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Home My WebLink AboutO-1488 - Special election on bond issuance (Special))(C~I 6"tll<-Pl.tb,. Frle CITY OF MARYSVILLE,WASHINGTON ORDINANCE NO./~ AN ORDINANCE of the City of Marysville, washington,relating to the construction of a Public Safety Facility for the police and fire departments at the intersection of Grove Street and Alder Avenue, including the furnishing and equipping of the same,and the installation of emergency traffic signals on Grove Street;declaring the estimated cost thereof as nearly as may be;providing for the borrowing of a total of $3,000,000,and selling general obligation bonds to pay the cost thereof,such bonds to be payable by annual property tax levies to be made in excess of regular property tax levies;and providing for the submission of the proposition of incurring such indebtedness, issuing such bonds and levying such excess taxes to the qualified voters of the City at a special election to be held thereon on November 4,1986. WHEREAS,the City of Marysville,Washington (the "City"),is in urgent need of constructing a Public Safety Facility for the police and fire departments at the intersection of Grove Street and Alder Avenue,including the furnishing and equipping of the same,and the installation of emergency traffic signals on Grove Street,the estimated cost of which is $3,000,000,and the City does not have available sufficient funds to meet such estimated cost;NOW,THEREFORE, THE CITY COUNCIL OF THE CITY OF MARYSVILLE,WASHINGTON,DO ORDAIN as follows: Section 1.The City shall construct a Public Safety Facility for the police and fire departments at the intersection of Grove Street and Alder Avenue,including the furnishing and equipping of the same,and the installation of emergency traffic ORDINANCE - 1 signals on Grove Street,the estimated cost of which is declared to be,as nearly as may be,the amount of $3,QOO,OOO. Section 2.The City shall borrow $3,000,000 on the credit of the City and issue and sell its general obligation bonds therefore for strictly municipal capital purposes,other than the replacement of equipment,for the purpose of providing the funds in the amount and for the purposes specified in Section 1 of this ordinance. Section 3.The general obligation bonds authorized by this ordinance shall bear interest,shall mature within 25 years from date of issue,but may mature within a lesser time (the life of the improvements to be acquired by the issuance of bonds is found to be at least 25 years),in such amounts,and shall be sold in such manner as the City Council of the City shall determine.The bonds shall be paid by annual property tax levies made in excess of regular property tax levies without limitation as to rate or amount sufficient in amount to pay the principal of and interest on the bonds when due,and the bonds shall so provide.The date, interest rate or rates,maturities,option of prior redemption, form and covenants of the bonds shall be fixed hereafter by ordinance of the City Council,and the bonds shall be issued and sold when required in one or more series,and may be combined with any other series of general obligation bonds concurrently or hereafter authorized.Pending the issuance of the bonds and receipt of proceeds thereof,the CIty Council may authorize interim interest-bearing warrants or other short-term obligations ORDINANCE - 2 • to pay for carrying out the purpose of the bonds,and the costs of such warrants or short-term obligations shall be included in the costs of that purpose. Section 4.The City Council finds that an emergency exists requiring the carrying out of the project described in this ordinance,and the Auditor of Snohomish County,Washington,as ex officio Supervisor of Elections,is requested to concur in the finding of the existence of an emergency and to call and conduct a special election to be held in the City on November 4,1986, for the purpose of submitting to the qualified electors of the City for their approval the question of whether the City shall borrow $3,000,000,issue its general obligation bonds therefor for capital purposes only,other than replacement of equipment, and levy excess taxes necessary to redeem the bonds as herein set forth. Section 5.The City Clerk is directed to certify to the Auditor of Snohomish County,Washington,at least 45 days prior to the November 4,1986,special election date,a copy of this ordinance and the proposition to be submitted at that special election in the form of a ballot title as follows: PROPOSITION 1 PUBLIC SAFETY FACILITY BONDS -$3,000,000 Shall the City be authorized to borrow $3,000,000 to pay for the cost of constructing a Public Safety Facility and related improvements by issuing and selling general obligation bonds maturing within 25 years,but may be a lesser time,from date of issue and payable from annual property tax levies to be made in ORDINANCE -3 .. • excess of regular property tax levies,and levy excess taxes necessary to redeem said bonds,as provided in Ordinance No./Lf?f?? BONDS . BONDS • •YES • . • •NO D D PASSED by the City Council and APPROVED by the Mayor at a regular open public meeting this 18th day of September,1986. CITY OF MARYSVILLE MAYOR Attest: Approved as to form: ORDINANCE - 4 AFFIDAVIT OF PUBLICATION ORDINANCE NO. 1488 AN ORDINANCEof the City of Marysville,Washington,relating to the construction of a Public Safety Facility for the police and fire departments at the intersection of Grove Street and Alder Avenue,including the furnishing and equipping of the same,and the in- stallation of emergency traffic signals on Grove Street;declaring the'estimated cost thereof as nearly as may b~;providing for the borrowing of a total of $3,000,000,and seu- ing general obligation bonds to pay the cost thereof,such bonds to be payable by annual property tax levies to be made in excess of regular property tax levies;and providing for the submission of the proposition of incurring such indebtedness,issuing such bonds and -levying such excess taxes to the qualified voters of the City at a special election to be held thereon on November 4,1986.- WHEREAS,the City of Marysville,Washington (the "City").is in urgent need of con- structing a Public Safety Facility for the police and fire departments at the intersection of Grove Street and Alder Avenue,including the furnisnlOg and equipping of the same, and the installation of emergency traffic signals on Grove Street,the estimated cost of which is $3,000,000, and the City does not have available sufficient funds to meet such estimated cost;NOW,THEREFORE, THE CITY COUNCIL OF THE CITY OF MARYSVILLE,WASHINGTON,DO OR- DAIN as follows: Section 1.The City shall cosntruct a PUblic Safety Facility for the police and fire departments at the intersection of Grove Street and Alder Avenue,including the fur- nishing and equipping of the same,and the installation of emergency traffic signals on Grove Street,the estimated cost of which is declared to be, as nearly as may be,the amount of $3,000,000. Section 2.The City shall borrow $3,000,000 on the credit of the City and issue and sell its general obligation bonds therefore for strictly municipal capital purposes,other than the replacement of equipment,for the purpose of providing the funds in the amount and for the purposes specified in Section 1 of this ordinance. Section 3.The general obligation bonds authorized by this ordinance shall bear in- terest,shall mature within 2S years from date of issue,but may mature within a lesser time (the-life of the improvements to be acquired by the issuance of bonds is found to be at least 2S years),in such amounts,and shall be sold in such manner as the City Council of the City shall determine.The bonds shall be paid by annual property tax levies made in excess of regular property tax levies without limitation as to rate or amount SUfficient in amount to pay the principal of and interest on the bonds when due,and the bonds shall so provide.The date:interest rate or rates,maturities,option of prior redemption,from and covenants of the bonds shall be fixed hereafter by ordinance of the City Council,and _the bonds shall be issued and sold when required in one or more series,and may be com- bined with any other series of general obligation bonds concurrently or hereafter authorized.Pending the issuance of the bonds and receipt of proceeds thereof,the City Council may authorize interim interest-bearing warrants or other short-term obligations to pav.tor carrying out the purpose of the bonds,and the costs of such warrants or short- term obligations shall be included in the costs of that purpose. Section 4.The City Counci I finds that an emergency exists requiring the carrying out of the project described in this ordinance,and the Auditor of Snohomish County, Washington as ex officio Supervisor of Elections,is requested to concur in the finding of the existence of an emergency and to call and conduct a special election to be held in the City on November 4, 1986,for the purpose of submitting to the qualified electors of the Ci- ty_for their approval the question of whether the City shall borrow $3,000,000, issue its general obligation bonds therefor for capital purposes only,other than replacement of equipment,and levy excess taxes -necessary to redeem the bonds as herein set forth. Section 5.The City Clerk is directed to certify to the Auditor of Snohomish County, Washington,at least 4S days prior to the November 4, 1986,special election date,a copy of this ordinance and the proposition to be submitted at that special election in the form of a ballot title as follows: PROPOSITION 1 PUBLIC SAFETY FACILITY BONDS -$3,000,000 Shall the City be authorized to borrow $3,000,000 to pay for the cost of cosntructing a Public Safety Facility and related improvements by issuing and selling general obliga-- tion bonds maturing within 2S years,but may bea lesser time,from date of issue and payable from annual property tax levies to be made in excess of regular property tax levies,and levy excess-taxes necessary to redeem said bonds,as provided in <kdinance No. 1488?oBONDS--YES BONDS NO 0 PASSED by the City Council and APPROVED by the Mayor at a regular open public meeting this 18th day of septernbervtsse. CITY OF MARYSVILLE By Norman Anderson,Mayor Attest:By Phillip E.Dexter,City Clerk Approved as to Form:By James H.Allendoerfer.City Attorney Published:Septemb.er 24, 1986...... No._ ._--.being first duly sworn is the secretary~E.~-.-;~~kIy--ii~~;paper~ wspaper which has been ap- Court in Snohomish County Chapter 213 of Washington has been for more than six publication hereinafter re- :h language continually as a Snohomish County.Wash- all of said time was printed 'oresaid place of publication xed is a true copy of a ---------as it was lot in supplement form)of ,r a period of _9!1~con- !_?~.!=_h day of _~:P!:~_~er ~_day of ~:_p_t:.:~~~19_~~_, ih newspaper was regularly lng all of said period.Thatrdfortheforegoingpubli- I 1--.which amount has beent~~------------- ~;~__I 19_~ L--t~'-!r:~--~~~~~~:~:--·· at MarySVille. .\-, AFFIDAVIT OF"PUBLICATION No._ STATE OF WASHINGTON, County of Snohomish, ss. on oath deposes and says thatsheis the_$.~f:.Le_t_C!.~y.._.... _ of THE MARYSVILLE GLOBE, a weekly newspaper. That said newspaper is a legal newspaper which has been ap- proved by order of the Superior Court in Snohomish County June 18, 1962 in compliance with Chapter 213 of Washington Laws of 1941, and it is now and has been for more than six months prior to the date of the publication hereinafter re- ferred to,published in the English language continually as a weekly newspaper in Marysville,Snohomish County,Wash- ington,and it is now and during all of said time was printed in an office maintained at the aforesaid place of publication of said newspaper.That the annexed is a true copy of a _____9..rJt:hQ~[l~~_'!f):.~~~as it was published in regular issues (and not in supplement form)of said newspaper once each week for a period of _9!15!con- secutive weeks.commencing on the _~~..!=p day of _~:P!~~_~er 198fL,and ending on the __~~~~__day of ~~.?_t:.~~~;19_~~_, both dates inclusive. and that such newspaper was regularly distributed to its subscribers during all of said period.That the .full amount of the fee charged for the foregoing publi- cation is the sumdof$_1~.?_·_2:.~,which amount has been paid in full . .---(~---~zt0b4------------- Subscribed and sworn to before me this ------------r4 of ~---.19_~,/l /...~~~~.....~~.~)~~.~-:~~..~.~~.~~~~~:.... Residing at Marysville. -, \ -,