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HomeMy WebLinkAbout1006 Ordinancer e ORDINANCE NO. AN ORDINANCE OF THE CITY OF PASCO, WASHINGTON, PROVIDING FOR THE CONSTRUCTING.AND EQUIPPING OF A CITY LIBRARY INCLUDING THE ACQUISITION OF NECESSARY BOOKS THEREFOR, ON A SITE PRESENTLY OWNED BY THE CITY OR ON A SITE TO BE ACQUIRED; DECLARING THE ESTIMATED COST THEREOF AS NEAR AS MAY BE; PROVIDING FOR THE BORROWING OF NOT TO EXCEED $350.,000.00 AND ISSUING AND SELLING NEGOTIABLE GENERAL OBLIGATION BONDS IN SUCH AMOUNT TO PAY THE COST THEREOF, WITHOUTLIMITATION AS TO RATE OR AMOUNT; DECLARING AN EMER" GENCY; AND PROVIDING FOR THE SUBMISSION OF THE PROPOSITION OF THE INCURRING.OF SAID INDEBTEDNESS AND ISSUING OF SAID BONDS TO THE QUALIFIED ELECTORS OF THE ­CITY AT A SPECIAL ELECTION TO BE HELD IN CONJUNCTION WITH THE STATE GENERAL ELECTION TO BE HELD THEREIN ON NOVEMBER 8, 1960. WHEREAS,= the City of Pasco is in urgent need of a new City Library and the City does not have available any funds to meet the estimated cost of constructing and equipping such library,,, including the acquisition of necessary books therefor; and WHEREAS, the assessed valuation of the taxable property in the City as ascertained by the last preceding assessment for City purposes is $13,.763,322.00 and the existing indebtedness of the City, at the date of the passage of this Ordinance,,, which indebtedness includes the amount for which the bonds herein authorized are to be issued, is the sum of $585,1000.001 $54,000.00 of which is represented by outstanding general obligation bonds authorized to be issued by the qualified electors of the City at an election heretofore held therein as a part of the indebtedness permitted by the Constitution and the laws of the State of Washington to be incurred for general municipal purposes within the limit of 11-21% to 5% of the assessed valuation of the taxable property in the City,,,. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY.OF PASCO, WASHINGTON, DO ORDAIN AS FOLLOWS: Section 1. The City of Pasco, Washington, for strictly municipal capital purposes,,, shall construct and equip.,, including the Ar t acquisition of necessary books therefor, a new City Library on a site presently owned by the City, or to be acquired., the exact site to be hereafter determined by the City Council. Section 2. The estimated cost of constructing and equipping a new City Libraryt including the acquisition of necessary books therefor, and including the cost of the issuance of the general obligation bonds herein authorized, is hereby declared to be, as near as may bet the sum of"$350,,000.00. The City shall borrow not to exceed $350.,000.00 on the credit of the City and issue and.sell its negotiable general obligation bonds therefor for strictly municipal capital purposest other than the replacement of equipment, to"wit,, for the purpose of providing the funds with which to pay the cost of constructing and equipping said City Library including the acquisition of necessary books therefor. Said indebt- edness to be incurred shall be deemed to be within the indebtedness permitted for general municipal purposes, pursuant to the vote of the qualified electors of the Cityt within the 112/ to 5/ limit on the value of the taxable property within the City (being twice the assessed valuation), as provided by Chapter 227 of the 1959 Session Laws of the State of Washington. Section 3. The bonds shall be serial in form, shall bear interest at a rate or rates not to exceed 6/ per annum,, payable semi-annually, and shall mature in from two to not more than twenty years, from date of issue (the life of the City Library to be constructed and equipped by said issue of bonds being at least twenty years) in such amounts, as near as practicable, as will, together with interest on the outstanding bonds, be met by equal annual tax -;-2- 1 levies made without limitation as to rate or amount sufficient in amount to pay the interest on and principal of said bonds when due, and the bonds shall so provide. The designation, date, interest rate or rates, maturities, option of redemption, form and covenants of said bonds shall be hereafter fixed by ordinance of the City Council of the City. The City shall proceed with said improvement in whole or in such parts and at such times and shall issue and sell said bonds in .such series or amounts as the City Council shall hereafter determine. Section 4. The City Council finds that the lack of an adequate City Library in the City has created an emergency, and an emergency is Hereby declared to exist, and a special election is hereby called to be held in the City of Pasco, as provided by law, on November B. 1960, in conjunction with the :state general election to be held in the City on the same date,, for the purpose of submitting to the qualified electors of the City for their ratification or rejection the question of whether or not the City shall borrow the sum of not to exceed $350,000.00 and issue its negotiable general obligation bonds therefor for municipal capital purposes only., other than the replacement.of equipment., as herein set forth. The ballot title for said proposition shall be substantially as follows: "General Obligation Library Bonds -$350,000.00 "Shall the City -of Pasco, Washington,, borrow the sum of not to exceed $350,000.00 and issue its negotiable general obligation bonds therefor., payable by annual tax levies to be made without limitation as to rate or amount, bearing interest at a rate or rates not to exceed 6% per annum, payable semi --annually, and maturing in from two to not more than twenty years from the date of issue,, for the purpose of paying the -3" cost of constructing and equipping a new City Library, including the acquisition of necessary books therefor.,, on a site presently owned by the City or on a site to be acquired,,, as provided by.Ordinance No. 995 of said City., passed on the 5th day of Januarys 1960? BONDS YES BONDS NO " The polls at said election shall be open from 8:00 o'clock A.M. to 8:00 o'clock P.M., and the polling place shall be at the regular polling places established for the state general election to be held in the City on the same date. Section 5. The Clerk of the City is hereby directed to certify to the Franklin County Auditor a copy of this Ordinance and the proposition to be sumittted at the special election to be held in the City on November 8s 1960t in conjunction viith the state general election to beheld therein on the same date and said Auditor is hereby requested to give notice of the closing of the registration files in all of the City precincts for said special election in the manner provided by law, and to conduct.said special election in accordance with the provisions of R.C.W. 29.13.040. PASSED by the City Council and APPROVED by the Mayor this 20th day of September, 1960-. MAYO R ATTEST: %l� City Clerk APPROVE AS TO ORM: City Attorney -4-