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HomeMy WebLinkAboutOrd 0943 - Foster Golf Course Acquisition - Issuance and Sale of Bonds 41 CITY OF TUKWILA, WASHINGTON ORDINANCE NO. 943 AN ORDINANCE of the City of Tukwila, Washington, providing for the acquisition of real property within the City consisting of approximately 73 acres, including the 18 -hole golf course known as the "Foster Golf Course," together with the club- house and buildings thereon; declaring the estimated cost thereof as nearly as may be; provid- ing for the borrowing of a total of $1,850,000.00 and issuing and selling negotiable general obligation bonds to pay a part of the cost 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 Lor the submission of the proposition of incurring such indebtedness and issuing such bonds to the qualified voters of the City at a special election to be held on November 4, 1975, in conjunction with the State general election to be held on the same date. WHEREAS, the City is in urgent need of additional land and facilities for park and recreation purposes, and the City does not have available sufficient funds to meet the estimated cost thereof; and WHEREAS, certain real property within the City consisting of approximately 73 acres, including the 18 -hole golf course known as the "Foster Golf Course," together with the clubhouse and buildings thereon, has become available for purchase by the City for park and recreation purposes; and WHEREAS, the assessed valuation of the taxable property of the City as ascertained by the last assessment for City purposes for the calendar year 1975 is $217,225,350.00, and at the time of the passage of this ordinance, the City has no general indebtedness outstanding within the limit up to 3/4 of 1% of the value of taxable property within the City permitted without a vote of the electors, and $145,000.00 par value of general obligation bonds issued within the limit up to 2 -1/2% of the value of taxable property within the City permitted pursuant to a vote of the electors within the City for general municipal purposes, and the amount of the indebtedness for which bonds are herein authorized to be issued is $1,850,000.00; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF TUKWILA, WASHINGTON, DO ORDAIN, as follows: Section 1. The City of Tukwila, Washington (hereinafter called the "City upon ratification of the proposition by the qualified electors of the City as provided in Section 4 of this ordinance, shall acquire by purchase certain real property within the City consisting of approximately 73 acres, including the 18 -hole golf course known as the "Foster Golf Course," together with the clubhouse and buildings located thereon, the estimated cost of which is hereby declared to be, as nearly as may be, the sum of X55 660,`" Section 2. The City shall borrow the total sum of $1,850,000.00 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 a part of the funds required to carry out the acquisitions specified in Section 1 hereof. The balance of the funds required shall be paid from moneys otherwise available to the City for such purpose. Section 3. The general obligation bonds herein authorized to be issued 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 interest coupon shall be payable semiannually, and shall mature in from two to not more than twenty years from date of issue, the life of the improvement 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 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 -2- at such times as shall be hereafter determined by ordinance. The date of issue, interest rate or rates, maturities, form 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 when the proceeds thereof may be required. Section 4. The City Council finds that an emergency exists requiring the acquisition by purchase of certain real property within the City consisting of approximately 73 acres, including the 18 -hole golf course known as the "Foster Golf Course," together with the clubhouse and buildings located thereon, and that as a result of the existence of such 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 4th day of November, 1975, in conjunction with the State general election to be held on the same date, at which there shall be submitted to the qualified voters of the City for their ratification or rejection the following proposition in the form of a "ballot title" as follows: PROPOSITION Shall the City of Tukwila incur a general indebtedness and issue and sell not to exceed $1,850,000.00 of general obligation bonds to pay a part of the cost of acquiring certain real properties known as the "Foster Golf Course" for recreational purposes, such bonds to be paid by an annual tax levy to be made without limita- tion as to rate or amount and to mature in from two to not to exceed twenty years from date of issue, as provided more fully in Ordinance No. 943, passed October 6th, 1975? BONDS, YES -3- BONDS, NO Pursuant to Resolution No. 497, passed by the City Council on September 17, 1975, the Director of Record and Elections of King County, Washington, ex- officio supervisor of elections, has heretofore been notified of the requested election date more than 45 days prior thereto, and such Director of Record and 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 said Director a certified copy of this ordinance showing its passage and including the ballot title herein set forth and as set forth in said Resolution No. 497. Section 5. This ordinance shall become effective five days after its passage, approval and publication as provided by law. PASSED by the City Council and APPROVED by the Mayor of the City of Tukwila, Washington, at a regular open public meeting thereof this 6th day of October, 1975. ATTEST:/ �/C/2 city Clerk f FORM APPROVED: Gl City Attorney ll I 7-7 II t.' `l Mayor