Ordinance 2058CITY OF EDMONDS, WASHINGTON
ORDINANCE NO. 2058
AN ORDINANCE of the City of Edmonds, Washington,
relating to the incurring of indebtedness for the
purpose of financing the acquisition, remodeling,
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 here-
tofore created pending the issuance and sale of
limited general obligation bonds and/or unlimited
general obligation bonds; and accepting the offer
of Rainier National Bank
to purchase such interest -bearing warrants and
fixing the interest rate the same are to bear.
WHEREAS, the City of Edmonds, Washington (the "City"),
and the Edmonds School District No. 15, Snohomish County, Washington
(the "District"), have settled eminent domain proceedings where -
under the City will acquire and the District will relinquish
the Edmonds Elementary School building and site presently owned
by the District and declared to be surplus to the needs of
the District; and
WHEREAS, such school building will have to be remodelled
and certain repair and maintenance expenses will have to be incurred
in order to prepare the building and grounds for use by the
City and the public; and
WHEREAS, the total estimated costs of such acquisition
(including appraisal, legal and related incidental fees and costs),
remodelling, repair and maintenance is declared to be $612,000, of
which approximately $541,500 will be for capital purposes only other
than the replacement of equipment, including the cost of acquisition
and remodelling of such building, and the remaining $70,500 of such
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estimated cost will be for repairs and maintenance thereof; and
WHEREAS, the City Council intends that the entire cost of
the acquisition, remodelling, repair and maintenance of such building
shall be paid from the proceeds from the issuance and sale of limited
general obligation bonds to be issued within the limit up to three-
quarters of one percent of the assessed value of the taxable property
within the City permitted for general municipal purposes without
a vote of the qualified electors therein, except that the City Council
may 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 general obligation bonds to cover
the capital costs of acquisition and remodelling of such building,
and to pay the remaining costs of repair and maintenance of such
building from the proceeds of such limited general obligation bonds
to be issued by the City; and
WHEREAS, Rainier National Bank
heretofore submitted an offer to purchase from the holders thereof
interest -bearing warrants to provide interim financing on the terms
and conditions hereinafter set forth; NOW, THEREFORE,
THE CITY COUNCIL OF THE CITY OF EDMONDS, WASHINGTON,-DO
ORDAIN, as follows:
Section 1. There was heretofore created and established
in the office of the Finance Director of the City a special fund
known and designated as the "Edmonds Elementary School Acquisition
and Development Fund No. 336" which shall be used for the sole
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purpose of acquiring from the District the Edmonds Elementary School
building and site, including the cost of remodelling such building
and providing funds for the repair and maintenance thereof.
Section 2. The City hereby authorizes the issuance and sale
of limited general obligation bonds of the City to provide the funds
necessary to pay the total estimated costsof acquisition, remodelling,
repair and maintenance of such building in -the approximate amount of
$612,000, such bonds to be issued and sold within one year from the
date of passage of this ordinance, 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 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 general obligation bonds
shall be reduced to approximately $70,500.
Section 3. Pending the issuance and sale of the limited
general obligation bonds and/or unlimited general obligation bonds
herein authorized, the City may issue interest -bearing warrants for
the purposes authorized herein drawn upon the "Edmonds Elementary
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School Acquisition and Development Fund No. 336," within the budgetary
appropriation therefor as authorized by Ordinance No. 2056, 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
6.10 % per annum from date of presentment until called for payment.
Section 4. The offer of Rainier National Bank
to purchase such interest -bearing warrants from the holders thereof
at the interest rate above specified is hereby accepted and such
warrants shall be paid out of the proceeds of the sale of such
unlimited general obligation bonds and/or limited 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 one year from the date of passage of this ordinance.
Section 5. 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
this 20th day of March, 1979.
CITY OF EDMONDS, WASHINGTON
By
ATTEST: Mayor
City Clerk
FORM APPROVED: FILED WITH CITY CLERK: March 16, 1979
PASSED BY CITY COUNCIL: March 20, 1979
�n PUBLISHED: March 23, 1979
City Attorney
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