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Ordinance 2514ORDINANCE NO. 2514 AN ORDINANCE OF THE CITY OF EDMONDS, WASHINGTON, PROVIDING FOR THE ACQUISITION AND RENOVATION OF OLYMPIC VIEW SCHOOL AND IMPROVEMENTS TO THE PROPERTY ON WHICH THE SCHOOL IS SITUATED TO PROVIDE PLAYING FIELDS AND OTHER RECREATIONAL FACILITIES: DECLARING THE ESTIMATED COST THEREOF AS NEARLY AS MAY BE; PROVIDING FOR THE BORROWING OF A TOTAL OF $2,800,000, AND SELLING GENERAL OBLIGATION BONDS TO PAY THE COST THEREOF, SUCH BONDS TO BE PAYABLE BY ANNUAL PROPERTY TAX LEVIES TO BE MADE IN EXCESS OF REGULAR PROPERTY TAX LEVIES; AND PROVIDING FOR THE SUBMISSION OF THE PROPOSITION OF INCURRING SUCH INDEBTEDNESS, ISSUING SUCH BONDS AND LEVYING SUCH EXCESS TAXES TO THE QUALIFIED VOTERS OF THE CITY AT A SPECIAL ELECTION TO BE HELD THEREIN ON NOVEMBER 5, 1985, IN CONJUNCTION WITH THE STATE GENERAL ELECTION TO BE HELD ON THE SAME DATE. WHEREAS, the City of Edmonds, Washington (the "City"), is in urgent need of acquiring and renovating Olympic View School and making improvements to the property on which the school is situated to provide playing fields and other recreational facilities, and the City does not have available sufficient funds to meet the estimated cost of such acquisition and improvements; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF EDMONDS, WASHINGTON, DO ORDAIN AS FOLLOWS: Section 1. The City shall acquire and renovate Olympic, View School and make improvements to the property on which the school is situated to provide playing fields and other recreational facilities, the estimated cost of which, including the cost of issuing and selling the bonds provided for in this ordinance, is declared to be, as nearly as may be, the sum of $2,800,000. Section 2. The City shall borrow not to exceed $2,800,000 on the credit of the City and issue and sell its general obliga- tion bonds therefor for strictly municipal capital purposes other than the replacement of equipment, for the purpose of providing the funds in the amount and for the purposes specified in Section 1 of this ordinance. Costs of engineering, planning, financial, legal and other services lawfully incurred incident to the purposes specified in Section 1 of this ordinance shall be appropriate capital costs to be paid from the proceeds of the bonds provided for by this ordinance. Section 3. The general obligation bonds authorized by this ordinance shall bear interest, shall mature within twenty years from date of issue, but may mature within a lesser time (the life of the improvements to be acquired by the issuance of bonds is found to be at least twenty years) in such amounts, and shall be sold in such manner, as the City Council of the City shall determine. The bonds shall be paid by annual property tax levies made in excess of regular property tax levies without limitation as to rate or amount sufficient in amount to pay the principal of and interest on the bonds when due, and the bonds - 2 - shall so provide. The date, interest rate or rates, maturities, option of prior redemption, form and covenants of the bonds shall be fixed hereafter by ordinance of the City Council and the bonds shall be issued and sold when required in one or more series, and may be combined with any other series of general obligation bonds concurrently or hereafter authorized. Pending the issuance of the bonds and receipt of proceeds thereof, the City Council may authorize interim interest -bearing warrants or other short-term obligations to pay for carrying out the pur- poses of the bonds, and the costs of such warrants or short --term obligations shall be included in the costs of those purposes. Section 4. The City Council finds that an emergency exists requiring the acquisition and the making of the renovations and improvements herein described, and the Auditor of Snohomish County, Washington, as ex officio Supervisor of Elections, is requested to concur in the finding of the existence of an emergency and to call and conduct a special election to be held in the City on November 5, 1985, in conjunction with the State general election to be held on the same date, for the purpose of submitting to the qualified electors of the City for their approval the question of whether or not the City shall borrow not to exceed $2,800,000, issue its general obligation bonds therefor for capital purposes only, other than replacement of - 3 - equipment, and levy excess taxes necessary to redeem the bonds as herein set forth. Section 5. The City Clerk is directed to certify to the Auditor of Snohomish County, Washington, as ex officio Supervisor of Elections, at least 45 days prior to the November 5, 1985, special election date, a copy of this ordinance and the proposition to be submitted at that special election in the form of a ballot title as follows: PROPOSITION RECREATION FACILITY BONDS - $2,800,000 Shall the City of Edmonds, Washington, borrow $2,800,000 to acquire and renovate Olympic View School and make improvements to the site to provide playing fields and other recreational facilities by selling general obligation bonds therefor maturing within twenty years and levy annual excess property taxes necessary to redeem the bonds, all as provided in Ordinance No. 2514 ? BONDS . . YES / / BONDS . . NO / / The City Clerk further is authorized and directed to perform such other duties as are necessary or required by law to the end that the question of whether or not general obligation bonds of the City shall be issued as herein provided and taxes levied necessary to redeem such bonds shall be submitted to the voters of the City at the aforesaid election. - 4 - Section 6. This ordinance shall take effect five days after passage and publication as provided by law. APPROVED: ( Q&&6A A lc..(jt�— MAYOR, Larr u hten ATTEST/AUTHENTICATED r _ CI CLERK, aqueline G. Parrett APPROVED AS TO FORM: OFFICE OF THE CITY ATTORNEY: By (t FILED WITH THE CITY CLERK: August 2, 1985 PASSED BY THE CITY COUNCIL: August 6, 1985 EFFECTIVE DATE: September 12, 1985 PUBLISHED: September 7, 1985 0429e - 5 - STATE OF WASHINGTON, ss COUNTY OF SNOHOIViISH, ORDINANCE NO. 2514 AN ORDINANCE OF THE CITY OF EDMONDS, WASH- INGTON, PROVIDING FOR THE ACQUISITION AND RENOVATIO.N•AF OLYM.PIC VIEW SCHOOL.AND_IM*'. PROVEMENTS:TO:THE, PROPERTY ON WHICH THE SjCHOOL IS .SITUATED : TO PROVIDE PLAYING FIELDS AND OTHER RECREAT.I,ONAL FACILITIES: DECLARING: THE ESTIMATED. COST THEREOF" AS NEARLY' -AS MAY. BE; PROVIDING FOR'. THE BOR- ROWING OF A TOTAL OF $2,800,000, AND. SELLING GENERALOBLIGATION BONDS TO PAYTHECOST THEREOF, SUCH BONDS TO BE';PAYABLE BY AN- RUAL.PROPERTY TAX LEVIES TO BE; MADE IN EXCESS:`00 REGULAR. PROPERTY TAX;LEViES; AND PROVIDING FOR THE SUBMISSION > OF THE PROPOSITION. OF. INCURRING SUCH'INDEBTED- NESS,ASSUING SUCH BONDS AND LEVYING SUCH EXCESS. TAXES TO .THE QUALIFIEQ VOTERS OF THE -.CITY AT A SPECIAL ELE(TibN TO BE HELD THEREIN ON. NOVEMBER 5,1985,`IN CONJUNCTION WITH THE 'STATE GENERAL ELECTION TO BE - HELD -ON THE SAy. E DATE,; aPFfEAEA��fhe CT>r o� >*dmonds Wos ing on(the "City"), is In urgent:;`.need 'of ocpuiring and 'renovating Olympic View School and making improvements to the tuated to provide plaving ftelds anb -other irecreafionol fachii.ies, and the City does not 'have available sufficient funds to meet the estimated ,cost of such acculsition on.d improvements;:NOW, THEREFORE, THE CITY COUNCIL' OF .THE; CITY OFEDMONDS, WASHINGTON; DO ORDAIN AS FOLLOWS: Section 1 The';Clty shall acquire and renovate Olympic yiew� SScc a., and, make Improvements to thepropertyon which the school is situated to provide playing fields and. .other' recreational facilities,' the_ estimated: cost 'of -which, ; including thecost of issuing and selling the bonds provided for In this o clinance, is 'declared to be, as nearly.; as may be, the sum of $2,800,000. r' Section 2. The City shall borrow not to exceed $2,800,000 on a credit of the City and issue and sell its general obligation bonds therefor, for strirtiv municipal capital pur- Poses other .$ion' the 'replacement of equipment for the purpose of providing the funds In the amount and :for the purposes specified in Section 1 of this ordinance. Costs of 'engineering, .Planning, financial, legal and other, services `lawfullyincur:red Incident to the purposes specified in Sec- tion 1 of this ordinance shall be appropriate capital costs to be pald.from the proceeds of the bondsproyided for by this ordinance. Section 3.. The general obligation bonds authorized by this or Inanceshall bear interest, shall- mature within twenty years from date -:of issue, but may mature;;withln a 'lesser time; fthe .life,:.of. the improvements :to. I* acquired by the;' issuance of bonds is found 'to be at least,twentv.Years) ...in such amounts, 'and' shall be` sold in such manner, as the City:` Councilof the city shall determine. The bonds shall be. paid by annual property tax levies made in excess of regular - property tax levies without, limitation as to rate or amount sufficient in amount to -.pay the principal of and interest on. the bonds when due, and the. bonds':shgll so.- proyide: The date, interest rate or rates;, motuelties, option of prior redemption, form,and-covenanis.ofthe bonds shall be fixed hereafter by ordinance, of the City Council and the bonds shall be Issued and sold when required .in one w, more series.,and may. be..combined with any . other series,. of general obligation bonds concurrently or' hereafter author- ized.I Pending the issuance of the bonds and receipt, of proceeds • thereof, the City`-- Council -may authorize interim ihterest•bearing warrants or other short-term obligations .to, pay -for carrying:. out, the purposes. of the bonds,. and the. costs of such 'Warrants or short-term obligations, shall be included In:.the costs of those'pu r poses Section 4 The, City Council finds that an emergency exists requiring the acquisition and the making of the renovations and, improvements herein described, and .the Auditor. of Snohomish County, Washington, as _ex�officl .Supervisor of Electlons,.'I requested to concur In the finding .of the ,existence of an ernergencv;and to call and conduct a special, elect16ht to beheld in the City on November 5, 1985, In conjunction with the State general election.to be held on the same date, for the purpose of s.upmittino to the qualified electors. of the city for ;their approval. the question` of whether :or not . ;the City shall borrow not to exceed $2,800,000, issue Its general obligation. bonds therefor for, .capital Purposes only other than replacement of equipment, 'and -Ievy excess toxes necessary to 'redeem the ,bonds�as .heretn,sef?oith. Section .5 The City Clerk (s directed to certify to the Auditor:. o Snohomish .County, Washington, as . ex�off ici Supervisor of Elections, at least 45 days prior to the>Novem ber• 5;.1985, special' election date,.a copy of this ordinance and the proposition to, be submitted at that special election in the form of a ballot titleas,tollows: PROPOSITION RECREATION FACILITY BONDS.— $2,800,000 'Shall the City `of Edmonds,,,`.Washington, borrow $2,800,000 to acquire and:. renovate.' Olympic View School and: make Improvements to the site to provide playing fields 'and.,other 'recreational facilities by selling general PON"tion.bonds: therefor maturing within twenty .years and levy'annual excess property taxes necessary to redeem the .bonds, .all as 6rovided "In Ordinance No, 2514? BONDSY.ES =— BONDSNO. --- The City Clerk further is authorized and directed to perform such other ;duties as are necessary or required by -low to the end that ;the, question of whether- or not .general.'obligo- tlon bonds of the City shall be issued as herein provided and taxes: levied 'necessary to redeem- such bonds shall be submittedto.the,voters of the City at the aforesaid election:' Section 6. This ordinance, shall take effect five days' after. oo5sage on Publicatlorl 0provided by. Jaw; ` APPROVED`.- LARRY 5, NAUGHTEN; Mayor ATTEST/AUTHENTICATED: JACQUELINE G. ;PARRETT; City Clerk .,.APPROVED AS TO FORM: OFFICE OF TH,ECITY ATTORNEY: Sy' W. SCOTT'!SNYD:ER FILED WITH THE CITY CLERK: August 2, 1985. PASSED BY THE CITY COUNCIL: August 6, 1985.. EFFECTIVE DATE: September 12, 1985. Published: September 7,:1985._ Affidavit of Publication The undersigned, being first duly sworn on oath deposes and says that she is Principal Clerk of THE HERALD, a daily newspaper printed and published in the City of Everett, County of Snohomish, and State of Washington; that said newspaper is a newspaper of general circulation in said County and State; that said newspaper has been approved as a legal newspaper by order of the Superior Court of Snohomish County and that the notice ........................................ D.rdin.a.1c..e....?..51.4..................................................................................... a printed copy of which is hereunto attached, was published in said newspaper proper and not in supplement form, in the regular and entire edition of said paper on the following days and times, namely: September 7, 1985 ........ I.......................................................................................................................... ....... ............................ ............. .......... .......... ......... ...... ............... I .......................... I ....... I and that said newspaper was regularly distributed to its subscribers during all of sao)d. ............................ ......�/,�/��---....... �.. Principal Clerk Subscribed and sworn to before me this........th ...... .............. Sept tuber 8.5 � day of ....... .............................././r ............. , 19. f N ar Pub c in and for the State of Washington, r id" at Everett, Snohomish County.