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Home My WebLink AboutORD 2876� _. E . .ea._. f ,,,,� � � � �� - • L _ a � �' � j a ' CITY OF RENTON , WASHINGTON ORDINANCE N0 . 2876 - AN ORDINANCE OF THE CITY OF RENTON, WASHINGTON, PROVIDING FOR THE ACQUIS.ITION OF PROPERTY AND THE CONSTRUCTION THEREON _ • � AND EQUIPPING OF A NEW FIRE STATION N0. 1 TO INCLUDE THE ADMINIS- TRATIVE OFFICES OF THE RENTON FIRE DEPARTMENT, THE CONSTRUCTION AND EQUIPPING OF A NEW FIRE STATION N0. 3 TO BE LOCATED IN SOUTH RENTON ON PROPERTY TO BE ACQUIRED BY THE CITY AND THE ACQUISITION OF A NEW FIRE FIGHTING EQUIPMENT, INCLUDING AN AERIAL LADDER TRUCK, TWO PUMPERS AND AN AID UNIT; DECLARING THE ESTIMATED COST THEREOF AS NEARLY AS MAY BE; PROVIDING FOR THE BORROWING OF A TOTAL OF $2,020,000.00 AND ISSUING AND SELLING NEGOTIABLE G.�NERAL OBLIGA- TION BONDS TO PAY THE COST OF SUCH ACQUISITIONS, SUCH BONDS TO BE PAYABLE BY ANNUAL TAX LEVIES TO BE MADE WITHOUT LIMITATION AS TO RATE OR AMOUNT; DECLARING AN EMERGENCY; AND PROVIDING FOR THE SUBMISSION OF THE PROPOSITION OF INCURRING SUCH INDEBTEDNESS AND __ . ISSUING SUCH BONDS TO THE QUALIFIED VOTERS OF THE CITY AT A SPECIAL ELECTION TO BE HELD THEREIN ON NOVEMBER 5, 1974, IN CON- JUNCTION WITH THE STATE GENERAL ELECTION TO BE HELD ON THE SAME DATE. IJHEREAS, the City is in urgent need of acquiring property and constructing the�~eon and equipping a new Fire Statior� No: 1 to include the administrative offices of the Renton Fire Department, constructing and equipping a new Fire Station No. 3 to be located in South Renton on property to be acquired by the City and acquiring new fire fighting equipment, including an aerial ladder truck, two pumpers and an aid unit, and the City does not have available sufficient funds to meet the estimated cost of such acquisitions; and WHEREAS, the assessed valuation of the taxable property of the City of Renton as ascertained by the last assessment for City purposes for the calendar year 1974 is $294,840,525.00 and at the time of the passage of this ordinance the existing outstanding general indebtedness of the City consists of $1 ,525,000.00 par value of general obligation bonds issued within the limit up to 3/4 of 1% of the value of tax- able property within the City permitted without a vote of electors, and $70,000.00 par value of general obligation bonds issued within the limit of 22% of the value of taxable property within the City permitted pursuant to a vote of the electors within the City for general municipal capital purposes, and the amount of the indebtedness , ' ` �i° ; t . [ � Y for which bonds are herein author�zed to be issued is $2,020,000.00 ; NOW, THEREFORE, BE IT ORDAINED BY THE MAYOR AND THE CITY COUNCIL OF THE CITY OF RENTON, WASHTNGTON, AS FOLLOWS : . SECTION 1. The City of Renton, Washington, shall acquire � property and construct thereon and equip a new Fire Station No. 1 to include the administrative offices of the Renton Fire Department, construct and equip a new Fire Station No. 3 to be located in South " acquired Renton on property to be/ by the City and acquire new fire fighting equipment, including an aerial ladder truck, two pumpers and an aid unite the estimated cost of which is hereby declared to be as nearly . as may be the sum of 52,020 ,000 .00 . ' SECTION 2. The City of Rentone Washington, shall borrow . the total suan of $2 ,020,000 .00 on the cred�.t of the City and issue and se11 its negoti,ahle general obligation bonds therefor for strictly municipal capital purposes other than the replacemerat of equipment, to-wit: for the purpose of providing the fu��ds required to carry out the acquisitions specified in Section 1 hereof. SECTTON 3. The 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 8� per annum, which except for the fa,rst interest coupon sh all be payable semiannually, and shall mature in from two to not more than fifteen years from date of issue, the life of the improvements to be acquired by such bonds being at least fifteen years, in such amounts as nearly as practicably �nually as will result in a difference of not more than $S ,OOOe00 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 sufficient in amount to pay both principal and .,2� � I� � ,, , , . _._. _ .' . ' ,. • a> .. � . 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 such times as i shall be hereafter determined by ordinance. Th� date of issue , I ' interest rate or rates , maturities , form and covenants o.f such bonc?s shall be hereafter fixed by or�inance of the City Council of the City, I and the bonds shall be issued and sold when the proceeds thereof may be required. I� SECTION 4 . The City Council finds that an emergency exists requiring the acquisition, construction and equipping of the fire fighting f acilities aforesaid, and that as a resul� of the existence of such an emergency, it is necessary to call a special e3ection and a special election is , therefore , hereby called to be held in the City of Renton as provided•by law on the 5th day of November, 1974 , in conjunction with the State general election to be held on the same date, at which there shall be submitted to the quaiified voters of the City for their ratification or rejection the following proposition in the form of a "ballot title" as follows : Shall the City incur a general indeb tedness and issue and sell not to exceed $2 ,020 ,000 .00 of general obligation bonds to pay the cost of acquiring property and constructing thereon and equipping a new F�,re Station No. 1 to include the administrative offices of the Renton Fire Depart- ment, constructing, and equipping a new Fire Station No. 3 to be located in South Renton on property to be ac- qu.i,r.ed- �y the City and acquiring new fire fighting equipment, including an aerial ladder truck, two pumpers and an aid unit, such bonds to be paid by annual tax levies to be made without limitation as to rate or amount and to mature in from two to not to exceed fifteen years from date of issue , as � provided in Ordinance No. 2876 , passed Septeznber 9 , 1974? BONDS . . . YES / / BONDS . . . NO /� The Director of Records and Elections of King County, Washington, as exRofficio 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 req_uired by law. The City Clerk shall deliver to the Director of Records and Elections of King County, , --3- � � � , • � , , . .,. . � . . � Washington, as ex-officio Supervisor of Elections , at least forty- � five days prior to the requested election date, a certified copy of this ordinance sho��ing its passage and including the ballot title herein set forth. PAS5ED BY THE CITX COUNCIL at a regular open public meeting thereof this 9th day of September, 197� . . . • ��.1� Q. ..��'�.P�� . Delores A. Mead, City.CClerk APPROVED BY TH� P�iAYOR this 9th day of 5eptember, 1974 . � 1 :l�/1� /n0 - ery G�ett; Mayor - Approved as to form; �� '�., . Gerard M. Shellan, City Attorney Date of Publication: 9_l�,-�4 , -4- � � , . � . , . ' . .. •. . � ' - a ' , . � �` . , � � . . ' I, DELORES A. MEAD, City Clerk of the City of Renton, Washington, hereby certify that the attached copy of Ordinance No. $'?'( is a true and correct copy of the original ordinance passed � on the � day of September, 1974 , as that ordinance appears on the Minute Book of th� City. . DATED this �b� day of September, 197�. ��r>�� C• �b g.� DELORES A. ME�D, C'�i.ty Clerk