Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1915-11-26

bonds shall be payable. both princinai
and interest at the office of the City
in New York City, at the option Of the
purchaser.
Sec. 3. The City of Olympia. to se-
cure and provide for the payment of
the interest on said bonds hereby obli-
pay into said special fund from the
gross revenues of said plant certain
fixed amounts on certain fixed dates. as
follows, towit:
on or before the last day of each and
every calendar month, beginning with
the month in which such bonds are
issued. sum equal to one-twelfth of
the annual interest on all of said bonds
outstanding and unpaid; and said city.
to secure and provide for the payment
of the principal of said bonds, hereby
obligates and binds itself to set aside
gross revenues of said plant certain
fixed amounts on certain fixed dates, as
follows On or before the last day Of
the twelfth calendar month after the
last day of each and every calendar
month thereafter so long as any of said
bonds remain outstanding and unpaid,
an amount equal to one-twelfth of the
maturing and it is hereby declared that
said city and it's common council. in
creating said special fund and in bind
ing and obligating said city to set aside
and pay into said fund certain fixed
amounts at certain fixed date, as afore-
said, have exercised due regard to the
said plant, have found that no part or
proportion of the revenues of said plant
has been previously. pledged as fund
for any other Indebtedness, and have
not hereby obligated and bound said
city to set aside into said special fund
a greater amount of the revenues and
profits of said plant than in their judg-
ment will be available over and above
Gil Of m
Sec. 4. That special election be held
on Tuesday, December 14th, 1915, in
the city Of olympia. in the several cleo
ton wards and precincts into which said
election there shall be submitted to the
qualified voters of said city for ratifica-
ton or rejection the proposition set
Notice Of ssia election sa, be- pSb
lished in the city official newspaper and
posted. all in the form and manner pre-
scribed by law.
Every voter at said election desiring
vote a ballot containing the following
statement thereof:
IN FAVOR Of the system or plan speci-
fed and adopted by the City of Olympia
for acquiring by contemplation or pur-
and without It's corporate limits for the
purpose of furnishing said city and the
inhabitants thereof and any other per.
all uses and purposes, public and pri-
vate, including water power and other
power derived therefrom. at an esti:
mated cost OF on one o hundred ten thousand thousand,
and sale of bonds in an amount not ex-
ceeding said estimated cost bearing in.
terest at rate not exceeding six per
cent (69ol per annum,. payable semi'
annually, maturing serially. commenc.
ing January !. 1918. to January /. 1885
payable at the ONCE OF the City Treas
New York city at the option Of the pur-
chaser, and payable only out Of spe-
cial fund, into which fund said city
binds and obligates itself to set aside
plant certain fixed amounts at certain
fixed dates, sufficient to pay the prin-
cipal and interest Of said bonds as the
same mature ana become payahlse;;
of said city; and ratifying and confirm
ing the proposition contained in ana
submitted by Ordinance No. 1888, so far
dinance No. 1927. and the condemnation
had under said Ordinance No. 1888.
Every voter at said election who de-
sires to vote. against said proposition
shall vote ballot containing the fol-
lowing statement thereof:
AGAINST the system or plan specified
and adopted by the City Of Olympia for
acquiring by condemnation or purchase
the (a) waterworks plant within and
pose Of furnishing said city and the in
habitants thereof and any other persons
with an ample supply OF water for all
uses and purposes. public and private,
including water power and other power
derived therefrom, at an estimated cost
Of one hudnred ten thousand dollars
($110, O00.00), and the Issuance and sale
said estimated cost. bearing interest at
a rate not exceeding six per cent (6ee)
per annunn, payable semi annually. ma
turing serially. commencing January I
ONCE Of the City Treasurer or at the
State Fiscal Agency In New York City
at the option of the purchaser: and pay
which fund said city binds and obli-
gates itself to set aside and pay from
the gross revenues OF said plant. certain
fixed amounts at certain hxed dates. sur
est of said bonds as the same mature
and become payable; all as set forth N
Ordinance No. 1927 of said city; ana
ton contained in and submitted by Or
1inance No. 1888. so far as the same IL
consistent with said Ordinance No. 142!,
and the condemnation had under said
Ordinance No. 1888.
Sec. 3. In the event said waterwcrks
system md rlant be ACQUIRED nv said
city. It shall be operated. conducted ana
maintained bv said city and said city
control the use. distribution and price
Of all water furnished thereby. to mako
additions and betterT+Hts thereto. or
extensions thereof. and to protect such
water supply from pollution. all pur-
suant to and In compliance with the
laws of the State of Washington there-
to relating.
Sec. 6. In the event said proposition
hereby submitted be ratified and SAID
city issue all or any part OF said
special fund bonds for the purpose OF
raising. funds to acquire said plant.
then all such bonds 40 issued shall pc
a first. prior and direct lien against the
gross. revenues OF said plant and SAID
city hereby expressly covenants and
agrees with the holder of each and
every Of such bonds so issued that tho
lien Of any future or other Indebtedness
which may be created and made pay.
able out OF the revenues Of such plant
shall be subordinate. inferior and junior
to the lien OF such bonds.
Sec. 7. That in the event said bonds
or any portion thereof be issued. the
City of Olympia hereby irrevocaoiy
binds and obligates itself not to sell
lease or in any manner dispose OF salo
plant or any additions or extensions
that may be made thereto until all OF
said bonds 80 issued. with interest,"
thereon. shall have been fully PAID.