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
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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
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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
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