HomeMy WebLinkAboutORD 2105�X
CITY OF RENTON, WASHINGTON
ORDINANCE NO. /C_6'
AN ORDINANCE of the City of Renton, Washington,
providing for developing and equipping the Lake
Washington beach property of the City as a public
park by dredging, filling and planting, and con-
structing and installing bathhouse, picnic and
playground facilities; declaring the estimated
cost thereof, as near as may be; providing for
the borrowing of not to exceed $450,000.00 and
issuing and selling negotiable general obligation
bonds to pay the cost of developing and equipping
the Lake Washington beach property as a public
park, said bonds to be payable by annual tax
levies to be made without limitation as to rate and
amount; declaring an emergency; and providing for
the submission of the proposition of incurring such
indebtedness and issuing such bonds to the quali-
fied electors of the City at a special election
to be held in conjunction with the state primary
election on September 15, 1964.
WHEREAS, the City of Renton is in urgent need of develop-
ing and equipping the•Lake Washington beach property of the City
as a public park including dredging; filling and .planting, and
constructing and installing bathhouse, picnic and playground
facilities, and the City does not have available sufficient funds
to meet the estimated cost thereof; and
WHEREAS, the assessed valuation of the taxable property
in the City as ascertained by the last preceding assessment for
City purposes for the calendar year 1964 is $71,141,084.00, and
the existing indebtedness of the City at the date of the passage
of this ordinance, which indebtedness includes the amount for
which.the bonds herein authorized are to be issued, is the sum of
$623,000.00, the presently outstanding $173,000.00 of bonds having
been heretofore issued pursuant to vote of the qualified electors
of the City as a part of the -indebtedness permitted by the
Constitution and laws of the State of Washington to be incurred
for general municipal capital purposes within the limitation of
1 1/2 to 5% of the valuation of the taxable property within the
City, and the qualified electors of the City have further authorized
the issuance and sale of not to exceed $400,000.00 par value of
general obligation bonds to finance the construction of the "North
Renton Interchange," none of which'bonds have as yet been issued,
NOW, THEREFORE,
BE IT ORDAINED BY THE MAYOR AND CITY COUNCIL OF THE CITY
OF RENTON, WASHINGTON, as follows:
Section 1. The City of Renton, Washington, shall develop
and equip the Lake Washington beach property of the City as a public
park by dredging, filling and planting, and constructing and
installing bathhouse, picnic and playground facilities, the estimated
cost of which is hereby declared to be, as nearly as may be, the
sum of $450,000.00;
Section 2. The City of Renton shall borrow the sum of -,not
to exceed $450,000.00 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,
to -wit, for the purpose of providing the funds in the amount and for
the purpose specified in Section l hereof.
Section 3. The general obligation bond herein authorized
to be issued shall'be serial in form, shall bear interest at a rate
or rates not exceeding 6% per annum, payable semiannually, and shall
mature in from two to not more than twenty years from date of issue
(the life of the improvement to be acquired from the proceeds
received from the issuance and sale of the bonds being at least
twenty years) in such amounts, that will result in a difference of
not more than $5,000.00 between the highest and lowest annual pay-
ment of principal and interest computed on such anticipated
effective interest rate as the City Council may determine will be
borne by the bonds, and shall be*paid by annual tax levies to be
made without limitation to rate or amount, sufficient in amount
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to pay the principal of the bonds and the interest thereon as the
same shall accrue, and the bonds shall so provide. The bonds shall
be redeemable at the option of.the City at such times as shall be
hereafter determined by ordinance. The date, interest rate or rates,
maturities, form and covenants of said bonds shall be hereafter
fixed by ordinance of the City Council of the City and the bonds
shall be issued and sold when the proceeds thereof may be required.
Section 4. The City Council finds that the necessity for
the immediate developing and equipping of the Lake Washington beach
property as a public park has created an emergency in the City, and
an emergency is hereby declared to exist, and the King County Auditor,
as ex -officio Supervisor of Elections, is hereby requested to concur
in finding the existence of an emergency and to call and conduct a
special election to be held, in the City of Renton on September 15,
1964, in conjunction with the State primary election to be held on
the same date, for the purpose of submitting to the qualified
electors of the City for their ratification or rejection the question
of whether or not the City shall borrow the sum of not to exceed
$450,000.00 and issue its negotiable general obligation bonds there-
for for municipal capital purposes only, other than the replacement
of equipment, as herein set forth.
Section 5. The Clerk of.the City is hereby directed to
certify to the King County Auditor a copy of this ordinance and the
proposition to be submitted at the special election to be held in
the City on September 15, 1964, in conjunction with the State primary
election to be held on the same date, in the form of a ballot title, as
follows:
"PROPOSITION
"LAKE WASHINGTON PARK BONDS $40,000.00
"Shall the City of Renton, Washington, borrow
the sum of not to exceed $450,000.00 and issue
its negotiable general obligation bonds therefor
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solely for capital purposes, other than the
replacement of equipment, to -wit, to pay the
cost of developing and equipping the Lake
Washington beach property of the City as a
public park by dredging, filling, and planting,
and constructing and installing bathhouse,
picnic and Playground facilities, said bonds
to be paid by annual tax levies to be made with-
out limitation as to rate or amount, to bear
interest at a rate or rates not to exceed 60
per annum, payable semiannually, and to mature
in from two to not to exceed twenty years after
date of issuance, all as provided in Ordinance
No. �l
BONDS YES Q BONDS . . . NO Q ��
The --polls for said election shall be open from 8:00
o'clock a.m, to 8:00 o'clock p.m. (PDST).
The voting places and the election officials shall be the
same as those established for the State primary election to be held
on the same date.
The Auditor of King County, Washington, pursuant to RCW
29.13.040, shall have jurisdiction.over and shall conduct such
special election in conjunction with the State primary election to
be held on the same date, and the County canvassing board of elec-
tions shall canvass the returns of such special election.
PASSED by the City Council of the City of Renton, Washing-
ton, at a regular meeting thereof and APPROVED by the Mayor thereof,
this 2_-7_,,� day of July, 1964.
ATTEST:
r, City Clerk
A�EdOVED AS TO FORM:
City Attorney
Date of Publication., July 29, 1964
Charles
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