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Ordinance 0103ORDILI All CE F 0. 103. An Ordinance creating ar indebtedness against the Town of Edmonds, State of Washington, in the sum of Sig Thousand One Hun- dred (06100.00) Dollars for the purpose of purchasing from the Edmonds Water Company, a corporation, subject to a mortgage of Two Thousand Vine Hundred ($2900.00) Dollars, its entire system of waterworks, together with all franchises and privileges of whatsoever kind and nature, also all its personal property, situ- ated in the Town of Edmonds and vicinity, to be owned and con- trolled by said Town amd declaring the cost and purchase price thereof; providing, for the borrowing of the said sum of Six Thousand One Hundred ($6100.00) Dollars for the purpose of purchas- ing said property by issuing and selling the negotiable General :., icipal coupon Bonds of said Towr. therefor. In case three - fifths of the voters of said Town voting at an election held for that purpose, shall thereby assent to such issue and sale thereof and for the calling of a special election for the submitting to the qualified voters of said Town the ratification or rejection of the purchase of said waterworks and property and the creation of said indebtedness and issuance of said Bonds therefor: Be it ordained by the Council of the Town of Edmonds, as follows:( SECTION 1: That there be and hereby is created an indebtedness against the Town of Edmonds, Washington, in the sum of Six Thousand One Hundred ($6100.00) Dollars which said sum is not in excess of of five percent. of all the taxable property within the corporate limitsof said Town, as shown. or the assessment roll of said Town, made for general Municipal purposes in the year 1901. Me SECTION 2: That the purpose for which said indebtedness is so created is to purchase from the Edmonds Water. Company subject to a mortgage of Two Thousand Eire Hundred ($2900.00) Dollars, its entire system of waterworks, together with all its franchises and privileges, rights -of -way and holdings of every kind, nature and description in said Town of Edmonds and vicinity together with all its personal property, pipes, fittings, tools and all other per- sonal property of whatsoever kind and description, situated in the Town of Edmonds and vicinity. SECTIOL 3: That the purchase price of said waterworks is the sum of Six Thousand One Hundred ($6100.00) Dollars, it being under- p� stood that the purchase of said waterworks is made subject to a mortgage upon all the said property for the sum of Two Thousand - Eire Hundred ($2900100) Dollars. SECTION 3: That the purchase price of said waterworks is the sum of Six Thousand One Hundred ($6100.00) Dollars, it being under- stood that the purchase of said waterworks is made subject to a mortgage upon all the said property for the sum of Two Thousand Dine Hundred (2900.00) Dollars. f J SECTION 4; That to pay the costs of the purchase of said water- pf/�� � 'Torks and property, the said Town of Edmonds be, and it is hereby authorized to borrow the money necessary therefor and issue and sell its negotiable general Municipal coupon Bonds in an amount not exceeding the sum of SixThousand One Hundred ($6100.00) Dollars, in case three -fifths of the qualified electors of said Town voting at an election to be held for that purpose, shall assent to the same. dAVZ'� SECTI Oh 5: The Mayor of the Town of Edmonds, by and under the .direction of the Towr Council. of said Town is hereby authorized and directed in case the qualified voters of said Town at an election �! for the submission of the propositions hereinbefore set forth as hereinafter provided, shall adopt and assent to thesame by a three - fifths vote of the qualified voters of said Town, voting at said election, to have engraved or lithographed and printed, and to issue in the name of said Town the negotiable, general blimicipal coupon Bonds for waterworks purposes as in this Ordinance provided, to be designated onthe face thereof as "General municipal Bonds of the Town of Edmonds for Waterworks", in the sum of Six Thousand One Hundred ( 6100.00) Dollars, in denominations of not less than One Hundred ( 100.00)Dollars, or.more than One Thousand ($1000.00) Dollars, each payable twenty years from date of issue thereof, with privilege of paying in ter, years; to be numbered from one up con- secutively, with interest at the rate of not exceeding six percent. per annum, payable semi -annually -with interest coupon attached numbered to correspond with said Bonds; said Bonds shall be signed by the mayor, attested by the Clerk with the corporate seal at- tached and countersigned by the Treasurer of said Town. The signa- tures of said officers shall be lithographed or engraved in fac simile in each of the semiannual interest coupons accompanying saki Bonds, and said Bonds shall be registered by the Treasurer of said Town in a book kept specifically for the purpose of registration of the Bonds of said Town; said Bonds when so signed, attested and countersigned as above provided, shall be delivered by the Mayor to the said Town Treasurer for sale and negotiation as hereinafter provided, taking the receipt of said Treasurer therefor. 4 SECTIOB 6: Such Bonds when so authorized and ready for issue as aforesaid shall be sold by the Treasurer in such a manner and at such price, on such terms, to such person or persons and at said time or times, and either all together or in different blocks,as the Town Council of said Town may by resolution direct and require for the best interests of said Town not in violation of the general laws of the State, or Ordinance of said Town, provided; however, that said Bonds shall not be sold for less than par with accrued interest in any event. S�CTI011 7: The proceeds of such Bonds when received shall be 11�� paid irto the Treasury of said Town to the credit of a fund to be L� yf� known as the "Waterworks fund" to be applied for the purposes of / !,0) r r )_ 69 this Ordinance and paid out and expended for the purchase of said waterworks and said property. SECTIC 8: There shall be levied each year by the Town Coun- cil of said Town in its annual tax levy, a tax upon all property in said Town taxable for the payment of such Bonds,as may be issued ` in pursuance of this Ordinance, sufficient to pay the interest on such Bonds as the same shall accrue, and the amount of such tax as collected, shall be by the Treasurer of such Town credited to a special fund for the payment of interest on such Bonds which is hereby designated the "General Municipal Coupon Bonds for Water- works Interest Fund", and no part of which shall be diverted to any other purpose than the payment of such interest. SECTION 9: At least seven years prior to the maturity of said , ► Bonds and thence forward ir, each year until their maturity, theret shall be levied by the Town Council of said Town it its annual tax &'14,y� levy a tax upon all the property in said Town taxable for the pay- ment of such Bonds as may be issued in pursuance of this Ordinance sufficient to accumulate during said series of years a fund equal to the principal of said Bonds then remaining unpaid and not owned by said Town, and the amount of sudh tax as collected shall be by the Treasurer of said Town credited to a special fund for the pay- ment of the principal of such Bonds, and is hereby designated the "General MuricipaT z and f� W terw'grks Sinking -al=cl", and all proceeds frgloa dtv$k aleEffing the costs and ex- penses of operatin mairtainirg and extending said wat�rworks, shall be credited 90 said Sinking Fund, anal no part of -v.hilch fund shall be diverted to any other purpose than the payment of such principal or interest on the same or any accumulated portion there- of, may be invested at any time or times not less than six months prior to the maturity of the aforesaid Bonds in case the Town Coun- cil shall so direct, in any Bords issued in pursuance of this Ordi- nance to the extent only of the face amount of the principal of such Bonds, or in any interest bearing Bonds of the United States of America, or the State of Washington, or any other securities in which its investments may be authorized by the general law of the State in which case all interest or premiums that may be rea- lized on any such investments, as well as the principal thereof, shall be credited to such sinking fund. SECTION 10: That a special election shall be called and held 5 in the said Town of Edmonds on the 18th day of December, 1901, for the purpose of submitting to the qualified electors of said town the ratification or rejection of the purchase of said waterworks and property and whether said Town shall borrow and become irdebt- ed in the sum of Six Thousand One Hundred ($6100.00) Dollars to pay the purchase price of said waterworks, and issue its general Muni- cipal Coupon Bonds for waterworks purposes in the said sum of Six Thousand One Hundred ($6100.00) Dollars. SECTION 11: The following form of ballot to be used at such ,` Pvw special election is hereby adopted: special election held in the �' Town of Edmonds, County of Snohomish, State of Washington, DecemberAaa 18th, 1901. Official Ballot. A.11 of this Ordinance showing the dates of its passage, appro- val and posting, and following immediately thereafter in a form convenient to be marked by the electors, the following: No.l: For the creation of ar indebtedness against the Town of Edmonds, Washington, in the sum of Six Thousand One Hundred ($6100.00) Dollars, and the issuance of its general Municipal Coupon Bonds for waterworks proposes to borrow the same. EO.2: Against the creation of an indebtedness against the Town of Edmonds, Washington, in the sum of Six Thousand One Hundred ($6100.00) Dollars, and the issuance of its general Municipal Coupon Bands for waterworks purposes to borrow the same. N 0.3: For the adoptior and ratification of the purchase of said waterworks and property. No.4: Against the adoption and ratificatior- of the purchase of said waterworks and property. Directions to voters: Mark your'ballot by placing a cross "X" in the space at the right of the proposition you wish to vote for. 70 tfS:CTl0Y 12: Said special election shall be held at the voting place it said Town and shall be conducted by such Judges and in- Vi spectors of election as may be hereafter be designated and appoint- ,ed by said Town Council of said Town and shall be conducted in all -� respects as provided by the general law of the State of Washing ton, the general law of said state under which said Town is incorporated, the Ordinance of said Town governing elections not in conflict with the general law of the State, and under and by virtue of the authority contained in an act of the legislature of the State of Washington relating to public works in cities and towns, and author- izing the purchase and maintainance of a system of waterworks with - full jurisdiction and authority to manage,regulate and control the same within and without the limits of the corporation, and the issu- ing of Bonds for the payment thereof, etc., approved 1897 by the Governor of said State of Washington, being Section 1076, Ballinger's annotated Codes and Statutes of the State of tashingt on. � SECTION. 13: The Towr 4Ze?^k of said- Town shall give at least .,thirty days' rotice of the time, place and purposes of said elec- tion and of the propositions to be submitted thereat together with the form of Ballot to be used, which notice shall be published in the "Everett r e-v s" , a ee -? w newspaper in the County of Snohomish, the newspaper doing the Tom printing, each issue during said time and said notice shall be posted at the polling place designated therein for holding said election for at least 'fifteen days preceed- ing the said day of election. gassed by the Town Council of Edmonds, this 5th day of L ovember 1901. C. W.Belknap, Town Clerk. James Brady, Mayor. Attest: C. W.Belknap, Town Clerk. Approved tovember 5th,1901.