Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1915-09-24
City
Legal Notices
ORDINANCE No. 1iIO.

on March the Bird. 1914, Under and
pursuant to Ordinance No. 1888 of
said City, and Binding and Obligating
SAID City, for the Purpose of Paying
Said Bonds to Set Aside and Pay Into
the City of Olympia Water Works
Boz + and Bond Interest Fund From
Works System to Be Acquired by
Said City at Fixed Times Fixed
Amounts Without Regard to Any
Fixed Proportion of Such Revenues
Whereas. Under and pursuant to
the provisions of Ordinance No. 1888 of
the CITY of Olympia. passed February
4th. 1914. approved February 5th. 1914
there was submitted to the qualified
voters of the City of Olympia at a spe
cial election held in said city on March
Bird. 1914. the proposition of the acqui
otherwise of the water works system
owned by the Washington Public Serv
ice Company, corporation, which sys-
tenn supplies said city and its inhabi-
tantS with water, at an estimated cost
declared by said ordinance. as near as
may be, of $4,000. and the issuance
and sale by said city of bonds in said
sum for the purpose of raising money
to pay for the acquisition of said sys-
tenn; said bonds to be payable, both
principal and interest, solely from the
revenues of said SYSTEM and
Whereas, Section of said Ordinance
No. 1888 provided that the issuance of
bonds as therein provided for was
based on the estimated cost of $4,000
as near DIS may De, anu III the event
that a larger sum is necessary to carry
out the purposes of said ordinance, the
issuance of bonds in the total sum nee
essary should be provided for by sup
Elemental ordinance to be enacted after
the actual amount of bonds necessary
to carry out the purpose of said ordi-
nance was ascertained: and
Whereas. Section of aid Ordinance
treasury of said city the special fund
designated as "The City of Olympia
Water Works Bond and Bond Interest
Fund" and provided that said fund
pose of paying both principal and in
terest of said 100000 bonds and such
additional bonds as it might be neces-
sary to issue to acquire said SYSTEM ste N
by supplemental ordinance and all
bonds issued for acquiring said system
to be a first lien on the gross revenues
of said system; and
Whereas, Section of said Ordinance
No. 1888 further provided that after the
issuance of such bonds and before the
interest pay days on April 1 n and oc-
urer should set aside out of the gross
revenues received from said system and
pay into said special fund sum sufi.
dates on all bonds then outstanding.
and also should, prior to the respective
maturities of said bonds set aside into
said special fund from the gross reve,
sums sufficient to pay the principal OF
said bonds as the same mature: and
Whereas. The matters and things
submitted by said Ordinance No. 1883
to the qualified voters Of said city at
said election received the favorable
vote of more than three-fifths of said
voters voting thereon at said election;
and
whereas. Subsequent thereto said
city on March goth. 1914. passed its
Ordinance No. 1901, which ordinance
OF appropriate court proceedings by
said city for the purpose of acquiring
said system by condemnation. and such
proceedings were instituted and con-
Quoted and terminated in the entry on
April gath. 1915. Of a Judgment of con.
der,nation Of said system In favor OF
| said city. fixing the compensation TO
be paid therefor at sss,5oo and costs;
| and
whereas. Said city has incurred GER
| tain expenses in conducting said pro-
ceedings and other litigation relating
| to the acquisition of said system. which
expenses the Supreme Court OF the state
Of Washington. in its opinion in the
case Of g; HI uhler appellant. VS.: me
ton, respondent. has held constitute a
part Of the costs of acquiring said sys-
| TEN and must be paid from the pro-
ceeds of the sale of said speciai fund
i whereas. The total cost of acquiring
said system as near as can be deter.
mined at this time. is the sum or
81 900. and it is necessary and for the
| hest interests of said city that 1t issue
and sell it's special fund bonds In SAID
sum for said purpose. as authorized ny
said Ordinance No 1888. and the said
election held under and pursuant there
to, and by this ordinance. Now, there
fore,
The city Council of the City of Olympia
| does ordain as follows:
Section 1. That for thu, purpose OF
acquiring said system and paying al
| lawfu expenses connected thereWitn
bonds in the sum of 100000; said bonds
to be dated April LIST. 1914; to be pay
able. both principal and interest. solely
from said special fund; to bear interest,"
at the rate of six per cent $50 per
annum, payable semi-annually on Oc-
tober list and April LIST of each year
for which interest coupons shall be at
both principal and interest, In gold coin
Of the United States OF the present stan
dard of weight and fineness, at the
office OF the Treasurer OF saia e,fy WASH or
ington in the City and state OF New
York, at the option of the holder; &c
he numbered from one % to one nun
bred (100) inclusive: and to mature
each year in the order Of their mum
bers, lowest numbers first as follows
$4,000 on April 1st. 1918. to April LIST
1922, inclusive.
$1,000 on April LIST. 1928, to April LIST
$4,000 on April LIST, 1928. to April list
i 1929. inclusive.
$4,000 on April LIST, 1880.
$4,000 on April LIST, 1881.
i Sec. 2. At least one month prior tt
the respective dates on which interest
falls due on said bonds the City Treas.
urer shall set aside into said specia
fund from the gross revenues OF sale
system a sum equal to the amount OF
such interest next falling due, and al
least one month prior to the respective
maturities of said bonds, the City
Treasurer shall set aside into said spe-
cial fund from the gross revenues OF
said system an additional sum equal e
the amount OF the principal OF sale
bonds next falling due.
Sec. 3. The City of Olympia herebS
obligates and binds itself to set aside
and pay into said special fund from
said gross revenues the respective
amounts at the respective times above
designated and does hereby declare
that in fixing the amounts to be pale
into said fund as aforesaid 1t has eXer
cised due regard to the cost OF opera
} ton and maintenance of said watel
works system. has found and deter
mined that no share or proportion o
the revenues of said system have beer
previously pledged as fund for tn
: payment Of bonds. warrants or othe
=. iabtadpacu and has not hereby obi