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HomeMy WebLinkAbout1970 - Ord 0647 - Acquisition and Development of Civic Center - 6708008 S S. lk la 06 CITY OF TUK WASHINGTON ORDINANCE NO. 647 6/ 1 /7 AN ORDINANCE of the City of Tukwila, Wash- ington, providing for the acquisition and develop- ment of a civic center for the City, including the acquisition, purchase and development of a site or sites therefor, and the constructing, equipping and furnishing of a civic center building, park and rec- reational facilities, fire protection facilities, and a City shop and maintenance yard, and related facilities, all to be located on one or more sites; declaring the estimated cost thereof as nearly as may be; providing for the borrowing of not to exceed $1,000,000.00 and issuing and selling negotiable general obligation bonds to pay the cost of the first stage of that project, 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 proposition of incurring such indebtedness and issuing such bonds to the qual- ified voters of the City at a special election to be held in conjunction with the state general election on November 3, 1970. WHEREAS, the City is in urgent need of acquiring and devel- oping a civic center for the City, including the acquisition, pur- chase and development of a site or sites therefor, and the construc- ting, equipping and furnishing of a civic center building, park and recreational facilities, fire protection facilities, and a City shop and maintenance yard, and related facilities, all to be located on one or more sites, and the City does not have available sufficient funds to meet the estimated cost of such improvements and acquisi- tion; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF TUKWILA, WASHINGTON, DO ORDAIN AS FOLLOWS: Section 1. The City of Tukwila, Washington, upon rati- fication of the proposition by the qualified electors of the City -2- as provided in Section 4 of this ordinance, shall by ordinance order the acquisition, purchase, development, construction, equipping and furnishing of the first stage of the acquisition and development of a civic center for the City, including the acquisition, purchase and development of a site or sites therefor, and the constructing, equipping and furnishing of a civic center building, park and recreational facilities, and a City shop and maintenance yard, and related facilities, all to be located on one or more sites, all of which shall sometimes in this ordinance be referred to as the "Civic Center Project The estimated cost of the Civic Center Project is hereby declared to be as nearly as may be $2,700,000.00. The first stage of the Civic Center Project shall consist of the acquisition of the site or sites therefor, and to the extent that moneys provided for in this ordinance for the first stage are available, the development of that site or sites and acquisition, construction, furnishing and equipping of some of the facilities on that site or sites. The estimated cost of the first stage of the Civic Center Project is hereby declared to be as nearly as may be $1,000,000.00. Section 2. The City of Tukwila, Washington, shall borrow the sum of not to exceed $1,000,000.00 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 purpose of providing the funds in the amount and for the first stage of the Civic Center Project as specified in Section 1. Section 3. The general obligation bonds herein authorized to be issued shall be serial in form and shall bear interest which, except for the first interest coupon, shall be payable semiannually, -3- 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 the 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 determine 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 levy 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 dates, interest rate or rates, maturities, form and covenants of the bonds shall be here- after fixed by ordinance of the City Council of the City and the bonds shall be issued and sold when the proceeds thereof may be required. Section 4. The City Council finds that an emergency exists requiring the acquisition and development of the first stage of the Civic Center Project at the site or sites to be determined by the City Council and that, as a result of the existence of such an emergency, it is necessary to call a special election. A special election, therefore, is called to be held in the City of Tukwila as provided by law on November 3, 1970, in conjunction with the state general election to be held on the same date, 6 o )8 at which there shall be submitted to the qualified voters of the City for their ratification or rejection the following prop- osition: PROPOSITION TUKWILA CIVIC CENTER BONDS $1,000,000.00 Shall the City of Tukwila, Washington, incur a general indebtedness and issue and sell not to exceed $1,000,000.00 of general obligation bonds, but in no event to exceed, together with outstanding general indebtedness of the City incurred for general municipal purposes, the amount of indebtedness per- mitted by law at the time of the sale of the bonds, the proceeds thereof to be used solely for capital purposes other than the replacement of equipment, to pay the cost of acquiring and developing the first stage of the Tukwila Civic Center Project, namely, the acquisition of the site or sites therefor, and to the extent that moneys are available, the develop- ment of that site or sites and acquisition, construc- tion, furnishing and equipping of some of the facil- ities on that site or sites, such bonds to be paid by annual tax levies to be made without limitation as to rate or amount and to mature serially, annually, in from two to not to exceed twenty years after date of issuance, to bear interest payable semiannually, all as provided in Ordinance No. passed on September, 1970? CIVIC CENTER BONDS YES CIVIC CENTER BONDS The City Clerk is directed (a) to certify to the Director of Records and Elections of King County, as ex officio Supervisor of Elegy tions of the County, a copy of this ordinance showing its passage by City Council, such Director having been notified of the request for t: -4- NO ATTEST: 7:2-e City Clerk FORM APPROVED: City Attorry special election more than forty -five days prior to the date fixed therefor, and (b) to perform such other duties as are necessary or required by law to the end that the question of whether or not the bonds provided for herein shall be approved and shall be submitted to the voters of the City at that election. PASSED by the City Council of the City of Tukwila, Washington and APPROVED by the Mayor at a regular meeting on the 1 41 day of September, 1970. MAYOR 1"6 *4 G r., trr w N r l t y O +.x