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HomeMy WebLinkAbout3799 CTTY OF AUBURN, WASHING'PON ORDINANCE NO. 3 7 9 9 AN ORDINANCE of the City of Auburn, Washington, providing for the improvement and renovation of street and storm drainage systems throughout the City; declaring the estimated cost thereof as nearly as may be; providing for the borrowing of a total of $1,490,000, and selling negotiable general obligation bonds to pay the cost thereof, such bonds to be pay- able by annual property tax levies to be made in excess of regular property tax levies; and providing for the submission of the proposition of incurring such indebtedness and issuing such bonds and ratify- ing this ordinance to the qualified voters of the City at a special election to be held therein on November 2, 1982, in conjunction with the State general election to k>e held on the same date. WHEREAS, the City of Auburn, Washington (the "City"), is in urgent need of improving and renovating street and storm drain- age systems throughout the City and the City does not have available sufficient funds to meet the estimated cost of such improvements; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF AUBURN, WASHINGTON, DOES ORDAIN, as follows: Section 1. The City shall improve and renovate street and storm drainage systems throughout the City, the estimated cost of which is declared to be as nearly as may be the sum of $1,490,000. Section 2. The City shall borrow the total sum of $1,490,000 on the credit of the City and issue and sell its negotiable general obligation bonds therefor for strictly munic- ipal capital purposes other than the replacement of equipment, for the purpose of providing the funds in the amount and for the purposes specified in Section 1 hereof. Section 3. The general obligation bonds herein authorized to be issued shall be serial in form, shall bear interest pay- able semiannually, except for the first interest coupon if the City Council so determines, and shall mature commencing not less than two years or more than five years from date of issue and ending not more than 15 years from date of issue (the life of the improvements to be acquired by the issuance of bonds is found to be at least 15 years) in such amounts, as nearly as practicable annually, as will result in a difference of not more than $5,000 between the highest and the lowest annual pay- ment of principal and interest, excluding tYie years up to and including the year in which principal payments commence, com- pute3 on such anticipated interest rate as the City Council of the City shall in its discretion determine will be borne by such bonds and shall be paid by annual property tax levies made in excess of regular property tax levies without limitation as to rate or amount sufficient in amount to pay the principal of and interest on the bonds when due, and the bonds shall so provide. The date, interest rate or rates, maturities, option of prior redemption, form and covenants of the bonds shall be fixed here- after by ordinance of the City Council and the bonds shall be issued and sold when required in one or more series, and may be combine3 with any other series of general obligation bonds con- currently or hereafter authorized. Pending the issuance of the bonds and receipt of proceeds thereof, the City Council may authorize interim interest-bearing warrants to pay for carrying out the purposes of the bonds. In the alternative, the City hereafter may provide by ordinance for the issuance of other short-term obligations pursuant to Chapter 216, Laws of 1982. The cost of such interim warrants or short-term financing shall be included in the costs of those purposes. Section 4. The City Council finds that an emergency exists requiring the making of the improvements herein described, and - 2 - the Director of Records and Elections of King County, Washing- ton, is requested to concur in the finding of the existence of an emergency and to call and conduct a special election to be held in the City on November 2, 1982, in conjunction with the State general 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, this ordinance including the question of whether or not the City shall borrow $1,490,000, and issue its negotiable general obligation bonds therefor for capital purposes only, other than replacement of equipment, as herein set forth. Section 5. The Clerk of the City is directed to certify tu the Director of Records and Elections of King County, Washing- ton, at least 45 days prior to the November 2, 1982, special election date, a copy of this ordinance and the proposition to be submitted at that special election in the fors of a ballot title as follows: PROPOSITION STREET-STORM DRAINAGE BONDS Shall Ordinance No. 3799 providing for bor- rowing $1,490,000 for the purpose of paying the cost of improving and renovating street and storm drainage systems throughout the City and issuing and selling general obligation bonds therefor maturing commencing not less than two and not more than five years from date of issue and ending not more than fifteen years from date of issue and payable from annual property tax levies to be made in excess of regular property tax levies, be ratified or rejected? ORDINANCE AND BONDS . . . . YES ORDINANCE AND BONDS . . . . NO - 3 - . PASSED by the City Council and APPROVED by the Mayor of the City of Auburn, Washington, at a regular open public meeting thereof this 7th day of September, 1982. i~ sGe/ Mayor ATTEST: &a.& City Clerk APPROVED AS TO FORM: ~ City Attorney PUBLISHED: SEPTEMBER 12. 1982 0077a - 4 - STATE OF WASHINGTON) . ) ss. COUNTY OF KZNC J I, Coralee A. McCOnnehey, the duly appointed, qualified City Clerk of the City of Auburn, a Municipal Coryoration and Code City, situate in . the County of Xing, State of Washington, do hereby certYfy that the fore- . g oing is a full, true and correct coay of Ordinance No. 3799 of the . ordinances of the City of Auburn, entitled "AN ORDINANCE pf the City Of - Auburn, Washington, providing for the improvement and renovation of street and storm drainage systems throughout the City; declaring the estimated cost thereof as nearly $1,490,000, and selling negotiable general obli- _ gation bonds to pay the cost thereof, such bonds to be payable by azmual property tax levies to be made in excess of regular property tax levies; and providing for the submission of the proposition of incurring such indebtedness and issuirig such bonds and ratifying this ordinance to the qualified wters of the City at a special election to be held therein on Novesnber 2, 1982, in conjimction with the State general election to be held on the sane date. I certify that said Ordinance No. 1799 was duly passed by the Council and appmved by the Mayor of the said City of Auburn, on the 7th day of SeAtPt[Lhar A.D. , 19_Bz-. I further certify that said Ordinance rvo. 3799 was published as provided by Zaw in the Daily Globe News, a daily newspaper published in the City of Avbusn, and of generaS circulation therein, on the 12th day of Gpt-. A.D., 19 R7 . WITNESS my hand and the ofFical seal of the City of Auburn, this 13t-h day of lIth . A.D., 19 c CITYCLERK OF THE CITY OF AUBU N