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HomeMy WebLinkAbout3863 Ordinance CITY OF PASCO, WASHINGTON BONDS TO RENOVATE AND CONSTRUCT AQUATIC FACILITIES ORDINANCE NO. 3863 AN ORDINANCE OF THE CITY COUNCIL OF CITY OF PASCO, WASHINGTON, PROVIDING FOR THE SUBMISSION TO THE VOTERS OF THE CITY AT A SPECIAL ELECTION TO BE HELD THEREIN ON AUGUST 19, 2008, IN CONJUNCTION WITH THE STATE PRIMARY ELECTION TO BE HELD ON THE SAME DATE, OF A PROPOSITION AUTHORIZING THE CITY TO ISSUE GENERAL OBLIGATION BONDS IN THE PRINCIPAL AMOUNT OF NO MORE THAN $5,000,000 (OR SUCH LESSER MAXIMUM AMOUNT AS MAY BE LEGALLY ISSUED UNDER THE LAWS GOVERNING THE LIMITATION OF INDEBTEDNESS), FOR THE PURPOSE OF PAYING COSTS OF RENOVATING MEMORIAL PARK SWIMMING POOL AND ACQUIRING, CONSTRUCTING AND EQUIPPING A NEW OUTDOOR AQUATIC FACILITY, THE PRINCIPAL OF AND INTEREST ON SUCH BONDS TO BE PAYABLE FROM ANNUAL PROPERTY TAX LEVIES TO BE MADE IN EXCESS OF REGULAR PROPERTY TAX LEVIES; AND DESIGNATING THE CITY ATTORNEY TO RECEIVE NOTICE OF THE BALLOT TITLE FROM THE AUDITOR OF FRANKLIN COUNTY, WASHINGTON. PASSED: MAY 19,2008 This document prepared by: FOSTER PEPPER PLLC 1111 Third Avenue, Suite 3400 Seattle, Washington 98101 (206) 447-4400 50912194.1 CITY OF PASCO,WASHINGTON ORDINANCE NO. 3863 AN ORDINANCE OF THE CITY COUNCIL OF CITY OF PASCO, WASHINGTON, PROVIDING FOR THE SUBMISSION TO THE VOTERS OF THE CITY AT A SPECIAL ELECTION TO BE HELD THEREIN ON AUGUST 19, 2008, IN CONJUNCTION WITH THE STATE PRIMARY ELECTION TO BE HELD ON THE SAME DATE, OF A PROPOSITION AUTHORIZING THE CITY TO ISSUE GENERAL OBLIGATION BONDS IN THE PRINCIPAL AMOUNT OF NO MORE THAN $5,000,000 (OR SUCH LESSER MAXIMUM AMOUNT AS MAY BE LEGALLY ISSUED UNDER THE LAWS GOVERNING THE LIMITATION OF INDEBTEDNESS), FOR THE PURPOSE OF PAYING COSTS OF RENOVATING MEMORIAL PARK SWIMMING POOL AND ACQUIRING, CONSTRUCTING AND EQUIPPING A NEW OUTDOOR AQUATIC FACILITY, THE PRINCIPAL OF AND INTEREST ON SUCH BONDS TO BE PAYABLE FROM ANNUAL PROPERTY TAX LEVIES TO BE MADE IN EXCESS OF REGULAR PROPERTY TAX LEVIES; AND DESIGNATING THE CITY ATTORNEY TO RECEIVE NOTICE OF THE BALLOT TITLE FROM THE AUDITOR OF FRANKLIN COUNTY, WASHINGTON. THE CITY COUNCIL OF THE CITY OF PASCO, WASHINGTON, DO ORDAIN as follows: Section 1. The City Council (the "Council") of City of Pasco, Washington (the "City"), hereby makes the following findings and determinations: (a) The City is in need of renovating its existing Memorial Park Swimming Pool located East of Highway 395 and acquiring, constructing and equipping a new outdoor aquatic facility to be located West of Highway 395, all as more particularly defined and described in Section 3 herein (collectively referred to herein as the "Project"), and the City lacks sufficient money with which to pay costs of the Project. (b) To pay costs of the Project, the Council hereby deems it necessary and advisable that the City issue, sell and deliver unlimited tax general obligation bonds in the principal amount of no more than $5,000,000 (or such lesser maximum amount as may be legally issued under the laws governing the limitation of indebtedness)(the "Bonds"). (c) The City is authorized pursuant to Article VII, Section 2(b) of the Washington Constitution and laws of the State of Washington (including chapters 35.37, 35A.40, 39.36 and 84.52 RCW) to submit to the City's voters at a special election, for their approval or rejection, the proposition of whether the City shall issue the Bonds to pay costs of the Project and levy annual excess property taxes to pay and retire the Bonds. Section 2. The Council hereby finds and declares that the best interests of the City and its residents require the City to carry out and accomplish the Project as hereinafter provided. 50912194,1 Section 3. The Council hereby finds and declares that the Project to be paid for with proceeds of the Bonds, including interest earnings thereon (the "Bond Proceeds") is more particularly defined and described as follows: (a) Renovate the existing Memorial Park Swimming Pool located East of Highway 395, including, but not limited to: correct operational and code deficiencies; construct a new bath house; and make other capital improvements, all as deemed necessary and advisable by the Council. (b) Acquire, construct and equip a new outdoor aquatic facility to be located West of Highway 395 that will include, but not be limited to: a zero depth leisure pool; bath house; slide and other water play features; and other capital improvements, all as deemed necessary and advisable by the Council. (c) Acquire, construct and install all necessary furniture, equipment, apparatus, fixtures and appurtenances in the foregoing, all as deemed necessary or advisable by the Council. (d) Pay incidental costs incurred in connection with carrying out and accomplishing the foregoing pursuant to RCW 39.46.070. Such costs shall be deemed part of the Project and shall include, but are not limited to, costs related to the issuance, sale and delivery of the Bonds; payments for fiscal and legal expenses; obtaining ratings and bond insurance; printing, advertising, establishing and funding accounts; necessary and related engineering, architectural, planning, consulting, inspection and testing costs; administrative and relocation expenses; site acquisition and improvement; demolition; on and off-site utilities and road improvements; and other similar activities or purposes,all as deemed necessary and advisable by the Council. The Project, or any portion or portions thereof, shall be acquired or made insofar as is practicable with available Bond Proceeds, together with any other money of the City legally available therefor, and in such order of time as shall be deemed necessary and advisable by the Council. The Council shall determine the application of Bond Proceeds, together with any other money of the City legally available therefor, between the various parts of the Project so as to accomplish, as near as may be, all of the Project. The Council shall determine the exact order, extent and specifications for the Project. The Project is to be more fully described in the plans and specifications to be prepared by the City's architects and engineers and to be filed with the City. The estimated cost of the Project, including the costs of issuing, selling and delivering the Bonds is declared to be, as nearly as may be, $10,000,000. The economic life of the Project is expected to be at least 20 years. Section 4. The Auditor of Franklin County, Washington, as ex officio Supervisor of Elections (the "Auditor"), is requested to call and conduct a special election in the City, in the manner provided by law, to be held therein on August 19, 2008, in conjunction with the State primary election to be held on the same date, for the purpose of submitting to the City's voters, for their approval or rejection, the proposition of whether the City shall issue the Bonds to pay costs of the Project and levy annual excess property taxes to pay and retire the Bonds. If such proposition is approved by the requisite number of voters,the City will be authorized to issue and sell the Bonds in the manner described in this ordinance, spend the Bond Proceeds to -2- pay costs of the Project, and levy annual excess property taxes to pay and retire the Bonds. The Bond Proceeds shall be used, either with or without additional money now available or hereafter available to the City, for capital purposes only, as permitted by law, which shall not include the replacement of equipment. Section 5. The Bonds authorized may be issued as a single issue or bond, as a part of a combined issue with other authorized bonds, or in more than one series, as deemed necessary or advisable by the Council and as permitted by law. The Bonds shall be filly registered bonds; shall bear interest payable as permitted by law; shall mature within 20 years from the date of issue (but may mature at an earlier date or dates as fixed by the 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 meet such payments of principal and interest as they come due; and shall be issued and sold in such manner, at such times and in such amounts as shall be required for the purpose for which the Bonds are to be issued, all as deemed necessary or advisable by the Council and as permitted by law. The exact date, form, terms, option of prior redemption, price, interest rate or rates and maturities of the Bonds shall be hereafter fixed by ordinance of the Council. Pending the issuance of the Bonds, the City may issue short-term obligations pursuant to chapter 39.50 RCW to pay for costs of the Project. Such obligations may be paid or refunded with the Bond Proceeds. If the City receives voter approval to issue the Bonds in the manner described in this ordinance, the Council hereby authorizes and directs the Finance Manager of the City to: (a) review and "deem final" (within the meaning of Rule 15c2-12 of the Securities and Exchange Commission), if necessary and upon such official's satisfaction, any preliminary official statement prepared in connection with the sale of the Bonds by the City; (b) authorize the "deemed final" preliminary official statement to be distributed prior to the date any underwriter or purchaser bids for, purchases, offers or sells the Bonds; and (c) acknowledge in writing any action taken pursuant to clauses (a) and(b) of this paragraph. The Council declares that to the extent, prior to the date the Bonds or other short-term obligations are issued to pay costs of the Project, the City shall make capital expenditures for the Project from money that is not (and is 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 pay costs of the Project, those capital expenditures are intended to be reimbursed out of the Bond Proceeds or other short-term obligations issued in an amount not to exceed the principal amount of the Bonds provided by this ordinance. Section 6. If Bond Proceeds are more than sufficient to pay costs of the Project (the "Excess Bond Proceeds"), the City may use the Excess Bond Proceeds to: (a) acquire, construct, install, equip and make other capital improvements to the City's facilities; or (b) retire and/or defease a portion of the Bonds or other outstanding bonds of the City, all as deemed necessary or advisable by the Council and as permitted by law. In the event that the Bond Proceeds, together with any other money of the City legally available therefor, are insufficient to carry out and accomplish all of the Project, the City shall use the Bond Proceeds and other available money for paying the cost of that portion of the Project that is deemed by the Council most necessary and in the best interest of the City. -3- If the Council shall determine that it has become impractical to accomplish the Project or portions thereof by reason of state or local circumstances, including, but not limited to, changed conditions or needs, regulatory considerations, incompatible development or costs substantially in excess of those estimated, the City shall not be required to accomplish such Project and may apply the Bond Proceeds or any portion thereof to: (a) other portions of the Project; (b) acquire, construct, install, equip and make other capital improvements to the City's facilities; or (c) retire and/or defease a portion of the Bonds or other outstanding bonds of the City, all as deemed necessary or advisable by the Council and as permitted by law. Section 7. Pursuant to RCW 29A.36.071, the ballot title of the aforesaid proposition shall be in substantially the following form: PROPOSITION 1 CITY OF PASCO BONDS TO RENOVATE AND CONSTRUCT AQUATIC FACILITIES The City Council of the City of Pasco, Washington, passed Ordinance No. 3863, concerning a proposition to finance renovation and construction of aquatic facilities. This proposition would authorize the City to renovate the existing Memorial Pool located East of Highway 395 and acquire, construct and equip a new outdoor aquatic facility to be located West of Highway 395 (including zero depth leisure pool, bath house, slide and other water play features); issue no more than $5,000,000 of general obligation bonds maturing within 20 years; and levy annual excess property taxes to repay the bonds, all as provided in Ordinance No. 3863. Should this proposition be: Approved........11 Rejected..........❑ Section 8. The City Clerk of the City or her designee is directed to: (a) present a certified copy of this ordinance to the Auditor at least 84 days prior to the date of such special election; and (b) perform such other duties as are necessary or required by law to submit to the City's voters at the aforesaid special election, for their approval or rejection, the proposition of whether the City shall issue the Bonds to pay costs of the Project and levy annual excess property taxes to pay and retire the Bonds. Section 9. For purposes of receiving notice of the exact language of the ballot title required by RCW 29A.36.080, the Council hereby designates the City Attorney as the individual to whom the Auditor shall provide such notice. The City Attorney is authorized individually to approve changes to the ballot title, if any, deemed necessary by the Auditor. Section 10. If any provision of this ordinance shall be declared by any court of competent jurisdiction to be invalid, then such provision shall be null and void and shall be separable from the remaining provisions of this ordinance and shall in no way affect the validity of -4- the other provisions of this ordinance, of the Bonds or of the levy or collection of the taxes pledged to pay and retire the Bonds. Section 11. This ordinance shall take effect and be in force from and after its passage and five days following its publication as provided by law. PASSED by the City Council of the City of Pasco, Washington, this 19th day of May, 2008, at a regular open public meeting, and signed in authentication of its passage this 1111--day of�,2008. CITY OF PASCO,WASHINGTON ��U t-4- J-'4� Joyce Ol 1yor ATTEST: q%G(-1 0 ko 6 , — Debra L. Clar , City Cler APPROVED AS TO FORM: Leland B. Kerr, City Attorney -5- CERTIFICATION I, the undersigned, City Clerk of the City of Pasco, Washington (the "City"), hereby certify as follows: 1. The attached copy of Ordinance No. B8 (the "Ordinance") is a full, true and correct copy of an ordinance duly passed at a regular meeting of the City Council of the City held at the regular meeting place thereof on May 19, 2008, as that ordinance appears on the minute book of the City; and the Ordinance will be in full force and effect five days after the publication as provided by law. 2. A quorum of the members of the City Council was present throughout the meeting and a majority of those members present voted in the proper manner for the passage of the Ordinance. IN WITNESS WHEREOF, I have hereunto set my hand this 14 Vday of , 2008. CITY OF PASCO, WASHINGTON Debra lark, City Clerk 50912194.1