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HomeMy WebLinkAboutO-1898 - Bond issuance (Special),>...' CITY OF MARYSVILLE,WASHINGTON ORDINANCE NO./Qq~ 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 September 15,1992,in conjunction with the State primary 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 acquiring a site for,constructing,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 40761. 6129/92 4:59pm -1- 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 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 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 40761. 6/29/92 4:59pm -2- 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 September 15,1992,in conjunction with the State primary 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 principal amount for capital purposes only,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 September 15,1992,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 without imposing any additional excess property tax,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 40761. 6/29/924:59pm -3- 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.1865 BONDS . section 6. YES 1--/BONDS..NO 1--/ 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 an open regular public meeting thereof,this 6th day of July,1992. Mayor ATTEST: City Clerk APPROVED AS TO FORM: J city Attorney 40761. 6129/924:59pm -4-