Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1915-05-21

nIdn s, on April LIST. 1918. 1919 1920.
49, and and, 1922; 5000 annually on April
1929. and $4,000 on April 1st, 1886 and
10 be payable, both principal and inter
est eTbs soieiy from a special fund known as
Bond and Bond Interest Fund" created
by. said Ordinance No. 1888. into which
SAID fund said city by said Ordinances
NO. l2S3 obligated and bound itself to
SAID plant fixed amounts without regard
TO any fYed proportions of such reve-
Whereas The proposition so submit
ted was duly adopted, assented to and
ratihed by the qualified voters of said
city at said special election; and.
Whereas, Thereafter said city insti-
tnted. prosecuted and conducted an ac-
tlon in the Superior Court of the State
or Washington, in which action such
proceedings were had as terminated in
demning said water works plant and
fixing the amount of compensation to be
paid therefor at Eighty Eight Thousand
Five Hundred ($ss.5oO) Dollars. to-
whereas. John E. Price & Co. Of Sc
attic, Washington, have offered to pur-
chase such bonds at par and accrued in
terest. the city to allow and pay by the
issuance of general fund warrant the
sum OF Forty-Five Hundred ($4,5OO 0O)
Dollars by way of commission and com
pensatlon to cover costs of preparation
Of bonds, legal expenses, etc.
Now. therefore, the City Council of the
City of Olympia do ordain as follows
section !. That all acts. proceedings
provisions of said Ordinance No. 1888
as aforesaid, be and the same are here
by fully ratified. confirmed and APP
Section 2. That for the purpose of
raising money to pay for the acquisition
OF said water works plant the. City of
olympia 6ryt PA 90 Issue So $4,000 special fund
bonds, said bonds to be in substantially
the form set forth in said Ordinance No.
1888. to mature and bear interest as
provided in said Ordinance No 1888 and
to be payable. both principal and inter-
est. from the special fund created by
said Ordinance No. 1888 and known as
The City Of Olympia Water Works
Bond and Bond Interest Fund"
Section 8. That there be and there is
hereby created and established in the
Treasury of said city special fund to
Water Works Bond and Bond Interest
Fund" and it is hereby declared to be
the intent Of this ordinance that the
fund created by this section Of this Or.
dinance shall be identical with the fund
Of the same name created and estab-
lished by said Ordinance No. 1888.
Section 4 The bonds herein men;
and interest solely from said fund and
the City of Olympia hereby obligates
nd binds itself to set aside and pay into
said fund from the gross revenues of
said water works plant certain fixed
amounts without regard to any fixed
proportion of such revenues aforesaid,
towit:
RefGrs o oor1 1 '$SSS
Before October i. 1915. ....... 100000
Before october |, o1s11........ 1900. 90 90
Before April i OF each year
And the Council of said city does
hereby t declare that In creating said
to be paid into said fund as aforesaid,
1t has exercised due regard to the cost
of operation and maintenance of said
water works plant: has found and de-
termined that no share or proportion of
the revenues of said plant have been
previously pledged as a fund for the
payment of bonds. warrants or other
Indebtedness. and has not hereby obli-
gated and bound the said city to set
aside into said special fund a greater
| amount or proportion of the revenues
and proceeds than In their Judgment
will be available over and above such
cost OF maintenance and operation.
Section 5. That the offer Of John e.
Price & Co. to purchase said bonds be
and the same Is hereby accepted. and
the Mayor and Clerk are hereby author
lied to sign and execute such bonds In
the principal sum of 100000. the same
to be ninety 600 bonds OF the denomf-
nation Of One Thousand N1,000) Dollars
each, to be dated April l, 1914. and to
deliver the same to said John f. Price
e. Co. upon payment into the Treasury
of the sum of 100000 and accrued inter-
est on said bonds: Provided. however,
| that all interest coupons which have
| matured and become payable prior to
the actual delivery of such bonds shall
| be detached and cancelled by the Clerk.
Section The bonds herein men
| toned shall be a first lien upon the
gross revenues OF said water works
plant and system and the amount of
| such first lien bonds which may be
| issued is hereby limited to $4,000.
Section 7. This ordinance, after its
passage, shall take effect five days from
and after the date Of it's publication.
Passed MAY 10, 1915.
Approved May 90. 1915.
GEO. A. HOFFMAN. Mayor.
Attest:
w. A. HOAGE, City Clerk.
Published May 81 and %. 1915.