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Home My WebLink AboutORD 2245 .J + .� i ,c ..�.�ee I = ¢ � ' � � 4RIG#^1AL � . . GITY OF RENTON, WASHINGTON ORDINANCE NO. ,�o�� AN ORDINANCE of the City of Renton, Wash- ington, providing for acquiring s ite s for and constructing, developing and improving parks , playfields and other recreational facilities for the inhabitants of the City and other persons; declaring the estimated cost thereof, as near as may be; providing for the borrowing of not to exceed $1 ,040 ,000 .00 and issuing and selling negotiable � general obligation bonds to pay the cost thereof, � said bonds to be payable by annual tax levies to be with t i it ti n as to rate and amount• made ou 1 m a o , declaring an emergency; and providing for the submission of the proposition of incurring such indebtedness and issuing such bonds to the quali- fied electors of the City at a special election to be held in conjunction with the state general election on November 8 , 1966 . WHEREAS , the City of Renton is in urgent need of acquiring sites for and constructing, developing and improving parks , playfields and other recreational facilities for the inhabitants of the City and other persons and the City does not have available sufficient funds to meet the estimated cost thereof; and WHEREAS, the assessed valuation of the taxable property in the City as ascertained by the last preceding assessment for City purposes for the calendar year 1966 is $82,865 ,888 .00 , and the existing indebtedness of the City at the date of the passage of this ordinance , which indebtedness includes the amount for which the bonds herein authorized are to be issued, is the sum of $1 ,756 ,000. 00 , the presently outstanding $616 ,000.00 of bonds having been heretofore issued pursuant to vote of the qualified electors of the City as a part of the indebtedness permitted by the constitution and laws of the State of Washington to be incurred for general municipal capital purposes within the limitation of 1 1/2 to 5% of the valuation of the taxable property within the City, NOW, THEREFORE, BE IT ORDAINED BY THE MAYOR AND CITY COUNCIL OF THE CITY OF RENTON, WASHINGTON , as follows: Section 1 . The City of Rentbn, Washington, shall acquire sites for and construct, develop and improve parks , playfields and other . � recreational facilities for the inhabitants of the City and other persons , . the estimated cost of which is hereby declared to be , as nearly as may be , the sum of $1 ,040 ,000.00. Section 2. The City of Renton shall borrow the sum of not to exceed $1 ,040 ,000.00 on the credit of the City and issue and sell its negotiable general obligation bonds therefor for strictly municipal capital purposes , other than the replacement of equipment, to-wit, for the purpose of providing the funds in the amount and for the purpose specified in Section 1 hereof. Section 3. The general obligation bond herein authorized to be issued shall be serial in form , shall bear interest at an effective rate not exceeding 6% per annum, which except for the first interest payment shall be payable semiannually, and shall mature in from not less than two to not more than fifteen years from date of issue (the life of the improvement to be acquired from the proceeds received from the issuance and sale of the bonds being at least fifteen years) in such amounts , that will result in a difference of not more than $5 ,000.00 between the highest and lowest annual payment of � principal and interes t, excluding the years up to and including the year in which principal payments commence , computed on such anticipated effective interest rate as the City Council may determine will be borne by the bonds , and shall be paid by annual tax levies to be made without limitation as to rate or amount, sufficient in amount to pay the prinCipal of the bonds and the interest thereon as the same shall accrue , and the bonds shall so provide. The bonds shall be redeemable at the option of the City at such times as shall be hereafter determined by ordinance. The date , interest rate or rates , maturities , form and covenants of said bonds shall be hereafter fixed by ordinance of the City Council of the City and the bonds shall be issued and sold when the proceeds thereof may be�uired. Section 4 . The City Council finds that the necessity for the immediate acquisition of sites for and construction, development, and improvement of parks , playfields and other recreational facilities for the -2- f , , ° . inhabitants of the City and other persons has created an emergency in the City, , and an emergency is hereby declared to exist, and the King County Auditor, as ex-officio Supervisor of Elections , is hereby requested to concur in finding the existence of an emergency and to call and conduct a special election to be held in the City of Renton on November 8 , 1966 , in conjunction with the State general election to be held on the same date , for the purpose of submitting to the qualified electors of the City for their r a�tification or rejection the question of whether or not the City shall borrow the sum of not to exceed $1 ,040 ,000.00 and issue its negotiable general obligation bonds therefor for municipal capital purposes only, other than the replacement of equipment, as herein set forth. Section 5. The Clerk of the City is hereby directed to certify to the King County Auditor a copy of this ordinance and the proposition to be submitted at the special election to be held in the City on November 8 , 1966 , in conjunction with the State general election to be held on the same date , in the form of a ballot title , as follows: "PRO POS ITION "GENERAL OBLIGATION PARK BONDS - $1 ,040,000.00 "Shall.the City of Renton, Washington, borrow the sum of not to exceed $1 ,040 ,000. 00 and issue ' its negotiable general obligation bonds therefor solely for capital purposes , other than the re- placement of equipment, to-wit, to pay the cost of acquiring sites for and constructing, developing and improving parks , playfields and other recreational facilities for the inhabitants of the City and other persons , said bonds to be paid by annual tax levies to be made without limitation as to rate or amount, be bear interest at an effective rate not to exceed 6% per annum, payable semiannually, and to mature in from not less than two to not to exceed fifteen years after date of issuance , all as provided in Ordinance No. .z 2�-/,�"? BONDS. . .YES � BONDS. . .NO D " I The polls for said election shall be open from 8:00 o'clock a.m. to 8:00 o'clock p.m. (PST) . The voting places and the election officials: shall be the II -3- � , r � , � i � . same as those established for the State general election to be held on the same date. The Auditor of King County, Washington, pursuant to RCW 29 . 13 .040 , shall have jurisdiction over and shall conduct such special election in conjunction with the State general election to be held on the same date, and the County canvassing board of elections shall canvass the returns of such special election. PASSED by the City Council of the City of Renton, Washington, at a regular meeting thereof and APPROVED by the Mayor thereof, this 6th day of June , 1966. BGCI��%� GL/� ��!� �iG Mayor ATTES : `��/�3�� /..,G�� / � City Clerk �fi RM APPROVED: '�� ;°'f �_ __ _ _ - _ G'.._--..� � City Attorney Date of Publication: June 8, 1966 -4- I