<br /> •
<br /> ' :1'. •
<br /> 'CV' •
<br /> •l're.,7• 17 •
<br /> ORDINANCE NO. 505.
<br /> • • . . ; . • AN ORDINANCE: declaring it to be advisable that the City of
<br /> tibUrni'. for strictly mumicinal purposes, borrow the •sum of
<br /> •115000X. and. issue its negotiable bonds therefor; and providing
<br /> , tor submitting, at a special election, to the qualified
<br /> electors of the Citu of Auburn, the question as to Wh eth e r such
<br /> ; • moneys sh11 be borrowed ,and such bonds issued therefor.
<br /> ,•,:t?4,:•;.,••,., • ; .
<br /> • .;
<br /> TEL •CITY COUNCIL OE TII.E CITY OP AUBURN DO Cb) Ii' S FOLi4OWS :
<br /> •
<br /> • • •
<br /> - •.•!' e0t ion 1. ant the City Council of the City of Auburn
<br /> • .
<br /> dee mi it advisable that the City of i.uburn, for strictly muni-
<br /> cipal ,purpOses, to-wit : for the purpose of raising moneys with •
<br /> ,• . whieh to acquire by purchase, condemnation and purchase, or
<br /> ,,i•4!;: ::,,,etherwisc,, for use as a public park, approximately fifteen ( 15)
<br /> acres of land situate onthe easterly side of Auburn Avenue and
<br /> • •
<br /> in tie south 3- of the north of the northwest of -.-3e; et ion 18 ,
<br /> 1ñ Township 21 north of Range 5 east W. 11. , in the, City of Auburn,
<br /> • . Iiii County- Washington, and with which to improve and beautify
<br /> sUCh'. public. park, borrow the sum of 159(:)00,00, and issue its
<br /> negotiable bonds therefore
<br /> •
<br /> Section 2. That the City Council of the City of Auburn
<br /> -X;•;::,-.her,eby•autherize the creation of an indebtedness—& , and bor-
<br /> rowing, for strictly municipal purposes, tic SUM of -745,000.00 .
<br /> brthe issuarce of the negotiable bonds of said city therefor.
<br /> •: Section 3. Th..-t the assessed valuation of all the taxable-
<br /> property of the City of Auburn, to be ascertained by the assess-
<br /> . W;.: ment rolls of \King County, Washington, for the year A. D. , 1923,
<br /> said.aseessment for said year 1923 being the last assessifient for
<br /> ! said Qity-of Auburn purposes previous to the date of the passage
<br /> ofthis Ordinanc.e , is the MI12 of : 1, 565, 547.00 ; that there is now
<br /> - - an•.existing bonded indebtedness , for strictly municipal- purposes. .
<br /> of said....city of Auburn, of 7,41,000.00 . and no more; that there is
<br /> • „
<br /> _nocther indebtedness , bonded or otherwise , of said City of Auburn,
<br /> and 'that the total indebtedness of said City of Auburn, including
<br /> ; the said -indebtedness of . 15,000.00 hereby authorized to be
<br /> •
<br /> created, will not exceed the sum of ,7:55,000.00, and will not
<br /> 1 . exceed..:five ( 5) per cerituin of the taxable property of said city
<br /> to be, ascertained by the last assesE,J:lent for the City of Auburn
<br /> purposes previous to the date of passage of this Ordinance .
<br /> ••
<br /> 3ection 4. . That the moneys derived from the sale of said.
<br /> bonds shall be applied and used only for the purpose of acquir-
<br /> ing•by purchase, condemnation and F.:urchase , or otherwise , pilb 1 C
<br /> . • park, and improving and beautifying such public park, as speci-
<br /> :. 4 ' fled in Section 1 of this Ordinance , ani for rio other nurpose
<br /> whatsoever.
<br /> Section 5. That a special election is hereby called and
<br /> shall be held. in the City of Auburn, Zing County, State of Washing-
<br /> ' ton, on Tuesday, March 11, A. D. , . 1924, • and that at said special
<br /> eiectidinthere shall be submitted to the oualified electors of
<br /> ' said eity of Auburn, for ratification or rejection, the following;
<br /> • "Shall the City for municipal
<br /> • purposes, to-wit : acquiring,
<br /> Bonds , yes - ( )
<br /> • 'improving and. beautifying a
<br /> . public park, borrow .';,',15,000.00 Bonds, no -
<br /> - • • and: issue its negotiable bonds
<br /> therefor?
<br /> ! •
<br /> -54-
<br /> ;