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Home My WebLink AboutORD 4080 � , .� � ' . �i s CITY OF RENTON, WASHINGTON ORDINANCE NO. 4080 AN ORDINANCE of the City of Renton, Washington, providing for public safety facilities, including acquiring, constructing and equipping a police/fire training facility, a police/court/jail facility and two new fire stations and providing City Hall struc- tural improvements and renovations related to the police/court/jail relocation; declaring the estimated cost thereof as nearly as may be; providing for the borrowinq of a total of $22 , 200, 000 and selling general obligation bonds to pay the cost thereof, such bonds to be payable by annual property tax levies to be made in excess of regular property tax levies ; and providing for the submission of the proposition of incurring such indebtedness, issuing such bonds and levying such excess taxes to the qualified voters of the City at a special election to be held therein on November 3 , 1987, in conjunction with the State qeneral election to be held on the same date. WHEREAS, the City of Renton, Washington (the "City" ) , is in urgent need of providing for public safety facilities, including acquiring, constructing and equipping a police/fire training facility, a police/court/jail facility and two new fire stations and providing City Hall structural improvements and renovations related to the police/court/jail relocation, and the City does not have available sufficient funds to meet the estimated cost of such improvements; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF RENTON, WASHINGTON, DOES ORDAIN as follows : SECTION I . The City shall provide for public safety facilities, including acquiring, constructing and equipping a police/fire training facility, a police/court/jail facility and . � , . . j � ORDIIQANCE NO. 4080 two new fire stations and providing City Hall structural improvements and renovations related to the police/court/jail relocation, the estimated cost of which, including the cost of issuing and selling the bonds provided for in this ordinance, is declared to be, as nearly as may be, the sum of $22 , 200 , 000 . SECTION II . The City shall borrow not to exceed $22 , 200, 000 on the credit of the City and issue and sell its general obligation bonds therefor for strictly municipal capital purposes other than the replacement of equipment, to provide the funds for the purposes specified in Section I of this ordi- nance. Costs of engineering, planning, financial , legal and other services lawfully incurred incident to the purposes speci- fied in Section I of this ordinance, and public art and other capital expenditures required by ordinance in connection with the construction of municipal capital projects , shall be appro- priate capital costs to be paid from the proceeds of the bonds provided for by this ordinance. SECTION III . The qeneral obligation bonds authorized by this ordinance shall bear interest, shall mature within twenty years from date of issue, but may mature within a lesser time (the life of the improvements to be acquired by the issuance of bonds is found to be at least twenty years) , shall be in such amounts and shall be sold in such manner as the City Council of the City shall determine. The bonds shall be paid by annual property tax levies made in excess of regular property tax levies without limitation as to rate or amount sufficient in - 2 - . . , , ' � ORDINANCE NO. 4080 amount to pay the principal of and interest on the bonds when due, and the bonds shall so provide. The date, interest rate or rates, maturities, option of prior redemption, form and cove- nants of the bonds shall be fixed hereafter by ordinance of the City Council, and the bonds shall be issued and sold when required in one or more series and may be combined with any other series of general obligation bonds concurrently or here- after authorized. Pending the issuance of the bonds and receipt of proceeds thereof, the City Council may authorize interim interest-bearing warrants or other short-term obligations to pay for carrying out the purposes of the bonds , and the costs of such warrants or short-term obligations shall be included in the costs of those purposes . SECTION IV. The City Council finds that an emergency exists requiring the making of the improvements herein described, and the Director of Records and Elections of King County, Washington, is requested to concur in the finding of the existence of an emergency and to call and conduct a special election to be held in the City on November 3 , 1987, in conjunc- tion 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 approval the question of whether or not the City shall borrow not to exceed $22 , 200, 000, issue its general obligation bonds therefor for capital purposes only, other than replacement of equipment, and levy excess taxes necessary to redeem the bonds as herein set forth. - 3 - b ' .' � t � ORDINANCE N0. 4080 SECTION V. The City Clerk is directed to certify to the Director of Records and Elections of King County, Washington, at least 45 days prior to the November 3 , 1987, special election date, a copy of this ordinance and the proposition to be sub- mitted at that special election in the form of a ballot title as follows : PROPOSITION PUBLIC SAFETY FACILITIES BONDS - $22 , 200, 000 Shall the City of Renton, Washington, borrow $22 , 200 , 000 for public safety facilities, including acquiring, constructing and equipping a police/fire training facility, a police/court/jail facility and two new fire stations and providing City Hall improvements related to the police/court/jail reloca- tion, by issuing general obligation bonds therefor maturing within twenty years and levy annual excess property taxes to redeem the bonds, all as provided in Ordinance No . 4080? BONDS . . YES / / BONDS . . NO / / SECTION VI . This ordinance shall be effective upon its passage, approval and five days after publication. PASSED BY THE CITY COUNCIL this 24th day of August, 1987 . ��2��teJ ro Maxine E. Motor, City Clerk APPROVED BY THE MAYOR this 24th day of August, 1987 . �OVt.b Qh.W �� '�,�rL�70L`� Barbara Y. Shinpoch, Mayor Approved as to Form: , , �Q•�.v�2ti�t..:,P (;'�-f�t�C'�i�-" - v DATE OF PUBLICATION: August 28 , 1987 1958r - 4 -