ORD 59-85 EMERGENCY EXPENDITURECaDZN NO. 85-,
AN (RDINANCE declaring an emergency and authorizing
an emergency expenditure in connection therewith, providing
for the issuance of sewer revenue warrant~, providing terms,
provisions, covenants and obligations~ of the Town and
creating a special fund for repayment.
WHEREAS, the Town of Winslow, Washington provided for certain
extensions to the .s,nitary sewage disposal system of the Town by
Ordinance No. 79, and
WHEREAS, a labor strike and loss in shipment of irreplaceable parts~
created an unforeseen delay in completion of construction and receipt of
revenue therefrom, and
WHE2FAB, certain changes and additions to the design were necessary
in excess of provisions made therefor,
NO~, THEREFCR, BE IT ORDAR~D by the Council of the Town of Winslow,
Washington, as foll~wS:
Section 1: A deficit exists in the Sewer Construction Fund estab-
lished by Ordinance No. 79 which because ef unforeseen events could net
reasonably have been anticipated at the time cost estimates were prepared
for the project.
Section Z: That for the purpose of providing the funds necessary
to meet the emergency, the Town shall now issue its sewer revenue warrants
in the total principal sum of $2,000.00.
Said warrants shall be dated December 18, 1959, shall
be in denomination of $250.00 each, shall be numbered 1 to 8 inclusive,
shall bear interest at the rate ef 5% per annum until paid, shall be
callable on thirty days notice and mature within 5 years from date of
iS sue.
Beth 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 Winslow, Washington, solely out of the special
Warrant Redemption Fund creased by this ordinance.
Any or all of said warrants may be called for payment
at par in numerical order at any time on thirty days notice. Notice of
such intended redemption shall be given by one publication thereof in the
official town newspaper and interest on any warrant or warrants sk called
for redemption shall cease on such redemption date.
Section 3: 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.
Section 4: That there be and is hereby created a special fund of the
Town to be known as '~finslow. 1959 Sewer Revenue Warrant Redemption Fund,"
which fund is to be drawn upon for the sole purpose of paying the principal
of and interest on the sewer revenue warrants authorized heroin. Subject
to the provisions of Section 5 hereof and subject further to the c~venants
made by the Town of Winslow in and pursuant to Ordinances Nos. 24, 49, 51
and 79, as long as any of said warrants are outstanding and unpaid, the
Town Treasurer shall set aside and pay into said Warrant Redemption Fund
out of the Sewer Revenue Fund of the Town created by Ordinance No. 24,
at such time and in such amount as may be available to redeem the principal
and interest of the warrants authorized herein within the 5 year period.
Section 5: That the amount pledged by the issuance of the warrants
authorized herein are declared to be a prior lien and charge upon the
money in said Sewe~ Revenue Fund superior to all other charge~. except the
necessary cost of maintenance and operation of said sewer system and
except the charges necessary to pay the principal and interest of the
outstanding sewer revenue bonds of the Town issued under d~te of August 1,
1953 and May 15, 1959 and the outstanding sewer revenue warrants issued
in 1956.
Section 6: This ordinance is declared to be one necessary for the
preservation of the public peace, property, health and 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 ~nd
effect from and after its passage, approval and publication as provided
bylaw.
PAS~B BY THE COUNCIL of the Town of Winslex~, Washington, and
approved by its Mayor at a regular meeting held on the 15th day of
December 1959.