HomeMy WebLinkAbout2478CITY OF KENT, WASHINGTON
U ORDINANCE NO.���
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AN ORDINANCE of the City of Kent, Washington,
relating to the City's Civic Center complex; provid-
ing for acquisition of property and the construction
and equipping of a new Senior Center, Library,
Performing Arts Center and related facilities in a
single Civic Center Complex; declaring the estimated
cost thereof as nearly as may be; providing for the
borrowing of a total of $10,000,000, and selling
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 to the qualified voters of the City at
a special election to be held therein on September
18, 1984, in conjunction with the State primary
election to be held on the same date.
WHEREAS, the City of Kent, Washington (the "City"), is in
urgent need of a new Senior Center, Library, Performing Arts
Center and related facilities, such as, street and parking
improvements in a single Civic Center Complex 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 KENT, WASHINGTON, DOES
ORDAIN as follows:
Section 1. The City shall acquire property and construct
and equip a new Senior Center, Library, Performing Arts Center
and related facilities, such as, street and parking improve-
ments, in a single Civic Center Complex, the estimated cost of
which is declared to be, as nearly as may be, the sum of
$10,016,163.
Section 2. The City shall borrow the total sum of
$10,000,000 on the credit of the City and issue and sell its
negotiable general obligation bonds therefor for strictly muni-
cipal capital purposes other than the replacement of equipment,
for the purpose of providing part of the funds to pay the costs
of carrying the purposes specified in Section 1 hereof and to
pay the cost of any interim financing and the costs and expenses
of issuing the bonds. Bond proceeds shall be expended for
capital purposes only, other than the replacement of equipment.
Section 3. The general obligation bonds authorized shall
be fully registered bonds; shall bear interest payable as per-
mitted by law; shall mature within twenty years from the date of
issue, and may be such lesser time as fixed by the City Council
(the life of the improvements to be acquired by the issuance of
bonds is found to be at least twenty years); 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 or to repay temporary loans made for the purpose of making
such payments, and the bonds shall so provide. The date, inter-
est rate or rates and the date of payment thereof, maturities,
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 issue short-term obligations pursuant to
Chapter 39.50 RCW.
Section 4. In the event there is insufficient money to
carry out all of the elements of the City's Civic Center com-
plex, or that there is excess money after completing the pro-
posed facilities in that complex, or the City by ordinance
determines that one or more of the proposed facilities is no
longer needed or useful to the Civic Center complex, the City by
ordinance may authorize the use of available bond proceeds and
earnings thereon to be expended on other faciities or capital
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purposes within the City Center complex or to be deposited in
the fund created for the redemption of the bonds to be used for
the purposes of that fund.
Section 5. 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 exis-
tence of an emergency and to call and conduct a special election
to be held in the City on September 18, 1984, 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 ratification or rejection, this ordinance including
the question of whether or not the City shall borrow $10,000,000,
and issue its negotiable general obligation bonds therefor for
capital purposes only, other than replacement of equipment, and
levy the excess bond retirement taxes provided under RCW
84.52.056 as herein set forth.
Section 6. 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 18, 1984, special election
date, a copy of this ordinance and the proposition to be sub-
mitted at that special election in the form of a ballot title as
follows:
PROPOSITION
CIVIC CENTER COMPLEX BONDS - $10,000,000
Shall the City borrow $10,000,000 for the pur-
pose of paying the cost of acquiring property for and
constructing and equipping a new Senior Center,
Library, Performing Arts Center and related facili-
ties in a single Civic Center Complex and issuing and
selling general obligation bonds therefor maturing
within twenty years from date of issue and levy
annual bond retirement property tax levies in excess o
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regular property tax levies, as provided in Ordinance
No .
ORDINANCE AND BONDS . . . . YES
ORDINANCE AND BONDS . . . . NO
Section 7. This ordinance shall take effect from and after
its passage and five days following its publication or posting
as required by law.
PASSED by the City Council at a regular open public meeting
thereof this 2nd day of July, 1984.
ATTEST:
ty Clerk
APPROVED AS TO FORM:
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City Attor ey
Approved: {
Published;
Effective Date:
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CITY OF KENT, WASHINGTON
Mayor
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