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Home My WebLink AboutORD 2270 . . • �- ' ' �$�ir�k`�l� . � GITY OF RENTON, WASHINGTON ORDINANCE NO. �� AN ORDINANCE of the City of Renton, Wash- ington, providing for the construction of certain arterial street improvements within the City; declaring the estimated cost thereof as nearly I as may be; making provision to pay the cost thereof by: first, a grant anticipated to be received from the United States government under the Public Works and Economic Development Act of 1965; and, second, the issuance and sale of general obligation bonds in the amount of not to exceed $3 ,250,000.00 , payable by annual tax levies to be made without limitation as to rate or amount; creating a special fund to provide for the payment of the general obligation bonds; declaring an emergency; and providing for the submission to the qualified voters of the City for I their ratification or rejection at a special election to be held in conjunction with the general State election on November 8 , 1966 , of the proposition for the incurring of such indebtedness and the , issuing of such general obligation bonds. WHEREAS , the City of Renton is in urgent and immediate need of constructing arterial street improvements and the Gity does not have available sufficient funds to meet the total estimated costs thereof; and WHEREAS, the assessed valuation of the taxable property within the City as ascertained by the last preceding assessment for City �.- purposes for the calendar year 1966 is $82,865 ,888.00 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 $3 ,850 ,000.00, the presently outstanding $600 ,000.00 of bonds having been heretofore issued pursuant to a vote of the qualified electors of the City as a part of the indebtedness permitted by the constitution and the laws of the State of Washington to be incurred for general municipal purposes within the limitation of 1 1/2% to 5% of the ' valuation of the taxable property within the City (being twice the assessed valuation thereof); and WHEREAS, the City Council has approved and adopted a general , . a � . ' . • � I plan for arterial street improvements, a part of which is deemed necessary to be constructed immediately, 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, for strictly municipal capital purposes shall construct and improve to arterial standards , including all necessary structures, traffic control devices and acquisition of rights of way where necessary to construct a major arterial street improvement, the following streets: 1 . Logan-Smithers: From Grady Way to a proposed interchange at the intersection of 3rd Avenue North 2. ..Third Avenue North: From Rainier Avenue along Airport Way to the proposed interchange at Logan Street, thence easterly along Third Avenue North to Sunset Boulevard East 3 . Park Avenue: From Third Avenue North to 8th Avenue North and a connection to the North Renton Interchange. The foregoing shall include all necessary curbing, guttering, I ballasting, grading, surfacing and drainage facilities and such other work as may be necessary and incidental to the foregoing construction and improvements. The City Council may modify the details of the foregoing plan of improvement where, in its judgment, it appears advisable, as long as such modifications do not substantially alter the purposes hereinbefore '� set forth. The life of the foregoing improvement is hereby declared to be at least fifteen years. � The estimated cost, as near as may be, of the foregoing improvements is declared to be $6, 500 ,000 .00. Section 2. The cost of acquiring, constructing and making the foregoing improvements shall be paid as follows: FIRST: From a grant or payments anticipated to be received from the United States Government under the Public Works and Economic Development Act of 1965 in the amount of $3 , 250,000.00; ! _�_ . - . � . , . , < � � SECOND: By the borrowing of not to exceed $3 ,250 ,000.00 on the credit of the City and issuing and selling its negotiable general obligation bonds therefor to be designated "General Obligation Arterial Street Bonds , 1966 , " (or " 1967" if not issued until January 1 , 1967 , or thereafter) . Section 3. The general obligation bonds herein authorized to be issued shall bear interest at a maximum effective rate not to exceed 6% per annum, which except for the first interest payment, shall be payable semiannually, interest coupons to be attached representing interest to maturity, and shall mature serially annually commencing not less than two years after the date of issuance and ending not more than fifteen years from the date of issuance in such amounts that will result in a difference of not more than $5 ,000 .00 between the highest and lowest annual payment of principal and interest, excluding the years up to and including the year in which principal payments commence , 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 as to rate or amount, sufficient in amount to pay the principal of the bonds and the interest thereon as the same shall accrue, and the bonds shall so provide; except that the City may, pursuant to RCW 82.36 .020 , as amended by Chapter 113 of the 1963 Session Laws of the State of Washington, use toward the payment of the principal and interest accruing on the bonds the proceeds of the one-half cent of additional motor vehicle fuel and use fuel excise taxes allocated to the City for the construction, improvement and repairing of arterial highways and the matching funds provided the City for such purpose. 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. There shall be and there hereby is created and established in the office of the City Treasurer a special fund to be called "General Obligation Arterial Street Bond Fund, 1966 , " (or " 1967" if the bonds are not issued until January 1 , 1967 , or thereafter) which fund shall be drawn upon for the sole purpose of paying the principal of and interest on the bonds described above from and after the date thereof and so long -3- . . . + , . . , � thereafter as any of those bonds remain outstanding. , The City Council of the City of Renton has given due consideration to the purposes for which the proceeds of the bonds are to be expended and hereby finds and declares that those purposes are capital purposes. The proceeds of those bonds shall be used for the foregoing capital purposes only, which shall not include the_replacement of equipment. The City of Renton hereby irrevocably pledges itself to levy taxes annually, without limitation as to rate or amount, upon all of the property in the City subject to taxation, in an amount sufficient to pay the principal of and the interest on the bonds as the � same shall accrue , the proceeds of said levies to be deposited in the "General Obligation Arterial Street Bond Fund, 1966;" except that the � City may, pursuant to RCW 82.36.020 , as amended by Chapter 113 of the 1963 Session Laws of the State of Washington, use toward the payment of the principal and interest accruing on the bonds the proceeds of the one-half cent of additional motor vehicle fuel and use fuel excise taxes allocated to the City for the construction, improvement and II repairing of arterial highways and the matching funds provided the City II for such purpose. The full faith, credit and resources of the City are � hereby irrevocably pledged for the payment of the principal of and intere st on the bonds . Section 5. The City Council finds that the inadequacy of the present arterial streets of the City and the condition of the existing arterial streets of the City have created an emergency, and an emergency is hereby declared to exist, and the Auditor of King County, Washington, as ex-officio Supervisor of Elections , is hereby requested to find the existence of an emergency and to call a special election to be held in the City on Novembe.r 8 , 1966 , in conjunction with the general S:'tate election to be held on the same date , for the purpose of submitting to the qualified voters residing therein, for their ratification or rejection, the following proposition to be submitted in ballot form substantially as follows , to-wit: -4- � I "PROPOSITION "ARTERIAL STREET BONDS $3 ,250 ,000.00 "Shall the City of Renton, Washington, incur a general indebtedness and issue and sell not to exceed $3 ,250 ,000.00 of general obligation bonds , but, in no event, to exceed, together with outstanding general indebtedness of the City, 5% of the value of the taxable property within the City (being twice the assess- ed valuation) , the proceeds thereof to be used solely for capital purposes other than the replace- ment of equipment, to-wit, to pay a part of the cost of constructing certain arterial street improve- ments within the City, the bonds to be paid by annual tax levies to be made without limitation as to rate or amount, to bear interest at a maximum effective rate not to exceed 6% per annum , which except for the first interest payment, shall be payable semiannually, and to mature serially annually in from not less than two to not to ex- ceed 15 years after date of issuance , all as provided in Ordinance No. ��? BONDS . . . YES U BONDS . . . NO � " Section 6. The City Clerk is hereby authorized and directed to deliver a certified copy of this Ordinance to the Auditor of King County, Washington, as ex-officio Supervisor of Elections , at least 45 days prior to the proposed election date , requesting the County Auditor to call that special election and to give notice thereof and conduct the same in the manner provided by law. PASSED by the City Council of the City of Renton, Washington, at a regular meeting thereof, and APPROVED by the Mayor this � day of -�r,��`eti , 1966 . � � i�� G�/ • L�� MAYOR ATTEST: `'"�� //�� City Clerk � FOR�tI APPROVED: C�r �' , �;` � ' �, / � ./",/'% ,/�. �� .,��/�!"�/�"`�' '' �ity`Attor�ey +� ' DATE OF PUBLI�ATiON i� /9/� -5- I