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HomeMy WebLinkAboutORD 3825 P s CITY OF RENTON, WASHINGTON ORDINANCE NO. 3825 AN ORDINANCE of the City of Renton, Washington, relating to City park and recreational facilities; providing for constructing and equipping a Community Center on land presently owned by the City; declaring the estimated cost thereof as nearly as may be; providing for the borrowing of a total of $4 , 00,000, and selling negotiable general obligation bonds to pay the cost thereof, such bonds to be payable by annual property tax levies to be made in excess of regular property tax levies; and providing for the submission of the proposition of incurring such indebtedness and issuing such bonds and levying such excess taxes to the qualified voters of the City at a special election to be held therein on September 18 1984 , in conjunction with the State primary election to be held on the same date. WHEREAS, the City of Renton, Washington (the "City" ) , is in urgent need of constructing and equipping a Community Center on land presently owned by the City, and the City does not have available sufficient funds to meet the estimated cost of such Community Center; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF RENTON, WASHINGTON, DOES ORDAIN as follows : Section 1. Subject to the provisions of this ordinance, the City shall construct and equip a Community Center on land presently owned by the City, the estimated cost of which is declared to be as nearly as may be $4 ,100,000. Section 2 . The City shall borrow $4 , 100,000 on the credit of the City and issue and sell its general obligation bonds therefor for strictly municipal capital purposes other than the . 4 replacement of equipment, for the purpose of providing the funds In the amount and for the purpose specified in Section 1 of this ordinance. Section 3 . The general obligation bonds authorized by this ordinance shall bear interest, shall mature within twenty years from date of issue, but may mature within a lesser time (the life of the improvements to be acquired by the issuance of bonds Is found to be at least twenty years) in such amounts, and shall be sold in such manner as the City Council of the City shall determine. The bonds shall be paid by annual property tax levies made in excess of regular property tax levies without limitation as to rate or amount sufficient in amount to pay the principal of and interest on the bonds when due, and the bonds shall so provide. The date, interest rate or rates, maturities, option of prior redemption, form and covenants of the bonds shall be fixed hereafter by ordinance of the City Council . The bonds shall be issued and sold when required in one or more series .and may be combined with any other issue or series of authorized general obligation bonds . Pending the issuance of the bonds and receipt of proceeds thereof, the City Council may authorize interim interest-bearing warrants or other short-term obligations to pay for carrying out the purpose of the bonds, and the costs of such warrants or short-term obligations shall be included in the cost of that purpose. Section 4 . The City Council finds that an emergency exists requiring the carrying out of the project described in this - 2 - ordinance, and the Director of Records and Elections of King County, Washington, is requested to concur in the finding of the existence of an emergency and to call and conduct a special election to be held in the City on September 18, 1984 , in con- junction with the State primary election to be held on the same date, for the purpose of submitting to the qualified electors of the City for their approval the question of whether the City shall borrow $4 ,100,000, issue its general obligation bonds therefor for capital purposes only, other than replacement of equipment, and levy excess taxes necessary to redeem the bonds as herein set forth. Section 5 . The City Clerk is directed to certify to the Director of Records and Elections of King County, Washington, at least 45 days prior to the September 18, 1984 , special election date, a copy of this ordinance and the proposition to be sub- mitted at that special election in the form of a ballot title as follows : PROPOSITION COMMUNITY CENTER BONDS - $4 ,100,000 Shall the City be authorized to borrow $4 , 100,000 for the purpose of paying the cost of constructing and equipping a Community Center on land presently owned by the City by issuing and selling general obligation bonds therefor maturing within twenty years, but may be a lesser time, from date of Issue and payable from annual property tax levies to be made in excess of regular property tax levies, and levy excess taxes necessary to redeem the bonds, as provided in Ordinance No. 3825 ? BONDS . . . . YES BONDS . . . . NO 3 - Section 5 . This ordinance shall be effective upon its passage, approval and five days after publication. PASSED by the City Council this 16th day of July, 1984 . (SEAL) MAXINE E . MOTOR, City Clerk APPROVED BY THE MAYOR this 16th day of July, 1984 . BARBARA Y. SHINPOCH, Mayor Approved as to Form: City Mtorney Date of Publication: July 27, 1984 0846r - 4 -