HomeMy WebLinkAboutO-1857 - Bond issuance (Special),.
CITY OF MARYSVILLE,WASHINGTON
ORD INANCE NO.igS,
AN ORDINANCE of the City of Marysville,
Washington,providing for the submission to the
voters of the City at a special election to be held
therein on November 5,1991,in conjunction with the
State general election to be held on the same date,
of a proposition authorizing the City to incur
indebtedness by issuing its general obligation bonds
in a par amount not to exceed $3,700,000,payable
from annual regular property tax levies,for the
purpose of paying all or part of the cost of
acquir ing a site.for,construct ing,furnishing and
equipping a new library and carrying out other
capital purposes,and ratifying and confirming prior
actions taken consistent with the provisions of this
ordinance.
WHEREAS,the City of Marysville,Washington (the "City"),
is in urgent need of acquiring a site for,constructing,
furnishing and equipping a new library and carrying out other
capital purposes,and the City does not have sufficient funds
available for those purposes to meet the estimated cost of those
improvements;and
WHEREAS,the City Council is of the opinion that voter
approval should be secured authorizing the incurring of
indebtedness by the issuance of bonds which should be.paid,both
principal and interest,from annual regular property tax levies
of the City;NOW,THEREFORE,
THE CITY COUNCIL OF THE CITY OF MARYSVILLE,WASHINGTON,DO
ORDAIN as follows:
Section 1.The City shall acquire a site for,construct,
furnish and equip a new library and carry out other capital
purposes (the "Project").The estimated cost of the Project,
including the costs of issuing and selling the bonds authorized
by this ordinance,is declared to be,as nearly as may be,
$3,700,000.If any bond proceeds remain after the acquisition
of a site for and the construction,furnishing and equipping of
a new library,those proceeds shall be used to remodel the
existing library for other City uses.The economic life of the
facility comprising the Project is expected to be at least 20
years.
Section 2.The City shall borrow not to exceed $3,700,000
on the credit of the City and issue and sell its general
obligation bonds in that principal amount for strictly municipal
capital purposes,other than the replacement of equipment,to
provide the funds for the Project.Costs of engineering,
planning,financial,legal and other services lawfully incurred
incident to the Project shall be appropriate capital costs to be
paid from the proceeds of the bonds authorized by this ordinance.
Section 3.The bonds shall be issued as a single issue,as
a part of a combined issue with other authorized bonds,or in
more than one series.The bonds shall be fully registered;
shall bear interest payable as permitted by law;shall mature
within 20 years from their date or within any shorter period
fixed by the City Council;shall be paid from annual regular
property tax levies within the limit permitted by law without a
vote of the people under Article VII,Section 2(b),Washington
Constitution and RCW 84.52.056;and shall be issued and sold in
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the manner,at the times and in the amounts as shall be required
for the Project.The exact date,form,terms,options of prior
redemption,price,interest rate or rates and maturities of the
bonds shall be fixed hereafter by ordinance of the City
Council.Pending the issuance of the bonds and receipt of their
proceeds,the City Council may authorize the issuance of
short-term obligations pursuant to Chapter 39 . 50 RCW,and the
costs of those short-term obligations shall be included in the
cost of the Project for which the bonds are issued.
Section 4.The City Council find that an emergency exists
which requires constructing and acquiring the improvements and
facility comprising the Project,and the Auditor of Snohomish
County,Washington,as ex officio Supervisor of Elections,is
requested to concur in that finding and to call and conduct a
special election to be held in the City on November 5,1991,in
conjunction with the State general election to be held on the
same date,for the purpose of submitting to the qualified
electors of the City for their approval the question of whether
or not the City shall borrow not to exceed $3,700,000,and issue
its general obligation bonds in that pr incipal amount for
capital purposes only,other than replacement of equipment,such
bonds to be paid from the City's regular nonvoted property tax
levies.
Section 5.The City Clerk or Deputy City Clerk is directed
to certify to the Auditor of Snohomish County,Washington,as ex
officio Supervisor of Elections,at least 45 days prior to the
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November 5,1991,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
GENERAL OBLIGATION LIBRARY BONDS -$3,700,000
Shall the City of Marysville,Washington,borrow
$3,700,000 to acquire a site for,construct,furnish
and equip a new library and carry out other capital
purposes by selling general obligation bonds therefor
maturing within 20 years,both principal and interest
to be paid from the city's regular property tax
levies,as provided in Ordinance No.?
BONDS . YES / /BONDS . .NO / /
Section 6.Ratification and Confirmation.All actions
heretofore taken by or on behalf of the City consistent with the
provisions of this ordinance are ratified and confirmed.
PASSED by the City Council and APPROVED by the Mayor of the
City of Marysville,Washington,at a special open public meeting
thereof,of which due notice was given as provided by law,this
18th day of September,1991.
ATTEST:
APPROVED AS TO FORM:
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City Attorney
MLC-2007*
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