Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1915-05-28
ORDINANCE NO. 1872.

ORDINANCE NO. 1872
AN ORDINANCE AUTHORIZING. RAT
ifving and Confirming the Issuance Of
$50 900 Snecial Fund First Lien city
OF Olympia Water Works Bonds. Au-
City, and by a Special Election Held
in Said City on March 3rd 1914.
Under and Pursuant to Said Ordi-
Sale and Delivery, and Limiting the
Amount of the Issuance OF Such
Bonds IS C.. Creating "a Special Fund for
terest Of Such Bonds. and Obligating
and Binding the City of Olympia to
Set Aside and Pay Into Said Fund
From the Gross Revenues OF the
by Said City. Fixed Amounts without
Regard to Any Fixed Proportions of
Such Revenues.
Whereas. Pursuant to the provisions
Olympia there was submitted to the
qualified voters of said city at a special
election. held in said city on March 3rd,
1914. under and pursuant to said ordi-
nance. the nroposition OF the acquisi-
tion nv said city hv condemnation or
purchase OF the water works plant
ington Public Service Company, a cor
poration. and operated by ii under fran
chise Ordinance No, 1927 Of said city.
Of $4,000 special fund first lien nc" CITY s'e OF
Olympia water works bonds for the pur-
pose of raising money to acquire such
plant. said bonds to mature $4,000 an
1921 and 1929; $1,000 ANNUALLY on Aprii
lst: 1923. 1924, 1925. 1925 and 1897:
5000 ANNUALLY C. on April LIT. 1928 and
to be payable. both PRINCIPAL and inter
est, solely from special fund known as
The City OF Olympia Water Works
Bond b. a.. and bond Interest Fund" created
said fund said city by said Ordinance
No. 1888 obligated and bound itself to
set aside and pay from the revenues OF
to any fixed proportions Of such reve-
nues; and.
Whereas. The proposition so submit
tea was duly adopted. assented to and
city at said special election: and
Whereas. Thereafter said city insti-
tuted: prosecuted and conducted an ac-
OF Washington. in which action such
proceedings were had as terminated In
q Judgment In favor of said city, con-
d dsImn *. said water works plant and
Five Hundred Oss. 5000 Dollars. to-
gerher with costs and interest: and.
Whereas, John f. 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
sum Of Forty-Five Hundred (S4.b00. 0Ol
Dollars by way OF commission and COM
pensation to cover costs OF preparations
OF bonds. legal expenses. etc.
Now. therefore. the City Council of the
CITY OF Olympia do ordain as follows.
section l.. That all acts. proceedings
and things had. done and performed by
provisions OF said Ordinance No 1858
as aforesaid, be and the same are here
b by fully ratified. confirmed and APP
Section 2. That for the purpose Of
raising money to pay for the acquisition
81 SAID water works plant the city Of
first lien City of Olympia water works
bonds said bonds to be in substantially
the form set forth In said Ordinance No.
p2SS TO sa,G ana bear
TO be payable. both principal and inter-
est, from the special fund created by
said said Ordinance No. 1888 and known as
Bond and Bond Interest Fund"
Section 3. That there be and there is
hereby created and established in the
be known as The city sPee OF olympia 5Snn
Water. Works Bond and Bond Interest
Fund" and 1t Is hereby declared to be
fund created by this section Of this or
dinance shall be Identical with the fund
OF the same name created and estab-
iis ss.,,b by said Or Ordinance No: 1888.
toned shall be payable both principal
and Interest solely from said fund and
the City OF Olympia hereby .obligates
said fund from the gross revenues Of
said water works plant certain fixed
amounts without regard to any fixed
proportion of such revenues aforesaid.
Before October l., 1915. ...... $s.ooo.oo
Before October l, 1915. 100000
BEFORE BEFORE o 6pF,t l'1si sS SSSSSSS
Before April i. isis. ......... 100000
Before April Of each year
AND the Council Of said city sy'0s doe:
special fund and in fixing the amounts
to be paid into said fund as aforesaid,
y mas exercised due regard to the cost
d. operation and maintenance OF said
[ermined that no share or proportion OF
the revenues Of said plant have been
pledged as a fund for the
and has not hereby obi.
gated and bound the said city to set
aside into said special fund greater
amount or proportion Of the revenues
viii Be available over and above such
cost Of maintenance and operation.
Section s. That the Offer Of John =.
Price 4 Co. to purchase said bonds oSs
he Mayor and Clerk are hereby author
geo TO Sign and execute such bonds IN
he principal sum Of $4,000 the same
.en Of on. sS Ssn1s e ss
zach. to be dated April i. 1914. and to
.ei1ver the same to said John e. Price
/. I. GO. upon payment into the Treasury
st on said bonds: Provided. however.
hat all interest coupons which have