ORD 99-62 AMENDMENT OF ORD 99-51 TO CORRECT INADVERTENTLY OMMITTED REFERENCECITY OF BAINBR1DGE ISLAND, WASHINGTON
ORDINANCE NO. 99-62
AN ORDINANCE of the City of Bainbridge Island, Washington, amending
Section 10 of Ordinance No. 99-51 by inserting an inadvertently omitted reference
to Ordinance No. 99-50.
WHEREAS, on October 13, I999, the City Council passed Ordinance No. 99-51
authorizing the sale of $4,900,000 par value Limited Tax General Obligation Bonds, 1999, for
general City purposes and pledged toward the payment of those bonds certain taxes, rates and
charges established in certain specified ordinances and resolutions implementing those ordinances;
WHEREAS, at the time of the passage of Ordinance No. 99-51 it was, and it is now, the
intention of the City Council to include Ordinance No. 99-50 among the ordinances so specified as
establishing or providing for the taxes, rates and charges pledged to pay the Limited Tax General
Obligation Bonds of the City; and
WHEREAS, Ordinance No. 99-50 was inadvertently omitted from the ordinances
specified in that pledge; NOW THEREFORE,
THE CITY COUNCIL OF THE CITY OF BA1NBRIDGE ISLAND, WASHINGTON,
DO ORDAIN AS FOLLOWS:
Section 1. Amendment of Section 10 of Ordinance. Section 10 of Ordinance No. 99-51
is amended to read as follows:
Section 10. Pledge of Taxes, Rates, Char~es and Other Revenues. For
as long as any of the Bonds are outstanding, the City irrevocably pledges to
include in its budget and levy the taxes, rates and charges established by and
under the conditions and repealers in Ordinances Nos. 99-47, 99-48, 99-49; 99-53
and 99-54, and ad valorem taxes levied annually within the constitutional and
statutory tax limitations provided by law without a vote of the electors of the City,
including under Ordinances Nos. 99-56 and 99-57 (subject to the conditions and
repealers in those ordinances) on all 'taxable property ~vithin the City, in the
amounts sufficient, together with other money legally available and to be used
therefor, including gross revenue of the Waterworks Utility of the City at the rates
established under Ordinances Nos. 99-50 and 99-55 (but only to the extent of
principal and interest requirements of that portion of the Bonds allocated to the
cost of the Utility Project as shown on Exhibit A~ which pledge of gross revenue
of the Waterworks Utility is subordinate to payment of operation and maintenance
expenses of the Watep~vorks Utility and to payment of principal of and interest on
any revenue obligations of the City to which such gross revenue is pledged),
together ~vith applicable implementing provisions of Resolutions Nos 99-14, 99-
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26, and 99-27, to pay when due the principal of and interest on the Bonds, and the
full faith, credit and resources of the City are pledged irrevocably for the annual
levy and collection of those taxes and the prompt payment of that principal and
interest.
Section 2. Effective Date of Ordinance. This ordinance shall take effect and be in force
from and ai~er its passage and five days following its publication as required by law.
Island,
PASSED by the City Council and APPROVED by the Mayor of the City of Bainbridge
Washington, at a regular open public meeting thereof, this 271h day of October, 1999.
ATTEST:
City Clerk
APPROVED AS TO FORM:
City Attorney
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