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Home My WebLink AboutORD 4469 CITY OF RENTON, WASHINGTON I ORDINANCE NO. 4469 AN ORDINANCE of the City of Renton, Washington, providing for the resubmission to the voters of the City at a special election to be held therein on November 8, 1994, in conjunction with the State general election to be held on the same date, of a proposition authorizing the City to incur indebtedness by issuing its general obliqation bonds in a par amount not to exceed $14,800, 000, payable by annual property tax levies to be made in excess of regular property tax levies, for the purpose of paying the costs of constructing and equipping a public safety building and acquiring real property for related City purposes and to levy those excess property taxes. WHEREAS, the City of Renton, Washington (the "City") , is in urgent need of constructing and equipping a public safety building and acquiring real property for related City purposes, and the City does not have sufficient funds availabl.e for that purpose to meet the estimated cost of such improvement and acquisition; and � WHEREAS, a proposition authorizing the incurring of indebtedness for such purposes has been submitted to the electors of the City in conjunction with the September 20, 1994, State primary election, and if that proposition is defeated, the Mayor and City Council desire to resubmit that proposition to those electors at the State general election; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF RENTON, WASHINGTON, DO ORDAIN as followse SECTION I. Description of Project. The City shall construct . and equip a public safety building ancl acquire real property for City purposes related to public safety which may include, at the future discretion of the City Council, provision for parking, all or part of a building site, campus design and development or other considerations as deemed appropriate for the new facilities (the �'� oiaao�i.oi -1- ORDINANCE NO. 4469 "Project") . The estimated cost of the Project, including the costs of issuing and selling the bonds authorized by this ordinance, is declared to be, as nearly as may be, $14,800, 000. The economic life of the facilities and acquisition comprising the Project is expected to be at least twenty years. SECTION II. Authorization of Bonds. The City shall borrow not to ex�eed $14,800,000 on the credit of the City and issue and se11 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 incurred incident to the Project, costs of issuance of the bonds, and an apportionment equal to not more than one percent of construction expenditures on the Project upon public works for art pursuant to Ordinance No. 3749, shall be appropriate capital costs to be paid from the proceeds of the bonds authorized by this ', ordinanceo 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 their 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 I principal �nd interest when due, which annual property tax levies shall be made in excess of regular property tax levies without oiaaosi.oi -2- ORDINANCE NO. 4469 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. 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 I 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 acguiring 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 oiaaosi.oi -3- OR172NANCE I�id. 4 4 6 g finding and to ca11 arid �oriduct a special election to be held a.n ' the City on Navemb�r 8, 1994, in conjunction with the State qeneral � � el�ction tv b� h�ld on the same dat�, for the purpas� of submitting to the qualified electors o� the City �or their appravaY the questian of whether or not the Gity sh�ll borraw nat to exceed ' $X4,800, 000, i.sst�e Yts general obli.qat�.an bonds �,n that �riz�cipal �?mot�n� ��x �apxta� purp�ses on�.�, a�her �h�n r��alaceinen� of equipment, and levy �xcess t�x�s n�cessary to rede�m the bonds as herein set forth. SECTI�N V. Ba11ot Title. Th� City C1.�rk is dir�ct�d tc certify ta the Directe� of R�co�ds and Ele�tions of King County, Washingtan, as ex officio Supervisor o� Electians, at least 45 days prior to the Nov�mber 8, 199�E, special election dat� a copy of this ordinance and the proposition to be submitted at that special electi,on in the form of a ballot title as follows: PRaFOSITION GENERAZ, OB��G2��'X�N $()�T�S - $14, 81�0, 000 Shall the G�.ty af Renton, Washingtan, bvrraw � $1�,800, 000 to con$�xua� at�d �quip a pub�ic safetY � building and acqui�e r�al praperty for City purpos�s related to public safety by selling general obligaticn b�nds �herefor maturing wi�hin t�rent�r y�ars and l�vy uia4mi.oi -g- ORDINANCE NO. 4469 annual excess prope 'rty taxes necessary to pay and retire , �he bonds, as provided in Ordin�nce No. ? I BONDS . . YES ❑ BONDS . . NO ❑ PASSED by the City Council this 22nd day of August , 1994e � Marilyn . P tersen, City Clerk APPROVED BY THE MAYOR this 22nd day of Auqust , 1994. Ma r APPROVED AS TO FORM: ' � � . _ Foster Pepp & Shefelman . Bond Counsel to the City Date of Publication August 26, 1994 (Title Only) oiaaosi.oi -5- I, Marilyn . J. Petersen, City Clerk of the City of Renton, Washington, certify that the attached copy of Ordinance No. 4469 is a true and correct copy of the original ordinance passed on the . 22nd day of August , 1994, as that ordinance appears on the Minute Book of the City. DATED this day of , 1994. Marilyn J. Petersen, City Clerk 0144031.01