The URL can be used to link to this page

Home My WebLink AboutORD 4458 CITY OF RENTON, WA$HINGTON ORDINI�NC� N0. 4 4 5 8 A�T O1�TNA1�TeE o�' th� City o� Renton, ��h��g�or�, pro�iaing for �he submission to the v��ers of the �i�X at a 6pecia� election to be h��d tlaerein on September �t3, Y994a in co�aun�tion with �he S�ate �xi�nary election to l�e he�d ��. �a�e sar►�� date, o� � propo�i�i�r� a��h�r��ng �he Ci�� to ineu� inde�tedn�� by �s�ua.�s� �.°�s �e�e�a�. obligat�.�� boncls in a pa.r am�un� �o� to �xe�ed $1�,8o0e�0o, payabl� b�• ��nual p�gper�}� �ax ].evies t� h� made in e��es� of rec�l�x proper�ky ��x 1evi��, �or �Y�e pu�pc�se of p�.yi�ag tl�e cos�� af cons��e�x�g anci �quipping a publ.i.c �af�fcy buildinq ar�� quiringt real property for relat�c� City pur�o�es and �o T�vy �hos� ��ces� �roperty ��x�s, WHFREA�, �he Cit� o� �enton, Washington (�he "City") , is in urg�:n� ne�d �� nstru�ting and equipping a pub�ic safety bui.ldir�g and acqu��in� �ea� proper�y for ��lated City purposes, and the City sioes n�t �ave s�f�i�ient func�s ava�.labl.e for tha� �vurpose to �eet the estimated co�t of such i.rapr°ove�u�n�t and acquisition; NOW, `�Ii�EREFOIZ�, . �HE ^�T� CO�.TNC�L OF TI-iE CI`�Y OF R�N3'n1�i, �i11��FiTIJGTOId, D� OI2DAI�T a� fc�l�ok€s: " SECTIOI3 I. Descr��tion of Project. The City shal� const�ct arcd ��ui�a � pnb�.ic safety building and acquxre real. pro�aerty �or City g�r�o��s rel�ted t� public safety w��.�h �nay in�lu�e, a� �he fut��e d�s��etion of the Ci�y Co�ancil, provisic�� f�x� p�rkir�c�, ��1 j or par� o� a buil�ing site, campus desie�n and development or s�t1��r corasid�rations as cl�em�d ap�x�o�riat� for t�e a�et� �a�ili�eies �t3�� Proje�t") . The est�.mate� cos� of th� Proj e�t, i.ncl�a�d�.�g t�e co�ts ' of is�u��g �x�d se].l.Z�g the �o�1ds �tz�hox'i2ed by thi.s �X'CZ1Re'►Y10E� i� declar�d ta �e, as nearly a� rnay b�, $14,��0,00�o �h.�: e�o��mi� life of �he facilities ancl acq�i�ition c�mprising tYa� Project gs expec�ed to be at least twes��y� ��rs. 0131764.01 m],� ORDINANCE� NO. 4458 � SECTION II. Authorization of Bonds. The City shall borrow not to exceed $14,800,000 on the credit of the City and issue and sell its general obligation bonds in that principal amount for strictly municipal capital purposes, other than the replacement of equipment, to provide the funds for the Project. Costs of engineering, planning, financial, legal and other services lawfully incur'red incident to the Project shall be appropriate capital costs to be paid from the proceeds of the bonds authorized by this ordinance. SECTION III. Description of Bonds, Authorization of Short- Term Obligations and Reimbursement of Capital Expenditures. The bonds shall be issued as a single issue, as a part of a combined issue with other authorized bonds, or in more than one series. The bonds shall be fully registered; shall bear interest payable as permitted by law; shall mature within twenty years from th�ir date or within any shorter period fixed by the City Council; shall be paid by annual property tax levies sufficient in amount to pay both principal and interest when due, which annual property tax levies shall be made in excess of regular property tax levies without limitation as to rate or amount but only in amounts sufficient to pay both principal and interest when due; and shall be issued and sold in the manner, at the times and in the amounts as shall be required for the Project. The exact date, form, terms, option of prior redemption, price, interest rate or rates and maturities of the bonds shall be fixed hereafter by ordinance of the City Council. 0131�69.01 -2- ORDINANCE NO. 4458 Pending the issuance of the bonds and receipt of their proceeds, the City Council may authorize the issuance of short-term obligations pursuant to Chapter 39.50 RCW, and the costs of those short-term obligations shall be included in the cost of the Project for which the bonds are issued. The City Council declares that to the extent, if any, the City , prior to the date bonds or other short-term obligations are issued to finance the Project shall make capital expenditures for the Project from funds that are not (and are not reasonably expected to be) reserved, allocated on a long-term basis or otherwise set aside by the City under its existing and reasonably foreseeable budgetary and financial circumstances to finance the Project, those capital expenditures are intended to be reimbursed out of proceeds of the bonds or other short-term obligations issued in an amount not to exceed the principal amount provided by this ordinance. SECTION IV. Call of Special Election. The City Council finds that an emergency exists which requires constructing the facilities and acquiring the real property comprising the Project, and the Director of Records and Elections of King County, Washington, as ex officio Supervisor of Elections, is requested to concur in that finding and to call and conduct a special election to be held in the City on September 20, 1994, in conjunction with the State primary election to be held on the same date, for the purpose of I submitting to the qualified electors of the City for their approval the question of whether or not the City shall borrow not to exceed $14,800, 00, issue its general `obligation bonds in that principal amount for capital purpos�es only, other than replacement of 0131769.01 -3- ORDINANCE NO. 4458 equipment, and levy excess taxes necessary to redeem the bonds as herein set forth. SECTION V. Ballot Title. The City Clerk is directed to certify to the Directar of Records and Elections of King County, Washington, as ex officio Supervisor of Elections, at least 45 days prior to the September 20, 1994, special election date a copy of this ordinance and the proposition to be submitted at that special election in the form of a ballot title as follows: PROPOSITION GENERAL OBLIGATION BONDS - $14,800, 000 Shall the City of Renton, Washington, borrow $14,800, 000 to construct and equip a public safety building and acquire real property for City purposes related to public safety by selling general obligation bonds therefor maturing within twenty years and levy annual excess property taxes necessary to pay and retire the bonds, as provided in Ordinance No. ? BONDS . . YES ❑ BONDS . . NO ❑ PASSED by the City Council thisllth day of July , 1994. Marilyn tersen, City Clerk APPROVED BY THE MAYOR this llth day of July , 1994. Mayo APPROVED AS TO FORM: ` � oster Pe er & Shefelman Bond Counsel to the City Date of Publication July 15 , 1994 0131769.01 -4- I, Marilyn J. Petersen, City Clerk of the City of Renton, Washington, certify that the attached copy of Ordinance No. 4458 is a true and correct copy of the original ordinance passed on the llth day of July , 1994, as that ordinance appears on the Minute Book of the City. DATED this llth day of July , 1994. C/�� ` . Marilyn . Petersen, City Clerk 0131769.01