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Ordinance 1869CITY OF EDMONDS, WASHINGTON ORDINANCE NO. 1767 AN ORDINANCE of the City of Edmonds, Washington, providing for (1) making various park improvements and (2) acquiring and developing land for park purposes; declaring the estimated cost thereof as nearly as may be; providing for the borrowing of total sums of (1) $400,000.00 and (2) $600,000.00, for each of such respective enumerated purposes, and issuing and selling negotiable general obligation bonds to pay the respective costs thereof, 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 two propositions of incurring such respective indebtednesses and issuing such bonds to the quali- fied voters of the City at a special election to be held on November 2, 1976, in conjunction with the State general election to be held on the same date. WHEREAS, the City is in urgent need of (1) making various park improvements and (2) acquiring and developing land for park purposes, as hereinafter set forth, and the City does not have available sufficient funds to meet the estimated costs thereof; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF EDMONDS, WASHINGTON, DO ORDAIN as follows: Section 1. The City of Edmonds, Washington (hereinafter called the "City"), upon ratification of the two respective propositions therefor by the qualified electors of the City as provided in Section 4 of this ordinance, shall provide for: 1. Making various park improvements including, but not limited to (a) building, lighting and signing tennis courts and baseball fields, (b) purchasing and installing sprinkler systems, (c) constructing trails and picnic areas, (d) constructing restroom facilities, and (e) purchasing and installing playground equipment, the estimated cost of which is hereby declared to be, as nearly as may be, the sum of $400,000.00; and 2. Acquiring and developing land on one or more sites for park purposes, the estimated cost of which is hereby declared to be, as nearly as may be, the sum of $600,000.00. The City Council reserves the right to make such changes and modifications to the plans for the improvements herein specified as the Council may hereafter determine, provided the stated purposes are not substantially altered. Section 2. The City shall borrow the total sums of (1) $400,000.00 and (2) $600,000.00 on the credit of the City and issue and sell its negotiable general obligation bonds therefor for strictly municipal capital purposes, other than the replacement of equipment, for the purposes of providing the funds required to carry out the improvements respectively enumerated and specified in Section 1 hereof. Section 3. The general obligation bonds of each of the above said issues, or the combination of both of such issues herein authorized to be issued into a single combined bond issue, shall be serial in form and shall bear interest at a maximum effective rate not to exceed 8% per annum, which, except for the first -2- interest coupon, if the City Council so determines, shall be payable semiannually, and shall mature in from two to not more than twenty years from date of issue, the life of the improvements to be acquired by such bonds being at least twenty years, in such amounts as nearly as practicably annually as will result in a difference of not more than $5,000.00 between the highest and 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, de- termine will be borne by such bonds and shall be paid by annual tax levies sufficient in amount to pay both principal and interest when due, which annual tax levies shall be made without limitation as to rate or amount, and the bonds shall so provide. The bonds shall be redeemable at the option of the City at such times as shall be hereafter determined by ordinance. The date or dates of issue, interest rate or rates, maturities, form or forms and covenants of such bonds shall be hereafter fixed by ordinance of the City Council of the City, and the bonds shall be issued and sold at one time, or from time to time in series, when the proceeds thereof may be required. Section 4. The City Council finds that an emergency exists requiring providing for (1) making various park improvements and (2) acquiring and developing land for park purposes, and that as a result of the existence of such an emergency, it is necessary to call a special election and a special election is, therefore, hereby called to be held in the City as provided by law on the -3- 2nd day of November, 1976, in conjunction with the State general election to be held on the same date, at which there shall be sub- mitted to the qualified voters of the City for their ratification or rejection the following propositions in the form of "ballot titles" as follows: "PROPOSITION NO. 1 Shall the City incur a general indebtedness and issue and sell not to exceed $400,000.00 of general obligation bonds to pay the cost of making various park improvements, 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 from date of issue, as provided in Ordinance No. 116!2, passed on September 7, 1976? BONDS . . . YES / / BONDS . . . NO / /" "PROPOSITION NO. 2 Shall the City incur a general indebtedness and issue and sell not to exceed $600,000.00 of general obligation bonds to pay the cost of acquiring and developing land for park purposes, 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 from date of issue, as provided in Ordinance No. /SLR, passed on September 7, 1976? BONDS YES / / BONDS . . . NO Each of such propositions shall be placed upon the ballot so that the voters may vote on each proposition separately. The Auditor of Snohomish County, Washington, as ex officio Supervisor of Elections, is hereby requested to concur in the finding of such emergency and to call and conduct such special election in the manner required by law. The City Clerk shall deliver to the Auditor of Snohomish County, Washington, as ex officio Supervisor -4- of Elections, at least forty-five days prior to the requested elec- tion date, a certified copy of this ordinance showing its passage and including the ballot titles herein set forth. PASSED by the City Council at a regular open public meeting thereof, and APPROVED by the Mayor of the City of Edmonds, Washington, this 7th day of September, 1976. ATTEST: City C1 k FORM APPROVED: Mayor a City Att ney PASSED BY THE CITY COUNCIL: September 7, 1976 PUBLISHED: September 15, 1976 —5—