HomeMy WebLinkAboutORD 0643ORD IYANC3 FO. 7}}
AN ORDINANCE 07 TH! CITY OF N, ,7A3HIITGT0 , PROVIDING
EOR TIE ERECTION OF 2, Y CITY HALT AND THE ISSUING OF BONDS IN
A SUI NOT TO . XG : D TSi'&TY EIVE THOUS ED DOLLARS TO BAY THEREFOR
ALL PAOVIDI aG 20a A SEECIAL LELTION AT .',SIGH THn TOTEaS OF T T
CITY OF REETOT LAY VOTE FO! CR AGAINST StiID 2 .OrOSITION.
THE CITY GO UZG IL OF= THE CITY OF R E: TO LST DO Ot DAI< AS FOLL o WS :
Section 1: That whereas, there was on the 8th day of Lay,
19:3, in the city of-aenton, ming County, State of iashington, a
special election held at which the proposition was voted upon
authorizing the City Council to issue the bonds of the City of
Renton, and
iHIREAS, the said bonds were duly authorized but none of
said bonds were issued or actually sold prior to taking effect
of Chapter 151 of Session Laws of 1923, which bonds as authorized
were not serial in form and under the provisions of said amended
UK of 1923, all municipal bonds must be serial in form after the
taking effect of swid act and
AS, the CIty of Renton is without public buildings or
offices in which to transact its business an emergency exists, and
a special election is necessary.
Section 2: NOU, TH RTFOR_7, be it enacted by the City
Council of the City of Renton, Tashington, that on the 14th day
of August,1923, pursuant to an act of the legislature of the State
of 7ashington, approved Larch 6,1901, and to the acts amendatory
thereof, there shall be submitted to the voters of the said city
the proposition of authorizing the said City of Renton to issue
bonds in the sum not to exceed Twenty Five Thousand Dollars for
the purpose of constructing a new City Hall, the estimated cost of
which is twenty Five Thousand Dollars.
Section 3: That the plans prepared by S. L. Hanley, the
city 'engineer and FOGY on file in the office of the City Clerk of
the City of Lenton, be, and the same are hereby adopted as the
plans for said building.
Section 4: That the City 3a11 shall be erected upon Lots
13 and 14, Block 22 of the Town, now City of Renton, ikshinUton.
,Section 5: That said election shall be held in accordance
with the Laws of the State of Washington providing for special
elections. The ballots shall contain the following:
"Shall the City of Renton issue $25;000 of bonds for the
City Hsll?A YesTo If the voter desires to vote
for bonds, -he shat place a cross in the square after "Yes" and
if hc desires to vote against said bonds, he shall place a cross
in the square after the word "No".
Section 6: The tlayor and the City Clerk shall certify to
the Gounty Election BQ&rd the intention of the City of Renton to
hold a special election, at least forty-five days before the day
of such election. The proplsition in ballot form not exceeding
twenty five words and in form contained in the preceding section.
ti
Section 7: That if three fifths of the voters of the City
of Renton voting upon the said project of "Bonds,yes" , the Mayor
and the City Clergy of the City of Renton shall be and they are
hereby authorized to have printed or engraved, bonds of the said
---2.
City of Peenton, Jashington, in the sum of T� enty Five Thous^.nd
yollars to be d.nomir_ated "The )enton City Mall fonds". Said bonds
shall bear not to exceed five and one-half per cent interest, shall
be serial in form and maturity and numb:red from one un consecutive-
ly, and interest payable semi-annVally. The various annul maturt-
ties shall coiiaLience with the second year after date of the issue
of the bonds and shall ( as nearly as _- -rac t ivible) .;e in such amounts
as viill, toUether with the interest on all outstanding bonds, be
met by an ecival annual tax levy for the payment of said bonds and
interest but only bond; numbered one shall be of a denomination
other than a multiple of are Hundred Dollars. and shPIl hiati"' a coupon
attached for each years interest,.
Section 8: L,ity council shall annually levy sufficient
taxes to meet the sehai-annuai payment of interest on matured bonds
as Herein provided.
Section J: The bonds shall be sold at public sale and a
notice calling for bids for the purchase of said .,onds, shall be
published once a week for four consecutive weeks in the official
newspaper and the notice shall specify the place, designate the
day and hour subsecuent to the date of` the last publication thereof,
when sealed bids will be received and publicly opened. A copy of
s'Wch notice shall, at least three weeks prior to the date set for
the sale,. -,e mailed to the State Finance Coni ittee, Olympia, iVash-
ingtor,. `7The notice shall specify the maximum rate of interest
such bonds shall bear, and shall recuirethe bidders to submit a
bid specifying (a) the lowest rate of interest and premiium, if any,
above par, at which the bidder will purhhase said bonds; 6r (b)
the lowest rate of interest at which the bidder will puhhhase the
bonds at par. The bonds shall be sold to the, bidder making the
best bid subject to the right of the city to reject any and all
bids and re -advertise and no bond shall be sold for less than par
and accrued interest, nor shall any discount or commission be
allowe 9 in the el -le of such bonds. All bids shall be sealed and
except the bid of the State of 76sh-ngto-p, if the St-=te bids, shall
be accompanied by a deposit of five per cent, either cash or certi-
fied check-4iofthe armou -_t of the bid, which shall be returned if
the cid is not accepted; and if the successful bidder shall fail
or neclect toCQEthe said purchase of bonds wi th.n th=tty days
folloarin- the acceptance of his bid, the amou t of his bid shall
be forfeit to the city and in that event the city may accett the
offer of the one makinL,, the next best bid.
Section 10: 10 bond of said issue shall be for a period to
exceed �2-- years. They shall be payable at the ofice of
the CAty Treasurer and shall be registered by the City Clerk in a
book to be kept for that purpose and shall have printed in the face
t'nercof all matter recuired by the law of the State of ,9ashJLr,6ton.
Section 11: To provide for the pa`vzent of interest on said
bonds and the ann'K,dl matttity thereof there is hereby levied and
,/set apart and specifi¢ILlly appropriated and annual tax of not to
exceed two mills on each One AnnipwAa Dollars worth of property real
and personal within the Gi ty of Renton not e Tempt from taxation;
suer, taxes to be assessed, become due and be collected ani wally
until the orincip�,al and interest of said bonds are fully .)aid and
discharged.
Section 12: The first levy of tax shall be so tinier so as
to provide a fund for the payment of the first bond and interest
which shall m,.ture with the second year after the date of issue
Qf the bonds and it shall be the duty of the t-re:surer to punish
a notice iballing for the surrender of said bonds in the order of
their issue from one up consecktively and the owner or holder of
s^id bond rust -present the s.Fne for payment or, or before the next
111 +e -yes t
payment peridd and if not so presented shall ther after cease to
draw interest.
Section 13: This ordinf:nee shall be in full force and e 'eet
five tu7T from nd after its rassage, approve 1 end leg l publication
s Vrovided by aw
A proved this _ � 6 daffy of June,1923.
f�i�!
faryor.
Passed this 26 day of Ju-ne,1923.
r �
City Clerk.
A ;pro ve6 Ls to f orm:
City Attorneyl
Date of first publication: -�— ��