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Home My WebLink AboutORD 4737 ORDINANCE NO. 4737 AN ORDINANCE of the City of Renton, Washington, providing for the submission to the registered voters of the City at a special election to be held in conjunction with the general election on November 3, 1998, the proposition of whether, in order to pay part of the costs of constructing and equipping a family pool in Renton, the City should incur indebtedness and issue not more than $4,000,000 of unlimited tax general obligation bonds therefor, payable from annual property tax levies upon all taxable property within the City in excess of all regular property tax levies, maturing within 20 years; and declaring an emergency. WHEREAS, after considering the recommendations of the City's Swimming Pool Task Force, the Park Board and City administration, the City Council of the City of Renton (the "City") finds it to be in the best interests of its citizens to construct and equip a family pool in the � City to serve the City's population; and WHEREAS, in order to provide all or part of the funds necessary to accomplish such construction and equipment project, the City Council finds it necessary, proper and advisable that the City incur indebtedness and issue unlimited tax general obligation bonds or notes therefor, in an aggregate principal amount not to exceed $4,000,000; and . WHEREAS, by law the proposition of whether the City may incur such indebtedness and issue such bonds for such capital purposes must be submitted to the registered voters of the City for their ratification or re'ection; NOW, THEREFORE, J THE CITY COUNCIL OF THE CITY OF RENTON, WASHINGTON,DO ORDAIN AS FOLLOWS: Section 1. The City deems it to be in the best interests of the City and its citizens to construct and equip a family pool, including a bathhouse and other provisions necessary and appropriate for a new pool facility in the City (the "Project"). The estirnated cost of the Project, . ORDINANCE NO. 4737 including the costs of issuing and selling the bonds authorized by this resolution, is declared to be, as nearly as may be, $4,000,000. Section 2. Subject to the approval of the registered voters of the City, the City hereby ! authorizes the incurrence of indebtedness and the issuance of unlimited tax general obligation bonds (the "Bonds") in an aggregate principal amount not to exceed$4,000,000 for the purpose of providing all or part of the money necessary to pay the capital costs of the Project. Section 3.. The term"capital costs," as used in the foregoing Section 2, shall be construed consistently with the term "capital purposes" in Article VII, Section 2(b) of the � Washington Constitution and RCW 84.52.056, but, subject thereto, may include the costs of (i) property acquisition, including leasing and acquiring purchase options, (ii) engineering, design, demolition and other site preparation; and (iii) planning, financial, legal and other services lawfully incurred incident to accomplishing the Project and its financing, including the incidental costs and costs related to the sale and issuance of the Bonds; provided, however, the term "capital costs" shall not include maintenance, operation or costs for replacement of equipment. The Bonds shall bear such date or dates; shall mature at such time or times not to exceed 20 years from the date of issuance thereof; shall be issued in such denominations; shall bear such terms, conditions and covenants; shall be in such form; shall bear interest at such fixed or variable rate or rates; shall bear such redemption and registration privileges; and shall be sold in such manner, at such time or times, in such amounts and at such price or prices as the City shall . —2— ORDINANCE NO. 4737 hereafter determine by ordinance. The Bonds may be issued in one or more series, either separately or in combination with other authorized general obligation bonds of the City. The Bonds shall be general obligations of the City and, unless paid from other sources, both the principal thereof and the interest thereon shall be payable from annual property tax levies, if authorized by the registered voters as provided in Section 5 of this ordinance , upon all taxable property within the City in excess of all regular property tax levies, without limitation as to rate or amount. Section 4. Subject to the approval by the registered voters of the City of the issuance of the Bonds for the purposes described in Section 1 of this ordinance, the City may provide for the issuance of short-term obligations in anticipation of the issuance of the approved Bonds in accordance with the provisions of RCW 39.50. The aggregate principal amount of all such short- term obligations and Bonds outstanding at any time shall not exceed$4,000,000. Section 5. The City finds that an urgent need exists for the above-described Project and declares that an emergency exists requiring submission to the registered voters of the City of the proposition authorizing the issuance of the Bonds for the purposes described in Section 1 of this ordinance at a special election to be held in conjunction with the general election to be held on November 3, 1998. The King County manager of records and elections as ex officio supervisor of elections is hereby requested to find the existence of such emergency pursuant to RCW 29.13, and is requested to assume jurisdiction of and to call and conduct a special election and to submit to the registered voters of the City the proposition set forth below. The City Clerk is hereby authorized —3— ORDINANCE NO. 4737 and directed to certify said propositions to the King County manager of records and elections in substantially the following form, with such additions, deletions or modifications as may be required by the City Attorney: CITY OF RENTON PROPOSITION NO. 1 FAMII.Y POOL CONSTRUCTION BONDS To construct and equip a family pool in Renton, shall the City of Renton incur debt and issue not more than $4,000,000 of unlimited tax general • obligation bonds maturing within 20 years, which shall be payable from annual property tax levies upon all taxable property within the City in excess of regular property tax levies, as provided in Ordinance No. 4737`' BONDS, YES . . . . . . . . . .❑ BONDS, NO . . . . . . . . . . ❑ The City Clerk is hereby authorized to deliver a certified copy of this ordinance to the King County manager of records and elections. Section 6. If any one or more of the provisions of this ordinance shall be declared \ unconstitutional or invalid for any reason, such decision shall not affect the validity of the remaining provisions of this ordinance, the Bonds or any short-term obligations issued in anticipation thereof, and this ordinance, the Bonds and any short-term obligations issued in anticipation thereof shall be construed and enforced as if such unconstitutional or invalid provisions had not been contained herein. Effective Date: September 23, 1998 -4- I� ORDINANCE NO. 4737 PASSED by the City Council this 14th day of September, 1998. � M ri J. Petersen, City Clerk APPROVED BY THE MAYOR this 14th day of September, 1998 Mayor Jesse Tanner APPROVED AS TO FORM: �� ottlieb, Fisher& Andrews Bond Counsel to the City Date of Publication: 9/18/9 8 (Title Only) f:�renton\utgopool —5—