgt or , described as follows: lots 1 to 16 inclusive, Block 39; Lots 21 to 40 inclusive, Block 39; Lots 1 to 40 irclasive, Block 38; Lots 1 to 40 inclusive, Block 40; Lots 1 to 40 irclusive, Block 66; Lots 5 to 38 irclusive, Block 67; all it the Plat of the City of Edmonds, and 40 acres it Southeast ore -quarter of S --.1{east ore -quarter of Section 24, Township 27, r orth Range 3 East ,.m. The City to have the water -rights appur- terart to said lards. The acquisitior and betterment shall in- clude the diversion dam and intake rove located or, the above de- scribed Southeast �uaruer (BE-) of the Southeast Quarter (SEA) and the twelve-irch supply main leading from said irk a to the reservoir located it Block 78, Plat of the City of Edmonds, said County and State; ar_d also to include the chloriratir.g plart row owred by said Water Compary. That the estima-ed cost of such addition and bettermert, as rear as may be, is 1_ereby declared to be the sum of Twerty-five C'O�t Thousard ($25,000.001 Dollars. SECTIOI 2: said City does hereby propose, adopt and specify as ar part of the plar for the acquisition of wr ��'said water -shed, and for the purpose of providing for the paymert � thereof, that it _ issue its coupon interest Bords rot ex- ��"�tp~W ceedirg the prir,cipa" sum of Twerty-five Thousard ($25, 000.00 ) Dollars it Special Tr._ter Rever_ue Bonds, bearir_:g irterest at a rate rot exceeding s__: percertum per arr_um, payable semi-arnually, 223 payable, both principal ard interest, solely from a special fund designated as "Edmords Water Works Special Bond Fund lo.2" as hereinafter created. The said issue of Bond shell be in deromi- nations of Five Hundred (500.00) Dollars and numbered from one to fifty inclusive, and mature serially in from five to twenty- five years from date as fellows: /r $ 500.00 in the year 1935 500.00 ir_. the year 1936 500.OG in the year 1937 500.00 in the year 1938 500.00 it the year 1939 500.00 it the year 1940 1,000.00 in the year 1941 1,000.00 in the year 1942 1,000.00 in the year 1943 1,000400 it the year 1944 1,000.00 in the year 1945 1,500.00 in the year 1946 1,500.00 in the year 1947 1,500.00 in the year 1948 1,500.00 in the year 1949 2,000.00 in the year 1950 2,000.00 it the year 1951 2,000.00 in the year 1952 2,500.00 in the year 1953 2,500.00 it the year 1954 .Ul of said Bords to be payable, both principal and interest, at Vy�� the office of the City Treasurer of the City of Edmonds, or at r,y the fiscal agency it the State of Washington in Lew York City,at r/ the option of the holder, and shall be there such day and be in such form as the City Council shall hereafter,by Ordinance, pre- scribe. SECTIOIK 3: That there be,ard there is, hereby created a special fund to be known as "Edmonds Waterworks Special Bond Furd , Io.2", which furl shall be drawn upon for the sole purpose of payirg the interest .and prircipal of said special reverue Bords.From and after the date of said Special Revenue Bonds and so long as the same are outstanding and unpaid, the City Treasur- er shall set aside and pay in such fund at least thirty (30) days prior to the respective dates or which the interest or principal ar_d interest of said Bor_ds shall become due and payable, certain fixed amounts out of the gross revenue of said Municipal Water- works System, ircludirg all additions, betterments and extensions thereto, equal to the respective amounts of irterest, or principal and interest, as the case may be, next falling due. The said gross revenues are hereby pledged to such payments which shall constitute a charge upon all of such gross revenues, prior and superior to all other charges whatsoever, including charges for maintenance and operatior, save and except the special Water Revenue Bonds authorized and provided for in Ordinance %o. 404 entitled as follows; U . An Ordinance providing for the acquirir_g, construction arld06 mairterarce of a Municipal Waterworks System for the City of Ed- mords, specifying and adoptirg such system or plan, declaring the estimated cost thereof as rear as may be, and submittirg the pro- position of the adoption of said plan and the issuance of special Water Revenue Bonds in the sum of $130,000.00 and general Bonds in the sum of $20,000.00 in payment thereof to the qualified voters of said City of Edmords for ratification or rejection at a special election to be held therein, and providing for the call- ing and holding of such election," and Ordir�aree jo.407 ertitled D� as follows; �.� "Ar Ordinance providing for the issuance of $20,000.00 of general Bonds and ,130,000.00 of Special Ater Reverue Bonds ;r accordance with a proposition submitted by Ordinance %o.404 of the City of Edmonds, Wiashirgtor, passed and approved July 3, 1928, and adopted by the voters of said City at ar election_ held therein or �Lugust 7, 1928, providing for the form and details of such Bonds, and providing for the sale thereof." 224 �tA �� In creating such special fund the City Council and other cor- porate authorities of said City has exercised due regard to the ¢- 4 cost of operation and mair_.terarce of the said Water Works System r��,� p,� as constructed wrd/or added to, and to such proportion or part of E the revenue previously pledged as a fund for the payment of Bor_.ds , a� Warrants, or other irdebtedr.ess; and that the amounts set aside for "Edmonds Waterwe,rks Special Bond Furd Lo,2", is not a greater amount or proportie,r of the revenue and proceeds than in their judgment will be available over and above such cost mainterarce and operation and the amount and/or proportion of the revenue to pre- viously pledged, and that, ir_ their judgment, there will be a suf- ficiert amount derived from said revenues to pay interest and prin- cipal of the Bonds hereby authorized as the same shall fall due. The said City hereby irrevocably binds and obligates itself �ot to sell, lease or in any manner dispose of said water works system or any additi,or_s, extensions or betterments thereto until ( all such Bonds with interest thereon shall have beer. fully paid; and said City hereby covenants and agrees to and with the holders of each and every of said Bonds, in the evert said Bonds or any —portion thereof, be issued, to maintain in good condition and operate said water works system, ar_d to establish and maintain rates and charges for water sufficient to produce gross revenues required to mee`: the obligations of said City as herein set forth. SECTIOI, 4: That a special election be, and the same is,here- by called to be held in the City of Edmor_:ds on the 12th day of lovember, 1929, at which election there shall be submitted to the 0'w qualified voters of said City for ratification_ or rejection, the r system or plan proposed, specified and adopted, for the said ac- f quisitior and betterment of the said waterworks system and the issuance of revenue :Bor:ds to pay therefor. Lt such election the polls shall be open from eight o'clock .M., until eight o'clock P.M. lotice of said election shall be Ygiver. as required by law. Said election shall be cor_ducted by ballot, and the City' Courcil shall by Resolution hereafter pre- scribe the form of ballot, designate the polling places, and ap- point the officers of election. SECTIOT 5: This Ordinance shall take effect and be in force from and after five days after its passage, approval and publica- tion. Passed by the City Council and approved by the Mayor this second day of October, 1929. Bu.blished October 4, 1929. -.&ttest: Geo. KI.Loyda., City Clerk. F.E.Fourtner, Mayor. I hereby certif,� that the above and foregoing is a true and correct copy of Ordinance T o.420 of the City of Edmonds, Wash. Geo..-JL.Leyda, City Clerk.