Loading...
HomeMy WebLinkAboutOrd 0625 - Street Lighting Construction Fund (Repealed by Ord 1063) -wa Cit O U h l Washington Cover page to Ordinance 625 The full text of the ordinance follows this cover page. AN ORDINANCE; creating a street lighting con- struction fund, declaring the estimated casts thereof as nearly as may be providing for the issuance and sale of not to exceed $58,500.00 par value of General Obligation Boris required to pay the cost thereof; and providing for the issuance and sale of interest bearing warrants pending the sale of the General Obligation Binds, and repealing Ordinance No. E20. Ordinance 625 was amended or repealed by the following ordinances. AMENDED BY: REPEALED BY: 630 1063 nlq, s 4 rc i w x 1 906 CITY OF TUKW WASHINGTON ORDINANCE NO. 4,25" ,25" AN ORDINANCE creating a street lighting con- struction fund; declaring the estimated costs thereof as nearly as may be; providing for the issuance and sale of not to exceed $58,500.00 par value of General Obligation Bonds required to pay the cost thereof; and providing for the issuance and sale of interest bearing warrants pending the sale of the General Obligation Bonds. and repealing Ordinance No. 620. WHEREAS, the public health, welfare, safety and convenience require and it is advisable that certain street light improvements be made within the City of Tukwila, the estimated cost of which is Ninety Eight Thousand Dollars ($98,000.00) and that General Obligation Bonds be issued to provide a portion of the funds necessary to carry out such and improvements, NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF TUKWILA, WASHINGTON, DO ORDAIN AS FOLLOWS: Section 1: There is hereby created within the City of Tukwila a fund to be known as the Street Lighting Construction and Improvement Fund. improvements shall be for thirty foot aluminum lighting standards with 400 W. Mercury Vapor Luminaire; underground cable; and service con- nections along South 178th Street and along Klickatat Drive, together with forty foot aluminum lighting standards with 700 W. Mercury vapor luminaire; underground cable; highway crossing and service connections for Interurban Avenue all pursuant to the standards and specifications of the City Engineer as described in Street Lighting Contract 2 -70, which is incorporated herein by reference. -1- . Section 3: The estimated cost as near as may be of the street lighting construction is hereby declared to be Ninety Eight Thousand Dollars ($98,000.00). This shall be paid for as follows from the following sources: 1. Budget Page 75 Arterial Street Fund Revenue from use of money and property $500.00 Revenue from other agencies $11,581.00 Surplus from previous year 27,491.00 2. From the issuance and sale of not to exceed Fifty Eight Thousand Dollars ($58000.00) of General Obligation Bonds. The bonds herein authorized to be issued shall be issued in one or more series at such time as the City Council shall deem it advisable, shall bear such designation, shall bear such interest rate or rates, shall be in such denominations and form, shall be payable at such place or places and shall mature in accordance with a schedule beginning not earlier than one year after date of issuance and ending not later than twenty years thereafter, or shall be term bonds, shall have the option of payment prior to maturity, and shall contain and be subject to such provisions and covenants as shall hereafter be provided by ordinance. The bonds shall be sold at such times and in such manners as the City Council shall deem to be in the best interest of the City. The funds required to pay said bonds shall be from the following sources and on the priority basis as set forth: 1. Revenues from the retail sales tax. 2. Revenues or funds received from the one -half cent gas tax. 3. Revenues received from the real property tax. Section 4: The proceeds from the sale of bonds shall be deposited in the "street lighting construction fund" of the City as created by this ordinance. Pending the sale of General Obligation Bonds the City may issue interest bearing warrants drawn upon the -2- "street lighting construction fund" to bear interest at a rate not to exceed six percent per annum (6 and to be redeemed from the proceeds of the sale of General Obligation Bonds as herein author- ized to be issued within such period of time as the City Council may hereafter determine. Section 5: All items in the Budget may be transferred to and paid out of this street lighting construction fund. Section 6: Ordinance No. 620 is repealed. PASSED BY THE CITY COUNCIL OF THE CITY OF TUKWILA, WASHINGTON at a regular meeting thereof on the 15th day of June, 1970. CITY t TUKWILA BY l/ /4: //fPg^ MAYOR P R b 'DEM ATTEST: c c- ,227,7t .4 CITY CLERK APPROVED AS TO FORM: CITY ATTORNEY e.' )4,64:-' /976 -3-