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HomeMy WebLinkAboutORD 1691DLH:l'h 8-14-58 6 ORDINANCE NO. AN ORDINANCE of the City of Renton, Washington, providing for the submission of two propo- sitions to the qualified electors of the city at a special election to be held therein on November 4, 1958, the first authorizing the issuance of general obligation bonds of the city in the principal sum of $140,000 to provide funds to pay the cost of constructing a bridge on Houser Way over the Cedar River, the second authorizing the issuance of gen- eral obligation bonds of the city in the principal sum of $110,000 to provide funds to pay the cost of constructing a bridge on Wells Street over the Cedar River. WHEREAS, it is deemed necessary for the public welfare and benefit that a bridge be constructed across the Cedar River on Houser Way and to pay the cost thereof that the city issue and sell its un- limited tax levy general obligation bonds in the principal sum of $140,000; and WHEREAS, it is also deemed necessary for the public welfare and benefit that a bridge be constructed across the Cedar River on Wells Street and to pay the cost thereof that the city issue and sell its un- limited tax levy general obligation bonds in the principal sum of $110,000; and WHEREAS, the Constitution and Laws of the State of Washington provide that the questions of whether or not said bonds may be issued 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. That for the public welfare and benefit the city shall construct a bridge with a 141 -foot roadway and two parallel side- walks over the Cedar River at Houser Way and to provide the funds necessary to pay the cost thereof shall issue and sell its unlimited tax levy general obligation bonds in the principal sum of $140,000. Section 2. That for the public welfare and benefit the city shall construct a bridge with a 24—foot roadway and two parallel side- walks over the Cedar River at Wells Street and to provide the funds necessary to pay the cost thereof shall issue and sell its unlimited tax levy general obligation bonds in the principal sum of $110,000. Section 3. The bonds of each of said issues may be combined in one or more issues and shall be sold at such time or times as found to be necessary and as permitted by law, shall bear interest at a rate of not to exceed 6% per annum 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 on said bonds be met by equal annual tax levies for the payment of the principal thereof and interest thereon. Both principal of and interest on the bonds of each of said issues shall be payable out of annual tax levies 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 here- after fixed by ordinance of the City Council. 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 shall issue said bonds, for their ratification or rejection at a special election to be held within the city on November 4, 1958, in conjunction with the county and state general election to be held on the same date. The King County Auditor as ex officio supervisor of all elections to be held in King County is hereby requested to also find the existence of such emergency 2. and to call and conduct said special election to be held within the city on that date, to submit to the qualified electors of the city the two propositions hereinafter set forth. The City Clerk is hereby authorized and directed to certify said propositions to the King County Auditor in the following form: 7 PROPOSITION NO. 1 Houser Way Bridge, $140,000 Shall the City of Renton construct a bridge over the Cedar River on Houser Way and, to provide funds to pay the cost thereof, issue its general obligation bonds in the principal sum of $140,000, both principal thereof and interest thereon to be payable by annual tax levies to be made without limitation as to rate or amount, to bear interest at a rate of not to exceed 6% per annum and to mature in from two to ten years from date of issue, 11 as more specifically provided in Ordinance No. of the City of Renton? BONDS , YES . 0 Q BONDS, NO . . . . . . . . . . . t___/ PROPOSITION NO. 2 Wells Street Br:d9 e, $110,000 Shall the City of Renton construct a bridge over the Cedar River on Wells Street and, to provide funds to pay the cost thereof, issue its general obligation bonds in the principal sum of $110,000, both principal thereof and inter- est thereon to be -payable by annual tax levies to be made without limitation as to rate or amount, to bear interest at a rate of not to exceed 6% per annum and to mature in from two to ten years from date of ive.' all as more specifically provided in Ordinance No.,/ of the City of Renton? BONDS,, YES . . . . . . . . . . . BONDS, NO . . . . . . . . . . . Z7 PASSED by the Council of the City of Renton and approved by its Mayor at a regular Council meeting held on the 19th day of August,1958. MIN City Clerk APPROVED AS TO �FORM City Attorney 3.