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ORD 62-112 INSTALLATION OF AN EXTENSION OF SANITARY SEWER AN 08~INAN(~ previding fer the censtructien and installatien ef an extensien ef sanitary sewer sawice, previding fer its sub- sequent eperatien, maintenance and centre1, establishing its: cests and previding a merle ef payment, previding terms, previsiena, ceresants and ebligatiens ef the Tewn ef Winslewd' incident te said payment, creating a special fund, previding fer the sale ef warrants, declaring an emergency and autheriaing an emergency expenditure in cennectien therewith. WHE~ the Tewn ef Winslew has been and is eperating a municipally ewned sanitary sewer service and in the Judgment ef its ceuncil it is in the best interest ef the public heal+h, safety and welfare that sanitary sewer service be extended at the earliest practicable time se as te reach and serve the area extending aleng the seuth s~de ef the High Scheel read between Madisen Street and State Highway 21-A (said area+ being knewn as the Village Shepping Center), a. distance ef apprex- imately 1150 feet, all within the ~ts ef the Tewn ef Winslew, and WHEREAS, ne general indebtedness is te be incurred by the Tewn ef Winslew' in the acq:uisitien, censtructien, installatien, maintenance er eperatien ef such e~tensien, and WHEREAS, it is intended that such extensien, the reasenable cest ef which is estimated te be $8,000.00, shall be paid fer by the preceeds ef a. sale ef rev- enue marrants, which warrants in such principal ameunt shall be a claim enly against the special fund herein created. BE IT ORDAINED by the Ceuncil ef the Tewn ef Winslew in regular sessien as fellews: SECTION 1. There shall be censtructed and installed at the earliest practicable time, a sewage l~t statien tegethe= with a pressure line cennecttng it with the existing Tewn ef Winslew. sewer line en Madisen Street, a distance ef appl'.l~d-°te]ar 1150 feet, all in accerdance with e~ineeres pre]~wd~%ry drawings heretefere received~ SECTION 2. The tetal cest ef doing all the feregeing, it is estimated, will net be in excess ef $8,000.00, which shall be preducsd by the issurance ef revenue warrants ef the Tewn of Winslew. as autherized by this erdinance. ~CTION 3. The Tewn ef Winslew is hereby autheriaed te sell and ts issue its warrants. as hereinafter described, in the principal ameunt and net in excess ef $8,000.00, which warrants shall bear interest at the rate ef feur and ene-half per cent (4 1/2%) per annum payable annually after date, te pay the cest ef the censtructien ef such extensien. Said warrants and interest thereen shall net censtitute an indebtedness ef the Tewn ef Winslew but shall be payable and paid selely cut ef and frem a fixed ameunt ef the earnings and revenue frem said system ef sewerage. ~CTION 4- That there be and is hereby created a special fund ef the Tewn te be knewn as "Winsle~ 1962 Sewer Revenue Warrant Redenptien Fund", which fund is te be drawn upen fer the sele purpese ef paying the principal ef and inter- est en the sewer revenue warrants. autherized herein. Frem and after the date ef issue ef said warrants, and as leng as any ef the same are eutstanding and unpaid, the Tewn Treasurer shall set aside and pay inte said Warrant Redemptien Fund eut ef the Sewer Revenue Fund ef the Tewn created by Ordinance Ne. %8~ at leas% thirty days prier ts the respective dates en which the interes~ er pTinCipal and interest ef said warrants shall beceme due, ameunts sufficient te pa~ such principal and interest. ~CTION 5. Said Warrant issue, net in excess. ef $8,000.00, shall censist ef sixteen (16) warrants ef the deneminatien ef $500.00 each, numbered frem 1 te 16, beth inclusive, shall run fer a peried ef ten (10) years frem date ef issue but may be called fer payment at par in inverse numerical erder en any interest payment date. Said warrants shall be serial in ferm and bear interest ef the rate ef feur and ene-halff (4 1/2%) per annum payable annually after date ef issue ef said warrants and maturing accerding te the fellewing schedule: W~a~RANT NO. TRNOMINATION MATURITY TO~a~ 1 500.00 February 1, 1963 500.00 2 500.00 February 1, 1964. 5OO.00 3~ 500.00 February 1, 1965 500.00 4 5oo.o0 February 1, 1966 5OO.00 WARRANT NO. E~NCMINATION MATURITY TOTAL 5 500,00 February' 1, 1967 500.00 6 500.00 February 1, 196~ 500.00 7 500.00 February 1, 1968 500.00 8 500.00 February 1, 1968 500.00 9 500.00 February 1, 1969 500.00 lo 500.00 February 1, 1969 500.00 11 500.0O February 1, 19~ 5OO.00 12 500.00 Febx~:~_~y 1, 1970 500.00 13 50O-0O February 1, 1971 500.00 · 4 50o-0o February 1, 197X 5OO.O0 1~ 5OO.OO Februar~ l, 197~ 5OO.O0 16 5OO .00 February 1, 1972 50O .00 Said warrants shall be payable at the effice ef the Tewn ®f Winslex. in Winslew, Kitsap Ceunty, Washingten, and shall be signed fer the Tewn ef Winslew by the MayeT thereef and attested by the Clerk ef the Tewn, and censistent with the previsiens herein elsewhere made the said warrants and the interest thereen shall be payable only cut ef the special fund herein created. Said warrants- and the interest thereen thus issued against the fixed ameunt ef revenue and special fund sbzll be a valid claim ef the helder thereef only as against said fixed ameunt ef revenues and said special fund (after first deducting the cest ef eperatien and m~intenence ef the extended pertien ef the system as heretefere preyideal and after deducting that part ef revenues which may have heretefere been conmitted by erdinance) and the roehey required hereby te be paid therein shall net constitute an indebtedness of the Town ef Winslew within the meaning ef the Censtitutien and the law~ of the State ef Washingten, and each warrant shah state en its fa~e that it is pa~able frem said Special B~Tan~.-.e~demption Fund ef 1962 and shell me this erdinance which created such special fund by reference te its number. The Town Council d~es 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 necessax7 for the payment of the principal and interest of the warrants, that this Town Council has taken into consideration and has had due re- gard 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 a~equate to service such warrants and m~tain the extended portion of the system as heretofore defined in sound financial condi- tion. ~CTION 6. It is further covertanted 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 of the sa~tary sewer system itself, so that the gross revenue shall be insufficient to permit the making of payments into said special fund as hereinfore required, and that if at any time such gross revenue shall not be sufficient to pay the costs of operation and maintenance and service such other obligations. as to which the T~wn has heretofore become committed, and the charge upon revenues hereby created in favor of the warrants herein authorize~, then the said Town shall increase its rates to such revenues in an annunt as will be sufficient to provide for the payment of all such costs of opera%ion and main- tenance and for the servicing of the debt created hereby; and that in order te preserve the priority of this special fund, ~x~ the Town of Winslow shall not crea~s or permit to be created so long as any of said warrants shall be outstanding and unpaid, any indebtedness or charge whatsoever w~ich shall be a charge against the revenues of the sanitary se~er system superior to the charges created by this ordinance and +_--~-t any future charge or special fund indebtedness which may be created by the Town of Winslow made payable out of the revenues of the sanitary sewer service shall constitute a charge and lien s~bJect to the charge and Ben created by this ordinance; provided, however, that the charge or lien upon the gross revenues from the system of sexerale for the warrants authorized heroin shall be Junior and inferior to the prior ~-barge or lien upon such gross revenues for the outstanding 'Sex~r Revenue Bonds, 1953' and 'Sexer Revenue Bonds, 1959,' and any additional sewer revenue or sewer revenue refunding bonds that may be hereafter issued cn a parity of lien with said outstanding bonds, pursuant to the provisions of Section 8 of Ordinance No. 24. SECTION 7. The moneys derived from the sale of said warrants shall be used solely for the purpose provided heroin, and the proper officials of the Town are hereby authorised and directed to do everything necessary for the execution, sale and delivery of said warrants and for the prompt construction and installation of said 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 inmed- iate preservation of the p~blic peace, property, health and safety of the people of the Town of Winslow, Washington. An emergency is hereby declared te exist and this ordinance is heeeby declared to be i~ full force and effect from and af+~r 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 unconstitutional, such decision shall not affect the validity of the r~ining portion of this ordinance. ~ unanimously by the Council of the Town of Winslow, Washington, and approved by its Mayor at a regular meeting heid on the 6th day of February,