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Home My WebLink AboutORD 2453 - -- • , _ --______._., ��:tF��r CITY OF RENTON, WASHINGTON ORDINANCE NO. a�-� AN ORDINANCE providing for the acquisition of certain real property in the Renton Highlands area for park and playground purposes and for the improvement, development and equipping of such area; declaring the estimated cost thereof as nearly as may be; providing for the borrow �g of $560 ,000 .00 and issuing and selling necpti- able general obligation bonds to pay the cost of - acquiring such real property; providing for the borrowing of $240, 000 . 00 and issuing and selling negotiable general obligation bonds to pay the cost of improving, developing and equipping of such area as a park and playground, both of such bond issues to be payable by annual tax levies to be made without limitation as to rate or amount; declaring an emergency; providing for the submission of the propositions of incurring such indebtedness and issuing such bonds to the qualified voters of the City at a special ele c tion to be held on March 11, 1969 . WHEREAS , the City is in urgent need of acquiring certain real property in the Renton Highlands area now owned by Public Hospital District No. 1 of King County, Washington, fo� th e purpose of a park and playground and of improving, developing and equipping such area as a park and playground and the City does not have avail- able sufficient funds to meet the cost of such acquisition and im- provement; and WHEREAS , the assessed valuation of the taxable property of the City as ascertained by the last assessment for City purposes for the calendar year 1969 is $202 , 226 ,162 . 00 and at the time of the passage of this ordinance, the City has an outstanding general indebtedness of $1,500 , 000 . 00 par value of general obligation bonds issued within the constitutional and statutory debt li �tation up to 1-1/20 of the assessed valuation of the taxable property within the City permitted without a vote of the electors of the City and the City further has an existing outstanding general indebtedness of $457 ,000 .00 par value of general obligation bonds issue d within the constitutional and statutory debt limitation of 1-1/2% to 5� of the taxable property of the City (being twice the asse �ed valu- ation thereof) permitted pursuant to a vote of the electors within the City and the total amount of the indebtedness for which bonds are herein authorized to be issued is $800,000 .00, NOW THEREFORE, BE IT ORDAINED BY �HE MAYOR AND CITY COUNCIL OF THE CITY OF RENTON, WASHINGTON, as follows : Section l. The City shall acquire from Pub li c Hospital District No. 1 of King County, Washington, certain real property located in the Renton Highlands area and more particularly described as followss Lots 1, 2 , 3 , 4 , 7 , 8 9, and. 10, Block 1; all Block 6; and Lots 1 N� 10, Block 7 al l in the Plat of Rainier Acres accordin� to the plat recorded in Volume 14 of Plats , Page 21, records of King County, Washington, for park and playground purposes, the estimated cost of which is hereby declared to be as nearly as may be the sum of $560,00 0.00 . Section 2. The City shall borrow the sum of $560,000 .00 on the credit of the City and issue and sell its negotiab � general obligation bonds therefor for strictly municipal capital purposes other than the replacement of equipment for the purpose of providing the funds in the amount and for the purposes specified in Section 1 hereof. Section 3 . In the event that the City shall acquire the , property described in Section 1 hereof, the City shall improve, de- velop and equip said area as a park and playground, th e estimated cost of which is hereby declared to be as nearly as may be the sum of $240 ,000 .00 . - Section 4. In the event that the City shall acquire the property described in .Section 1 hereof, the City shall borrow the sum of $240 ,000 .00 on the credit of the City and issue and sell its negotiable general obligation bonds therefor for strictly municipal capital purposes other than the replacement of equipment for the -2- purpose of providing the funds in the amount and for the purposes specified in Section 3 hereof. Section 5 . Each of the issues of general obligation bonds herein authorized to be issued .shall be serial in form and shall bear interest at a maximum effective rate not to exceed 6o per annum, which except for t�e first interest coupon shall be payable semi- annually, and shall mature in from two to not more than twenty years from date of issue, the life of the improvement to be acquired, im- proved, developed and equipped being at least twenty years, in such I amounts as nearly as practicable annually as will result in a differ- ence of not more than $5,000 . 00 between the highest and lowest annual payment of principal and interest, excluding the first two years from date of issue, computed on such anticipated effective interest rate as the City Council of the City shall in its discretion determine will be borne by such bonds and shall be paid by annual tax levies II sufficient in amount to pay both principal and interest when due, which annual tax levy shall be made without limitation as to rate or amount, and the bonds shall so provide. The bonds shall be redeemable at the option of the City at times as shall be hereafter determined by ordinance . The dates, interest rate or rates, maturi ties, form and covenants of the bonds shall be hereafter fixed by ordinance of the City Council of the City. The bonds shall be issued and sold when the proceeds thereof may be required and may be combined into a single issue of bonds if the City Council so determines. Section 6 . The City Council finds that an emergency exists requiring the acquisition, improvement, development and equipping of said real property located in the Renton Highlands area as specified in Sections 1 and 3 hereof, and that as a result of the existence of such an emergency, _ it is necessary to call a special election. A special election is, therefore , called to be held in the City as pro- vided by law on the llth day of March, 1969 , at wh ich there shall be submitted to the qualified voters of the City for th eir ratification or rejection the following propositions in the form of ballot titles: -3- PROPOSITION I PARK SITE ACQUISITION BONDS Shall the City of Renton, Washington, incur a general indebtedness and issue and sell not to exceed $560 , 000 .00 of general obligation bonds , but in no event to exceed, together with any out- standing general indebtedness of the City incurred for general municipal purposes, 5% of the value of the taxable property within the City (being twice the assessed valuation) , the proceeds thereof to be used solely for capital purposes, other than the replacement of equipment, to pay the cost of � acquiring from Public Hospital District No. 1 of King County, Washington, the following descri �d. real property located in the Renton Highlands, to-wit: Lots 1, 2, 3 , 4 , 7, 8 , 9 , a d 10, Block 1; all Block 6; and Lots 1 �i 10, Block 7 all in the Plat of Rainier Acres according to the plat recorded in Volume 14 of Plats , Page 21, records of King County, Washington, for park and playground purposes, such bonds to be paid by annual tax levies to be made without limita- tion as to rate or amount, to bear interest at a maximum effective rate not to exceed 6o per annum and to mature serially annually in from two to not to exceed twenty years from date of issue, all as provided in Ordinance No.-2`�.�"�3 ? PARK SITE ACQUISITION BONDS . . . . YES / / PARK SITE ACQUISITION BONDS . . . . NO /� PROPOSITION II PARK DEVELOPMENT BONDS In the event that Proposition I shall be approved by the voters of the City of Renton, Washington, and the City shall acquire the real property described in Proposition I for park and playground purposes, shall the City of Renton, Washington, incur a general indebtedness and issue and sell not to exceed $240, 000 . 00 of general obligation bonds, but in no event to exceed, together with any outstanding general indebtedness of the City incurred for general municipal purposes, 5� of the value of the taxable property I within the City (being twice the assessed valuation) , the proceeds thereof to be used solely for capital pur- poses, other than the replacement of equipment, to pay the cost of improving, developing and equipping said area as a park and playground, such bonds to be paid by annual tax levies to be made without limitation as to rate or amount, to bear interest at a maximum ef- fective rate not to exceed 6o per annum and to mature serially annually in from two to not to exceed twenty years from date of issue, all as provided in Ordinance No.0?5�3',3 ? PARK DEVELOPMENT BONDS . . . . . . YES / / PARK DEVELOPMENT BONDS . . . . . . NO /� -4- � �•. , � • . j . The County Auditor, as ex-officio Supervisor of Elections, is hereby requested to concur in the finding of such emergency and to call and conduct such special election in the manner required by law. The City Clerk shall deliver to the County Auditor, at least 45 days prior to the requested election date, a certified copy of this ordinance showing its passage and including the ballot titles herein set forth. PASSED by the City Council of the City of Renton, Wash- ington, at a regular meeting thereof, and APPROVED by the Mayor this 6th day of January, 1969 . . �� i ` � Mayor ATTEST: ' � . - �� Cit-y Clerk ` � FORM� APPROVED: .• . � r` � .�--�� .. i� I � City Attorney Date of Publication: ��N � Q 1�f� -5-