Ordinance 2125CITY OF EDMONDS, WASHINGTON
ORDINANCE NO. 2125
AN ORDINANCE of the City of Edmonds, Washington,
relating to the incurring of indebtedness for
the purpose of financing the acquisition, re-
modeling, maintenance and repair of the Edmonds
Elementary School building and grounds; providing
for the issuance of interest -bearing warrants
drawn upon the special acquisition and development
fund heretofore created pending the issuance and
sale of limited general obligation bonds and/or
unlimited general obligation bonds; providing
for the issuance of interest -bearing warrants
to fund the warrants heretofore issued; accepting
the offer of Rainier National Bank to purchase
such interest -bearing warrants and fixing the
interest rate the same are to bear; and amending
Section 2 and 3 of Ordinance No. 2058.
THE CITY COUNCIL OF THE CITY OF EDMONDS, WASHINGTON, DO
ORDAIN as follows:
Section 1. Section 2 of Ordinance No. 2058 is amended to
read as follows:
Section 2. The City hereby authorizes the issuance
and sale of limited tax general obligation bonds of the City
to provide the funds necessary to pay the total estimated
costs of acquisition, remodeling, repair and maintenance of
such building in the approximate amount of $600,000, such
bonds to be issued and sold by November 1, 1980, except
that if the City Council shall hereafter determine to
submit to the qualified electors of the City at a special
election to be held therein a proposition authorizing the
issuance and sale of unlimited tax general obligation
bonds of the City in the approximate principal amount of
$541,500, such bonds to be payable from annual taxes to
be levied upon all property in the City subject to
taxation without limitation as to rate or amount, and
to be issued for capital purposes only other than the
replacement of equipment, for the purpose of providing the
necessary funds to acquire and remodel such school building
and the site thereof, such bonds shall be issued and sold,
if so authorized, within one year from the date of passage
of this ordinance, in which event the principal amount of
such limited tax general obligation bonds shall be reduced
to approximately $70,500.
Section 2. Section 3 of Ordinance No. 2058 is amended to
read as follows:
Section 3. Pending the issuance and sale of the
limited tax general obligation bonds and/or unlimited tax
general obligation bonds herein authorized, the City may
issue interest -bearing warrants for the purposes authorized
herein drawn upon the "Edmonds Elementary School Acquisi-
tion and Development Fund No. 336," within the budgetary
appropriation therefor as authorized by Ordinances Nos.
2056 and 2105, such warrants to be presented to the Finance
Director of the City marked "Not paid for want of funds"
and to bear interest at the rate of 9.7 per annum from
date of presentment until called for payment.
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Section 3. Warrants currently outstanding drawn on the
"Edmonds Elementary School Acquisition and Development Fund No. 336"
and, under the terms of Sections 2 and 3 of Ordinance No. 2058 as
originally passed, due for redemption on March 20, 1980, shall be
redeemed, both principal and interest, by that date by the issuance
of a warrant issued pursuant to Section 2 of this amendatory ordinance.
Section 4. The offer of Rainier National Bank to purchase
such interest -bearing warrants from the holders thereof at the
interest rate above specified and pursuant to the terms of this
amendatory ordinance is hereby accepted and such warrants shall be
paid out of the proceeds of the sale of such unlimited tax general
obligation bonds and/or limited tax general obligation bonds, or from
other available City funds, to be deposited in the "Edmonds Elementary
School Acquisition and Development Fund No. 336" no later than
November 1, 1980.
Section 5. This amendatory ordinance shall not be con-
strued as affecting the rights of the holders of the currently
outstanding warrants issued pursuant to Ordinance No. 2058.
Section 6. This ordinance shall take effect and be in force
five days after its passage, approval and legal publication.
PASSED by the City Council of the City of Edmonds, Washington,
at a regular open public meeting thereof and APPROVED by the Mayor
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this llth day of March, 1980.
ATTEST:
City C1 rk
FORM APPROVED:
1
City Attornqfy
CITY OF EDMONDS, WASHINGTON
By
Mayor
FILED WITH THE CITY CLERK: March 7, 1980
PASSED BY THE CITY COUNCIL: March 11, 1980
POSTED: March 12, 1980
EFFECTIVE DATE: March 17, 1980
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AFFIDAVIT OF POSTING ORDINANCE
STATE OF WASHINGTON )
) ss:
COUNTY OF SNOHOMISH )
IRENE VARNEY MORAN , being first duly sworn
on oath deposes and says that s he is over the age of eighteen
(18) years and is competent to testify as to the matter
stated herein.
On the 12th
day of March , 1980 , affiant
posted true and correct copies of the attached Ordinance No.
2125, passed by the City Council on the 11th
March
day of
, 198 0, at the three official posting places
for City notices which are the public bulletin boards at
the following locations:
Edmonds Civic Center
250 Fifth Avenue North
Edmonds, Washington 98020
Edmonds Public Library
Civic Center
250 Fifth Avenue North
Edmonds, Washington 98020
Edmond Branch of the
United States Post Office
201 Main Street
Edmonds, Washington 98020.
DATED this 12th day of March , 198 0.
N Z"14 f Aa�'l
SUBSCRIBED AND SWORN to before me th's day of
198A
N to y Public in and for the
State of a hington, residing
at