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HomeMy WebLinkAbout1666 OrdinanceCITY OF PASCO, WASHINGTON ORD:INANCE NO. 1666 AN .ORDINANCE providing for the acquisition, con- struction, development and improvement of open space and park facilities; declaring the estimated cost, as near as may. be; .providing for the borrowing of $5,9`0, 000.00 and. issuing and selling negotiable general obligation bonds to pay part of the cost thereof, said 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 sub- mission of the proposition of incurring said i'ndeb'tedness and issuing said .bonds to the qualified electors of the City at a special election. to be heldWithin the City on November :5 •; 1974, in conjunction With the State general election to be held on the same date. WHEREAS, the City is in urgent need of acquiring, constructing, developing and improving parks, athletic and other recreational facilities, in the attempt to preserve existing open spaces, ,improve the environmen�t, and furnish more aldequate recreational facilities for all citizens, and the City does not have available sufficient funds to meet the estimated cos;t thereof; and WHEREAS', the assessed valuation of the taxable property of the 'City a.s. estimated by the.last as,ssessmerit for City purposes previous to the passage of t'hi`s. ordinance is the sum 'of $115,870.,,772, 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 au,thorized are to be issued, is the sum of $,590, 000; NOW,, THEREFORE'., THE CITY COUNCIL OF THE CITY OF PASCO, WASHINGTON, DO ORDAIN, as follows: - Section 1. The City of Pasco, Washington, shall. acquire, construct, develop and improve parks, athletic and. other recreational facilities the estimated cost of which is hereby declared to be, as near as may be, the sum of $1,340,000.00. Section 2. The City of Pasco, Washington, shall borrow the sum of $590,000.00 on the credit of the City and issue and Isell its negotiable general obli- gation bonds therefor for strictly municipal open space and park facilities capital pur- poses other than the replacement of equipment,, to-W=rt, for :the purpose of providing part of the :fund's for the purpose specified in Section l hereof; such indebtedness should be, ncurred°under and computed pursuant to R°.C.W.:39.36.020, Section 4. Section .3. The general obligation. -bonds herein authorized to be is;sue,d shall The serial in form., shall bear interest payable semiannually, shall mature in from two to no't more than twenty years from date of issue,,, the life,. ;of the improvements to b,e acquired by the `bonds, being at least twenty years,, in such amounts as nearly as practicably annually as will result in a, difference .of no't more than $5,000.00 between the highest and lowest annual payment of principal and interest,, excluding the first tw.o years from date of issue,, computed on such anti- cipated 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 suff- cien,t 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,pro- vide. The da tes , interes t rate or ra tes , ma tiirities 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 proceed's thereof may be required. Section 4., T11e, City 'Council finds that the: lack of parks athletic and other recreational facilities within the City has createdan emergency and an emergency is hereby declared to exist, wherefore' it is nec.es:sorry to calla special election,. A special election is, t:herefbre,, called to.be :held in, the City a'.s. prodded by law on the 5th day of November , 19`74 , in conjunction with ithe S tate general, 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 rejectioh the following proposition: -2- PROPOSITION RECREATIONAL OPEN SPACE AND PARK FACILI- TIES BONDS - $59.0,000,00 Shall the City, of Pas-co,j Washington, incur a general indebtedness and is -sue and. sell..no,t to exceed $590,000.00 of g,eneral, obligation bbhds,, but in no event to exc.ee.&j to- gether With outstanding general indebtedneas of. the City incur- red- for ,Municipal Open Space zhd Park Facilities purposes , 2-1/2% of the value of the''Itaxable property within. , the City, y the proceeds, thereof to be used solely for municipal open ospace and park facilities -capital purposes other than the placement of equipment, t6 -wit, to acquire, construct; de- velop and improve parks, athletic and other recreational fa-, cilities within the City, -_sqch.. 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 twenty years after date of issuance, all as approved in Ordinance Na, passed :and approved on September.- 1974 ?, RECREATIONAL OPEN SPACE AND PARK FACILITIES 'BONDS . . . . . . . . . . . .. . . . e . . - YES Z=7 RECREATIONAL OPEN SPACE -,AND PARK FACILITIES BONDS . . . . . . . . . NO The Auditor .of Franklin County,, as ex -officio Supervisor of Elections, shall have jurisdiction. over and shall conduct such special election. -.'.T.,,h'e..'IDe- p u tt' _co' shall deliver to -t, -e Auditor of Franklin County, as ex -officio Supervisor of Elections, at least forty=five (4,5) days prior to the date of such special election, a certified copy of this ordinance showing its paasage and including the ballot title herein set forth - Section 5. This ordinance is declared to :be one nece'ssary for the immedlat& 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 pas- sage, approva 1I and publication as required by law.. PASSED by the City Council of,, -the City of Pasco, Wa,shington,, a, -t a regular meeting thereof., and APPROVED by the Maybit this, X7 day of gepte b r, 1974. _G Attest:=- Donald. D. Linton, Mayor EVe_'Nh_ Depu y -Weli s, _ty City Qlerk' r pprbveld,.- Patrick. T.. Roach, Q_ity.Attorney. 3- SPEED LETTER® - ` TO - Mrs. Dorothy Towne, County Auditor FROM Mrs. Evelyn Wells, Deputy City Clerk SUBJECT ORDINANCE NO. 1666 ' -NO'. 9 & 10 FOLD 9`18/74 .MESSAGE DATE 19 Attached -is a copy of Ordnance No. 1666, as.passed by the Pasco City Council at I their regular meeting of September 17,-1974. SIGNED REPLY DATE 19 -No. 9,FOLD -No. IO:FOLD SIGNED "SNAP-A•WAY•• FOF.M-44-902' 'S PARTS.879 WILSON JONES COMPANY • © 1991 • PRINTED IN U.S.A: - SNAP -A -WAY AND RETAIN YELLOW COPY. SEND WHITE AND PINK COPIES WITH CARBON INTACT September 20, 1974 Mr. William N. Appel, Attorney Roberts, Shefelman, Lawrence, Gay & Moch 1818 I.B.M. Building Seattle, Washington 98101 Re: City of Pasco, Washington Proposed General Obligation Bonds $590,000.00 Dear Mr. Appel: Per your correspondence of September 14, 1974, attached is a certified copy of Ordinance No. 1666, as passed by the Pasco City Council at their regular meeting on September 17, 1974. Also attached is a copy of the minutes showing passage of Ordinance No. 1666. If we can be of further assistance to you, please do not hesitate to call on us. Sincerely yours, CITY OF PASCO Mrs. Evelyn Wells Deputy City CIerk ew Enc: (2) cc to: Harry D. Kinzer, City Manager H A RO LD'S..SFi EFELM AN, VICTOR.'D`.'LAWRENCE' JAMES GAY - ROBERT G.-MOCH' JAMES C. HARPER, GEORGE M. MAC K BRIAN L. CO MST,OCK TIMOTHY R..CLIFFORD JAMES S.TURNER .LEE. R. VOORHEES, JR:: WILLIAM N.APPEL DAVID S. SWEENEY WILLIAMG-TONKIN 'DAVID A. BENNETT 'SALLY PASETTE' ROBERT'.H: CAMPBELL ROBERT G. MULLENDORE- LAW O;FFI'CES ROBERTS, S.HEFELMAN,,LAWRENCE, GAY & MOCH 1818 IBM BUILDING SEATTLE,: WASHINGTON 98101 TEL.(206) 622-1818 William P. Roach, Es.q. Post 'Offi'ce Box 609 Pasco, Washington 99301: September 14, 1974 F. M. ROBERTS ,11880-1973) JAMES P: WET.ER 0877-195911 Rea:; City of Pasco, Wash-ington,, Proposed General Obligation Bonds -$'5'9'0,.Q160...00. Dear Patz: Hoping this gets to, you in time, we enclose herewith an original and five copies, of ordinance submitting, the proposed bond issue to the voters of the City. When thelordin,ance has'been passed, a certified copy should be immediately delivered to the Franklin County Auditor - We would appre.clate receiving ,a Certified copy, together- with a certified. extract of the Minutes of the City Council meet-in,g showing passage of this ordinance by the Council,. Very truly yours ROBERTS, SHEFELMAN , 'L"AWRENCEf,,. :GAY & MOCH 177, /0 BY— William N. `Appel WNA/dea Enclosures 'SPECIAL DELIVERY