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HomeMy WebLinkAbout3358 Distribution: Bremerton Sun~/~ Attorney/' Election Folder/ Bond Folder,/~ CITY OF BREMERTON, 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 at a special election to be held therein on May 17, 1977, of six propositions: the first, authorizing the City to issue its general obligation bonds in the principal amount of not to exceed $1,500,000.00 for the purpose of paying the cost of acquiring and improving a site for and constructing and equipping a Youth and Senior Citizens Recreational Center (including an indoor swimming pool); the second, authorizing the expenditure or retention in the bond redemption fund of any excess proceeds of the bonds referred to in the first proposition; the third, authorizing the City to issue its general obligation bonds in the principal amount of not to exceed $350,000~00 for the purpose of paying the cost of acquiring and improving a site for and constructing and equipping a new fire station; the fourth, authorizing the expenditure or retention in the bond redemption fund of any excess proceeds of the bonds referred to in the third proposition; the fifth, authorizing the City to issue its general obligation bonds in the principal amount of not to exceed $650,000.00 for the purpose of paying the cost of improving and equipping existing park and recre- ational facilities, acquiring and developing additional parks, recreational areas and open space lands, including the acquisition of the vacant Coontz Junior High School property, if available; and the sixth, authori.'~.ng the expenditure or retention in the bond redemption fund of any excess proceeds of the bonds referred to in the fifth proposition, all of such bonds to be payable by annual property tax levies to be made without limitation as to rate or amount; and declaring an emergency. WHEREAS, it is deemed necessary for the public health, safety, welfare and convenience that the City of Bremerton ( the "City") acquire property and make improvements thereto including the con- struction and installation of an indoor swimming pool and a Youth and Senior Citizens Activities and Recreation Center; that the City acquire other properties for the development of new open- space areas, parks and recreations facilities; that the City make improvements to existing open-space areas, parks and recreation facilities; and that the City construct a new fire station; and WHEREAS, to provide the funds for such purposes, it is deemed necessary and advisable that the City issue and sell its general obligation bonds in the aggregate principal amount of not to exceed $2,500,000.00; and WHEREAS, the Constitution and laws of the State of Washington require that the questions of whether or not such bonds may be issued for each of such unrelated purposes be submitted to the qualified electors of the City for their ratification or rejection as separate propositions; NOW, THEREFORE, THE CITY OF BREMERTON, WASHINGTON, DOES ORDAIN: Section 1. The City is in urgent need of (1) acquiring and improving a site for and constructing and equipping a Youth and Senior Citizens Recreational Center (including an indoor-swimming pool}; ~2) acquiring and improving a site for and constructing and equipping a new fire station; and (3] improving and equipping existing parks and recreational facilities, acquiring and developing additional parks, recreational areas and open space lands, including the acquisition of the vacant Coontz Junior High School property, if available. The estimated costs to the City, including all costs related to the issuance and sale of the bonds hereinafter authorized to be issued, are hereby declared to be, as near as may be: (1) Acquiring and improving the site for and constructing and equipping a Youth and Senior Citizens Recreational Center, including an indoor swimming pool $1,500,000.00 (.2) Acquiring and improving a site for and constructing and equipping a new fire station 350,000.00 (3) Improving and equipping existing park and recreational facilities, acquiring and developing additional parks, recreational areas and open space lands, including the acquisition of the vacant Coontz Junior High School property, if available 650,000.00 Such acquisitions, development, construction, installation and improvements shall be complete with all necessary and proper landscaping, parking facilities, utilities and appurtenances. -2- Section 2. The City shall borrow sums totaling up to $2,500,000.00 on the credit of the City and issue and sell its negotiable general obligation bonds therefor, for strictly municipal capital purposes, other than the replacement of equipment, to-wit, the purpose of providing funds in the amounts and for the purposes specified in Section 1 hereof. Section 3. The general obligation bonds herein authorized to be issued shall be serial in form as to each bond proposition set forth in Section 6 herein 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 bonds of any authorization may be combined with and sold as a single issue with the bonds of any other authorization. The exact date, form, terms, options of redemption and maturities of such bonds shall be hereafter determined by ordinance. The total amount of each issue shall be hereafter fixed by ordinance of the City Council of the City, and the bonds shall be issued and sold when required. Section 4. The life of the improvements planned to be constructed from the proceeds of the bonds issued therefor is hereby estimated and declared to be as nearly as practicable not less than twenty years, and the life of the property hereinbefore described to be acquired is perpetual. Section 5. For the purposes hereinabove specified, the City shall also attempt to obtain funding from sources other than the aforesaid bond issues. Such sources may include, but shall not -3- be limited to, matching funds and/or grants from other governmental entities. Such funds shall be in addition to any funds obtained from the aforesaid bond issues. In the event additional moneys are obtained from other sources, the issue of whether said additional funds should be retained by the City in the construction or acquisition fund hereafter created for each bond issue purpose to provide matching funds for other needed capital but related projects, or be used to reduce annual tax levies in proportion to the excess funds made available shall be submitted to the qualified electors of the City for their election as to each separate bond authorization. 'Section 6. 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 17th day of May, 1977, of propositions authorizing the issuance of general obligation bonds of the City for the purposes provided in this ordinance and propositions allowing said electors to decide whether excess funds obtained should be retained by the City for other related purposes or used to reduce tax levies as hereinbefore provided. The Kitsap County Auditor, as ex officio supervisor of all elections held within Kitsap 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 propositions hereinafter set forth shall be submitted to the qualified electors of_the City. The City Clerk is hereby authorized and directed to certify said propositions to the Kitsap County Auditor in the following form: PROPOSITION NO. 1 YOUTh-SENIOR CITIZENS RECREATIONAL CENTER BONDS Shall the City issue and sell not to exceed $1,500,000 of general obligation bonds to pay the cost of acquiring and improving a site for and constructing and equipping a Youth and Senior Citizens Recreational Center ~including an indoor swimming pool), such bonds to be -4- paid by annual property tax levies to be made without limitation as to rate or amount and to mature serially in from two to twenty years from the date of issue, as provided in Ordinance No. J33'~ ? BONDS .o. YES /--~ BONDS ... NO / / PROPOSITION NO. 2 EXCESS FUNDS FROM PROPOSITION NO. 1 BONDS In the event Proposition No. 1 is approved and in the event that funds are obtained from sources other than the bond issue specified in Proposition No. 1 and said funds create an excess of funds for said purposes, shall the City use any excess funds from the Proposition No. 1 bond issue for other youth and Senior Citizens recreational purposes or shall the City deposit the same in the bond redemption fund for such bonds and reduce annual tax levies in proportion to the excess funds made available? USE FUNDS FOR OTHER RELATED PURPOSES? USE FUNDS FOR BOND REDEMPTION? PROPOSITION NO. 3 FIRE STATION BONDS Shall the City issue and sell not to exceed $350,000 of general obligation bonds to pay the cost of acquiring and improving a site for and constructing and equipping a new fire station, such bonds to be paid by annual property tax levies to be made without limitation as to rate or amount and to mature serially in from two to twenty years from the date of issue, as provided in Ordinance No. 333'F ? ONnS ... /---7 ... NO /--7 PROPOSITION NO. 4 EXCESS FUNDS FROM PROPOSITION NO. 3 BONDS In the event Proposition No. 3 is approved and in the event that funds are obtained from sources other than the bond issue specified in Proposition No. 3 and said funds create an excess of funds for said purposes, shall the City use any excess funds from the Proposition No. 3 bond issue for other fire- fighting facilities purposes or shall the City deposit the same in the bond redemption fund for such bonds and reduce annual tax levies in proportion to the excess funds made available? USE FUNDS FOR OTHER RELATED PURPOSES? USE FUNDS FOR BOND REDEMPTION? PROPOSITION NO. 5 PARK AND RECREATIONAL FACILITIES BONDS Shall the City issue and sell not to exceed $650,000 of general obligation bonds to pay the cost of improving -5- and equipping existing park and recreational facilities, acquiring and developing additional parks, recreation areas and open space lands, including the acquisition of vacant Coontz Junior High SchOol property if available, such bonds to be paid bY annual property tax levies to be made without limitation as to rate or amount and to mature serially in from two to twenty years from the date of issue, as provided in Ordinance No. 3~r8 ? BONDS . . . YES / / BONDS . . . NO / ../ PROPOSITION NO. 6 EXCESS FUNDS FROM PROPOSITION NO. 5 BONDS In the event Proposition No. 5 is approved and in the event that funds are obtained from sources other than the bond issue specified in Proposition No. 5 and said funds create an excess of funds for said purposes, shall the City use any excess funds from the Proposition No. 5 bond issue for othe rpark and recreational facilities purposes or shall the City deposit the same in the bond redemption fund for such bonds and reduce annual tax levies in proportion to the excess funds made available? USE FUNDS FOR OTHER RELATED PURPOSES? USE FUNDS FOR BOND REDEMPTION? Each of such propositions shall be placed upon the ballot so that the qualified electors of the City may vote on the same separately. Section 7. The Council hereby finds and declares that in order to submit such propositions at the next special election date specified by State law more than 45 days after the passage of this ordinance, to-wit, May 17, 1977, it is necessary that a certified copy of this ordinance be delivered to the Kitsap County Auditor by no later than April 1, 1977, and, therefore, an emergency is hereby declared to exist and it is hereby found necessary that this ordinance become effective immediately upon its passage and publication as required by law. -6- PASSED UNANIMOUSLY BY THE CITY COUNCIL OF THE CITY OF BREMERTON, WASHINGTON, at a regular open public meeting thereof this let day of April, 1977. /' ~~~May~o'r ~ ATTEST: ~ ~ty Clerk APPROVED AS TO FORM: J~ity Attorney Date of Publication: -7- I, G. C. YEADON, SR., City Clerk of the City of Bremerton, Washington, hereby certify that the attached copy of Ordinance No. ~ is a true and correct copy of the original ordinance passed on the 1st day of April, 1977, as that ordinance appears on the Minute Book of the City. DATED this ~ 3..~ day of April, 1977. G. C.' YEKDON, SR., City Clerk