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CITY OF AUBURN, WASHINGTON
ORDINANCE NO. 3 8 O O
AN ORDINANCE of the City of Auburn, Washington,
providing for the construction of additions to the
Auburn Municipal Library; declaring the estimated
cost thereof as nearly as may be; providing for the
borrowing of a total of $1,240,000, and selling
negotiable general obligation bonds to pay the cost
thereof, such bonds to be payable 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 issu-
ing such bonds and ratifying 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 be held on the
same date.
WHEREAS, the City of Auburn, Washington (the "City"), is in
urgent need of constructing additions to the Auburn Municipal
Library and the City does not have available sufficient funds to
meet the estimated cost of such improvements; NOW, THEREFORE,
THE CITY COUNCIL OF TAE CITY OF AUBURN, WASHINGTON, DOES
ORDAIN, as follows:
Section 1. The City shall construct additions to the
Auburn Municipal Library, the estimated cost of which is
declared to be as nearly as may be the sum of $1,240,000.
Section 2. The City shall borrow the total sum of
$1,240,000 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 the years up to and
including the year in which principal payments commence, com-
puted 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
combined 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 carryiny
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
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
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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 $1,240,000, and
issue its negotiable general obligation bonds therefor for
capital purposes only, other than replacement of equipment, as
herein set forth.
Section 5. Tne Clerk of the City is directed to certity to
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 form of a ballot
title as follows:
PROPOSITIOLV
LIBRARY EXPANSION BONDS
Shall Ordinance No. 3800 providing for bor-
rowing $1,240,000 for the purpose of paying the cost
of constructing additions to the.Auburn Municipal
Library 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 /__7
ORDINANCE AND BONDS . . . . NO /_7
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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.
A
Mayo
ATTEST:
8G
City Clerk
APPROVED AS TO FORM:
- Us ztv--
City Attorney
PUBLISHED: SEPTEMBER 12, 1982
0078a
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STRTE OF WASHZNGTON) .
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COUNTYOF KING )
I, Coralee A. McCOnnehey, the duly appointed, qualified City Clerk
of the City of Auburn, a Municipal Corporation and Code City, situate in
the County of King, State of Washington, do hereby certify that the fore-
going is a full, true and correct copy of Ordinance No. 3800 of the
oidinances of the City of Auburn, entitled "AN ORDINANCE Of the Clty Of
Auburn, Washington, providing for the construction of additians to the
Auburn Minicipal Library; declaring the estimated cost thereof as nearly as
may be; prwiding for the borrowing of a total of $1,240,000, and selling
negotiable general obligation bands to pay the cost thereof, such bonds
to be payable by annual property tax levies;to'be made in excess of reg-
ular property tax levies; and providing for the suUmission of the propo-
sition of incurring such indebtedness and issuing such bonds and ratifying
this ordinance to the qualified voters of the City at a special election
to be held therein on Novenber 2, 1982, in canjtimction with the State
general election to be held an the seine.date.
I certify that said Ordinance No. '1$00 _ was duly passed by the Council
and approved by the Mayor of the said City of Auburn, on the 7th day of
SePtHI1beT A. D. , 19 82.
Z further certify that said Ordinance No. 3800 was published as provided
by 1aw in the Daily Globe News, a daily newspaper published in the City of
Avburn, and of general circulation therein, on the 12th day of Sept.
A.D.. 19 $2 . . . .
WZTNESS my hand and the offical seal of the City of Auburn, this 13th
day of Sept. , A.D., 19 82 .
CITY CLERK OF THE CITY OF AUBUR