HomeMy WebLinkAboutORD 3839 REVOKED BY
pRo. *k 3848
CITY OF RENTON, WASHINGTON
ORDINANCE NO . 3839
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, 100 ,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 November 6,
1934, in conjunc,Xion with the State general 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
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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
dbligations 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
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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 November 6 , 1984, 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 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
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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 November 6 , 1984 general 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
COMMITY 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 Ord-
inance No .
BONDS . . . . YES
BONDS . . . . NO
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Section 5 . This ordinance shall be effective upon its
passage, approval and five days after publication.
PASSED by the City Council this 21st day of September,1984 .
Maxine E . Rotor, City er
(SEAL)
APPROVED BY THE MAYOR this 21st day of September, 1984 .
Barbara Y. Shinpoch, Mayor r
Approved as to form:
u
City Attorney
Date of Piiblication: September 26, 1984
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