HomeMy WebLinkAbout3518ORDINANCE NO. 351 V
AN ORDINANCE of the City Council of the City of
Kent, Washington, providing for the submission to the voters
of the City at a special election to be held therein on
September 19, 2000, in conjunction with the State primary
election to be held on the same date, of a proposition
authorizing the City to incur indebtedness by issuing its
general obligation bonds in a par amount not to exceed
$14,000,000, payable by annual property tax levies to be
made in excess of regular property tax levies, for the purpose
of paying a part of the cost of designing, constructing and
equipping a civic and performing arts center and to levy those
excess property taxes.
WHEREAS, the City of Kent, Washington (the "City"), has proposed the
design, construction and equipping of a civic and performing arts center, and the City
desires to submit to the voters of the City a proposition authorizing the City to incur
indebtedness by issuing general obligation bonds for the same; NOW, THEREFORE,
THE CITY COUNCIL OF THE CITY OF KENT, WASHINGTON,
DOES HEREBY ORDAIN AS FOLLOWS:
SECTION 1. Project. The City shall design, construct and equip a civic
and performing arts center (the "Project"). The total estimated cost of the Project,
including private funds raised by a non-profit organization in partnership with the City;
and/or funds from other sources; and the costs of issuing and selling the bonds authorized
by this ordinance, is declared to be, as nearly as may be, $24,000,000. The economic life
of the Project is expected to be at least 20 years.
Civic and Performing Arts Center
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SECTION 2. Borrowing for the Project. The City shall borrow, not to
exceed $14,000,000, on the credit of the City and issue and sell its general obligation
bonds in that principal amount for strictly municipal capital purposes, other than the
replacement of equipment, to provide part of the funds required for the Project. Costs of
engineering, planning, construction, financial, legal, equipping and other services lawfully
incurred incident to the Project shall be appropriate capital costs to be paid from the
proceeds of the bonds authorized by this ordinance.
The City Council declares that to the extent, if any, the City, prior to the
date bonds or other short-term obligations are issued to finance the Project, shall make
capital expenditures for the Project from funds that are not (and are not reasonably
expected to be) reserved, allocated on a long-term basis, or otherwise set aside by the City
under its existing and reasonably foreseeable budgetary and financial circumstances to
finance the Project, those capital expenditures are intended to be reimbursed out of
proceeds of the bonds or other short-term obligations issued in an amount not to exceed
the principal amount provided by this ordinance.
SECTION 3. General Terms of Bonds. The bonds shall be issued as a
single issue, as a part of a combined issue with other authorized bonds, or in more than
one series. The bonds shall be fully registered; shall bear interest payable as permitted by
law; shall mature within 20 years from their date or within any shorter period fixed by the
City Council; shall be paid by annual property tax levies sufficient in amount to pay both
principal and interest when due, which annual property tax levies shall be made in excess
of regular property tax levies without limitation as to rate or amount but only in amounts
sufficient to pay both principal and interest when due; and shall be issued and sold in the
manner, at the times and in the amounts as shall be determined hereafter by ordinance of
the City Council. The exact date, form, terms, option of prior redemption, if any, price,
interest rate, or rates and maturities of the bonds shall be fixed hereafter by ordinance of
the City Council. Pending the issuance of the bonds and receipt of their proceeds, the
City Council may authorize the issuance of short -tern obligations pursuant to chapter
2 Civic and Performing Arts Center
Ballot Proposition
39.50 RCW, and the costs of those short-term obligations shall be included in the cost of
the Project for which the bonds are issued.
SECTION 4. Request to Hold Special Election. The City Council finds
that an emergency exists that requires carrying out the Project, and the Director of
Records and Elections of King County, Washington, is requested to concur in that finding
and to call and conduct a special election to be held in the City on September 19, 2000,
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 $14,000,000, issue its general
obligation bonds in that principal amount for capital purposes only, other than
replacement of equipment, and levy excess taxes necessary to redeem the bonds as herein
set forth.
SECTION S. Ballot Title. The City Clerk is directed to certify to the
Director of Records and Elections of King County, Washington, at least 45 days prior to
the September 19, 2000, 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
CITY OF KENT
CIVIC AND PERFORMING ARTS CENTER BONDS - $14,000,000
The City Council of the City of Kent passed Ordinance No. ,
concerning construction and financing of a civic and performing arts center.
This ballot proposition, if approved, will authorize the City to design,
construct and equip a civic and performing arts center, issue no more than
$14,000,000 of general obligation bonds for that purpose maturing within
20 years, and levy annual excess property taxes to pay and retire such
bonds, all as provided in Ordinance No. . Should this proposition be:
Approved........................................................................... ❑
Rejected............................................................................❑
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Ballot Proposition
SECTION 6: Severability. If any one or more sections, subsections, or
sentences of this Ordinance are held to be unconstitutional or invalid, such decision shall
not affect the validity of the remaining portion of this Ordinance and the same shall
remain in full force and effect.
SECTION 7: Eff, fective Date. This ordinance shall take effect and be in
force five (5) days from and after its passage, approval and publication as provided by
law.
ATTEST:
a.[JrA�t/
BRENDA JACObElt. CITY CLERK
APPROVED AS TO FORM:
ROGER A. LUBOVICH, CITY ATTORNEY
PASSED:
S
day of
2000.
APPROVED:
day of
, 2000.
PUBLISHED:
/O
day of
12000.
I hereby certify that this is a true copy of Ordinance No.. 35! & , passed
by the City Council of the City of Kent, Washington, and approved by the Mayor of the
City of Kent as hereon indicated.
P:'Civil,OMi wcc\CivicPcrffi AIsCrnle WndAppro al
a-� (SEAL)
BRENDA JACO R, CITY CLERK
4 Civic and Performing Arts Center
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