ORD 56-49 AMENDMENT OF ORD 47An ordinance amending Ordinance No. 47 and
reaffirming and readopting the same.
WHEREAS the Town of Winslow having provided a plan
for the construction of a sewer extension, having provided an estimate
of cost, a method of payment, defined its obligation, created a special
fund, authorized the sale of warrants, and declared an emergency, now
desires to amend certain provisions of said Ordinance No. 47 to reflect
an anticipated increase in cost from $13,000. to $15,500.00.
Be it ordained by the Town Council of the Town of Winslow
in regular session, as follows:
Section 1. That Section 2 of Ordinance 47 be amended
to read as follows:
"Section 2. That the total cost of doing all of the fore-
geing, it is estimated, will not be in excess of $15,500.00.,
$4000.00 of which shall be produced by contribution of the
State of Washington. $4000.00 of which shall be produced
by contribution of Commercial Ship Repair Company,
division of Pacific Car and Foundry Company, and not
more than $7,500.00 of which shall be produced by the
issuance of warrants of the Town of Winslow as authorized
by this ordinance."
Section 2. That Section 3 of Ordinance 47 shall be
amended to read as follows:
"Section 3. The Town of Winslow is hereby authorized
to sell and to issue its warrants as hereinafter described,
in the pri~c ipal amount and not in excess of $7,500.00,
which warrants shall bear interest at the rate of four per
cent (4~o) per annum payable annually after date, to pay
the cost of the construction of such extension. Said warrants
and interest thereon shall not constitute an indebtedness of
the Town of Winslow but shall be payable and paid solely
out of and from a fixed amount of the earnings and revenues
from said system of sewerage. The revenues and earnings
from the extended portion of the system as heretofore
provided shall be paid into a .special warrant fund which
is hereby created and ordered to be established, which
special warrant fund shall be named and described and known
as the "Special Extension Fund of 1956."
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as follows:
Section 3. That Section 5 of Ordinance 47 be amended
"Section 5. Said warrant issue, not in excess of $7,500.00,
shall consist of thirty (30) warrants of the ~tenomination of
$250.00 each numbered from 1 to 30, both inclusive, shall
run for a period of seven (7) years from date of issue but
may at any time be redeemed earlier from earnings deposited
in said special fund. Said warrants shall be serial in form
and bear interest at the rate of four percent (4%) per annum
payable annually after date of issue of said warrants and
maturing according to the following schedule:
WARRANT SCHEDULE
Warrant No. Denomination Maturity Total
1 $250.00 October
2 $260. 00 October
3 $250.00 October
4 $250.00 October
5 $250.00 October
6 $250.00 October
7 $250.00 October
8 $250.00 October
9 $250.00 October
10 $250.00 October
i 1 $250.00 October
12 $250. ~0 October
13 $250.00 October
14 $250.00 October
15 $250.00 October
16 $250. O0 October
17 $250. O0 October
18 $250. O0 October
19 $250. O0 October
20 $250. O0 October
21 $Z50.00 October
22 $250.00 October
23 $250. 00 October
24 $250.00 October
25 $250.00 October
26 $~50. O0 October
27 $250.00 October
28 $250.00 October
29 $250.00 October
30 $250.00 October
1, 1957
1, 1957
1, 1958
1, 1958
1, 1958
1, 1959
1, 1959
1, 1959
1, 1960
1, 1960
1, 1960
1, 1960
1, 1961
1, 1961
1. 1961
I, 1961
1 1962
I 1962
1 1962
1 1962
i 1962
1 1962
1 1963
1 1963
I 1963
1 1963
1 1963
i 1963
1, 1963
1, 1963
$250.00
$25o. 00
$250.00
$250.00
$250.00
$250.00
$250.00
$250.00
$250.00
$250.00
$250.0o
$25o. oo
$25o. oo
$25o. oo
$25o. oo
$25o. oo
$25o. oo
$25o. oo
$25o. oo
$25o. oo
$25o. oo
$250.00
$25o. oo
$250.00
$250.00
$zso. oo
$25.0.00
$25o. oo
$25o. o0
$250.00
Said warrants shall be payable at the office of the Town of
Winslow in Winslow, Kitsap County, Washington, and shall be
signed for the Town of Winslow by the Mayor thereof and
attested by the Clerk of the Town, and consistent with the
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provisions herein elsewhere made, the said warrants
and the interest thereon shall be payable only out of the
special fund herein created.
Said warrants and the interest thereon thus issued
against the fixed amount of revenues and special fund shall
be a valid claim of the holder thereof only as against said
fixed amount of revenues and said special fund (after first
deducting the cost of operation and maintenance of the
extended portion of the systems as heretofore provided
and after deducting that part of revenues which may have
heretofore been committed by ordinance), and the money
required hereby te be paid therein shall not constitute an
indebtedness of the Town of Winslow within the meaning of
the Constitution and the laws of the State of Washington, and
each warrant shall state on its face that it is payable from
said Special Extension Fund of 1956 , and shall name this
ordinance which ci~eated such special fund by reference to
its number.
The Town Council does hereby state and certify
that in creating such special fund and in setting aside and
providing for the payment into such special fund of the
amounts necessary for the payment of the principal and
interest of the warrants, that this Town Council has taken
into consideration and has had due regard to the costs of
operation and maintenance of the ext ended portion of this
system as heretofore provided, and to all portions and parts
of revenue previously pledged as a fund for the payment of
bonds, warrants or other indebtedness, and the Town Council
will maintain rates adequate to service such warrants and
maintain the extended portion of the system as heretofore
defined in sound financial condition."
Section 4. All other sections of Ordinance 47 not expressly
amended shall remain in full force and effect.
Introduced September 4, 1956.
Passed unanimously by the Town Council, .Septembey 4,, 1956.
Approved:
~' '~ ~~'/~"~ ~aay o r
Attest:
Town Clerk
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AN .O~'_.~'~ffi~T ~00RDII~]iC~. ~0. ~ es~Bli~i~ metho~
for ~r~ re~e~t~on of ~r~ts.
B~ IT o~T~ by the T~ Co~c~l ~ the T~ of Winsl~ in ~-
~ session~
~t ~ction ~ ~11 be a~nted b~ the eli~t~on on l~ne ~ of
the period, ~d the ad~tion of the followi~ ~ause~
"Pro~d~ t~t ~ ~rr~ts reread prior to mturit~
~1 be in inver~ n~ or~r on ~ inte~st
.. ~t ~te,s
~t all other sections of 0r~ce No, ~ not ~ressly ~eMed
~1 rein ~n f~l force ~.n~ effect,
Pl~ ~~y by the T~ C~cil ~ app~ved by its ~r
tMs 18th ~y of ~ptember, 19~.
Attest~