HomeMy WebLinkAbout4075 CITY OF BREMERTON, WASHINGTON
ORDINANCE NO. ~/O7~
AN ORDINANCE of the City of Bremerton,
Washington, relating to City parks and recreational
facilities; providing for the incurring of indebted-
ness, issuing of bonds and levying of excess taxes
for the purpose of paying the cost of the develop-
ment, construction, reconstruction and improvement of
existing City park and recreational facilities;
declaring the cost of such development, construction,
reconstruction and improvement as nearly as may be
estimated; providing for the borrowing of .a total not
to exceed $2,500,000, 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 therein on
November 4, 1986, in conjunction with the State
general election to be held on the same date.
WHEREAS, the City of Bremerton, Washington (the "City"), is
in urgent need for the public health, safety, welfare and
convenience of the development, construction, reconstruction and
improvement of existing City parks and recreational facilities;
and
WHEREAS, the City does not have available sufficient funds
to meet the estimated cost of such improvements; NOW, THEREFORE,
THE CITY OF BREMERTON DOES ORDAIN:
Section 1. The City shall develop, construct, reconstruct
and improve existing City parks and recreational facilities, the
cost of which, including the cost of issuing and selling the
bonds provided for in this ordinance, is declared to be, as
nearly as may be estimated, $2,500,000.
Section 2. The City shall borrow not to exceed $2,500,000
on the credit of the City, and shall issue and sell its general
obligation bonds therefor for strictly municipal capital pur-
poses other than the replacement of equipment, to provide the
funds for the purposes specified in Section 1 of this ordi-
nance. Costs of engineering, planning, financial, legal and
other services lawfully incurred incident to the purposes
specified in Section 1 of this ordinance shall be appropriate
capital costs to be paid from the proceeds of the bonds provided
for by this ordinance.
Section 3. The general obligation bonds authorized by this
ordinance shall bear interest, and shall mature within ten years
from date of issue, but may mature within a lesser time in such
amounts, and shall be sold in such manner, as the City Council
shall determine. The life of the improvements to be acquired by
the issuance of the bonds is found to be at least ten years.
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 authorized general obliga-
tion bonds. 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 pay
for carrying out the purposes of the bonds, and the costs of
such warrants or short-term obligations shall be included in the
costs of those purposes.
Section 4. The City Council finds that an emergency exists
requiring the development, construction, reconstruction and
- 2 -
improvement of park and recreation facilities herein described,
and the Auditor of Ki~tsap 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, in
conjunction with the State general election to be held on the
same date, for the purpose of submitting to the qualifieid
electors of the City for their approval the question of whether
or not the City shall borrow an amount not to exceed $2,500,000,
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 Kitsap County, Washington, as ex officio Supervisor of
Elections, at least 45 days prior to the November 4, 1986,
special election date, a copy of this ordinance and the
proposition to be submitted mt that special election in the form
of a ballot title as follows:
PROPOSITION NO. 1
PARKS AND RECREATIONAL FACILITIES IMPROVEMENT
AND DEVELOPMENT BONDS - $2,500,000
Shall the City of Bremerton, Washington, borrow
$2,500,000 to develop, construct, reconstruct and
improve existing City parks and recreational facili-
ties by issuing and selling general obligation bonds
therefor maturing within ten years and levy annual
excess property taxes necessary to redeem the bonds,
all as provided in Ordinance No. ~07~ ·
BONDS . YES / / BONDS . NO / /
APP~O~ by the City Council on the first reading this //~_z/
day of ~%~/~2~--~ ~-~ , 1986.
PASSED by the City Council of the City of Bremerton, signed
by the Mayor and attested to by the City Clerk in authentication
of such passage this /7~~ day of .~/~.d~/~, , 1986.
LOBE,
ATTEST:
KATHLEEN L. McCLUSKEY,[Clerk
I, KATHLEEN L. McCLUSKEY, City Clerk of the City of
Bremerton, Washington, certify that the attached copy of
Ordinance No. ~7~' is a true and correct copy of the original
ordinance passed on the f~ day of ~~c~ , 1986, as
that ordinance appears on the Minute Book of the City.
DATED this (~ day of ~_~,~t~_ , 1986.
KATHLEEN L. McCLUSKEY!
City Clerk
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