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HomeMy WebLinkAbout3164 ~ ORDINANCE of the City of Br~nerton, Washington providing for the submission to the qualified electors of the City at the general election to be held on November 5, 1974, of a proposition authorizing the City to issue its general obli- gation bonds in the principal amount of not to exceed $1,485,000, for the purpose of paying the costs of acquiring open-space park area and comprehensive improvement of parks and recreation facilities within the City of Bremerton and declaring an emergency. ~IEREAS, it is deemed necessary for the public health safety, welfare and convenience that the City of Bremerton acquire open-space park area and make comprehensive improvement of parks and recreation facilities within the City of Bremerton including the construction and installation of a heated swimming pool; and W~EREAS, 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 $1,485,000; 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 purpose be submitted to the qualified electors of the City for their ratification or rejection; NOW, THEREFORE, THE CITY OF BRE~RTON DOES ORDAIN: 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 shall acquire open-space park area and make such comprehensive improvements of parks and recreation facilities (including the construction and installation of a heated swimming pool) as are necessary and desirable. Such 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 ~e City of Bremerton in the principal amount of not to exceed $1,485,000 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 in from two to twenty years from 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 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 open-space land to be acquired is perpetual. 5. The proceeds of the bonds shall be deposited into the "Parks and Recreation Improvement Fund" to be hereafter created in the treasury 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 -2- the bonds. Monies in such Improvement 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 applied and used solely for the acquisition, construction and installation of the Parks and recreation improvements and land acquisition as set forth in this Ordinance, and none of such proceeds~~ shall be used for other than a capital purpose. Costs of engineering, architecture, planning, financial, legal or other services lawfully incurred incident to the acquisition and development of the improvements heretofore mentioned shall be appropriate capital costs to be paid from the proceeds of the bonds. 6. 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 5th day of November, 1974, of a proposition authorizing the issuance of general obligation bonds of the City for the purposes provided in this Ordinance. The Kitsap County Auditor, as ex officio supervisor of all elections held wi~%in 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 on said date, and to submit to the qualified electors of the City at such general election the proposition hereinafter set forth. -3- The City Clerk is hereby authorized and directed to certify said proposition to the Kitsap County Auditor in the following form: CITY OF BREMERTON, WASItINGTON PROPOSITION NO. 1 PARKS AND RECREATION IMPROVEMENT BONDS Shall the City of Bremerton, for the purpose of acquiring open-space park area and improving facilities of the Parks and Recreation Department of the City of Bremerton (including a swimming pool), issue its general obligation bonds in the total principal amount of not to exceed $1,455,000 to bear interest at a rate not to exceed-the'maxim~ 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 more specifically provided in Ordinance No. Bonds, Yes Bonds, No 7. The Council hereby finds and declares that in order to assure adequate voter turnout and to reduce election expenses the proposition set forth in this Ordinance shall be submitted in conjunction with the general election to be held November 5, 1974. An emergency is hereby declared to exist and it is hereby found necessary that this Ordinance become effective inu~-ediately 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 20th day of September, 1974, signed by the Mayor and attested by the City Clerk in authentication of such passage. ATTEST: ~. C. YEar,ON, SR., ~ity Clerk -4- I, G. C. YEADON, SR., the duly chosen, qualified and acting Clerk of the City of Bremerton, Washington, DO HEREBY CERTIFY that the foregoing is a true and correct copy of Ordinance No.3;~ of said city, passed unanimously by its Council at a regular meeting thereof held on the 20th day of September, 1974.