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HomeMy WebLinkAbout4287 AN ORDINANCE of the City of Bremerton, Washington, providing for the submission to the voters of the City at a special election to be held therein on November 6, 1990, 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 $2,150,000, payable by annual property tax levies to be made in excess of regular property tax levies, for the purpose of paying all or a part of the cost of acquiring land and constructing and equipping a public works complex to house City departments, including street vehicle, electronics and facilities maintenance, and for other capital purposes and to levy those excess property taxes. WHEREAS, the City of Bremerton, Washington (the "City"), is in urgent need of acquiring land and constructing and equipping a public works complex to house City departments, including street vehicle, electronics and facilities maintenance, and for other capital purposes, and the City does not have sufficient funds available for that purpose to meet the estimated cost of those improvements; NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF BREMERTON, WASHINGTON, as follows: Section 1. The City shall acquire land and construct a public works complex to house City departments, including street vehicle, electronics and facilities maintenance, and 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, $2,150,000. The economic life of the facilities comprising the Project is expected to be at least twenty years. Section 2. The City shall borrow not to exceed $2,150,000 on the credit of the City and issue and sell its general obligation bonds in that par amount for strictly municipal -1- 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 twenty years from their date or within any shorter period fixed by the City Council; shall be paid by annual property tax levies sufficient in amount to pay both principal and interest when due, which annual property tax levies shall be made in excess of regular property tax levies without limitation as to rate or amount but only in amounts sufficient to pay both principal and interest when due; 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, option 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 finds that an emergency exists which requires acquiring the land and constructing and equipping the facilities comprising the Project, and the Auditor of Kitsap County, Washington, as ex officio Supervisor of Elections, is requested to concur in that finding and to call and conduct a -2- special election to be held in the City on November 6, 1990, 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 $2,150,000, issue its general obligation bonds in that par amount 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 Kitsap County, Washington, as ex officio Supervisor of Elections, at least 45 days prior to the November 6, 1990, 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 CITY OF BREMERTON BONDS - $2,150,000 Shall the City of Bremerton, Washington, borrow $2,150,000 to acquire land and construct and equip a public works complex to house City departments, including street, vehicle, electronics and facilities maintenance, and for other .capital purposes by selling general obligation bonds therefor maturing within twenty years and levy annual excess property taxes necessary to pay and retire the bonds, as provided in Ordinance No. ~ BONDS YES / / BONDS NO / / Section 6. All actions taken by the City, and its officers, employees and representatives on behalf of the City, consistent with the provisions of this ordinance are ratified, approved and confirmed. Section 7. The City is in urgent need of the facilities comprising the Project and, in order to submit the proposition of issuing the bonds necessary to pay the costs of the project at the November 6, 1990, special election, must certify a copy -3- of this ordinance and the proposition to the Auditor of Kitsap County by September 21, 1990. Therefore, the City Council finds that sufficient urgency exists to require that this ordinance take effect immediately. For the reasons stated, this ordinance shall take effect immediately upon its passage and publication. PASSED by the City Council of the City of Bremerton this 5 ~- day of ~4~.%~- , 1990. LY~N HOR~ON, President Bremerton City Council LOUI'S MENTOR, Mayor ATTEST: KATHLEEN L. McCLUSKEY, City Clerk -4- o , ¥''/