ORD 66-06 IMPROVEMENTS TO THE WATER SYSTEM_ . ,;
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ORDINANCE NO . ro to _ ~O
AN ORDINANCE of the Town of Winslow, Washington,
providing for the acquisition, construction and
installation of certain additions and improvements
to the water system of the town, declaring the
estimated cost thereof, providing for the issuance
of water revenue warrants of the town in the total
principal sum of $12,000 to pay the same, providing
the date, form, terms and maturities of said warrants,
creating a special fund for the payment of the
principal and interest thereof, and declaring an
emergency.
WHEREAS, the town now owns, maintains and operates a water
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system as created by Ordinance No. 12 of the town, which is in need
of certain additions, improvements and extensions in order to provide
the town, its inhabitants and people living in the vicinity thereof
with an adequate supply of potable `~,ater; and
4~1HEREAS, in order to pay part of the cost of such necessary
additions and improvements to and extensions of such combined system
it is deemed necessary that the town issue and sell its water revenue
warrants in the principal amount of $12,000;
NOlrl, THEREFORE, BE IT ORDAINED by the Council of the Town
of Winslow, 'Washington, as follotas:
Section 1. The following plan and system of additions and
improvements to and extensions of the water system of the town is
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hereby proposed, specified and adopted, to wit:
A. The town shall acquire the following described property
for the purposes of drilling a well, installing a pump and connecting
line, said installation being adjacent to the existing pumping station:
"That portion of the Southwest quarter of the Northwest
quarter, Section 27, Township 25 North, Range 2 East,
lyd. M., Kitsap County, Washington described as follows:
Beginning at the West quarter corner of said Section 27;
thence along the G+!est line of said Section 27, N 0°03'02+` W
480.20 feet to the True Point of Beginning; thence S 74°4g130t1
E 219.64 feet; thence s 3°18'30" E 232.30 feet; thence
S 84°34'07'= W 226.13 feet to the West line of said Section 27;
thence N 0°03'0218 W 310.81 feet to the True Point of
Beginning. Containing 1.36 acres, more or less."
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B. The town shall acauire the necessary real property
described below in order to drill a well, install a~. pump and
construct approximately 1,000 feet of pipeline to the existing water
distribution system of the town near the west boundary of said
town:
t'South 3/8 of West 1/2 of the West 1/2 of the Northeast
quarter, AND the South 7/8 of the East 1/2 of the
t~lest 1/2, of the Northeast quarter, all in Section 27,
Township 25 North, Range 2 East, W. M. EXCEPT Roads.
C. The town shall, in order to provide improved production,
deepen and improve the existing well located adjacent to tnTing Point
Way and generally known as the Fox U,Tell.
Section 2. The estimated cost of the construction and
installation of the above described additions and improvements to the
water system of the town is hereby declared to be, as near as may be,
the sum of $12,000, which shall be paid from the sale of the water
revenue warrants of the town hereinafter authorized.
Section 3. That for the purpose of providing the funds
necessary to construct and install the above described additions
and improvements to the water system of the town no~~r being installed,
the town shall now issue its water revenue coupon warrants (herein-
after called the "warrants") in the total principal sum of X12,000.
Said warrants shall be dated March 1, 1966, shall be in the
denomination of $1,000 each, shall be numbered from 1 to 12,
inclusive, shall bear interest at the rate of ~ 1/2~ per annum payable
semiannually on the first days of March and September of each year,
and shall mature in order of their number as follows:
I~'arrant Nos .
Maturity Dates Amount
1 Parch. 1, 1867 $1,000
2 March 1, 1968 1,000
3 P''arch 1, 1969 1,000
March 1, 1870 1,000
5 T~arch 1, 1971 1,000
6 March 1, 1972 1,000
7 March 1, 1873 1,000
8 March 1, 197 1,000
9-10 P~tarch 1, 1975 2,000
11-12 P~Zarch 1, 1976 2,000
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Both principal and interest of said warrants shall be
payable in lawful money of the United States of America at the
office of the Town Treasurer in 6y'inslow, Washington, solely out
of the special tivarrant Redemption Fund created by this ordinance.
Any or all of said warrants may be called for payment at
par in numerical order on any interest payment date from date
thereof. Notice of any such intended redemption shall be given by
one publication thereof in the official town newspaper not more than
forty nor less than thirty days prior to said redemption date and by
mailing a like notice at the same time to the Bainbridge Island
Bank at its place of business in 4~'inslow, Washington, or to its
successor in business, if any, at its main place of business. Interest
on any warrant or warrants so called for redemption shall cease on such
redemption date.
Section 4. Said warrants shall be in substantially the
following form:
UNITED STATES OF AMERICA
No.
State of Washington
Town of ~°Jinslow
WATER REVENUE WARRANT
1966
~ TO THE TOt~JN TREASURER OF ~~?INSLOI~~', WASHINGTOPd
$1,000
On the first day of March, 19 , upon presentation,
pay to bearer in lawful money of the United States of America the
sum of
ONE THOUSAATD DOLLARS
together with interest thereon from date hereof until paid at the
rate of Ti 1/2q per annum payable on the first days of March and
September of each gear, as evidenced by and upon presentation and
surrender of the attached interest coupons as they severally become due.
This warrant is one of an issue of X12,000 par value of
warrants, all of like date and tenor, except as to number and date
of maturity, designated Town of Winslow 4Jater Revenue Warrants, 1966.
The warrants of this issue may be called for payment prior
to maturity at par in numerical order on any interest payment date.
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~"'` Both principal and interest of this warrant are payable
solely out of the special fund known as "Winslow 1966 Water Revenue
?;arrant Redemption Fund" created. by Ordinance No. of the town.
Dated at Winslow, ~^lashington, this first day of March, 1966.
TOWN OF WINSLOkr, tidASHIPdGTON
By
Mayor
ATTEST:
Town Clerk
The interest coupons attached to said warrants shall be in
substantially the following form:
N0.
$22.50
On the first day of , lg the Town
of ti~'inslow, Washington, will pay to bearer at the office of the
Town Treasurer in Winslow the sum shown hereon in lawful money of
the United States of America from the special fund of said town
known as i'ZrJinslovr 1966 tn'ater Revenue Warrant Redemption Fund," said
sum being the semiannual interest due that day on its tniater Revenue
~~'arrant dated rftarch 1, 1966, and numbered
TOWN OF ti~'INSLOkr, ~~.'ASHING^10P1
Ry
~~ayor
ATTEST:
Town Clerk
Section 5-. Said warrants shall be executed on behalf of
the town by its Mayor and attested by the Town Clerk, with the seal
of the town impressed thereon, and the interest coupons attached
thereto shall be executed with the facsimile signatures of said
officials.
Section 6. That there be and is hereby created a special
fund of the town to be known as "Winslow 1966 L~dater Revenue Warrant
Redemption Fund," (hereinafter called the GJarrant Redemption Fund),
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which fund is to be drawn upon for the sole purpose of paying the
principal of and interest on the water revenue warrants authorized
herein. From and after the date of issue of said warrants, and
as long as any of the same are outstanding and unpaid, the town
treasurer shall set asj.de and pay into the Warrant Redemption Fund
out of the ~~'ater Revenue Fund of the town created by Ordinance No.22,
adapted April 16, 1953, at least thirty days prior to the respective
dates on which the interest or principal and interest of said warrants
shall become due, amounts sufficient to pay such principal and
interest.
Said amounts so pledged are hereby declared to be a prior
lien and charge upon the money in the Water Revenue Fund superior to
all other charges of any kind or nature except the necessary cost of
maintenance and operation of said water system and except the charges
necessary to pay the principal and interest of the outstanding Water
Revenue Bonds of the town issued under the dates of May 1, 1953, and
May 1, 1962, and the outstanding titiiater Revenue thlarrants of the town
issued under date of October 1, 1962.
Section 7. The corporate authorities of the Town of ti^Iinslow
hereby declare, in fixing the amounts to be paid into the k'arrant
Redemption Fund, that they have exercised due regard to the cost of
~"` maintenance and operation of said water system and the charges
necessary for the payment of the principal and interest of the out-
standing water revenue bonds and warrants of the town, and that in
their ,judgment they have not obligated the town to set aside and
pay into the ?arrant Redemption Fund a greater amount or proportion
of the revenue of such water system then will be available over such
cast of maintenance and operation and the charges necessary to pay the
principal and interest of such outstanding pater revenue bonds of the
town.
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Section 8. The Town of Winslow covenants and agrees with
the holder of each and every one of the warrants herein authorized to
maintain said water system in good condition and repair, to operate
the same in an efficient manner and at a reasonable cost, and to
establish, maintain and collect rates and charges for water service
that will provide sufficient revenue to produce the gross revenue
necessary to meet all the obligations of the town as herein recognized
and set forth.
Section 9. There is hereby created a special fund of the
town known as the "iF'inslow TJ~a.ter System Construction Fund'' (hereinafter
called the 'iConstruction Fund"). Immediately upon the sale of the
warrants, the proceeds thereof shall be paid into the Construction
Fund. The money in such Construction Fund shall be used for the sole
purpose of acquiring, constructing and installing the additions and
improvements to and extensions of the town water system authorized by
this ordinance, and for paying all of the expenses incidental thereto.
If, after the payment of all of such costs and expenses, any money
shall remain in the Construction Fund, the same shall be transferred
to the Warrant Redemption Fund.
Section 10. The proper officials of the town are hereby
authorized. and directed to do everything necessary for the execution,
sale and deliver; of said warrants and for the prompt construction
and installation of said additions and improvements to the water
system of the town out of the proceeds of the sale thereof.
Section 11. The offer received b,y the town on February ~+,
1966, from the Bainbridge Island Bank, ti~~inslow, Washington, to
purchase the warrants on the terms provided for herein is hereby
accepted and confirmed.
Section 12. This ordinance is declared. to be one necessary
for the immediate preservation of the public peace, property, health
and safety of the people of the Town of ~rlinslow, Washington. An
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emergency is hereby declared to exist, and this ordinance is
hereby declared to be ir~ full force and effect from and after its
passage, approval a.nd publication as provided by law.
PASSED by the Council of the Tawn of Winslow, Washington,
and approve by its Mayor at a regular meeting held on the ~~''
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day of ~~'u~- 1966.
~ TOWN OF WINSLOW, WASHINGTON
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B ~- ~ !, Sow,
Mayor
ATTEST:
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1 <" ~
Town`Clerk