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HomeMy WebLinkAboutORD 1977i RT:1'h 9-11-62- "8- P f ORDINANCE NO. If -7q AN ORDINANCE of the City of Renton, Washington, providing for the submission to the qualified electors of the city at a special election to be held therein on November 6, 1962, of the proposition of whether or not the city shall issue and sell its general obligation bonds in the principal sum of $475,000 for the purpose of providing funds to construct and equip a new public library building. WHEREAS, the present public library building of the City of Renton, Washington, is old, obsolete and inadequate to properly take care of the public library needs of the people of the city, and, there- fore, it is deemed necessary and advisable that a new library building be constructed and equipped in the central area of the city; 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 $475,000 to provide the money necessary for such purpose; and WHEREAS, the Constitution and laws of the State of Washington require that the question of whether or not the city may issue and sell such bonds for such purpose 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, Washington, 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 construct and equip a new public library building in the.central area of the city. That for the purpose of providing the money necessary to carry out such plan of capital improvements the city shall issue and sell its unlimited tax levy general obligation bonds in the principal sum of $475,000. r Such bonds shall bear interest at a rate of not to exceed 6% per annum payable semiannually and shall mature serially in from two to twenty years from date of issue. Both principal of and inter- est on such bonds shall be payable out of annual tax levies 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 2. It is hereby found and declared that an emer- gency exists requiring the submission to the qualified electors of the city of the proposition of whether or not the city should issue such general obligation bonds for such purposes for their ratification or rejection at a special election to be held within the city on November 6, 1962, in conjunction with the state general election to be held on the same date. The King County Auditor as ex officio supervisor of all elections held within King County is hereby requested to also find the existence of such emergency and to assume jurisdiction of and to call and conduct such special election to be held within the city on said date and to submit to the qualified electors of the city at such special election the proposition hereinafter set forth. The Clerk of the city is hereby authorized and directed to certify said proposition to the King County Auditor in the following form: PROPOSITION General Obligation Library Bonds-, $475,,000 Shall the City of Renton, Washington, for the pur- pose of constructing and equipping a public library building in the central area of the city, issue its gen- eral obligation bonds in the principal sum of $475,000, said bonds to bear interest at a rate of not to exceed 6% per annum,to mature serially in from two to twenty years from date 2. 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 BONDS, NO U Section 3. This ordinance shall become effective immediately upon its passage, approval and publication as required by law. PASSED by the Council of the City of Renton, Washington, and approved by its Mayor at a regular meeting of said Council held this 17th day of September, 1962. CITLORENITON, ' HINGTON Mayor ATTEST: City Clerk DATE GFF"U3' ��;� 1 9;�,� SEP 2 � 1��R 3.