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CITY OF RENTON, WASHINGTON
ORDINANCE NO . ,7 %IO
AN ORDINANCE of the City of Renton, Wash-
ington, providing for the constructing and equip-
ping of a new City Library in the general area of
Liberty Park; declaring the estimated cost thereof,
as near as may be; providing for the borrowing of
not to exceed $150,000.00 and issuing and selling
negotiable general obligation bonds to pay a part
of the cost of constructing and equipping such new
City Library, said bonds to be payable by annual
tax levies to be made without limitation as to rate
and amount; declaring an emergency; and providing
for the submission of the proposition of incurring
such indebtedness and issuing such bonds to the
qualified electors of the City at a special election
to be held in conjunction with.the state general
election on November 3, 19 64 .
WHEREAS, the City of Renton is in urgent need of constructing
and equipping a new City Library in the general area of Liberty Park and the
City has money available in the sum of only $235, 000.00 to pay a part of
the cost thereof and does not have available sufficient funds to meet the
estimated remaining cost of constructing and equipping such new library,
including the cost of the issuance of the general obligation bonds herein
authorized to be issued; 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 1964 is $71,141,084.00, 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 $323,000.00, 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 the laws of the State of Washington to be incurred for general municipal
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capital purposes within the limitation of 1 1/2% to 5% of the valuation of the
taxable property within the City, and the qualified electors of the City have
further authorized the issuance and sale of not to exceed $400, 000. 00 par
value of general obligation bonds to finance the construction of the "North
Renton Interchange," none of which bonds have as yet been issued; and the
City has called a special election to be held on September 15, 1964, in
conjunction with the state primary electionto be held on the same date to
submit to the qualified electors of the City a proposition authorizing the
issuance and sale of not to exceed $450,000.00 of general obligation bonds
to pay the cost of developing and equipping the Lake Washington beach prop-
erty of the City'as a public park; 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, shall construct
and equip .a new City Library. in the general area of Liberty Park, the
estimated cost of which is hereby declared to be, as nearly as may be,
the sum of $385, 000. 00 .
Section 2. Such cbs.t].shall be paid in part from moneys
presently on hand and available therefor, in the approximate sum of
$235, 000.00 and the City of Renton shall borrow the sum of not to exceed
$150, 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 to pay the remaining cost of constructing and equipping such new
City Library in the general area of Liberty Park and to pay the costs incidental
to the issuance of such general obligation bonds.
Section 3. The general obligation, bonds herein authorized
to be issued shall be serial in form, shall bear interest at a rate or rates
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not exceeding 6% per annum, payable semiannually, and shall mature in
from two to not more than twenty 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 twenty 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 interest 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 prin-
cipal 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 required.
Section 4. The City Council finds that the necessity for the
immediate constructing and equipping of a new City Library 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 3, 1964, in con-
junction 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 ratification
or rejection the question of whether or not the City shall borrow the sum of
not to exceed $150,000.00 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 3, 1964,
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in conjunction with the state general election to be held on the same date,
in the form of a ballot title, as follows:
"PROPOSITION
"CITY LIBRARY BONDS - $150 , 000.00
"Shall the City of Renton, Washington, borrow
the sum of not to exceed $150,000.00 and issue
its negotiable general obligation bonds therefor
solely for capital purposes, other than the replace-
ment of equipment, to -wit, to pay a part of the cost
of constructing and equipping a new City Library
in the general area of Liberty Park, said bonds to
be paid by annual tax levies to be made without limita-
tion as to rate or amount, to bear interest at a rate or
rates not to exceed 6% per annum, payable semi-
annually, and to mature in from two to not to exceed
twenty years after date of issuance, all as provided
in Ordinance No. .2- l i0 ?
BONDS . YES Z_/
BONDS .NOL /"
The polls for said election shall be open from 8:00 o'clock
a.m. to 8:00o'clock p.m. (PST)
The voting places and the election officials shall be the
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 convassing 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 b the Mayor thereof, this 24th
day of August, 1964.
ATTEST: Mayor
City Clerk
FO' M APPROVED*
City Attorney
prim innm DATE AUG 2 6 1964