HomeMy WebLinkAbout147901
ORDINANCE N0.
2
AN ORDINANCE of the City of Kent, Washing-
ton, providing for (l) constructing and
3
acquiring an addition to the Kent*Municipal
Library building, including parking, and
4
(2) constructing and acquiring an addition to
the recreation building at the Kent Memorial
5
Park to allow expansion of the Kent Recreational
facilities, and (3) acquiring real properties
6
and constructing a new Kent'City Hall and Civic
Center Complex; declaring the estimated cost
7
thereof, as nearly as may be; providing for
the borrowing of a total of not to exceed
8
$2,000,000.'00 and issuing and selling negotiable
general obligation bonds in such amount to
9
pay the cost thereof, such bonds to be payable
by annual tax levies to be made without limita-
10
tions as to rate or amount; declaring an emer-
gency; and providing for the submission to the
11
qualified electors'of the City at a special
election to be held in conjunction withthe
12
regular municipal election on November 7, 1967,
of the propositions of incurring such indebted -
13
ness and issuing such bonds.
14 WHEREAS, the City of Kent, Washington, is in urgent need
15 of an addition to the Kent Municipal Library building, including
le parking, an addition to the recreational building at the Kent
17 Memorial Park to allow expansion of the Kent Recreational facili
18 ties, additional real properties and anew Kent City Hall and Civic
19 Center Complex, and the City does not have available sufficient
20 funds to meet the estimated cost thereof; and
21 WHEREAS, the assessed valuation of the taxable property
22 within the City, as ascertained by the past preceding assessment
23 for City purposes, is $31,469,551.00, and the existing indebtedness,
24 including the amount for which the bonds herein authorized are to
25 be issued, is the sum of $2,527,000.00, of which the presently
26 outstanding $227,000.00 par value of bonds having been heretofore
27 issued, pursuant to vote of the qualified electors of the City as
28 a part of the indebtedness permitted by the Constitution and Laws
29 of the State of Washington, to be incurred for general municipal
30 capital purposes within the limitation of 1 1/2% to 5% of the val
31 uation of the taxable property within the City and of which the
32 presently outstanding $300,000.00 par value of bonds having been
-1-
1 heretofore issued without a vote of the qualified electors of the
2 City, as a part of the indebtedness permitted by the Constitution
3 and Laws of the State of Washington, to be incurred for general
4 municipal purposes within the limitation up to 1 1/2% of the asses
-
5 sed valuation of the taxable property within the city, NOW, THERE -
6 FORE,
7 THE CITY COUNCIL OF THE CITY OF KENT, WASHINGTON, DO
8 ORDAIN AS FOLLOWS:
9 Section 1. The City of Kent, Washington, for strictly
10 municipal capital purposes, other than the replacement of equip
11 ment, shall (1) construct, equip and acquire an addition to the
12 Kent Municipal Library building, including parking, the estimated
13 cost of which is declared to be, as nearly as may be, the sum of
14 $110,000.00; and (2) construct,. equip and acquire an addition to
15 the recreational building at the Kent Memorial Park to allow
16 expansion of the Kent Recreational facilities, the estimated cost
17
of which is declared
to be, as
near as may be, the sum of
$60,000.00;
18
and (3) acquire real
property,
the estimated cost of which
is
19 declared to be, as near as may be, the sum of $730,000.00, and
20 construct and equip and acquire a new Kent City Hall and Civic
21 Center Complex, the estimated cost of which is declared to be, as
22 near as may be, the sum of $1,100,000.00
23 Section 2. The City shall borrow not to exceed the
24 total sum of $2,000,000.00 and issue and sell its negotiable
25 general obligation bonds therefor for strictly municipal capital
26 purposes, other than the replacement of equipment, to -wit: For
27 the purposes specified in Section 1 hereof. Such indebtedness to.
28 'be incurred shall be within the limitation of 1 1/2% to 5% of the
29 taxable property in the City (being twice the assessed valuation
30 thereof) permitted for general municipal capital purposes.
31 Section 3. Each issue of general obligation bonds
32 authorized to be issued shall be in serial form, shall bear inter-
est at a rate or rates not to exceed 6% per annum, payable
-2-
1 semi-annually,
bonds being at least
and
shall mature
in from two
to not more than
twenty
2 years
from the
date
ofissue (the
life of the
improvement to
be
3 acquired by the issue of
bonds being at least
twenty years.) The
4 various annual maturities
of such bonds shall
be fixed in the
5 Ordinance authorizing the
sale of the same in
amounts that will
6 result in a difference of not more than $5,000.00 between the
7 highest and lowest annual payment of principal and interest, ex -
8 cluding the first two years from date of issue, computed on the
9 anticipated effective interest rate, the City Council shall in its
10 discretion determine will be borne by such bonds. The principal
11 and interest on the bonds shall be met by annual tax levies made
12 without limitation as to rate or amount sufficient in amount to
13 pay such principal and interest when due and the bonds shall so
14 provide. The designation, date, interest rate, or rates, maturi
15 ties option of redemption, form and covenants of the bonds shall
16 be hereafter, fixed by Ordinance of the City Council of the City.
17 The City may combine all approved bond issues and issue and sell
18 the same as a combined single issue.
19 Section 4. The City Council finds that the inadequacy
20 . of the recreational facilities at the Kent Memorial Park, the
21
inadequacy of the existing Kent Municipal
Library building
and
22
parking, and the lack of adequate real property and space
for the
23
existing Kent City Hall, and the need for
a Kent Municipal
Civic
24
Center Complex have created an emergency
and an emergency
is hereby
25
declared to exist and that as a result of
the existence of
such an
26 emergency, it is necessary to call a special election in conjunc
27 tion with the regular municipal election to be held November 7,
28 1967, in the manner provided by law, to be held therein on said
29 date between the hours of 8:00 A.M. and 8:00 P.M. for the purpose
30 of submitting to the qualified voters of the City for their rati-
31 fication or rejection, the following propositions in the form of
32 "ballot titles," as follows:
-3
1
PROPOSITION NO. 1
2
"LIBRARY BUILDING BONDS - $110,000.00
3
"Shall the City of Kent borrow the sum of
26
not to exceed $110,000.00 and issue its negotiable
4
general obligation bonds therefor, payable by
27
annual tax levies to be made without limitation
5
as to rate or amount, bearing interest at a rate
28
or rates not to exceed 6% per annum, payable semi -
6
annually, and maturing in from two to not more than
29
twenty years from the date of issue for the purpose
7
of constructing and acquiring an addition to the
30
existing Kent Municipal Lib�ry building, including
8
parking, all as provided by Ordinance No. 1479,
adopted on the 18th day of September, 1967.
9
"BONDS ... YES T--/ BONDS ... NO 7^^/"
10
11
PROPOSITION NO. 2
12
"RECREATIONAL FACILITIES BONDS - $6.0,000.00
1„3
"Shall the City of Kent, Washington, borrow
the sum of not to exceed $60,000.00, and issue
14
its negotiable general obligations bonds there-
for, payable by annual tax levies to be made with -
15
out limitation as to rate or amount, bearing
interest at a rate or rates not to exceed 6% per
16
annum, payable semi-annually and maturing in from
two to not more than twenty years from the date
17
of issue for the purpose of constructing and acquir-
ing an addition to the recreational building at
18
the Kent Memorial Park, to allow expansion of Kent
Recreational facilities, all as provided by Ordin-
19
ante No. 1479, adopted on the 18th day of September,
1967..
20
"BONDS ... YES T-/ BONDS ... NO
21
22
PROPOSITION NO. 3
23
"CITY HALL -CIVIC CENTER BONDS
$1,830,000.00
24
"Shall the City of Kent, Washington, borrow
25
the sum of not to exceed $1,830,000.00 and issue
its negotiable general obligation bonds therefor,
26
payable by annual tax levies to be made without
limitation as to the rate or amount, bearing
27
interest at a rate or rates not to exceed 6% per
annum, payable semi-annually and maturing in from
28
two to not more than twenty years from the date of
issue, for the purpose of acquiring real properties
29
and constructing a new Kent City Hall and Civic
Center Complex thereon, all as provided by Ordinance
30
No. 147.9, adopted on the 18th day of September, 1967.
31
"BONDS ... YES 7~�/ BONDS ... NO 7--/”
32
-4-
1 Such Propositions
shall be
so placed upon the ballot
2 that the voters may vote
upon such
Propositions separately.
3 Section 5. The City Clerk is directed (a) to certify
4 to the County Auditor of King County, as ex -officio Supervisor of
5 Elections of said County, at least 45 days prior to the special
6 election provided for herein
and a copy of
this
Ordinance, show -
7 ing its adoption by the City
Council; and
(b) to
perform such
8 other duties as are necessary
or required
by law
to the end that
9 the questions of whether or not such bonds shall be issued as
10 aforesaid shall be submitted to the voters of the City at their
11 aforesaid election.
12 Section 6. This Ordinance is declared to be one necessary
13 for the immediate preservation of the public peace, property,
14 health, and safety of the people of the City of Kent, Washington.
15 An emergency is hereby declared to exist and this Ordinance is
16 hereby declared to be in full force and effect from and after its
17 passage, approval and publication as provided by law.
18 PASSED by the City Council of the City of Kent, Washington,
19 and approved by its Mayor at .a -regular meeting held on the 18th day
20 of September, 1967.
21
ALEX R ON , MAYOR
22
Attest:
23
24 MARIE J NSE ,!- y Clerk
25 , Approved as to form:
-5-
26.
JO N.... BEREITER,
City Attorney
27
PASSED the 18th
day of September, 1967.
28
APPROVED the
18th day of September,
1967.
PUBLISHED the
20th day of September,
1967.
29
I hereby
certify that this is
a true copy of Ordinance No.
30
1479, passed
by the City Council of
the City of Kent and approved
by the Mayor
of the City of Kent as
hereon indicated.
31
"7 to c `_�.
--
.. iz �..-� (SEAL)
32
MARIE EJ N7
CL �
-5-