Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1915-10-01
City
Legal Notices
ORDINANCE NO. 1910.

ORDINANCE NO. 1910.
AN ORDINANCE PROVIDING FOR
the Issuance and Sale Of 500, 0OO. 90
pia Water Works Bonds Authorized
by a Special Election Held in Said CITY
on on March the 3rd. 1914. Under and
Said City. and Binding and ObiiEatinT
Said City for the Purpose Of Paying
said Bonds to Set Aside and Pay Into
The The City Of Olympia Water Works
BOND and Bond Interest Fund From
Wofks System to Be Acquired by
Fixed Proportion Of such Revenues.
Whereas. Under and pursuant to
the provisions Of Ordinance No. 1858 Of
s IT, sly is Of 0lymgi passed
there was submitted to the qualified
cial ELECTION held in said city on March
sition by said city by condemnation or
otherwise Of the water works system
owned by the washington Public serv-
tenn supplies said city and its inhsbi-
.ants with water. at an estimated cost
declared by said ordinance, as near as
s may sale ae: or or $4,000 and the issuance
sum for the purpose of raising money
to pay for the acquisition OF said sys-
TEN; said bonds to be payable. both
revenues of said system and
Whereas. Section 9 Of said Ordinance
NO. 1888 provided that the issuance OF
boneS as tn therein rein, provided for was
as near as may be, and in the event
that q larger sum Is necessary to carry
put the purposes Of said ordinance the
Issuance of bonds in the total sum nee
essary should be provided for by sup
niemental ordinance to be enacted after
the actual amount Of bonds necessary
70 carry out the purpose of said ordi-
nance was ascertained; and
NO. 1888 created and established in the
desiTnated as "Thes city s Of oiym nuha
Water Works Bond and Bond Interest
Fund" and provided that said fund
should be drawn upon for the sole pur-
terest Of said 100000 bonds and such
additional bonds as It might be neces-
sary to issue to acquire said system.
by supplemental ordinance and all
bonds issued for acquiring said system
to be first lien on the gross revenues
Whereas. Section 2 of said Ordinance
NO. 1888 further provided that after the
issuance Of such bonds and before the
i, oy e asHs Sn Ap shs Ii ana os
urer should set aside out Of the gross
revenues received from said system and
pay into said special fund a sum sum
Gent to pay the interest due on said
dates on all bonds then outstanding.
and also should. prior to the respective
maturities Of said bonds set aside into
nues of said system certain additional
sums sufncfent to pay the principal OF
said bonds a. the same mature; and
submitted by said Ordinance No. i2ss
to the qualified voters Of said city at
said election received the favorable
vote Of more than three ffths OF said
voters voting thereon at said election;
and
Whereas. Subsequent thereto said
city on March goth. 1914: passed its
authorized ana directed the Institution
OF appropriate court proceedings by
said city for the purpose of acquiring
proceedings were Instituted and con-
April oath. 1915. OF q judgment OF con-
said city. nxins the compensation to
be paid therefor at sss.boo and. costs:
Whereas. Said city has incurred GER
ceedings and other litigation relating |
to the acquisition Of said system. which !
exposes the Supreme Court Of the state
City Of Olympia. a Municipal Corpora
ton. respondent. has held constitute
tenn and must be paid from the pro-
ceeds Of the sale of said special fund
whereas. The total cost of acquiring
said system. as near as can be deter
mined at this time, is the sum Of
100000. and 1t is necessary and for the
best interests of said city that 1t issue
and sell it's special fund bonds in said
sum for said purpose. as authorized by
said Ordinance No. 1888, and the said
election held under and pursuant there
g..
fore,
The City Council Of the City of Olympia
does ordain as follows:
Section /. That for the purpose of
acquiring said system and paying all
lawful expenses connected Herewith.
the City OF Olympia Issue and sell it's
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 (6Te) per
tober LIST and April LIST of each. year.
For which interest coupons shall be at
tached to said bonds, to be payable,
both principal and interest, in gold coin
Of the United States of the present stan
lard of weight and fineness, at the S
,ffice OF the Treasurer of said city or at
The fiscal agency for the State Of Wash !
ngton in the City and State of New |
York, at the option Of the holder; to
ired (100) inclusive. and to mature !
zach year in the order Of their num- {
,ers, lowest numbers first, as follows: {
$4,000 on April LIST. 1918. to April LIST, {
$1,000 on April LIST, 1928, to April 1st, p