HomeMy WebLinkAbout1021CITY OF KENT, WASHINGTON
ORDINANCE NO.
AN ORDINANCE specifying and adopting a sys-
tem or plan of additions to and betterments and
extensions of the water supply and distribution
system of the City of Kent, Washington; declar-
ing the estimated cost thereof, as near as may
be;, providing for the issuance and sale of not
to exceed $350,000.00 par value of water revenue
bonds in one or more series to obtain funds with
which to pay the cost of said system or plan;
creating a special fund to provide for the pay-
ment of said bonds; authorizing and directing the
City officials to proceed with the improvement;
and declaring an emergency.
THE CITY COUNCIL OF THE CITY OF KENT, WASHINGTON DO
ORDAIN AS FOLLOWS:
Section 1. The existing water supply and distribution
system of the City of Kent, Washington, is in part in such con-
dition that the public health, welfare, safety and convenience
require and it is advisable that the additions to and betterments
and extensions of the water supply and distribution system of the
City hereinafter provided for be made.
Section 2. The gross revenues and benefits to be derived
from the operation and maintenance of the water supply and distri-
bution system of the City, and the additions, extensions and better-
ments thereto herein provided for, at the rates to be charged for
water service on the entire system will, in the judgment of the
City Council, be more than sufficient to meet all expenses of
operation and maintenance thereof and to permit the setting aside
into a special fund out of the gross revenues of the water supply
and distribution system of sufficient amounts to pay the interest
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on the bonds herein authorized to be issued and on all outstanding
"'dater Revenue Bonds, 19+8" dated November 1, 1948, "Water Revenue
Bonds, 1957" dated July 1, 1957, and "Water Revenue Bonds, 1958"
dated June 1, 1958, as such interest becomes due and payable and
to pay and redeem all of said bonds at maturity.
Section 3. The City of Kent, Washington, hereby specifies
and adopts a system or plan for making additions to and betterments
and extensions of the existing water supply and distribution system
of the City which shall consist of the following:
(1) There shall be constructed and installed the following
water lines at the following locations:
Approximate
Pipe Size
12 it
12"
M
s"
811
811
No
Along From
SSH 5-A Washington Ave. (SSH 5-M)
J. L. Reith Rd. SSH 5-A
J. L. Reith Rd. South In. Sec. 22
T 22 N, R4 E, W. M.
4oth Ave. S J. L. Reith Rd.
S. 262nd St. 4oth Ave. So.
33rd Ave. So.
S. 264th St.
S. 262nd St.
33rd Ave. S.
To
J. L. Reith Rd.
South In. See.
22, T. 22 N.
R 4 E, W. M.
4oth Ave. S.
S. 262nd St.
33rd Ave. S.
S. 264th St.
Elevated Tank
Site.
(2) There shall be constructed and installed a pipe line
crossing on the Green River bridge.
'(3) There shall be constructed and installed a pipe line
crossing of overflow Channel on piles.
(4) There shall be constructed and installed two booster
pump stations, one to be located in the northeast quarter (NE 1/4)
of the southeast quarter (SE 1/4) of section 22, township 22 north,
range 4, East W. M., and one to be located in the southwest quarter
(SW 1/4) of the southeast quarter (SE 1/4) of section 22, township
22 north, range 4, Fast W. M.
Mc
(5) There shall be constructed and installed a 300,000
gallon capacity elevated steel tank in the northwest quarter (NW 1/4)
of the northwest quarter (NW 1/4) of the southwest quarter (SW 1/4)
of section 27, township 22 north, Range 4 East W. M.
(6) There shall be constructed and installed a 1,000,000
gallon capacity ground level steel tank in the southwest quarter
(SW 1/4) of the southeast quarter (SE 1/4) of section 22, township
22 north, range 4, E. W. M.
(7) The following electrical control system shall be ac-
quired and installed:
a. Control panel at City Utilities Building in Kent.
b. Transmitters at 300,000 gallon elevated tank and
1,000,000 gallon ground level tank.
C. Receivers at booster pump stations.
d. Leased telephone circuits.
There shall be included in the foregoing the acquisition
and installation of all necessary valves, fittings, couplings, con-
nections, hydrants or future hydrant connections, equipment and
appurtenances and the acquisition of any easements, rights of way,
water rights, and land that may be required; and there shall be in-
cluded the performance of such work as may be incidental and neces-
sary to the foregoing construction and installation.
The.above-described additions to and extensions of the water
supply and distribution system of the City shall be connected to the
existing water supply and distribution system of the City, wherever
necessary, with the installation of all necessary appurtenances there-
for.
The City Council may modify the details of the foregoing
system or plan where in its judgment it appears advisable, provided,
such modifications do not substantially alter the purposes herein-
before set forth.
Section 4. The life of the foregoing additions, better-
ments and extensions is hereby declared to be at least thirty years.
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Section 5. The estimated cost of the acquisition, construe -
tion and installation of the above-described additions and better-
ments to the wAter,supply and distribution system of the City is
hereby fixed, as nearly as may be, at the sum of $350,000.00.
Section 6. The cost of acquiring, constructing and making
the foregoing additions to and betterments and extensions.of said
water supply and distribution system shall be paid from the proceeds
received from the issuance and sale of water revenue bonds in an
amount of not to exceed $350,000.00 par value. It is the intention
of the City to acquire and construct and complete such portions of
the foregoing system or plan of additions to and betterments and
extensions of the water.:supply and distribution system of the City
as from time to time the City Council shall deem advisable. The
bonds shall be issued in one or more series at such times as the
City Council shall deem advisable. The bonds shall be entitled
"Water Revenue Bonds, 1959,'1 with series designations following,
if issued in series. The bonds shall bear interest at a rate or
rates not to exceed 6% per annum, payable semiannually, and shall
be numbered from 'one" upward, consecutively, within each series
as issued. The bonds shall be issued in such series; shall be in
such denominations and form; shall bear such date or dates and
interest rate or rates; shall be payable at such place or places;
shall mature serially in accordance with such schedule, beginning
not earlier than one year after date of issuance and ending not
later than thirty years thereafter or shall be term bonds; shall
have such option of payment prior to maturity; shall guarantee
such coverage and collection of rates; shall provide for such
additional funds and accounts; and shall contain and be subject
to such provisions or covenants as shall be hereafter provided
by ordinance.
Section 7. If the conditions required to be met for the
issuance of parity bonds as set forth in Section 10 of Ordinance
No. ()82 , passed May 19, 1958 shall be met at.the time of issuance
of the bonds herein authorized and said bonds shall be issued as par-
ity bonds with the outstanding "Water Revenue Bonds, 1958" dated
June 1, 1958, the bonds herein authorized shall be payable solely
out of the special fund of the City created by said Ordinance
No. 982__, and known as the "Kent, 1958, Water Revenue Bond Re-
demption Fund."
In the event that the bonds herein authorized shall not
be issued as parity bonds, the bonds shall be payable solely out
of the special fund hereinafter created and shall be a valid claim
of the holder thereof only as against such special fund and the
amount of the revenues of the water supply and distribution system
pledged to such special fund, and shall not be a general obliga-
tion of the City of Kent, Washington.
Section 8. In the event that the bonds herein authorized
shall not be issued as parity bonds as referred to in Section 7
above, there shall be and 'hereby is created and established in
the office of the Treasurer of the City of Kent a special fund to
be known as "Water Revenue Bond Fund, 1959" which fund is to be
drawn upon for the sole purpose of paying the principal of and
interest on the bonds. From and after the date of issuance of
said bonds and so long thereafter as bonds are outstanding against
said "Kent, 1958, `dater Revenue Bond Redemption Fund" or said
"Water Revenue Bond Fund, 1959", as the case may be, the City
Treasurer shall set aside and pay into the appropriate fund out
of the gross revenues of the water supply and distribution system
now belonging to or which may hereafter belong to the City, includ-
ing all additions, extensions and betterments thereof at any time
i made, a fixed amount without regard to any fixed proportion, namely,
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an amount sufficient to pay the principal of and interest on all
bonds payable out of said special appropriate fund as they respec-
tively become due and to create such surplus and reserve, if any,
that may hereafter be prescribed by ordinance. The gross revenues
from the said system are hereby pledged to such payment and the
bonds herein authorized shall constitute a charge or lien upon
such revenues prior and superior to any other charges whatsoever,
excluding charges for maintenance and operation, Provided, however,
that if the conditions required to be met for issuance of parity
bonds as set forth in Section 10 of Ordinance No. _Q� passed
May 19, 1958 shall be met at the time of the issuance of the bonds
herein authorized, the charge or lien upon such gross revenues for
the bonds herein authorized shall be on a parity with the charge or
lien upon such gross revenues for the outstanding "`,dater Revenue
Bonds, 11958" dated June 1, 1958, but shall be junior and inferior
to the prior charge or lien upon such gross revenues for the out-
standing "'"later Revenue Bonds, 1948" dated November 1, 19+8 and
the outstanding ",dater Revenue Bonds, 1957" dated July 1, 1957.
If said parity conditions shall not be met the charge or lien
upon such gross revenues for the bonds herein authorized shall
be subordinate and inferior to the prior charge or lien upon such
gross revenues for the presently outstanding "Water Revenue Bonds,
19+8", "Water Revenue Bonds, 1957", and "Water Revenue Bonds, 1958"
Section 2. The City Council and corporate authorities of
the City of Kent hereby declare that in fixing the amounts to be
paid into said "Kent, 1958, Water Revenue Bond Redemption Fund"
or said "Water Revenue Bond Fund, 1959" as the case may be, as
set forth herein they have exercised due regard to the cost of
operation and maintenance of the water supply and distribution
system of the City and the debt service requirements of the
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outstanding "Water Revenue Bonds, 19+8" dated November 1, 1948,
"Water Revenue Bonds, 1957" dated July 1, 1957, and "dater Rev-
enue Bonds, 1958" dated June 1, 1958, and the City of Kent has
not bound and obligated itself and will not bind and obligate
itself to set aside and pay into such special funds a greater
amount or proportion of the revenues of the water supply and
distribution system than in the judgment of the City Council will
be available over and above such costs of maintenance and opera-
tion and debt service requirements of the outstanding "Water
Revenue Bonds, 19+8" dated November 1, 1948, "Water Revenue
Bonds, 1957" dated July 1, 1957, and "Water Revenue Bonds, 1958"
dated June 1, 1958, and that no portion of the revenues of the
water supply and distribution system has been previously pledged
for any indebtedness other than the said outstanding "Water Reve-
nue Bonds, *19+8" dated November 1, 1948, "Water Revenue Bonds, 1957"
dated July 1, 1957, and "Water Revenue Bonds, 1958" dated June 1,
1958.
Section 10. The proceeds of the sale of the foregoing
bonds shall be used for the sole purpose of making additions to
and betterments and extensions of the water supply and distribution
system as herein authorized and of paying the cost and expense con-
nected therewith, and the City of Kant, through its proper officers
and agents, shall proceed with the making of said improvements and
the calling of bids therefor in the manner provided by law.
Section 11. This ordinance is declared to be one neces-
sary for the immediate preservation of the public peace, property,
health and safety of the people of the City of Kent, Washington.
An emergency is hereby declared to exist, and this ordinance is
hereby declared to be in full force and effect from and after its
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passage, approval and publication as provided by law.
PASSED by the City Council of the City of Kent, Washington,
and approved by its Mayor at a regular meeting held on the 20th day
of April, 1959•
ATTEST:
C
CLERK
ATw
APPROVED AS TO • -i`
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Me
MAYOR