HomeMy WebLinkAboutORD 1812ORDINANCE NO. L �'
AN ORDINANCE of the City of Renton, -Washington,
providing for the submission of two proposi-
tions to the qualified electors of the city
at a special election to be held therein on
March 8, 1960: the first, as to whether the
city should issue its unlimited tax levy
general obligation bonds in the principal
sum of $760,000 for the purpose of construct-
ing and equipping a new public library build-
ing; and the second, as to whether the city
should issue its unlimited tax levy general
obligation bonds in the principal sum of
$150,000 for the purpose of refunding a like
amount of outstanding limited tax levy gen-
eral obligation bonds of the city.
WHEREAS, the present public library building of the city is
old, obsolete and inadequate to properly take care of the public
library needs of the people of the city and therefore it is deemed
necessary and advisable that such existing building be demolished and
that a new library building be constructed and equipped on the site of
the old building and on property adjacent thereto on property owned by
the city in Liberty Park; and
WHEREAS, it is further deemed necessary and advisable that the
city issue and sell its unlimited tax levy general obligation bonds in
the principal sum of $97=60,000 to provide the money necessary for such
purposes; and
WHEREAS, pursuant to ordinance No. 1756, passed and approved
May 5, 1959, the city issued its 3 3/4/ general obligation bonds in the
principal sum of $150,000, dated June 1, 1959, which bonds are payable
both principal and interest out of the taxes that the city is permitted
by law to levy without a vote of the people; and
WHEREAS, it is deemed necessary and advisable and to the best
interests of the city and the people residing therein that said outstand-
ing bonds be refunded by the issuance of general obligation bonds in a
like principal amount, payable both principal and interest out of tax
levies that may be made without limitation as to rate or amount; and
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WHEREAS, the Constitution and laws of the State of Washington
provide that the questions of whether such bonds may be issued for
such purposes must be submitted to the qualified electors of the city
for their ratification or rejection;
NOW, THEREFORE, BE IT ORDAINED by the Council of the City of
Renton as follows:
Section 1. It is hereby found and declared that the public
welfare of the people of the City of Renton requires the city to de-
molish the existing public library building in Liberty Park and con-
struct and equip a new public library building on the same site and on
property adjacent thereto, all on property owned by the city.
That for the purpose of providing money necessary to carry
out such plan of capital improvements the city shall issue its un-
limited tax levy general obligation bonds in the total principal sum
of $760,000.
Said bonds shall bear interest at a rate of not to exceed 6/
payable semiannually, and shall mature in from two to twenty years
from date of issue in such amounts as will, as nearly as practicable,
together with the interest thereon, be met by equal annual tax levies
for the payment of the principal thereof and interest thereon. Both
such principal and interest shall be paid out of annual levies of taxes
to be made upon all the taxable property within the city without limi-
tation as to rate or amount. The exact date, form, terms and maturi-
ties of said bonds shall be as hereafter fixed by ordinance of the city.
Section 2. It is hereby found and declared that the public
welfare of the people of the City of Renton requires the city to issue
its unlimited tax levy general obligation bonds in the total principal
sum of $150,000 for the purpose of redeeming the Houser Way Bridge
general obligation bonds of the city issued under date of June 1, 1959,
now outstanding in the principal amount of $150,000 and payable both
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WHEREAS, the Constitution and laws of the State of Washington
provide that the questions of whether such bonds may be issued for
such purposes must be submitted to the qualified electors of the city
for their ratification or rejection;
NOW, THEREFORE, BE IT ORDAINED by the Council of the City of
Renton as follows:
Section 1. It is hereby found and declared that the public
welfare of the people of the City of Renton requires the city to de-
molish the existing public library building in Liberty Park and con-
struct and equip a new public library building on the same site and on
property adjacent thereto, all on property owned by the city.
That for the purpose of providing money necessary to carry
out such plan of capital improvements the city shall issue its un-
limited tax levy general obligation bonds in the total principal sum
of $760,000.
Said bonds shall bear interest at a rate of not to exceed 6/
payable semiannually, and shall mature in from two to twenty years
from date of issue in such amounts as will, as nearly as practicable,
together with the interest thereon, be met by equal annual tax levies
for the payment of the principal thereof and interest thereon. Both
such principal and interest shall be paid out of annual levies of taxes
to be made upon all the taxable property within the city without limi-
tation as to rate or amount. The exact date, form, terms and maturi-
ties of said bonds shall be as hereafter fixed by ordinance of the city.
Section 2. It is hereby found and declared that the public
welfare of the people of the City of Renton requires the city to issue
its unlimited tax levy general obligation bonds in the total principal
sum of $150,000 for the purpose of redeeming the Houser Way Bridge
general obligation bonds of the city issued under date of June 1, 1959,
now outstanding in the principal amount of $150,000 and payable both
I
principal and interest out of annual levies of taxes made within the
limitation of taxes permitted cities without a vote of the people.
Said bonds shall bear interest at a rate of not to exceed
6% per annum payable semiannually and shall mature serially in not to
exceed ten years from date of issue in such amounts as will, as nearly
as practicable, together with the interest thereon, be met by equal
annual tax levies for the payment of the principal thereof and interest
thereon. Both such principal and interest shall be paid out of annual
levies of taxes to be made upon all the taxable property within the city
without limitation as to rate or amount. The exact date, form, terms
and maturities of said bonds shall be as hereafter fixed by ordinance
of the city.
Section 3. It is hereby found and declared that an emergency
exists requiring the submission to the qualified electors of the city
of the propositions of whether it should issue and sell the above-
described bonds for such purposes at a special election to be held
therein on March 8, 1960, in conjunction with the general city election
to be held on the same date.
The King County Auditor as ex officio supervisor of elections
held within King County is hereby requested to also find the existence
of such emergency and to call and conduct such special election.
The propositions to be submitted to the qualified electors
of the city at such special election shall be as follows:
PROPOSITION NO. 1
General Obligation Library Bonds, $760,,000
Shall the City of Renton, Washington, for the purpose
of providing money to demolish the existing public library
building and construct and equip a new public library
building on the same site and on property adjacent thereto
owned by the city in Liberty Park, issue its general obli-
gation bonds in the principal sum of $760,000, said bonds
to bear interest at a rate of not to exceed 6% per annum,
to mature in from two to twenty years from date of issue,
3.
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and to be paid both principal and interest out of annual
tax levies to be made upon all the taxable property within
the city without limitation as to rate or amount, all as
more fully provided in Ordinance No./ of the city?
BONDS, YES . . . . . . . . Z__/
BONDS, NO . . . . . . . . . . L/
PROPOSITION NO. 2
General Obligation Refunding Bonds, $150,000
Shall the City of Renton, Washington, for the purpose
of redeeming and retiring its outstanding $150,000 of
limited tax levy Hauser Way Bridge general obligation
bonds, issue its general obligation refunding bonds in the
principal sum of $150,000, said refunding` bonds to bear
interest at a rate of not -to exceed 6% per annum, to mature
serially in not to excead ten years from date of issue, and
to be paid both principal and interest out of annual tax
levies to be made upon -all the taxable property within the
city without limitation as to rate or amount, all as more
fully provided in Ordinance No. � of the city?
BONDS, YES . . . . . Z_/
BONDS, NO . . . . . Z_/
The polling places for each of the voting precincts within
the city and the officials to serve at each polling place for this
special election shall be the same as the polling places selected
for each such voting precinct: and the election officials to serve
thereat as selected for the general city election to be held on
March 8, 1960.
The polling places forsuch special election shall be open
from 8:00 o'clock a.m. to 8:00 o'clock p.m.
PASSED by t1-eCouncil of the City of Renton and approved by
its Mayor at a regular meeting of said Council held this 5th day of
January, 1960.
ATTEST:`
AP j VED AS TO F�1 t ;
C InyF RENTON
B� -- 0
Mayor
City Clerk
Gerard M. She
City Attorney
is vrim H. MM.RXSj City Clerk of the City of RCUtono Waab-
ington.9 DO EEMBY CERTIFv that t foregoing ordinanceis a true and
correct copy of Ordinance rio. of said city, duly adopted at
a regular meetUw, of the Council of said lieU on the 5th day of
January, its.
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