HomeMy WebLinkAboutOrd 0620 - Street Lighting Construction Fund (Repealed by Ord 625) 0 1,4 o ff
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CITY OF T
WASHINGTON
ORDINANCE NO. 620 40
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 $25,000.00
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.
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 Twenty
five Thousand Dollars ($25,000.00) and that General Obligation Bonds be
issued to provide the funds necessary to carry out such construction 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.
Section 2: The initial street lighting construction and
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 any portion of Interurban Avenue which was not previously funded
all as described by the City's Consulting Engineer in Proposed Con-
tract 2 -70.
Section 3: The estimated cost as near as may be of the
street lighting construction is hereby declared to be Twenty -five
Thousand Dollars ($25,000.00). This shall be paid for from the
issuance and sale of not to exceed Twenty -five Thousand Dollars
($25,000.00) of General Obligation Bonds. The bonds herein author-
ized 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 designa-
tion, shall bear such interest rate or rates, shall be in such denom-
inations 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
"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.
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Section 5: In addition to the costs of construction there
shall be included in the construction fund all necessary engineering
and legal services necessary for the construction and improvement;
administrative costs; financing costs; construction contingency; all
other expenses incidental thereto and required for the necessary con-
struction and improvement.
PASSED BY THE CITY COUNCIL OF THE CITY OF TUKWILA, WASHINGTON
at a regular meeting thereof on the 1st day of June, 1970.
CITY F TUKWILA
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ATTEST:
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CITY CLERK
APPROVED AS TO FORM:
CITY ATTORNEY v
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