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Home My WebLink About4137 ( , . . ORDINANCE NO. 4 1 3 7 AN ORDINANCE PROVIDING FOR THE RECONSTRUCTION AND IMPROVEMENT OF VARIOUS STREETS WITHIN THE CITY: DECLARING THE ESTI- MATED COST THEREOF AS NEARLY AS MAY BE; PROVIDING FOR THE BORROWING OF A TOTAL OF $4,705,000, AND SELLING GENERAL OBLIGATIONS 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, ISSUING SUCH BONDS AND LEVYING SUCH EXCESS TAXES TO THE QUALIFIED VOTERS OF THE CITY AT A SPECIAL ELECTION TO BE HELD THEREIN ON SEPTEMBER 16, 1986, IN CONJUNCTION WITH THE STATE PRIMARY ELECTION TO BE HELD ON THE SAME DATE. WHEREAS, the City of Auburn, Washington (the "City"), is in urgent need of reconstructing and improving various streets within 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, DO ORDAIN AS FOLLOWS: Section 1. The City shall reconstruct and improve the various street projects listed on Exhibit A, attached hereto and by this reference made a part hereof, the estimated cost of which, including the cost of issuing and selling the bonds provided for in this ordi- nance, IS declared to be as nearly as may be the sum of $4,705,000. The City Council reserves the right to make or authorize changes to the improvements including abandoning certain improvements and providing improvements on alternate streets if it deems such changes to be in the best interest of the City. Section 2. The City shall borrow not to exceed $4,705,000 on the credit of the City and issue and sell its general obligation bonds therefor for strictly municipal 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 of this ordi- nance. Costs of engineering, planning, financial, legal and other services lawfully incurred incident to the purposes specified in Section 1 of this ordinance shall be appropriate capital costs to be paid from the proceeds of the bonds provided for by this ordinance. Ordinance No. 4137 Page 1 6/16/86 f , ' Section 3. The general obligation bonds authorized by this ordinance shall bear interest, shall mature within ten years from date of issue, but may mature within a lesser time (the life of the improvements to be acquired by the issuance of bonds is found to be at least ten years) in such amounts, and shall be sold in such man- ner, as the City Council of the City shall determine. The bonds shall be paid by annual property tax levies made in excess of regular property tax levies without limitation as to rate or amount suffi- cient in amount to pay the principal of and interest on the bonds when due and, if available, by money from other sources, and the bonds shall so provide. The date, interest rate or rates, maturi- ties, option of prior redemption, form and covenants of the bonds shall be fixed hereafter 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 concurrently or hereafter authorized. Pending the issuance of the bonds and receipt of proceeds thereof, the City Council may authorize interim interest-bearing warrants or other short-term obligations to pay for carrying out the purposes of the bonds, and the costs of such warrants or short-term obligations 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, Washington, is requested to concur in the finding of the existence of an emer- gency and to call and conduct a special election to be held in the City on September 16, 1986, in conjunction with the State primary election to be held on the same date, for the purpose of submitting to the qualified electors of the City for their approval the question of whether or not the City shall borrow not to exceed $4,705,000, issue its general obligation bonds therefor for capital purposes Ordinance No. 4137 Page 2 6/16/86 · , only, other than the replacement of equipment, and levy excess taxes necessary to redeem the bonds as herein set forth. Section 5. The City Clerk is directed to certify to the Direc- tor of Records and Elections of King County, Washington, at least 45 days prior to the September 16, 1986, 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: PROPOSITION STREET IMPROVEMENT BONDS - $4,705,000 Shall the City of Auburn, Washington, borrow $4,705,000 to reconstruct and improve various streets within the City by selling general obligation bonds therefor maturing within ten years and levy annual excess property taxes necessary to redeem the bonds, all as provided in Ordinance No. 4137 ? BONDS . . YES / / BONDS. . NO / / Section 6. This ordinance shall take effect and be in force five (5) days from and after its passage, approval and publication as provided by law. INTRODUCED: JUNE 16, 1986 PASSED: JUNE 16, 1986 APPRO~ Mayo .¡J~ PUBL I SHED: JUNE 22, 1986 0877a Ordinance No. 4137 Page 3 6/16/86 6/6/86 . ", EXHIBIT A PARALLEL RELIEVERS 1986 STREET BOND ISSUE 1. "I" NE ( 22ND NE - 37TH NE ) New + Reconst~uctlon ARTERIAL IMPROVEMENTS - JOINT PROJECTS 1. AWS ( 17TH SE - FIR) Signal Imp + Ove~lay + Widening P~oject includes pa~ticipation by WSDOT 2. 3RD SE/SW ( "A" SE - "C" SW) Reconst~uction P~oject includes pa~ticipation by BNRR in a Rubbe~ C~ossing 3. 277TH (52ND NW) ( W VALLEY HWY - AWN ) Reconst~uction P~oject includes pa~ticipatlon by WSDOT~ KENT and KING CO. LOCAL STREETS 1. IN-HOUSE PATCHING (3y~) PROGRAM @ $35~000/Y~ 2. IN-HOUSE CRACK SEALING (3y~) PROGRAM @ $10~000/Y~ 3RD SE ( "M" SE - "R" SE ) Ove~lay 2ND hiE ( "M" NE - "R" NE ) Ove~l ay 1ST SE ( SO DIV - "A" SE ) Spot Repai~ "E" hiE ( 4TH NE - PARK ) Ove~l ay "K" NE ( 4TH NE - 5TH NE Ove~lay 5TH NE ( "K" NE - "M" NE Ove~lay 2ND NW ( NO DIV - "A" NW Ove~lay "B" SE ( 7TH SE - 8TH SE Ove~lay MT. VIEW DR (700 FT W WVH - WCL ) Ove~lay 27th SE ( "D" SE - "F" SE ) Ove~l ay + Base Repai r "D" SE ( 25TH SE - 27TH SE) Ove~lay + Base Repaj.~ "C" SE ( 8TH SE - 10TH SE ) Overl ay + D~ai nage "E" SE ( E MAIN - 4TH SE ) Reconstruction "H" SE ( E MAIN - 300 FT SO Reconst~uction 3RD NE ( "M" NE - "K" NE ) Ove~lay 4TH NE ( PIKE NE - "R" NE ) Overl ay KNICKERBOCKER DR ( WVH - 900 FT W ) "M" SE ( 100 FT S 23RD SE - 22ND SE ) "M" SE ( 100 FT S 23RD SE - 25TH SE ) DOGWOOD SE ( AWS - SKYWAY LN) Overlay ..::. . 4. IC:" ...J. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. Pulv + Overlay Reconst~Llcti on Reconst~uction 2(). 21. .......... ...::...:.:.. PARTICIPATION FUND 1. SIGNAL IMPROVEMENTS (EXAMPLE: 15TH NW & W VALLEY HWY ) BUSINESS DISTRICT SIGNALS 2. LID MATCH (EXAMPLE: "B" NW "H" NW "F" SE ( 37TH SE ( 30TH NW - 37TH NW W MAIN - 4TH NW ) 25TH SE - 29TH SE "A" SE - "M" SE ) ~. INTERSECTION IMPROVEMENTS (EXAMPLE: 15TH NE & AUBURN WY NO 17TH SE & AUBURN WY SO 4. 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