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HomeMy WebLinkAbout3800 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 - 2 - ~ . , , . 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 - 3 - r. . . , . . . 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 - 4 - STRTE OF WASHZNGTON) . ) ss. 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