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ORDINANCE NO. 3475 <br />AN ORDINANCE OF THE CITY OF EDMONDS, <br />WASHINGTON, MAKING CERTAIN LEGISLATIVE <br />FINDINGS, INCREASING THE PROPERTY TAX LEVY RATE <br />FOR 2004, AND FIXING A TIME WHEN THE SAME SHALL <br />BECOME EFFECTIVE. <br />WHEREAS, the City Council of the City of Edmonds attest that the population of <br />Edmonds is more than ten thousand; and <br />WHEREAS, the City Council and the City of Edmonds have properly given <br />notice of the public hearing held on November 18, 2004, to consider the City's current expense <br />budget for the 2004 calendar year, pursuant to RCW 84.55.120; and <br />WHEREAS, the City Council in the course of considering the budget for 2004 <br />have reviewed all sources of revenue and examined all anticipated expenses and obligations; and <br />WHEREAS, the City Council has determined by separate resolution following <br />public hearing to increase the regular property tax levy by 1 %; and <br />WHEREAS, the City Council, after such hearing have determined that it is in the <br />best interest of and necessary to meet the expenses and obligation of the City for the property tax <br />revenue to be increased from the previous year, in addition to the increase resulting from the <br />addition of new construction and improvements to property and any increase in the value of <br />state - assessed property; NOW, THEREFORE <br />THE CITY COUNCIL OF THE CITY OF EDMONDS, WASHINGTON, DO <br />ORDAIN AS FOLLOWS: <br />— 1 — <br />