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ORD 56-51 INSTALLATION OF AN EXTENSION OF SANITARY SEWERORDINANCE N0.51 .~ ORDINANCE providinC for the construction and installation of an extension of ssnita. ry sewer service, providing for its sub- sequent operation, maintenance and control, establishing its costs and providing s n~ode of payment, providir~g terms, provisions, covenants and oblig~ti~ns of the Town incident to said payment, creating a special f~md, orovidlr. g for the sale of warrants, declaring sn emergency and authorizing sn emergency expenditure in connection therewith. WHEREAS, the Town of Winslow ~ms been and is operating a municipally owned sanitary sewer service and in the judgment of its council it is in the best interest of the public health, safety and welfare that sanitary sewer service be extended ~t the e~rliest practicable time so as to re~ch and serve the area abutt- ing on both sides of Ferncliff Road from the intersection at Winslow Way, north a distance of approxir~$tely 900 feet, all withir~ the limits of the ~own of Winslow, and WHEP~S, no general indebtedness is to be incurre~ by the Town of Wins- low in the acc~ieition, construction, installation, maintenance or operation of such extension, end WHER~S, it is intended tbt such extension, the reasonable cost of which is estin~ted to be $4,~00.00, shll be Dstd for b'~ the proceeds of a sale of rev- enue warrants, which warrants in such principal amount shall be a claim only against the special fund herein crested. BE IT ORDAINED by the Town Council of the Town of Winslow in regular session as follows: SECTION 1. There shall be constructed and installed at the earliest ~radticable time, an extension of the Town of Winslow sanitary sewer line from the existing manhole at the intersection &f ~inslow Way and Ferncliff Road north along Ferncliff Road a dist~mce of approxin~tely 900 feet, all in accordance with eng- ineer's preliminary drawings heretofore received. SECTION 2. The total cost of doing all the foregoing, it is esti~.~sted, will not be in excess of ~4,500.00, which shall be produced by the issuance of revenue warrants of the Town of Winslow as authorized by this ordinance. SECTION 3. The Town of Winslo~' is hereby authorized to sell and to issue its warmnts as hereinafter described, in the principal amount and not in excess of $4,500.00, which warrants shall bear interest at the rate of four per- cent (4%) per annum paysble annually after date, to pey the cost of the construc- tion 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 emount of the earnings and revenues from said system of sew- eraEe. SECTION 4. That there be and is hereby created a special fund of the Town to be known as "Winslow 1956 Sewer Revenue Warrant Redemption l~und", which fund is to be drawn upon for the sole purnose of paying the principal of and inter- est on the sewer revenue warrants authorized herein. ]~rom and after the date of issue of said warrants, and as long ss any of the same ere ou_~standing and unpaid, the Town Treasurer shall set aside and pay into said Warrant Redemption l~und out of the Se~er Revenue l~und of the Town created by Ordinance No. 24, at least thirty d~Yrs prior to the respective dates on which the interest or principal snd interest of said ~/arrsnts shall become due, amo~mts sufficient to pay such principal and interest. SECTION 5- Said Warrant issue, not in excess of $4,500.00, shall consist of eighteen (18) warrants of the denomination of $250.00 eech, numbered from1 to 18, both inclusive, shall run for a period of ten (10) years from date o~ iesu~ but may be cs. lled for payment at oar in inverse numerical order on any interest payment d.s. te. Said warrants shall be serial in form end bear interest of the rate of four v~ercent (~%) per annum payable annually after d~te of issue of said war- rants and ~-naturing eccording to the following schedule: W]~%RANT SCHEE WARL~ANT N0. DENOMINATION MATIIRITY TOTA~ 1 $250.00 December !, 1957 $250.00 2 $250.00 December l, 1958 $250.00 3 $250.00 December l, 1959 $250.00 4 $250.00 December l, 1960 $250.00 -2- WARL~ANT ~0. DFaNOMINATION MATURITY TOTAL 5 $250.00 December !, 1961 $250.00 6 $250.00 December 1, 1961 $250.00 7 $250.00 December 1, 1962 $250.00 8 $250.00 December l, 1962 $250.00 9 $250.00 December 1, 1963 ~250.00 l0 $250.00 December l, 1963 $250.00 ll $250.00 December l, 1964 $250.00 12 $250.00 December 1, 1964 $250.00 13 $250.00 December 1, 1965 $250.00 14 $250.00 December l, 1965 $250.00 15 $250.00 December l, 1966 $250.00 16 $250.00 December 1, 1966 $250.00 17 $250.00 December l, 1966 $250.00 18 $250.00 December l, 1966 $250.00 Said ~mrrants shall be payable at the office of the Town of Winslow in Winslow, Kitsap County, Washington, and sh~ll be signed for the Town of Winslow by the M~or thereof and attested by the Clerk of the Town, and consistent with the provisions herein elsewhere ~de 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 onl~r a~ 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 system as heretofore provided and after deducting that part of revenues which may have heretofore been comH~itted by ordinance) and the money required hereby to 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 sh~ll state on its face that it is payable from said Special Extension Fund of 1956, and shall name this ordinance which created 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 ~a~nnent of the principal and interest of the warrants, that this Town Council has taken into consideration and h~s had due re- gard to the cost~ of operation and maintenance of the extended portion of this system ss heretofore provided, and to all portions and parts of revenue previously pledged as a fund for the L~a~rment of bonds, warrants or other indebtedness, and the Town Council will x~aintain rates adeouate to service such warrants and ~intain the extended portion of the system as heretofore defined in sound financial condi- tion. SECTION 6. It is further covenanted and ordained that the Town Council, until all of said warrants and the interest thereon shall have been fully paid, shall not reduce the r~tes required by it for use of the extended portion of the system ss heretofore defined, or of the sanitary sewer system itself, so that the gross revenues shall be insufficient to permit the making of payment. into said special fund as hereinbei~re resulted, and that if at any time such gross revenues shall not be sufficient to pay the costs of oper~,tion and mintenance and service such other oblis~stions ~ to which the Town has heretofore become comforted, ~nd the charge ~on revenues hereby created in favor of the warrants herein authorized, then the said Town shall incresse its rates ~) such revenues in an amotrat as will be sufficient to provide for the pa.vment of all such costs of operation and main- tensrace ~nd for the servicing of the debt created hereby; and that in order to pressrye the ~riority of this special fund, the Town of Winslow shall not create or ~erynit to be created so long as any of said warrants shall be outstanding and ~mp~td, any indebtedness or charge whatsoever which shall be a charge against the revenues of the sanitary sewer system superior to the charges create& by this ordina. nce and that any future charge or special fund indebtedness which may be cre~ted b~ the Town of Winslow made payeble out of the revenues of the sanitary sewer service shall constitute a charge and lien subject to the charge and lie]~ created by this ordinance. SECTION 7, The moneys derived from the sale of said warrants shall be used solely for the purpose provided hereln, and the proper offtcial~ of the Town are hereby authorized and directed to do everything necessary for the execution, sale and delivery of said warrants and for the prompt construction and installation of sai~ extension to the sanitary sewage disposal system of the Town out of the proceeds of the sale thereof, SECTION 8. This ordinance is declared to be one necessary for the immed- iate preservation of the ~ublic pe~.ce, property, health s.nd safety of the people of the Town of Winslow, Washington. An emergency is hereby declared to exist and this ordinance is hereby declared to be in full force and effect from and after its pa-~Isage, approval and publication ss ~rovided by law. S~'CTION 9. ~f any section, sub-section, sentence, clause or phrase of this ordinar~ce is for any reason held to be invalid or unconstitutional, such decision shall not affect the valldity of the remainin~ portion of this ordinance, ~ASSED unanimously by the Council of the Town of Winslow, Washington, and approved by its ~I'~yor at a regular .~neeting held on the 20th day of November, 1956 · Attest: