ORD 57-55 INSTALLATION OF AN EXTENSION OF WATEROP~TNANCE NO. 55
AN ORDINANCE providing for the construction and
installation of an;extension of water distribution
service, providing for its subsequent operation,
maintenance and control, establishing its costs and
providiD4~ a mode of payment, providing terms, provisions,
covenants and obligations of the Town incident to said
payment, creating a special fund, providing for the sale
of warrants, declaring an emergency and authorizing an
emergency expenditure in connection therewith.
WHEREAS, the Town of Winslow has been and is operating a
municipally owned water system and in the Judgment of its council
It is in the best interest of the public health, safety and welfare
that water service be extended at the earliest practicable time so
as to reach and serve the area abutting on both sides of G~ow Street
from the intersection at Wyatt Avenue, north a distance of approxi-
mately 2600 feet, all within the limits of the Town of Winslow, and
WHEREAS, no general indebtedness is to be incurred by the
Town of Winslow in the acquisition, construction, installation, main-
tenance or operation of such extension, and
WHEREA~, it is intended that such extension, the reasonable
cost of which is estimated to be $7,000.00, shall be paid for by the
proceeds of a sale of revenue warrants, which warrants in such principal
amount shall be a claim only against the special fund herein created.
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 practicable time, an extension of the Town of Winslow
water distribution line from the existing line at the intersection of
'Wyatt Avenue and Grow Street north along Grow 8treat a distance of
approximately 2600 feet, all in accordance with engineer's preliminary
drawings heretofore recetved~
SECTION 2. The total cost of doing all the foregoing, it
is estimated, will not be in excess of $7,000.00, which emil be
produced by the issuance of revenue warrants of the Town of Winslow
as authorized by this ordinance.
SECTION 3- The Town of Winslow is hereby authorized to
sell and to issue its warrants as berethalter described, in the
principal amount and not in excess of $7,000,00, which warrants shall
bear interest at the rate of four percent (4%) 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 water.
SECTION 4. ~hat there be and is hereby created a special
fund of the Town to be known as mWinslow May let, 1957 Water Revenue
Warrant Redemption Pundm, 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 aside and pay into said Wartsrot Redemption
Fund out of the Water Revenue Fund of the Town created by Ordinance
No. 22, 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.
SECTION 5- Said Warrant issue, not in excess of $7,000.00,
shall consist of twenty-eight (28) warrants of the denomination of
$250.00 each, numbered from i to 28, both inclusive, shall run for a
period of ten (lO) years from date of issue but may be called for pay-
ment at par in inverse numerical order on any interest payment date.
Said warrants shall be serial in form and bear interest of the rate
of four percent (4%) per annum payable annually after date of issue of
said warrants and maturing according to the following schedule:
-2-
WABRANT NO.
1 and 2
3 and 4
5 and 6
7 and 8
9, 10 and 11
12, 13 and 1~
15, 16 and 17
18, 19 and 20
21, 22, 23 and 2~
25, 26, 27 and 28
WARRANT SCHEDULE
DENOMINAT I ON MATURITY T OrAL
$250.00 May 1, 1958 $500.00
$250.00 May l, 1959 $500.00
$250.00 May l, 1960 $500.00
$250.00 May l, 1961 $500.00
$250.00 May 1, 1962 $750-00
$250.00 May l, 1963 $750.00
$250 · O0 May l, 1964 $750.00
$250.00 May 1, 1965 $750-00
$250.00 May 1, 1966 $1,000.00
$250.00 May l, 1967 $1o000.00
$7,ooo.oo
Said warrants shall be payable at the office of the Town of Winslow in
Winslow, Kitsap Oounty, 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 provisions hereln elsewhere made the said warrants
and the interest thereon shall be payable only out of the special fund
heroin created.
Said warrants and the interest thereon thus issued against
~he 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 firs~ deducting the cost of operation ar~
maintenance of the extended portion of the system as heretofore provided
and after deducting that part of revenues which may have heretofore
been committed 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 shall state on its face that it is
payable from said Special Extension Fund of May 1st, 1957, 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
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 extended 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 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 rates required by it
for use of the extended portion of the system as heretofore defined,
or O£ the water system itself, so thst the gross revenues shall be
insufficient to permit the making of payments into said special fund
as heroinbefore required, and that if at any time such gross revenues
shall not be sufficient to pay the costs of operation and maintenance
and service such other obligations as to which the Town has heretofore
become committed, and the charge upon revenues hereby created in favor
of the warrants heroin authorized, then the said Town shall increase
its rates to such revenues in an amount as will be sufficient to
provide for the payment of all such costs of operation and maintenance
and for the servicing of the debt created hereby; and that in order to
preserve the priority of this special fund, the Town of Winslow shall
not create or permit to be created so long as any of said warrants
shall be outstanding and unpaid, any indebtedness or charge whatsoever
which shall be a charge s~ainst the revenues of the water system
superior to the charges created by this ordinance and that any future
charge or spools1 fund indebtedness which may be created by the Town
of Winslow made payable out of the revenues of the water system shall
constitute a charge and lien subject to the charge and lien created
by this ordinance.
SECTION 7. The moneys derived from the sale of said
warrants shall be used solely for ~he purpose provided hemin, and
the proper officials of the Town are hereby au~horized and directed
to do everythlr~ necessary for the execution, sale and delivery of
said warrants and for the prompt construction and installation of said
extension to the water system of the Town out of =he proceeds of the
sale thereof.
8ECTION 8. 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 Winslow, Washin[ton. An
emergency is hereby declared to exist and this ordinance is hereby
declared to Be in full force and effect from and after its passage,
approval and publication as provided by law.
SECTION 9. If any section, sub-section, sentence, clause
or phrase of this ordinance is for any reason held to be invalid or
uncons~itutlonel, such decision shall not affect the validity of the
remainin[ portion of this ordinance.
PASSED unanimously by the Council of the Town of Winslow,
Weshin~ton, and approved by its Mayor at a regular meetin~ held on
~he/g~ day of ~J~ , 1957.
Clerk