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Home My WebLink About3163 CITY OF BREMERTON, WASHINGTON $/b.3 AN ORDINANCE of the City of Bremerton, Washington, Droviding for the constructing and equipping of a headquarters library, building in conjunction with Rura'l Library District of Kitsap County, Washington, on land acquired, therefor; declaring the estimated. cost thereof as nearly as may be; providing for the borrowing of a total of $450,000.00 and issuing and selling negotiable general obligation bonds to pay the cost of such acquisitions, such bonds to be payable by .annual tax levies to be made without limitation as to rate or amount; declaring an e~ergencv. ? and providing for the submission of the proposition of incurring such indebtedness and issuing such bonds to the qualified voters of the City at a special election to be held therein on November 5, 1974, in conjunction with the State general election to be held on the same date. W~EREAS, it is deemed necessary that in order to provide better and more efficient public library service throughout the City that the City, in conjunction with Rural Library District of KitsaD County, Washington, construct and equip a headquarters library building on land acquired therefor, and the City does not have available sufficient funds to meet the City's share of the estimated cost of such acquisitions; and WHEREAS, the assessed valuation of the taxable property of the City of Bremerton as ascertained by the last assessment for City purposes for the calendar year 1974 is $~. ~)~- ' and. at the time of the passage of this ordinance the existing outstanding general indebtedness of the City consists of $ ~ ~b par value of general obligation bonds issued within the limit up to 3/4 of 1% of · the value of taxable property within the City permitted without a vote of electors, and $ 3~' COO par value of general obligation bonds issued within the limit of 2-1/2% of the value of taxable property within the City permitted Dursuant to a vote of the electors within the CitY for general municipal capital purDoses, and the amount of the indebtedness for which bonds are herein authorized to be issued is $450,000.00; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF BREMERTON, WASHINGTON, DO ORDAIN, as follows: Section 1. The City of Bremerton, Washington, shall in conjunction with the Rural Library District of Kitsap County, Washington, construct and equip a headquarters library building, including the purchase of new books therefor, on land acquired therefor, the estimated cost of the City's share of which is hereby declared to be as nearly as may be the sum of $450,000.00. Section 2. The City of Bremerton, Washington, shall borrow the total sum of $450,000.00 on the credit of t~he City and issue and sell its negotiable general obligation bonds therefor for strictly municipal capital purposes other than the replacement of equipment, to-wit: for the purpose of providing the City's share of the funds required to carry out the acquisitions specified in Section 1 hereof. Section 3. The general obligation bonds herein authorized to be issued shall be serial in form and shall bear interest at a maximum effective rate not to exceed 8% per annum, which exceDt for the first interest coupon shall be payable semiannually, and shall mature in from two to not more than twenty years from date of issue, the life of the improvements to be aoquired by such bonds being at least twenty years, in such amounts as nearly as practicably annually as will result in a difference of not more than $5,000.00 between the highest and lowest annual payment of principal and interest, excluding the first two years from date of issue, computed on such anticipated effective interest rate as the City Council of the City shall in its discretion determine will be borne by such bonds and shall be Daid by annual tax levies sufficient in amount to pay both principal and interest when due, which annual tax levy shall be made without limitation as to rate or amount, and the bonds shall so provide. The bonds shall be redeemable at the option of the City at such times as shall be hereafter determined by ordinance. The date of issue, interest rate or rates, maturities, form and covenants of such bonds shall be hereafter fixed by ordinance of the City Council of the City, -2- and the bonds shall be issued and sold when the proceeds thereof may be required. Section 4. The City Council finds that an emergency exists requiring the constructing and equipping of such headquarters library building for the Rural Library District of Kitsap County, Washington, and that as a result of the existence of such an emergency, it is necessary to call a special election and a special election is, therefore, hereby called to be held in the City of Bremerton as provided by law on the 5th day of November, 1974, in conjunction with the State general election to be held on the same date, at which there shall be submitted to the qualified voters of the City for their ratification or rejection the following proposition in the form of a "ballot title" as follows: Shall the City incur a general indebtedness and issue and sell not to exceed $450,000.00 of general obligation bonds to pay the City's share of the cost of constructing and equipping of a headquarters library building on land acquired therefor in conjunction with Rural Library District of Kitsap County, Washington, such bonds to be paid by annual property tax levies to be made without limitation as to rate or amount and to mature in from two to not to exceed twenty years from date of issue, as provided in Ordinance No.' ~;~3 , passed September ~ , 19747 BONDS ... YES /--7 BO DS ... MO /'.,--7 The Auditor of Kitsap County, Washington, as' ex officio Supervisor of Elections, is hereby requested to concur in the finding of such emergency and to call and conduct such special election in the manner required by law. The City Clerk shall deliver to the Auditor of Kitsap County, Washington, as 'ex officio Supervisor of Elections, at least forty-five days prior to the requested election date, a certified copy of this ordinance showing its passage and including the ballot title herein set forth. -3- PASSED by the City Council and APPROVED by the Mayor of the City of B~.e erton, Washington, at a regular open public .meeting thereof this ~ day of September, 1974. ATTEST: FORM AVED: . .... t.,: