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HomeMy WebLinkAbout3310 ORDINANCE NO. ~ AN ORDINANCE of the City of Bremerton, Washington providing for the submission to the qualified electors of the City at the general election to be held on November 2, 1976, of a proposition author- izing the City of Bremerton to issue its general obligation bonds in the principal amount of not to exceed $2,500,000 for the purpose of paying the costs of acquiring property and making improvements thereon for a Youth and Senior Citizens Recreation and Activities Center, including a heated swimming pool, as well as development of other open space areas, parks and recreation areas, improvements to existing park and recre- ation facilities within the City of Bremerton and construction of a new fire station, and declaring an emergency. WHEREAS, it is deemed necessary for the public health, safety, welfare and convenience that the City of Bremerton acquire property and make improvements thereto including the construction and installation of a heated swimming pool and a Youth and Senior Citizens Activities and Recreation Center; that the City of Bremerton acquire other properties for the development of new open-spaced areas, parks and recreation facilities; that the City of Bremerton make improvements to existing open-space areas parks and recreation facilities; and that the City of Bremerton construct a new fire station; and WHEREAS, to provide the 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 $2,500,000; and WHEREAS, the Constitution and laws of the State of Washington require that the question of whether or not such bonds may be issued for such purposes be submitted to the qualified electors of the City of Bremerton for their ratification or rejection; NOW, THEREFORE, THE CITY OF BREMERTON DOES QRDAIN 1. The Council hereby finds and declares that the health, safety, welfare and benefit of the residents of the City require that the plan hereinafter provided be carried out at the time or times and in the order deemed most necessary and advisable by the City. 2. The City shallacquire property and make improve- ments including the construction and installation of a heated swimming pool and a Youth and Senior Citizens Activities and Recre- ation Center; that the City shall acquire other properties for the development of open-space areas, new parks and recreation facilities; that the City shall make improvements to existing parks and recre- ation facilities as are necessary and desirable; and that the City shall acquire property for and contruct thereon a new fire station. Such acquisitions, development, construction, installations and improvements shall be complete with all necessary and proper landscaping, parking, facilities, utilities and appurtenances. 3. For the purpose of providing funds necessary to pay part or all of the cost of carrying out the plan pursuant to this Ordinance, general obligation bonds of the City of Bremerton in the principal amount of not to exceed $2,500,000 shall be issued. Such bonds shall bear interest at a rate not to exceed the maximum rate permitted by law at the time of their issuance, and shall mature serially in such amounts from two to twenty years fromthe date of issue as authorized by the legislative authority of the City and as provided by law. Both the principal of and interest on such bonds shall be payable out of annual tax levies to be made upon all of the taxable property of the City without limitation as to rate or amount. The exact date, form, terms, options of redemption and maturities of such bonds shall be hereafter fixed. 4. The life of the improvements planned 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 and the life of the property hereinbefore described to be acquired is perpetual. 5. The proceeds of the bonds shall be deposited into the Capital Improvements Fund to be hereafter created in the treasury --2-- of the City, except that any accrued interest on the bonds paid at the time of their delivery shall be paid into a fund to be hereafter created for the redemption of the bonds. Monies in such Capital Improvements Fund may be temporarily deposited in such institutions or invested in such obligations as may be lawful for the investment of City monies and may be temporarily advanced to the bond redemption fund to pay bond interest pending receipt of taxes levied therefor. The proceeds of sale of the bonds and interest earned on the deposit or investment of such proceeds shall be applie~ and used solely for the acquisition, construction and installation of the fire station, open-space areas, parks and recreation and activities improvements and land acquisition as set forth in this Ordinance and none of such proceeds or interest shall be used for other than a capital purpose. Costs of engineering, architecture, planning, financial and legal or other services lawfully incurred incident to the acquisition and development of the improvements heretofore men- tioned shall be appropriate capital costs to be paid from the proceeds of the bonds. 6. For the purposes hereinabove specified, the City of Bremerton shall also attempt to obtain funding from sources other than the aforesaid bond issue. Such sources may include, but shall not 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 issue. In the event additional monies are obtained from other sources, the issue of whether said additional funds should be retained by the City in a general account to provide matching funds for other needed capital projects, such as a civic auditorium, 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 of Bremerton for their election. 7. It is hereby found and declared that an emergency exists requiring the submission to the qualified electors of the City at the general election to be held therein on the 2nd day of November, 1976, of a proposition authorizing the issuance of general obligation --3-- bonds of the City for the purposes provided in this Ordinance and a proposition allowing said electors to decide whether excess funds obtained should be retained by the City 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 to also find the existence of such emergency and to assume jurisdiction of, and to call and conduct said general election, to be held within the City at such general election the propositions hereinafter set forth. The City Clerk is hereby authorized and directed to certify said propositions to the Kitsap County Auditor in the following form: CITY OF BREMERTON PROPOSITION NO. 1 FIRE STATION, YOUTH AND SENIOR CITIZENS RECREATION CENTER AND PARKS AND RECREATION IMPROVEMENT BONDS Shall the City of Bremerton, for the purpose of acquiring property for a new fire station, Youth and Senior Citizens Recreational Center (including a swimming pool), additional open-space areas, parks and recreation facilities, and improvements to existing parks and recreational facilities, issue its gener- al obligation bonds in the total princi- pal amount of not to exceed $2,500,000 to bear interest at a rate not to exceed the maximum rate permitted by law at the time of their issuance to mature serially in from two to twenty years from date of issue of such bonds, to be paid both principal and interest out of annual tax levies to be made upon all the taxable property within the City without limitation as to rate or amount, and to be issued all as ~/o more specifically provided in Ordinance No~. Bonds, Yes Bonds, No CITY OF BREMERTON PROPOSITION NO. 2 EXCESS FUNDS FROM BOND ISSUE In the event the bond issue passes and in -4- the event that funds are obtained from sources other than the bond issue specified in City of Bremerton Ordinance No. ~$~or the purposes set forth therein and said funds create an excess of funds for said purposes, shall the City of Bremerton retain any excess funds from the bond issue and place said excess funds in a general account to provide matching funds for other needed capital projects, such as a civic auditorium or shall the City of Bremerton reduce annual tax levies in proportion to the excess funds made available. Retain Funds, Yes Retain Funds, No 8. The Council hereby finds and declares that in order to assure adequate voter turnout and to reduce election expenses the propositions set forth in this Ordinance shall be submitted in con- junction with the general election to be held November 2, 1976. An emergency is hereby declared to exist and it is hereby found neces- sary that this Ordinance become effective immediately upon its passage and publication as required by law. PASSED UNANIMOUSLY by the City Council of the City of Bremerton, Washington, at a regular meeting thereof held this day of /~6~ , 1976, signed by the Mayor and attested by the City Clerk in authentication of such passage. ATTEST: G. C. YEADON, SR., City Clerk I, G. C. YEASON, SR., the duly chosen, qualified and acti~ Clerk of the City of Bremerton, Washington, DO HEREBY CERTIFY that the foregoing is a true and correct copy of Ordinance No. 33~ of said city, passed unanimously by its Council at a regular meeting thereof held on the day of /~/~~ , 1976. -5-