HomeMy WebLinkAbout3595 CITY OF BRtD4ERDDN, WASHINGTON
ORDINANCE NO.
AN ORDINANCE of the City of Bremerton,
Washington, relating to the authorization of
general obligation bonds; providing for the
submission to the qualified electors of the
City a special election to be held therein
on Septmeber 16, 1980, of a proposition
authorizing the City to issue its general
obligation bonds in the principal amount of
not to exceed $550,000.00 to construct a fire
station and to expand the main fire station
facility, such bonds to be payable by annual
property tax levies to be made without
limitation as to rate or amount.
WHEREAS, it is deemed necessary for the public health,
safety, welfare and convenience that the City of Bremerton,
Washington (the "City"), construct a fire station,and expand
the main fire station facility, and
WHEREAS, to provide funds for such purpose, it is deemed
necessary and advisable that the City issue and sell its general
obligation bonds in the principal amount of not to exceed
$550,000.00; and
WHEREAS, the City is to receive a Federal Matching
Grant, a Federal Trident Impact Grant for construction of the
new fire station, and the amount of $400,000.00 is needed for the
City to match this grant, and
WHEREAS, additional space is urgently needed at the main
fire station facility and expansion will cost $150,000.00, and
WHEREAS, the Constitution and laws of the State of
Washington require that the question of whether or not such bonds
may be issued, be submitted to the qualified electors Of the City
for their ratification or rejection; NOW, THEREFORE,
THE CITY COUNCIL OF THE CITY OF BREMERTON, WASHINGTON,
DO ORDAIN, as follows:
Section 1. The City is in urgent need of constructing
a fire station and expanding the main fire station facility,
including all costs related to the issuance and sale of the bonds
hereinafter authorized to be issued, is hereby declared to be,
as near as may be, the sum of $550,000.00.
Section 2. The City shall borrow the sum of $550,000.00
on the credit of the City and issue and sell its negotiable gen-
eral obligations bonds therefore, for strictly municipal capital
purposes, to provide funds in the amount and for the purpose
specified in Section 1 hereof.
Section 3. The general obligation~bonds herein author-
ized to be issued shall be serial in form and shall mature in
from two to twenty years from the date of issue 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 computed on such anticipated effective interest rate
as the City Council may determine will be borne by the bonds
and shall be paid out of annual tax levies to be made upon all of
the taxable property of the City without limitation as to rate
or amount sufficient in amount to pay the interest on and the
principal of the bonds when due, and the bonds shall so provide.
The exact date, form, terms, options of redemption and maturi-
ties of such bonds shall be hereafter determined by ordinance.
The bonds shall be issued and sold when the proceeds thereof
are required.
Section 4. The life of the fire station to be constructed
and of the expansion of the main fire station facility to be con-
structed from the proceeds of the bonds issued therefore is hereby
estimated and declared to be as nearly as practicable not less
than twenty years.
Section 5. It is hereby found and declared that an
emergency exists requiring the submission to the qualified
electors of the City at a special election to be held therein
on the 16th day of September, 1980, in conjunction with the
State primary election, of a proposition authorizing the is-
suance of general obligation bonds of the City for the purpose
specified in Section 1 hereof.
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The Kitsap County Auditor, ex officio supervisor of
elections for such county, is hereby requested also to find the
existence of such emergency and to assume jurisdiction of, and
to call and conduct, said special election, at which the propo-
sition hereinafter set forth shall be submitted to the quali-
fied electors of the City.
The City Clerk is hereby authorized and directed to
certify the proposition to the Kitsap County Auditor in the
following form:
PROPOSITION
CITY OF BREMERTON
FIRE STATION BONDS - $550,000.00
Shall the City issue and sell up to $550,000.00
of general obligation bonds to construct a
fire station and to expand the main fire station
facility such bonds to be paid by annual pro-
perty tax levies to be made without limita-
tion as to rate or amount and to mature
serially in from two to twenty years from
of issue, as provided in Ordinance No.
BONDS...YES ( ) BONDS...NO ( )
more than forty-five (45) days prior to the date of such special
election.
APPROVED by the City Council of the City of Bremerton,
Washington, ,on fir~st reading, this 8th day of July, 1980.
PASSED by the City Council of Bremerton, signed by the
Mayor and attested by the City Clerk in authentication of such
passage this ~--~ day of July, 1980.
ATTEST:
KATHLEEN L. MANDIO, City Clerk
Approved as to form:
, +.' /~
City Attorney
Date of Publication: July 21., 1980