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Home My WebLink AboutORD 3336 . • , 7. a - � ` ' . . . 1 a . <� . l. C�TY� �JF I'��l\?�'C1''T1' j-vASI?INGi0I�1 _ " II - �P.DI.IIAN C� I�TC. 3 3 3 6 Ai�I Oi'tiDI�A�ICE OF THE CITY OF R�:T1�QN, [+1ASI�IiJG^i011 PROVIDING F�p� TI�E EXTENSIOI� OF GENE �OUL��1 �ZEPTORIAL ,T3F�ACH PA�'.I: ANI� THE CONST�ZUCTi-OI�1 THEP.�ON OF CE£ZTAIid ' P��C�'.EATI�T�AL FACILITIES I'�CLUDING BOA1 LAUT�ICH, �ISHI�G ' PIE�., TRAILS , DAY t200P`AGE, Pl�I"t�Z.ii.�?G, FLCAi ING STRUCTUP.ES, ANB QTHER �QUIPME�TT Ai1L� �1ATEL�'�.IE1LS ?'i�TCI��PdT THERETO; r � T \ � DECLARI�IG THE ESTIPIATED COS�� TI��E';EOF AS �1I',A�LY AS I"1AY B�; Pn.O�II�ITiG FO?'. '�'?�i� BORP�Gr•.I�TG OF A iOaAL OF S 7 , s 2 5 , o 0 0":�'0`0__� ANP, ISSUI�IG AZdD SrT LI�dG F�EG�JTIL�BLE G�TIi�L QBLIGATI0�3 B0�1DS TO PAY T�sF C�JS?` OF SUCH COTvSTRUCTION, SUC�� B��aI?S TO 3� PAYAELE BY AI�NUAL TAIb LEVIT:S TO �3E �LA�E ��lITH�UT LIP�T^'AT�O?�S AS �0 RATE 0� A:�OU�:�T; D�CLA.�,.I�G AN �';•iERCEIQCY; Ab�� P�°QVI.e..-`,i iyG 'F��'. T:i.E . SUBi�I�S��i? �F �HE PROPOS�T�CON OF 3r�CURRI�?G �UCH � IidDFBi�1>1VESS ATvD ISSU?i3G SLiC�i �0�33�� '�'0 .'�'HE Qt3AL?FIED VOtEF.S OF TH� CITY A'£ � SPFCIAL �LEC��T �0 BE H�'LD THE��IN ��y SEPTEr�BEPti 13 , 1�79 I�V CQT�JUir'G��OPd 4tiT1Ti� T�-IF . PRIIAP�Y 'EL�CTIQiJ �0� 8�: ��LD �1�1 �H� S�;°Z� �ATE, : . . . _ �, . . T-?Ii�PtEt�S the vity is in �.rgent need of additional recreation.al ' , " r . y facilities. throughout the� City, and��particularly� �t Cene Coulon T�semorial Beach Park, particularly considering the heavy usa�;e o� that Park, and the City does not have avail.able .sufficient funds to rieet the estiz<lated costs of such construction, an� � t°?��E�.EAS the assessed -valuation of the ��axable property of the City of P�enton as ascertained in the last assessment £or C_ity purposes for the calendar year , �.�7� is $�00,098 ,028 . QQ an� at the time of �he passage of t?-iis �rdinance the existing outstandin� general ind.ebtedness of the �ity eonsists of $I., 5�3 , 12�.43 par `value of general obligation bonds issued within the lir.iit of the 3/4 of 1Q/o of the value of taxable pro�erty U�ith�n the� City peri-�;itted =Tithout a vote of electors , and no general obli.gation bon�.s i.ssued ��ithin the lirlit o� 2 1/2°0 of the value of taxable property Gaithin the ' City nernitted pursuant to a vote of the eiectors wi�h.in the �;ity for genera�l municipal capital purposes , and the a:nount of the indebtedness for which bonds are her.ein authorized to be issued is $ 7 , 825, 000. oo ; no�a therefore . THE CITY COU�ICIL OF TH� �I�Y OF R..�i�TTON, ti�ASHIiJGT�h� DO O�.DAITd A5 FGLLOt�1S : � ' . � : � � -1- � . �,�. •;. � SECTIOTd I": The City of Renton, tiJashington, shall construct recreational facilities inc'luding boat launch, fishing pier, trails , day moorage, parking, floating structures , and other equipment and he stimated cost of which is hereb materials incident thereto, t e y declared to be as nearly as may be the sum of $� , e2s , 000. 00 SEC�'ION II : The City of Renton, Washington, shall borrow the sum of $ � , s25 , 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 r' equired. to carry out the �Qonstruction arid improvements specified in Section I� hereof. , . , . , SECTION III : '�he general obligation bonds .herein authorized 2 . " y � � ` to be issued shall be serial in form and shall bear interest at a maximum effective rate not to exceed 8Q/o per annum, which except for the first interest coupon shall be payable semiannually, and shall riature in from two to not more than fifi.een years from date of issue, the life of the improvements to be acquired by such bonds being at least fifteen years , in such ar��ounts as nearly as practicably annually as will result in a difference of not more than $5 ,000. 00 between the l�..ighest and lowest annual payr.zent of principal and interest, excluding the iirst two years from date of issue, computed on such anticipated effective interest rate as the City Council of the City shall in its discretion detercnine will be borne by such bonds and shall be paid by annual tax levies sufficient in amount to pay both principal and interest when due, which annual tax levy shall be made u�ithout limitation as to rate or amount, 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 of issue, interest rate or rates , maturities , formL and covenants of such bonds shall be hereafter fixed by ordinance of Che City Council of the City, and the bonds shall be issued an�. sold �ahen the proceeds thereof rnay be required. -2- e . i : : . r � . . � . SECTIQI.�T IV: The City _Counci.l finds that an`-er�ergency exists requiring the construction, instail'ation and impro�em�ts of the Gene Coulon P�emorial Beach Park, and th.at as a .result of theyexistence of � � . such emergency, it is necessary to ca11 a' special election and a special election is , therefore, here�Zy called-.to be held in the City of P�enton as provided by law on the 18th day of September, 197° , in connection with the primary election to be held on the sarle date, at which time there sh.all be submitted to the qualified voters of the City for their ratification or rejection the followin� proposition �ri the form of a "ballot title" as follows : - Shall the City o� Renton, for the purpose of developing and extending�:�`Gene Coulon l�ier.iori� , Beach Park, borrow $��;""825; 000;oo. and issue � negotiable bonds theretore'?-'�"� ' � . - YES / / NQ T�T • � The King Cou.nty Elections Superi:ntendent is hereby requested to concur in the find'i.ng of such emergency and to call and conduct . , sucll special election in the manner required by law. THe City Clerk shall deliver to th.e King County Election Superintendent, at least forty-�ive days prior to the requested election date, a certified � copy of this ordinance showing its passa�� and including the ballot title herein set forth.. , . � S��C�'ION;;V�; This Ordiniarice: shall be effective upon its ' passage, approval and five days ,after publication. PASSED BX THE CITY COUNCIL this 23rd c�ay of July, 1979. . - ��a�/ �.l ��Ze� e or�s A. Mead, Ci�-y Cl'erk � APPROVED BY. THE MAYOR this' 23rd day of July, 1979 . . � � � < (/''"�<�12��£�/� ..E�� , ` Charles .�j Delaurenti, Mayor Appro d as to orm: . J � G-�.,1.,,.. . . . , Lawrence J. 4�a�'`ren, City Attorney � Date •of Publication: Jul.y 27 , 1979 ` _ . .