Ordinance 1573ORDINANCE NO. / 6' 73
AN ORDINANCE OF THE CITY OF EDMONDS, WASHINGTON,
PROVIDING FOR THE COVERING AND ENCLOSING OF THE
MUNICIPAL SWIMMING POOL IN THE YOST MEMORIAL
PARK IN THE CITY OF EDMONDS, WASHINGTON; DECLARING
THE ESTIMATED COST THEREOF AS NEARLY AS MAY BE;
PROVIDING FOR THE BORROWING OF NOT TO EXCEED
$295',000,00 AND ISSUING AND SELLING NEGOTIABLE
GENERAL OBLIGATION BONDS TO PAY THE COST OF SUCH
IMPROVEMENT, SUCH 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 OF THE PROPOSITION
OF INCURRING SUCH INDEBTEDNESS AND ISSUING
THOSE BONDS TO THE QUALIFIED VOTERS OF THE CITY
AT A SPECIAL ELECTION TO BE HELD ON NOVEMBER 2,
1971, IN CONJUNCTION WITH THE MUNICIPAL GENERAL
ELECTION TO BE HELD ON SUCH DATE.
WHEREAS, Ordinance No. 1557 passed by the City
Council and approved by the Mayor on May 18, 1971, the City
of Edmonds, Washington, authorized the construction, installa-
tion and equipping of an uncovered swimming pool with all
necessary appurtenances in the Yost Memorial Park in the
City, and the City is now in urgent need of financing the
covering and enclosing such swimming pool and the City does
not have available sufficient funds to meet the total
estimated cost thereof; and
WHEREAS, the assessed valuation of the taxable property
of the City of Edmonds as ascertained by the last assessment
for City purposes for the calendar year 1971 is $87,568.586.00
and at the time of the passage of this ordinance the existing
outstanding general indebtedness consists of $958,000.00 par
value of general obligation bonds, of which $684,000.00 par
value represents general obligation bonds issued within the
limit up to currently 2-1/20 of the value of the taxable
property within the City permitted pursuant to a vote of the
electors within the City for general municipal capital
purposes and $274,000.00 par value represents general
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obligation bonds issued within the limit up to currently
3/4ths of 1% of the value of the taxable property within the
City permitted without a vote of the electors within the
City for general municipal purposes, and the amount of
indebtedness for which bonds are hereby authorized to be
issued is $t.9sj000.00; now, therefore,
THE CITY COUNCIL OF THE CITY OF EDMONDS, WASHINGTON,
DO ORDAIN AS FOLLOWS:
Section 1.
The City of Edmonds, Washington, upon
ratification of the proposition by the qualified electors
of the City as provided in Section 4 of this ordinance,
shall by ordinance order the covering and enclosing of the
municipal swimming pool to be situated in the Yost Memorial
Park in the City.
The estimated cost of covering and enclosing such
municipal swimming pool is hereby declared to be, as nearly
as may be,
Section 2. The City of Edmonds, Washington, shall
borrow the sum of not to exceed $ 2.9S, VM.acon the credit of
the City and issue and sell its negotiable general obliga-
tion bonds therefor for strictly municipal capital purposes
other than the replacement of equipment for the purpose of
providing the funds necessary to cover and enclose the
municipal swimming pool to be situated in the Yost Memorial
Park in the City, and all costs incident to the issuance and
sale of such bonds.
Section 3. The general obligation bonds herein
authorized to be issued shall be serial in form and shall
bear interest payable semiannually, except the first interest
coupon may be for a period other than six months, and shall
mature in from two to not more than twenty years from date
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of issue, the life of the improvements to be acquired by
the bonds being at least twenty years, in such amounts as
nearly as practicably annually as will result in a dif-
ference of not more than $5,000.00 between the highest and
the 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 paid by annual tax
levies sufficient in amount of 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 dates, interest rate or rates, maturities,
option of prior redemption, if any, form and covenants of
the bonds shall be hereafter fixed by ordinance of the City
Council of the City 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 covering and enclosing of the municipal
swimming pool to be situated in the Yost Memorial Park in
the City as described in Section 1 and that as a result of
the existence of such an emergency, it is necessary to call
a special election. A special election is, therefore, called
to be held in the City of Edmonds as provided by law on the
2nd day of November, 1971, in conjunction with the municipal
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;
PROPOSITION
SWIMMING POOL COVER BONDS - $ 2.9,E OOo.Oo
Shall the City of Edmonds, Washington, incur a
general indebtedness and issue and sell not to
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exceed $2.gs�000.00 of general obligation bonds,
but in no event to exceed, together with outstanding
general indebtedness of the City incurred for general
municipal purposes, 2-1/2% of the value of taxable
property within the City, the proceeds thereof to
be used solely for capital purposes other than the
replacement of equipment, to -wit, to pay the cost
of covering and enclosing the municipal swimming
pool to be situated in the Yost Memorial Park in
the City, such bonds to be paid by annual tax
levies to be made without limitation as to rate or
amount, and to mature serially in from two to not
to exceed twenty years after date of issuance, all
as provided in Ordinance No./Jr-7 passed and approved
on September 14, 1971?
BONDS ... YES / / BONDS ... NO
The Auditor of Snohomish County, as ex-officio Super-
visor of Elections, shall have jurisdiction over and shall
conduct such special election. The City Clerk shall deliver
to the Auditor of Snohomish County, as ex-officio Supervisor
of Elections, at least forty-five (45) days prior to the
date of such special election, a certified copy of this
ordinance showing its passage and including the ballot title
herein set forth.
Section 5. This ordinance is declared to be one
necessary for the immediate preservation of the public peace,
property, health and safety of the people of the City of
Edmonds, Washington. An emergency is hereby declared to be
in full force and effect from and after its passage, approval
and publication as required by law.
PASSED by the City Council of the City of Edmonds,
Washington, at a regular meeting thereof, and APPROVED by
the Mayor thisl4th day of September, 1971.
ATTEST:
City Clerk
FORM APPROVED:
/ . 4"C.4 - at ?!�� 4
YI ty Attorney