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HomeMy WebLinkAboutO-0661 - Provides for storm sewer construction bonds (Special)CITY OF MARYSVILLE,WASHINGTON ORDINANCE NO.661 AN ORDINANCE of the City of Marysville,Wash- ington,providing for the construction and in- stallation of a system of storm sewers consisting of concrete curbs and gutters,catch basins and inlets,storm drain pipes and mains and all neces- sary appurtenances thereto in and along all streets and avenues within the City where not otherwise presently provided;declaring the estimated cost thereof as near as may be;providing for the bor- rowing of not to exceed $1,500,000.00 and issuing and selling negotiable general obligation bonds to pay the cost thereof,those bonds to be payable by annual tax levies to be made without limitation as to rate and amount;declaring an emergency;and providing for the submission of the proposition of incurring such indebtedness and issuing such bonds to the qualified electors of the City at a special election to be held on May~~,1969. WHEREAS,the City of Marysville,Washington,is in urgent need of the construction and installation of a complete system of storm sewers along all streets and avenues within the City where not otherwise presently provided,and the City does not have available sufficient funds to meet the estimated cost thereof;and WHEREAS,the assessed valuation of the taxable property in the City as ascertained by the last preceding assessment for City purposes for the calendar year 1969 is $6,567,948.00,and at the time of·the passage of this ordinance the City has no outstanding general bonded indebtedness and the amount for which bonds herein authorized to be issued is the sum of $1,500,000.00;NOW,THEREFORE, THE CITY COUNCIL OF THE CITY OF MARYSVILLE,WASHINGTON, DO ORDAIN,as follows: Section 1.The City of Marysville,Washington,shall con- struct and install a system of storm sewers consisting of concrete curbs and gutters,catch basins and inlets,storm drain pipes and mains and all necessary appurtenances thereto in and along all streets and avenues within the City where not othenvise presently provided, the estimated cost of which is hereby declared to be,as nearly as may be,the sum of $1,500,000.00.The storm sewer works shall be owned and controlled by the City. Section 2.The City of Marysville shall borrow the sum of not to exceed $1,500,000.00 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.The indebtedness to be incurred shall be,first,deemed to be included within the additional limitation of 5%of the value of the taxable property within the City permitted for supplying the City with water,artificial light and sewers and shall be,secondly,deemed to be included within the limita- tion of 1-1/2 to 5%of the value of such taxable property permitted for general municipal capital purposes. Section 3.The general obligation bonds herein authorized to be issued shall be serial in form,shall bear interest at an ef- fective rate not exceeding that permitted by law,which,except for the first interest payment,shall be payable semiannually and shall mature in from two to not more than twenty years from date of issue (the life of the improvement to be acquired from the proceeds received from the issuance and sale of the bonds being at least twenty years) 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,excluding the years up to and including the year in which principal payments commence,computed on such anticipated effec- tive interest rate as the City Council may determine will be borne by the bonds,and shall be paid by annual tax levies to be made with- out limitation as to rate or amount,sufficient in amount to pay the principal of the bonds and the interest thereon as the same shall ac- crue,and the bonds shall so provide.The bonds shall be redeemable -2- 0,• .'- at the option of the City at such times as shall be hereafter deter- mined by ordinance.The date,interest rate or rates,maturities, 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 the necessity for the immediation construction and installation of a system of storm sewers within the City has created an emergency in the City,and an emergency is hereby declared to exist,and the Snohomish County Auditor, as ex-officio Supervisor of Elections,is hereby requested to concur in finding the existence of an emergency and to call and conduct a 6Jrk.special election to be held in the City of Marysville on May __,1969, 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 $1,500,000.00 and issue its neg?tiable general obligation bonds therefor for municipal capital purposes only,other than the replacement of equipment,as herein set forth. Section 5.The Clerk of the City is hereby directed to certify to the Snohomish County Auditor a copy of this ordinance and the proposition to be submitted at a special election to be held in &#ttheCityonMay__,1969,in the form of a ballot title,as follows: PROPOSITION GENERAL OBLIGATION STORM SEWER BONDS -$1,500,000.00 Shall the City of Marysville,Washington, borrow the sum of not to exceed $1,500,000.00 and issue its negotiable general obligation bonds therefor solely for capital purposes, other than the replacement of equipment,to-wit, to pay the cost of constructing and installing a system of storm sewers consisting of concrete curbs and gutters,catch basins and inlets, storm drain pipes and mains and all necessary appurtenances thereto in and along all streets and avenues within the City where not otherwise presently provided,such storm sewer works to be owned and controlled by the City,those bonds to be paid by annual tax levies to be made without limitation as to rate or amount,to bear interest at an effective rate not to exceed that permitted -3- '.. ,. by law,payable semiannually,and to mature in from two to not to exceed twenty years after date of issuance,all as provided in Ordinance No.? BONDS .YES / /BONDS ...NO //" The polls for the election shall be open from 8:00 o'clock a.m.to 8:00 o'clock p.m.(PDST). The Auditor of Snohomish County,Washington,shall have jurisdiction over and shall conduct such special election,and the County Canvassing Board of Elections shall canvass the returns of such special election. PASSED by the City Council of the City of Marysville,Wash- ington,at a regular meeting thereof and APPROVED by the Mayor thereof, this 24th day of March,1969. Mayor ATTEST: FORM APPROVED:~~~IJ:tz~/1&1.7 C:L ty Attorney -4-