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HomeMy WebLinkAbout1434 OrdinanceCITY OF PASCO, WASHINGTON ORDINANCE NO. 1434 AN ORDINANCE of the City of Pasco, Wash- ington, providing for the participation by the City in the construction and reconstruction of the Pasco -Kennewick intercity bridge over the Columbia River in conjunction with the City of Kennewick, Washington, Franklin County and Benton County; declaring the estimated cost thereof as nearly as may be; providing for the ..borrowing -of not to exceed $820,000.00 and issuing and selling negotiable general obliga- tion bonds -to pay the City's participation in the cost of such project, such bonds to be payable by annual tax levies to be made without limitation.as to rate or amount; declaring an emergency; and providing for the submission of the proposition of incurring such indebtedness and issuing such bonds to the qualified voters of the City at a special election to be held on September 15, 1970, in conjunction with the state primary election to be held on the same date. WHEREAS, the -City has heretofore entered into agreements with the City of Kennewick, Washington, Franklin County and Benton County to carry out the Pasco -Kennewick intercity bridge project over the Columbia River as more particularly hereinafter set forth, and the City does not have available sufficient funds to meet its agreed share of the estimated cost of such project; and WHEREAS,the assessed valuation of the taxable property of the City as ascertained by the last assessment for City purposes for the calendar year 1970 is.$24,081,887.00 and at the time of the passage of this ordinance the amount of existing indebtedness of the City, including the $820,000.00 par value of general obligation bonds authorized by this ordinance to be issued pursuant to a vote of the electors, is $2,055,000.00, of which $275,000.00 par value of general obligation bonds were heretofore issued within the limit up to 1-1/20 of the assessed valuation of the taxable property within the City permitted without a vote of electors; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PASCO, WASHINGTON, DO ORDAIN, as follows: Section 1. The City of Pasco, Washington, upon ratification of the proposition by the qualified electors of the City as provided in Section 4 of this ordinance, shall by ordinance order the City's participation in carrying out Phase I of the Pasco -Kennewick intercity bridge project over the Columbia River jointly with the City of Kennewick, Washington, Franklin County and Benton County, consisting of the construction of.a new American Association of State Highway Officials HS -20 loading highway bridge in the immediate vicinity of the present Old Pasco -Kennewick Columbia River Bridge, together with the constructionof, reconstruction or improvement of approach street roadways to the bridge in both the Cities of Pasco, southerly of Lewis Street, and Kennewick,.northerly of "C" or Clearwater Avenue, includ- ing street intersections, and, the performance of structural repairs to the Old -Pasco -Kennewick Bridge, together with acquisition of any required additional right-of-way, and the performance of administrative and engineering services for the project. The estimated cost of such project is hereby declared to be as nearly as may be .$6,000,000.00 of which the City of Pasco shall bear $820,000-.00, the City of Kennewick, Washington, shall bear $820,000.00,.Franklin-County shall bear $410,000.00, Benton County shall bear $410,0.00.00, and the balance of $3,540,000.00 shall be received.by way of grants from the United States of America and the State of Washington. Section 2. The.City of Pasco, Washington, shall borrow the sum of not to exceed $820,000.00 on the credit of the City and issue and sell its negotiable general obligation bonds therefor for strictly municipal capital purposes other than the replacement of equipment, to -wit, for the purpose of providing the funds in the amount and for the purpose specified in Section 1 hereof. Section 3. The general obligation bonds herein authorized to be issued shall be serial .in form, shall bear interest payable semiannually, and shall mature in from two to not more than 28 -2- years from date of issue,. the life of the improvement to be acquired by the bonds being at least. 28 years, in such amounts as nearly as practicably annually as will result in a difference of not more than $5,000.00 between the highest and the lowest annual payment of principal and interest,. excluding the first two years from date of issue,.computed on such anticipated effective interest rate as the City Council of the City shall in its discretion determine will be borne by such bonds and shall be paid by annual tax levies sufficient in.amount to pay both principal and interest when due, which annual tax levy shall be made.without limitation as to rate or amount, and the bonds shall so provide. The dates, interest rate or rates, maturities, option of prior redemption, if any, form and covenants of the bonds shall be hereafter fixed by ordinance of the City Council of the City and the bonds shall be issued and sold when the proceeds thereof may be required. Section 4. The City Council finds that an emergency exists requiring the carrying out of Phase I of the Pasco -Kennewick intercity bridge project over the Columbia River and that as a result of the existence of such an emergency, it is necessary to call a special election. A special election is, therefore, called to be held in the City of Pasco as provided by law on the 15th day of September, 1970, in conjunction with the state primary election to be held on the same date, at which election there shall be submitted to the qualified voters of the City for their ratification or rejection the following proposition: PROPOSITION PASCO-KENNEWICK BRIDGE BONDS - $820,000.00 Shall the City of Pasco, Washington, incur a general indebtedness and issue and sell not to exceed $820,000.00 of general obligation bonds, but in no event to exceed, together with outstand- ing general indebtedness of the City incurred for general municipal purposes, 5% of the value of taxable property within the City, the proceeds thereof to be used solely for capital purposes other than the replacement of equipment,., to -wit, to pay the City's share of the cost of carrying out Phase I of the Pasco -Kennewick intercity bridge -3- project over the Columbia River, such bonds to be paid by annual tax levies to be made without limitation as to rate or amount and to mature serially in from two to not to exceed 28 years after date of issuance, all as provided in Ordinance No. 1434 , passed and approved on July 7, 1970? PASCO-KENNEWICK BRIDGE BONDS ..... YES / / PASCO-KENNEWICK BRIDGE BONDS ..... NO /-7 The Auditor of Franklin County, as ex -officio Supervisor of Elections, shall have jurisdiction over and shall conduct such special election. The Director of Administration and ex -officio City Clerk shall deliver to the Auditor of Franklin County, as ex -officio Supervisor of Elections, at least forty-five (45) days prior to the date of such special election, a certified copy of this ordinance showing its passage and including the ballot title herein set forth. Section 5. This ordinance is declared to be one necessary for the immediate preservation of the public peace, property, health and safety of the people of the City of Pasco, Washington. An emergency is hereby declared to exist, and this ordinance is hereby declared to be .in full force and effect from and after its passage, approval and publication as required by law. PASSED by the City Council of the City of Pasco, Washington, at a regular meeting thereof, and APPROVED by the Mayor this 7th day of July, 1970. r yor ATTEST 00 Director f AdmifiistrOF-ion and ex-dfJicio City Clerk FORM APPROVED: City -Attorney -4-