Loading...
HomeMy WebLinkAboutORD 20641 a . a CITY OF RENTON, WASHINGTON ORDINANCE NO. �2 �' 4- 4 AN ORDINANCE of the City of Renton, Washington, providing.for the construction of a westerly approach to the "North Renton Interchange" from Lake Washington Boulevard and the widening of Lake Washington Boulevard from 8th Avenue North to approximately 10th Avenue North to four lanes continuing northeasterly to the westerly ramps to said "North Renton Interchange," including a grade separation over the Pacific Coast Railroad tracks; declaring the estimated cost thereof, as near as may be; providing for the borrowing of not to exceed $400,000.00 and issuing and selling negoti- able general obligation bonds in such amount to pay the cost thereof, said bonds to be payable by annual tax levies to be made without limitation as to rate or amount; declaring an emergency; and providing for the submission of the proposition of incurring said indebtedness and issu3ri-g' said bonds to the qualified electors of the City at a special election to be held on February 11, 1964, in con- junction with the City primary election to be held therein on the same date. WHEREAS, the Washington State Highway Commission, Depart- ment of Highways, proposes to construct a connection to the limited access highway known as Primary State Highway No. 1 extending from the City of Renton to the City of Bellevue at its intersection with Lake Washington Boulevard, commonly known as the "North Renton Interchange," which "North Renton Interchange" will be included as a part of Interstate 405 of the Bureau of Public Roads of the United States Government, and the Bureau of Public Roads will participate in the financing of the construction of the "North Renton Interchange" and has approved the same on condition that the City of Renton construct the westerly approach to such inter- change and improve Lake Washington Boulevard southerly from its intersection with the Interstate crossroad; and WHEREAS, the City of Renton is in urgent need of the construction of said "North Renton Interchange" and the City does not have available any funds to meet the estimated cost of con- struction of the westerly approach to such interchange and the improvement of Lake Washington Boulevard as required by the Bureau of Public Roads; and WHEREAS,the assessed valuation of the taxable property in the City as ascertained by the last preceeding assessment for City purposes for the calendar year 196+ is $71,1+1, 084.00, 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 $573,000.00, the presently outstanding $173,000.00 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 Renton, Washington,for strictly municipal capital purposes, shall construct a westerly approach to the "North Renton Interchange's to be constructed by the Washington State Highway Commission, Department of Highways, extending westerly from the limited access highway known as Primary State Highway No. 1 extending from the City of Renton to the City of Bellevue approx- imately 1700 feet to the Lake Washington Boulevard and shall widen Lake Washington Boulevard from 8th Avenue North to approximately 10th Avenue North to four lanes continuing northeasterly to the westerly ramps of the "North Renton Interchange," including the con- struction of a grade separation over the Pacific Coast Railroad tracks. The City Council reserves the right to make changes in the details of the foregoing improvement where it appears to be in the -2- best interest of the City or where it may be required by any State or Federal agency, provided such changes do not substantially alter the purposes above set forth. Section 2. The estimated cost of constructing the above- described westerly approach to the "North Renton Interchange" and the improvement of Lake Washington Boulevard, including the cost of the issuance of the general obligation bonds herein authorized, is hereby declared to be, as nearly as may be, the sum of $400, 000.00. The City shall borrow not to exceed $400,000.00 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 with which to pay the cost of constructing the above-described westerly approach to the "North Renton Interchange" and improving Lake Washington Boulevard as aforesaid. Said indebtedness to be incurred shall be within the limitation of 1 1/2 to 5% of the taxable property in the City (being twice the assessed valuation thereof) permitted for general municipal capital purposes. Section 3. The bonds shall be serial in form, shall bear interest at a rate or rates not to exceed 6% per annum, payable semiannually, shall mature in from two to not more than ten years from date of issue (the life of the improvements to be constructed and installed by said issue of bonds being at least ten years) and shall be issued without the right of option of the City to retire the same prior to their stated maturity dates. The various annual maturities of such bonds shall be fixed in the ordinance authorizing the sale of the same in amounts that will result in a difference of not more than $5,000.00 between the highest and lowest annual payment of principal and interest, excluding the first two years from date of issue, computed on such anticipated effective interest rate as the City Council shall, in its discretion, determine will be -3- borne by such bonds. The principal and interest on the bonds shall be met by annual tax levies, to be made without limitation as to rate or amount, sufficient in amount to pay such principal and interest when due, and the bonds shall so provide. The designation, 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. The City shall proceed with said improvement in whole or in such parts and at such times and shall issue and sell said bonds in such series or amounts as the City Council shall hereafter determine. Section 4. The City Council finds that the necessity for the immediate construction of the "North Renton Interchange" 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 February 11, 1964, in conjunction with the City primary election to be held on the same date, for the purpose of submitting to the qualified electors of the City for their ratification or rejection the question of whether or not the City shall borrow the sum of not to exceed $400,000.00 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 February 11, 1964, in conjunction with the City primary election to be held on the same date, in the form of a ballot title, as follows: -4- "PROPOSITION "NORTH RENTON INTERCHANGE APPROACH BONDS" �400,000.00 "Shall the City of Renton, Washington, borrow the,sum of not to exceed $400,000.00 and issue its negotiable general obligation bonds therefor, payable by annual tax levies to be made without limitation as to rate or amount, bearing interest at a rate or rates not to exceed 6% per annum, payable semiannually, and maturing in from two to not more than ten years from the date of issue, for the purpose of paying the cost of construct- ing a westerly approach to the "North Renton Interchange" and improving Lake.Washington Boulevard in connection therewith, as.provided by Ordinance No. of said City passed on the day of November, 1963? BONDS ... YES jf�7 BONDS ... NO ZS7" PASSED by the City Council of the City of Renton, Washington, at/a/ regular meeting thereof and APPROVED by the Mayor this day of November, 1963. ATTEST: CITY CLERK APPROVED AS TO FORM: CITY ATTORNEY PUBLISHED: ��- -5-