Ordinance 1439ORDINANCE NO. 1439
AN ORDINANCE OF THE CITY OF EDMONDS, WASHINGTON PRO-
VIDING. FOR THE DEVELOPING AND EQUIPPING OF CITY PARK
SITES AND THE ACQUISITION. OF NEW PARK SITES; DECLARING
THE ESTIMiA_TED COST THEREOF AS NEARLY AS MAY BE; PRO--
VIDING FOR THE BORROWING OF NOT TO EXCEED $1,500,.00.0..00
AND ISSUING AND SELLING NEGOTIABLE GENERAL OBLIGATION
BONDS IN SUCH AMOUNTS TO PAY THE COST THEREOF, THOSE
BONDS TO BE PAYABLE BY ANNUAL TAX LEVIES TO BE MADE
WITHOUT LIMITATION AS TO RATE OR AMOUNT; DECLARING AN
EMERGENCY; AND PROVIDING FOR THE SUBMISSION TO THE
QUALIFIED ELECTORS OF THE CITY AT A SPECIAL ELECTION
TO BE HELD IN CONJUNCTION WITH THE GENERAL MUNICIPAL
ELECTION ON NOVEMBER 4, 1969, OF THE PROPOSITION OF
INCURRING THAT INDEBTEDNESS AND ISSUING THOSE BONDS.
WHEREAS, the City of Edmonds, Washington, is in urgent
need of developing and equipping city park sites and acquiring
new park sites and the City does not have available sufficient
funds to meet the estimated cost thereof; and
WHEREAS, the assessed valuation of the taxable property.
within the City, as ascertainedby the last preceding assessment
for City purposes., is $33,217,086.00,. and at the time of the
passage of this ordinance the outstanding net indebtedness of the
City is $6.84,00.0..00, $6.45,00.0...00 of which is represented by out-
standing general obligation bonds issued within the limit of
1-1/2 % to 5 o.of the value of the taxable property within the
City. of Edmonds permitted for municipal capital purposes, other
than the replacement of equipment, pursuant to. the .vote of the
qualified voters therein, and $39,000.00.of which is represented
by outstanding indebtedness incurred within the limit up to
1-1/2% of the assessed valuation of the taxable _'roperty within
the City permitted for general municipal purposes without .a vote
of the qualified voters therein; and
WHEREAS, the City Council has determined to submit a prop-
osition of raising funds to pay thecost of developing and
equipping city park sites and acquiring new park sites to the.
qualified electors of the City by the .sale of general obligation
bonds of the City; NOW, THEREFORE,
THE CITY COUNCIL OF THE CITY OF EDMONDS, WASHINGTON, DO
ORDAIN, as follows:
Section 1. The City of Edmonds, Washington, for strictly
municipal capital purposes, other than the replacement of equip-
ment, shall develop and equip city park sites and acquire new
park sites for recreational purposes for the inhabitants of the
City and other persons, the estimated cost of which, including
the cost of the issuance of the general obligation bonds proposed
herein, is hereby declared to be, as nearly as may be, the sum
of $1,500,.000..00, and the City shall borrow not to exceed
$1,500.,.00.0.00 .upon the credit of the .City and issue and sell its
negotiable general obligation bonds therefor.
Section 2. The bonds shall be serial in form, shall bear
interest .at:a rateor rates not to exceed the maximum rate per-
mitted by law .at :the time of the issuance of such bonds, payable
semi-annually, and shall mature in from two to not more than
twenty years from date of issue (the life of theimprovements: to
be acquired by that issue of bonds at least .twenty years) . The.
various annual maturities of such bonds shall be .fixed in the
ordinance authorizing the sale of the same in 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, ex-
cluding the first two years from date .of issue, computed on such
anticipated effective interest rate as the City Council shall,
in its discretion, determine will be borne by such bonds. The
principal of and interest on the bonds shall be met by annual tax
levies made without limitation as to rate :or amount sufficient in
amount to pay such principal and interest when due, and the bonds
shall so provide. The designation, date, interest rate or rates,
maturities, option of redemption, form and covenants of the
bonds shall be hereafter fixed by ordinance of the City Council
of the City.
• Section 3. The.: City Council finds that the lack of devel-
opment of the :existing city. park sites has created. an emergency
and an emergency is hereby. declared to exist,: and that as. a result of
the existence of such an emergency it is
election in conjunction with the general
held on November 4, 1969. The Auditor of
officio Supervisor of Elections for that
to find and declare the existence
of such
necessary to call a special
municipal election to be
Snohomish County, as ex-
county, is hereby requested
an emergency and to call
and conduct a special election in the City in conjunction with the
general municipal election to be held November 4, 1969, in the
manner provided by law, for the purpose of submitting to the.
qualified electorsof the City for their ratification or rejection
the following proposition in the form of a "ballot title, as
follows:
"PROPOSITION
"BONDS FOR P2 K DEVELOPMENT$1,500.,00.0.`.00
"Shall the City of Edmonds, Washington, borrow
the sum of not to exceed $1,500,.000..00 and issue
its negotiable general obligation bonds therefor,
payable by annual tax levies to be made without
limitation as to rate or amount, bearing interest
at a rate or rates not to exceed the maximum rate
permitted by law at the time of the issuance of
such bonds, payable semiannually, and maturing in
from two to not more than twenty: years from the
date of issue, for th.e purpose of paying the cost
of developing and equipping city park sites and
acquiring new park sites all as provided by
Ordinance NO. 1439 adopted on the :19 th day of
August, 1969?
BONDS . . . YES /-7 BONDS . . . NO /-7"
Section 4. The City. Clerk is directed (a) to certify to.
the County Auditor of Snohomish County, as ex-officio Supervisor
of Elections of said county, at least 45. days prior to the special
election provided for herein, a copy of this ordinance showing its
adoption by the City. Council; and (b): to perform such other duties
as are necessary or required by law to the end that the question of
whether or not bonds shall be issued as aforesaid shall be. submitted
to the voters of the City at the aforesaid election.
PASSED by the City. Council of the City of Edmonds, Washington,
and APPROVED by the Mayor at a regular meeting thereof this l9th day
of August, 1969.
1.
MAYOR
ATTEST:
CITY CLERK
FORM APPROVED
Via,, a__
C TY ATTORNEY
Pcksbtd - c.,,,.guvt ►a, aioq
FILED WITH THE CITY CLERK: August 19,.1969
PUBLISHED: August 27, 1969