Loading...
HomeMy WebLinkAbout505 (2) r , • ' :1'. • 'CV' • •l're.,7• 17 • ORDINANCE NO. 505. • • . . ; . • AN ORDINANCE: declaring it to be advisable that the City of tibUrni'. for strictly mumicinal purposes, borrow the •sum of •115000X. and. issue its negotiable bonds therefor; and providing , tor submitting, at a special election, to the qualified electors of the Citu of Auburn, the question as to Wh eth e r such ; • moneys sh11 be borrowed ,and such bonds issued therefor. ,•,:t?4,:•;.,••,., • ; . • .; TEL •CITY COUNCIL OE TII.E CITY OP AUBURN DO Cb) Ii' S FOLi4OWS : • • • • - •.•!' e0t ion 1. ant the City Council of the City of Auburn • . dee mi it advisable that the City of i.uburn, for strictly muni- cipal ,purpOses, to-wit : for the purpose of raising moneys with • ,• . whieh to acquire by purchase, condemnation and purchase, or ,,i•4!;: ::,,,etherwisc,, for use as a public park, approximately fifteen ( 15) acres of land situate onthe easterly side of Auburn Avenue and • • in tie south 3- of the north of the northwest of -.-3e; et ion 18 , 1ñ Township 21 north of Range 5 east W. 11. , in the, City of Auburn, • . Iiii County- Washington, and with which to improve and beautify sUCh'. public. park, borrow the sum of 159(:)00,00, and issue its negotiable bonds therefore • Section 2. That the City Council of the City of Auburn -X;•;::,-.her,eby•autherize the creation of an indebtedness—& , and bor- rowing, for strictly municipal purposes, tic SUM of -745,000.00 . brthe issuarce of the negotiable bonds of said city therefor. •: Section 3. Th..-t the assessed valuation of all the taxable- property of the City of Auburn, to be ascertained by the assess- . W;.: ment rolls of \King County, Washington, for the year A. D. , 1923, said.aseessment for said year 1923 being the last assessifient for ! said Qity-of Auburn purposes previous to the date of the passage ofthis Ordinanc.e , is the MI12 of : 1, 565, 547.00 ; that there is now - - an•.existing bonded indebtedness , for strictly municipal- purposes. . of said....city of Auburn, of 7,41,000.00 . and no more; that there is • „ _nocther indebtedness , bonded or otherwise , of said City of Auburn, and 'that the total indebtedness of said City of Auburn, including ; the said -indebtedness of . 15,000.00 hereby authorized to be • created, will not exceed the sum of ,7:55,000.00, and will not 1 . exceed..:five ( 5) per cerituin of the taxable property of said city to be, ascertained by the last assesE,J:lent for the City of Auburn purposes previous to the date of passage of this Ordinance . •• 3ection 4. . That the moneys derived from the sale of said. bonds shall be applied and used only for the purpose of acquir- ing•by purchase, condemnation and F.:urchase , or otherwise , pilb 1 C . • park, and improving and beautifying such public park, as speci- :. 4 ' fled in Section 1 of this Ordinance , ani for rio other nurpose whatsoever. Section 5. That a special election is hereby called and shall be held. in the City of Auburn, Zing County, State of Washing- ' ton, on Tuesday, March 11, A. D. , . 1924, • and that at said special eiectidinthere shall be submitted to the oualified electors of ' said eity of Auburn, for ratification or rejection, the following; • "Shall the City for municipal • purposes, to-wit : acquiring, Bonds , yes - ( ) • 'improving and. beautifying a . public park, borrow .';,',15,000.00 Bonds, no - - • • and: issue its negotiable bonds therefor? ! • -54- ; 4Fa . > i ; i 11 i ii i:V'" ",: Section 6. That the polls of said special election shall , be'ppen furor. 8 o' clock a. m. to 8 o ' clock p. _n. of said election aforesaid p ro po s i t ion t o b e 11 :': '�;,j'dsy, and the ballots bearingtt:e !j ,,, voted on shall be furnished to the qualified electors of the , .;, e. ,--.City.City of• Auburn in the manner now provided by law; that each elec- .`1 . '.tor..shall prepare his or her ballot by _parking an "X" in the ; 'k egiare:following the words "Bonds, yes" if he or she desires to • .`.vote in favor of, and by larking an "X" in the square follow- ll: ': iIlg the words "Bonds, no" if he or she desires to vote against ,, 'Y.';ethe borrowing of such r..one:::3 rffd the ecesuance of said bonds; , I ° `. and that; in addition to the notice of such election that may HI ra ...be given to the County Election `Board of king County , gashing- H ,ton;: the .City Clerk of the City of Auburn be and is hereby ordered i. :-- !,x ' aridedirected to rive fifteen days notice of said special election ; '' ''' .t' in•the Auburn +slobe-i?eDticl ican, the newspaper doing the official printing of said city, by publication of a Proper notice of said . - election in each issue of paid newspaper during said fifteen • , :day.periode .0u Section 7. That if three-fifths of the legal ballots e6st on said question of iest?ing bonds be in favor of "Bonds, ' yes" the City of Auburn shall be deaf:ed to be authorized to :k #, .borrow the amount of money so voted for, to-wit,: ,:,,,115,000.00, and issue its negotiable bonds the refer ; th �.t said bonds to be • ' •issued shall be in denominations of :'500.00 each, shall be num- : •-:bored consecutively from 1 to 30 inclusive , shall bear the date '1 : of. their issue, shall bear interest not exceeding six ( 6) per cent per annum, payable semi-annually, with interest coupons 1 'attached, and shall be serial in for..': and maturity as provided ..'., ..m,�,by'an act of the Legislature entitled "hila act relating to bonds .'`..iesued by counties, cities , towns, school districts, port dis- tricts, metropolitan park districts and other municipal cor;:or- • • .;rt;• ,ations, and repealing all acts and parts o� acts in conflict - 'y .• therewith" , approved :..;arch 20, 1923,3, Eald that , of said bonds, the • bond bearing the highest number shall ..nature and be payable i' ::'twenty years after the date thereof; and that each bond and con- . •<' `>'"pen shall be signed by the Mayor and attested by the City F %y - !- Clerk under the seal of said City of Auburn. - Section 8. That this Ordinance, shall take effect and be in 4-,'f force five days after its f.i.:Isa,e, Evb proval and publication as • • ;required by loll. Introduced January 22, 1924. Passed 3^•naary 22, 1924. Approved January 22, 1924 jV . ',# x..' O. P. BLET.SCH , ..'ay o r. • ra Attest: A. Ce.BAL.LARD - , City Clerk. Approved as, to form, . I. B. ki1ICK.E1-0 C1T ._R �' '~ City Attorney 3 , yT - .� : :Published January 25, 1924. � ti 55- > ` . . it Y Yv Y�• >, ,S1ATE OF WASFITitiG ON, ;:,,k,'" `" -COUNTY OJ' .(TVG, • f'; I, A. C. Ballard, the duly elected, qualified and acting City Clerk of the Cit ; of Auburn, a municipal corporation of the : . third, class,. situate in the County of <:ing, State of ,Vashin ton, - • ,'-, ' '. do hereby certify that the foregoing is a full, true and correct .: copy of Ordinance iTo . 505 , of the ordinances of the said The ': City -of Auburn, entitled. "AN OR.DIPADO : declaring it to be ::. advisable that the City of Auburn, for strictly municipal pur- f:,-. poses, borrow. the sun of 7:15,000.00 and issue its negotiable • - -4 • bonds therefor ; and providing far the subritti , at a special election, to the qualified electors of the City of Auburn., the : _ question as to whether such moneys :hull be borrowed and such bonds issued. therefor." I further certify that said Ordinance Po .. 505 was duly passed by .the Council and approved by the :'':ayor of the said The , City of Auburn, and published �Ls provided. by lcoi in The Auburn -' Globe=l epublican a weekly newspaper published in the City of • ,:•':_ auburn;_ end of general circulation therein, on the 25th day of g` January., A. D. , 1924. ',, ,'. 'fitness my hand and the official seal of the City of Ai bairn, this 20th day of March, A. D. , 192!l_ . "/ , (Sagned) - City Clerk of the t,ity ofze,______„,..„ Auburn Y • iv -56- .