RES 55-04 WATER DISTRIBUTION SYSTEM RESOLUTION
A RESOLUTION providing for the construction of certain
extensions to the Town's water distribution system, declar-
ing the estimated cost thereof, providing for the issuance
of ware rev[e warrants of the Town in the principal sum
and maturities of said warrants, and creating a special fund
for the payment of the principal and interest thereof.
WHYS, it is deemed both desirable an~ advisable to construct
certain extensions to the Water d~istribution system of the Town, an~
Wm~mAS, an extension of approximately 600 feet of ~-inch line
on North Madison Avenue, and an extension of approximtely 600 feet of 2-
inch line on Woo~s Street ms authorized by the Council in regular meeting
on June 7, 1955,
WHE3EAS, an extension of approximately 1,200 feet of b~-inch line
north from Enechtel Avenue along the extension of lrickson Street was
authorized by the 0ouncil in regular meeting on ju/y 5, 1955.
NOW, T~rmREFORE, B~. IT RESOLVED by the Town Council of the Town
of Winslow, Washingtoni
Tlmt the estimated cost of the construction and installation of
the above described extensions is hereby declared to be, as nearly as may
be, as followsl
Woods Street extension $ (9'~ ~
North Madison Avenue extension $ ~'
",he Villas' .xtsnsion""
which nhAll be considered and constructed as individual units and -~b~ll be
paid from the sale of water revenue warrants.
That for the purpose of providing the necessary funds for construo-
tion the Town shall issue its water revenue warrants in the total principal
sum of $<~g~ ~ , at the time and in amounts to cover each individual
authorized herein.
That the proper officials of the Town are hereby authorized to
issue and negotiate the sale of said water revenue warrants.
That the maturity date of said warrants shall be five (5) years
from date of issue and shall bear interest at the rate of ~% payable
annually.
That there is hereby created a special fund to be knnown as the
Water Revenue Warrant Redemption ~umd which shall be drawn upon for the
sole purpose of paying the principal and interest of the authorized water
revenue warrant s.
That the Town Treasurer shall, as long as an~ of the warrants are
outstanding and unpaid, set aside from revenues paid into the Water ~evenue
~tnd and ~h_~ll transfer to said Water Revenue Warrant Redemption Fun~
amounts sufficient to pay the principal and interest of the authorized
water revenue warrants, except that the necessary cost of mainte~_~.~ce and
operation of said water system ami the charges necessary to pay the prin-
cipal and interest of the outstanding water revenue bonds shall h~ve prior
lien upon the money in said Water Revenue ~tund.
That the money derived from the sale of the water revenue warrants
shall be used solely for the purposes provided herein.
PAS-~D by the unanimous vote of the Council of the Town of Winslow
and ~proved by its Ma,vor at a regular meeting held on the / ~'day of
/~//,-~J -' , 1955.
Attest: