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HomeMy WebLinkAbout1131 Ordinance]IUY GT RDAS(r,®,, 1WA3BH]IJffGU01W GIRIl➢IIMALM01E MG.. ii�m 1 AN ORDINANCE of the City of Pasco, Washington, providing for the acquisi- tion of land for and the construction of certain arterial street improvements within the City; declaring the estimated cost thereof as near as may be, making pro- vision to pay the cost thereof by: first, the issuance, and sale of general obliga- tion bonds in the amount of not to exceed $800,000.001 payable by annual tax levies to be made without limitation on rate or amount; second, the formation of a local, improvement district in which special assessments shall be levied upon the property therein specially benefited to cover a part of the cost thereof; and,' third, the use of monies accumulated in the City's "Arterial Street Reserve Fund, " to pay the balance thereof; creating a special fund to provide for the payment of the general obligation bonds; declaring . an emergency; and providing for the sub- mission to the qualified voters of the City, for their ratification or rejection at a special election to be held therein on March 10, 1964, of the proposition for the incurring of the general indebtedness: and the issuing of those general obligation bonds WHEREAS, the City of Pasco is in immediate. need of acquiring land for and constructing arterial street improvements, and the City does not have available sufficient funds to meet the total estimated cost thereof; and WHEREAS, the assessed valuation of the taxable property within the City, as ascertained -by the Tast preceding assessment for City purposes, is $,1:5,999,442.00- and at the time of the passage of this ordinance the outstanding indebtedness of the City is $ .545,000,00 , $__369,000.00 of which having been incurred within the 1 1/20/. to 5% of the taxable property within the City of Pasco (being twice the assessed valuation thereof) permitted for.municipal capital purposes other than the U replacement of equipment, pursuant to the vote of the qualified voters therein; and WHEREAS, the City Council has approved and adopted a general plan for arterial street improvements, a part of which is deemed necessary to be constructed immediately; 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 purposes, shall construct and improve to arterial standards, by curbing, guttering, ballasting, grading, surfacing and providing drainage facilities, the following streets: Street Court Street Court Street Sylvester Street Sylvester Street Lucas Avenue Lucas Avenue 10th Avenue Oregon Avenue Oregon Avenue Chase Avenue Third Avenue Clark Street Location 4th to Chase Chase to Freeway Chase to 3rd Chase to Freeway Court to Sylvester Sylvester to Lewis Sylvester to Bridge Lewis to Freeway Lewis to "A" Court to Freeway 4th to Lewis 2nd to Lucas together with right-of-way acquisition where necessary, and such other work as may be incidental and necessary to the foregoing construction and improvements. The City Council may modify the details of the foregoing system or plan where, in its judgment, it appears advisable, as long as such modifications to not substantially alter the purposes hereinbefore set forth. The life of the foregoing improvements is hereby declared to be at least twenty years. The estimated cost, as near as may be, of the foregoing improvements is declared to be $1,240,300.00. Section 2. The cost of acquiring, constructing and making the foregoing improvements shall be paid as follows: -2- FIRST: By the issuance and sale of general obligation bonds of the City, to be designated "General Obligation Arterial Street Bonds, 1964," in an amount not to exceed $800,000.00 par value, but, in no event, to exceed, together with outstanding general indebtedness of the City, five per cent (5%) of the value of the taxable property within the City (being twice the assessed valuation) . The bonds shall bear interest at a rate or rates not to exceed 6% per annum, payable semiannually, with interest coupons attached representing interest�to maturity, and shall mature serially, annually, commencing with the second year after the date�of issuance and ending not more than 20 years from the date of issuance, in such amounts , that will result in a difference of not more than $5,000.00 between the highest and lowest annual payment of principal and interest computed on such anticipated effective interest rate as the City Council may determine will be borne by the bonds, and shall be paid by annual tax levies made without limita- tion on rate or amount sufficient in amount to pay the principal of the bonds and the interest thereon as the same shall accrue; except that the City may, pursuant to RCW 82.36.020, as amended by Chapter 113 of the 1963 Session Laws of the State of Washington, use toward the pay- ment of the principal and interest accruing on the bonds the proceeds of the one-half cent of additional motor vehicle fuel and use fuel excise taxes allocated to the City for the construction, improvement and repairing of arterial highways and the matching funds provided the City for such purpose. The bonds shall bear such date, shall be in such denominations, shall be..in such form, and shall have such call provisions as the City Council shall hereafter determine by ordinance, and shall be payable at the office of the City Treasurer of Pasco, Washington. There shall be and there hereby is created and established in the office of the City Treasurer a special fund to be called "General Obligation Arterial Street Bond Fund, 1964, " which fund shall be drawn upon for the sole purpose of paying the principal of and interest on the bonds described above from and after the date thereof and so long thereafter as any of those bonds remain outstanding. -3- The City Council of the City of Pasco has given due consideration to the purposes for which the proceeds of the bonds are to be expended and hereby finds and declares that those purposes are capital purposes. The proceeds of those bonds shall be used for the foregoing capital purposes only, which shall not include the replace- ment of equipment. The City of Pasco hereby irrevocably pledges itself to levy taxes annually, without limitation as to rate or amount, upon all of the property in the City subject to taxation, in an amount sufficient to pay the principal of and the interest on the bonds as the same shall accrue, the proceeds -of said levies to be deposited in the "General Obligation Arterial Street Bond Fund, 1964;" except that the City may, pursuant to RCW 82.36.020, as amended by Chapter 113 of the 1963 Session Laws of the State of Washington, use toward the payment of the principal and interest accruing on the bonds the proceeds of the one-half cent of additional motor vehicle fuel and use fuel excise taxes allocated to the City for the construction, improvement and repairing of arterial highways and the matching funds provided the City for such purpose. The full faith, credit and resources of the City are hereby irrevocably pledged for the payment of the principal of and interest on the bonds. SECOND: By the levy and collection of special assessments to cover a part of the cost of carrying out those improvements in a local improvement district to be hereafter created in the manner prescribed by law. Such local improvement district shall include within its boundaries all of the property located within the City of Pasco receiving special benefits from the construction and installation of the improvements hereinbefore specified, THIRD: By the use of monies accumulated in the City's "Arterial Street Reserve Fund. " ti Section 3. If the issuance thereof shall be approved by the voters voting upon the proposition set forth at the election herein- after specified, the "General Obligation Arterial Street Bonds, 1964," shall be sold at public sale in the manner provided by RCW 39.44.040- 39.44:060. Section 4. The City Council finds that the inadequacy of the present arterial streets of the City and the condition of the existing arterial streets of the City have created an emergency, and an emergency is hereby declared to exist, and the Auditor of Franklin County, Wash- ington, as ex -officio Supervisor of Elections, is hereby requested to find the existence of an emergency and to call a special election to be held in the City on March 10, 1964, in conjunction with the general City election to be held on the same date, for the purpose of submitting to the qualified voters residing therein, for their ratification or rejection, the following proposition to be submitted in ballot form substantially as follows, to wit: "PROPOSITION "ARTERIAL STREET BONDS $8001000.00 "Shall the City of Pasco, Washington, incur a general indebtedness and issue and sell not to exceed $800,000.00 "General Obligation Arterial Street Bonds, 1964," but, in no event, to exceed, together with outstanding general indebted- ness of the City, 5% of the value of the taxable property within the City (being twice the assessed valuation), the proceeds thereof to be used solely for capital purposes other than the replace- ment of equipment, to wit, to pay a part of the cost of acquiring the land for and constructing certain arterial street improvements within the City, the bonds to be paid by annual tax levies to be made without limitation as to rate or amount, to bear interest at a rate or rates not to exceed 6% per annum, payable semiannually, and to mature serially, annually, in from two to not to exceed 20 years after date of issuance, all as provided in Ordinance No. ? "GENERAL OBLIGATION ARTERIAL_ STREET BONDS, 1964 . . . . . . YES Z_/ "GENERAL OBLIGATION ARTERIAL STREET BONDS, 1964 . . . . . . NO -5- Section 5 . The City Clerk is hereby authorized and directed to deliver a certified copy of this Ordinance to the Auditor of Franklin County, Washington, as ex -officio Supervisor of Elections, at least 45 days prior to the proposed election date, requesting the County Auditor to call that special election and to give notice thereof and conduct the same in the manner provided by law. PASSED by the City Council of the City of Pasco, Washington, at a regular meeting thereof, and APPROVED by the Mayor this 21st day of January, 1964. ATTEST: Lo ( gi CITY CLER FORM APPROVED: CITY ATTORNEY f. � �-t- MAYOR