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HomeMy WebLinkAboutORD 1850ri M 4 RT/ 9-20-50 (6) . s ORDINANCE NO. jjJrP AN ORDINANCE of the City of Renton, Washington, providing for the submission to the qualified electors of the city at a special election to be held therein on November S, 1960 of three propositions as to whether or not the city should issue its general obligation bonds in the principal sums of $120,000, $1,300,000 and,. $100,000 in order to provide funds to pay the cost of constructing an extension to Burnett Street, extending and improving certain arterial - streets throughout the city, and acquiring and installing certain improvements to the traffic signal system of the city, respectively, and declaring an emergency. WHEREAS, the City of Renton has entered into an agreement with the State of Washington to construct an extension of Burnett Street under Primary State Highway No. 1 to Talbot Road, and to provide the funds therefor it is deemed necessary and advisable that the city issue and sell its unlimited tax levy general obligation bonds in the principal sum of $120,000; and WHEREAS, many of the arterial streets throughout the city are in need of extensions and improvements in order to properly take care of all vehicular traffic, and to provide the funds therefor it is deemed necessary and advisable that the city issue and sell its unlimited tax levy general obligation bonds in the principal sum of $1,300,000; and WHEREAS, in order to properly regulate and control vehicular traffic throughout the city, it is deemed necessary and advisable that the city acquire and install certain improvements to its traffic signal system, and to provide the funds therefor that it issue and sell its unlimited tax levy general obligation bonds in the principal sum of $100,000; and WHEREAS, the Constitution and laws of the State of Washington provide that tie questions of whether such bonds may be issued -1- for such purposes,must be submitted to the qualified electors of the city for their ratification or rejection; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of Renton, Washington, as follows: Section 1. It is hereby found and declared that the public health, welfare and safety of the people of the City of Renton require the city to construct an extension of Burnett Street south under Primary State Highway No. 1 to Talbot Road by drain- ing, filling, grading, paving with asphalt concrete, constructing curbs and gutters, and installing traffic signals and street lighting fixtures. That for the purpose of providing the money necessary to carry out such plan of capital improvements, the city shall issue its unlimited tax levy general obligation bonds in the principal sum of $120,000. Said bonds shall bear interest at a rate of not to exceed 6/ per annum payable semiannually and shall mature in from two to ten years from date of issue in such amounts as will as nearly as practicable, together with the interest thereon, be met by^ equal annual tax levies for the payment of the principal thereof and interest thereon. Both such principal and interest shall be paid out of annual levies of taxes to be made upon all the taxable property within the city without limitation as to rate or amount. The exact date, form, terms and maturities of said bonds shall be as hereafter fixed by ordinance of the city. Section 2. It is hereby found and declared that the public health, welfare and safety of the people of the City of Renton require the city to acquire, construct,4install:and make the following described improvements to the following described arterial streets within the city: -2- Fi A. Shattuck Street - Airport Way to 7th Avenue 4th Avenue North - Northeasterly Extension to Sunset Boulevard 3rd Avenue North - Easterly Extension to M Street 2nd Avenue - Easterly Extension to Houser Way by draining, grading, constructing curbs and gutters, paving with asphalt concrete, constructing sidewalks, and installing traffic signals and street lighting fixtures where necessary. B. 4th Avenue North - M Street to 132nd Avenue S.E. 112th Avenue S.E. - Sunset Boulevard to S.E. 97th Street 116th Avenue S.E. - Sunset Boulevard to S.E. 97th Street 3rd Avenue - Mill Street to Renton Street 3rd Avenue North - Houser Way to Burnett Street 4th Avenue - Smithers Street to Burnett Street Burnett Street - Pacific Coast Railroad Crossing 7th Avenue - Grady Way to Rainier Avenue Wells Street - 3rd Avenue to Cedar River Riverside Road - Bronson Way to Williams Street 5th Avenue - Main Street to Burnett Street Burnett Street.- 4th Avenue to 5th Avenue 6th Avenue North - Garden Street to Park Street Mill Street - Houser Way to Bronson Way by draining, grading, constructing curbs and gutters, paving with asphalt concrete, and installing street lighting fixtures. That for the purposet•of providing funds to pay the cost of acquiring, constructing, equipping and making the above-described capital improvements, the city shall issue and sell its unlimited tax levy general obligation bonds in the principal sum of -3- A. Shattuck Street - Airport Way to 7th Avenue 4th Avenue North - Northeasterly Extension to Sunset Boulevard 3rd Avenue North - Easterly Extension to M Street 2nd Avenue - Easterly Extension to Houser Way by draining, grading, constructing curbs and gutters, paving with asphalt concrete, constructing sidewalks, and installing traffic signals and street lighting fixtures where necessary. B. 4th Avenue North - M Street to 132nd Avenue S.E. 112th Avenue S.E. - Sunset Boulevard to S.E. 97th Street 116th Avenue S.E. - Sunset Boulevard to S.E. 97th Street 3rd Avenue - Mill Street to Renton Street 3rd Avenue North - Houser Way to Burnett Street 4th Avenue - Smithers Street to Burnett Street Burnett Street - Pacific Coast Railroad Crossing 7th Avenue - Grady Way to Rainier Avenue Wells Street - 3rd Avenue to Cedar River Riverside Road - Bronson Way to Williams Street 5th Avenue - Main Street to Burnett Street Burnett Street.- 4th Avenue to 5th Avenue 6th Avenue North - Garden Street to Park Street Mill Street - Houser Way to Bronson Way by draining, grading, constructing curbs and gutters, paving with asphalt concrete, and installing street lighting fixtures. That for the purposet•of providing funds to pay the cost of acquiring, constructing, equipping and making the above-described capital improvements, the city shall issue and sell its unlimited tax levy general obligation bonds in the principal sum of -3- •i • ` •tel $1,300,000, and if necessary and deemed advisable shall make use of such other funds to carry out said plan of improvements that it may have on hand and that are available for such purposes. In the event the proceeds of the sale of said bonds plus any such additional moneys are insufficient to make all of the improve- ments hereinbefore authorized, the city shall use the available funds for paying the cost of those improvements deemed most necessary and to the best interests of the city by the City Council. Said plan of improvements is all as more specifically set forth in maps and plans prepared by the City Engineering Department, and the City Council may make minor changes in the carrying out of said plan of improvements as it may find necessary and advisable either prior to or during the course of carrying out said plan as long as such changes do not substantially affect the main plan of such improvements. Said bonds shall bear interest at a rate of not to exceed 656. per annum payable semiannually and shall mature in from two to twenty years from date of issue in such amounts as will as nearly as practicable, together with the interest thereon, be met by equal annual tax levies for the payment of the principal thereof and interest thereon. Both such principal and interest shall be paid out of annual levies of taxes to be made upon all the taxable property within the city without limitation as to rate or amount. The exact date, form, terms and maturities of said bonds shall be as hereafter fixed by ordinance of the city. Section 3. It is hereby found and declared that the public health, welfare and safety of the people of the City of Renton require the city to acquire and install the following improvements to its existing traffic signal system within the city: A. A Master Controller and a Traffic Sample Cable. == B. Signals at the following intersections: Park Street and Bronson Way Rainier Avenue at 3rd Avenue Rainier Avenue at 2nd Avenue Rainier Avenue at Airport Way 4th Avenue North at Factory Street 3rd Avenue at Mill Street 3rd Avenue at Main Street 3rd Avenue at Wells Street .*3rd Avenue at Williams Street 2nd Avenue at Wells Street 2nd Avenue at Williams Street 2nd Avenue at Logan Street Sunset Boulevard at 3rd Avenue North Sunset Boulevard at Maple Way Bronson Way at Factory Street Park Street at 4th Avenue North Park Street at 6th Avenue North Logan Street at Airport Way Logan Street at 4th Avenue North Logan Street at 6th Avenue North, That for the purpose of providing funds to pay the cost of acquiring and installing the above-described capital improvements, the city shall issue and sell its unlimited tax levy general obligation bonds in the principal sum of $100,000. The location of said traffic signals are all as set forth in maps and plans prepared by the City Engineering Department; however, the City Council reserves the right to make changes in such locations if it finds it necessary and advisable to do so in order to more properly regulate and control vehicular traffic throughout the city and particularly on its arterial streets. -5- Said bonds shall bear interest at a rate of not to exceed 6% per annum payable semiannually and shall mature in from two to ten years from date of issue in such amounts as will as nearly as practicable, together with the interest thereon, be met by equal annual tax levies for the payment of the principal thereof and interest thereon. Both such principal and interest shall be paid out of annual levies of taxes to be made upon all the taxable property within the city without limitation as to rate or amount. The exact date, form, terms and maturities of said bonds shall be as hereafter fixed by ordinance of the city. Section 4. It is hereby found and declared that an emergency exists requiring the submission to the qualified electors of the city of the propositions of whether or not the city should issue and sell said bonds for such purposes at a special election to be held therein on November 8, 1960, in conjunction with the county and state general election to be held on the same date. LThe King County Auditor as ex officio Supervisor of Elections held within King County is hereby requested to also find the existence of such emergency and to call and conduct such special election on said date and to submit to the qualified electors of the city the propositions hereinafter set forth: PROPOSITION NO. 2 Burnett Improvement Bonds, $120,000 Shall the City of Renton, Washington, for the purpose of constructing an extension of Burnett Street south to Talbot Road by draining, filling, grading, paving, constructing curbs and gutters, and installing traffic signals and street lighting fixtures, issue its general obligation bonds in the principal sum of $120,000, said bonds to bear interest at a rates of not to exceed 6/ per annum, to mature in from two to ten years from date of issue and to be paid, both principal and interest out of annual tax levies to be made upon all the taxable property within the city without limitation as to rate or amount, all as more fully provided in Ordinance No. 1 S7SO of the City? BONDS, YES . . . . . . . BONDS, NO . . . . . . . Z f PROPOSITION NO. 3 Arterial 2`tKeet Improvement Bonds, $1,300,000 Shall the City of Renton, Washington, for the purpose of extending and improving certain.arterial streets in the residential and central areas of the city by draining, grading, paving, constructing curbs, gutters and sidewalks, and installing traffic signals and street lighting fixtures, issue its - general obligation bonds in the principal sum of $1,300,000, said bonds to bear interest at a rate of not to exceed 61 per annum, to mature in from two to twenty years from date of issue and to be paid, both principal and interest out of annual tax levies to be made upon all the taxable property within the city without limitation as to rate or.amou t, all as more fully provided in Ordinance No. of the City? BONDS, FES . . . . . U BONDS, NO . . . . . U PROPOSITION NO. 4 Traffic Signal System Bonds, $100,000 Shall the City of Renton, Washington, for the purpose of acquiring and installing a master traffic signal system controller, traffic sample cable, and traffic signals at certain street intersections, issue its general obligation bonds in the principal sum of $100,000, said bonds to bear interest at a rate of not to exceed 6% per annum, to mature in from two to ten years from date of issue and to be paid, both principal and interest out of annual tax levies to be made upon all the taxable property within the city without limitation as to rate or amount, all as more fully provided in Ordinance No. z% of the City? BONDS, YES . . . . . . . L7 BONDS, NO . . . . . . . Z—/ The polling places for each of the voting precincts within the city and the officials to serve at each polling place for this special election shall be the same as the polling places selected for each such voting precinct and the election officials to serve thereat as selected for the county and state general election to be held on November 8, 1960. -7- Section 5. Because the statutes of the State of Washington require that this ordinance be certified to the King County Auditor not less than 45 days prior to said election date, it is hereby found and declared that an emergency exists and that this ordinance is necessary for the immediate preservation of the public health, welfare and safety of the citizens of Renton and said ordinance shall be in full force and effect immediately, upon its passage, approval and publication as required by law. PASSED by the Council of the City of Renton, Washington, and approved by its Mayor at a regular meeting of said Council held this 20th day of September, 1960. CITY OF_FENTON, WAS I GTOM By Mayor ATTEST;. s City Clerk,--.,- APPROVED ler, tr' APPROVED AS TO FORM: Partner, Preston,;Thorgrimson & Horowitz Special Bond Counsel for the City of Renton Date of Publication: September 22, 1960