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Ordinance No. 0107
CITYOFMEDINAORDINANCENOO7ANORDINANCEprovidingforthesubmissionofapropositiontcthequalifiedelectorsoftheCityataspecialelectiontobeheldthereinauthorizingtheissuanceofgeneralobligationbondsoftheCityintheprincipalsumofThirtyFiveThoUsandDollars3500000forthepurposeofimprovingstreetssubjecttogeneraluseWHEREAScertainstreetssubjecttogeneraluseinthecityhavebeendamagedbytheinstallationofsewersandeconomiescanberealizedbycombiningtheirimprovementwllrestorationofthepartsparticularlyaffectedwithmoniesreceivedfromtheSewerDistrictandWHEREASWithcompletionofasecondLakeWashingtonbridgeterminatinginMealinsthecitysstreetssubjecttogeneralusewillcarryincreasingtrafficnowthereforTHECITYCOUNCILOFTHECITYOFMEDINADOORDAINASFOLLOWSxSection1DeclarationofnubllcinterestItisherebyouuanddeclaredthatthewelfareoftheresidentsofthecityrequiresthattheelectorsofthecitybepermittedtoconsidertheauthorizationoftheissuanceofbondsforthepurposeshereinafterdescribedSection2SaleofbondsforImprovementofeneralusestreetsForthepurposeofprovidingfundsfortheimprovementofpresentlyinadequatestreetssubjecttogeneraluseincludingNE12thand24thStreetsandcollectorstreetsaswelliffundsremainthecityifauthorizedsotodoshallissueandselligeneralobliationbondsintheprincipalsumofThirtyFiveThousandDollars753500000TheproceedsofthesaleofsuchbondsaretobeusedwithotherfundsavailableforthepurposeandtheworkistobedoneatsuchtimeortimesastheCouncilmaydeemadvisableIfthefundssoprovidedproveinsufficienttocompletealloftheimprovementsherecontemplatedthenthecouncilmayelecttocompleteaportionthereofaccordingtoitsdeterminationofthegreaterpublicneedandbenefitSaidbondsshallbesoldinsuchamountsandatsuchatimeOrtimesasdeemednecessarybytheCityCouncilandaspermittedbylawshallbearinterestataratenottoexceedsix6percentperannumandshallmatureinfrom2to20yearsfromdateofissueinsuchamountsaswillasnearlyaspracticabletogetherwithinterestonsaidbondsbemetbyequalannualtaxleviesforthepaymentoftheprincipalthereofandinterestthereonBothprincipalofandinterestonsaidbondsshallbepayablebyannualtaxleviestobemadeuponalltaxablepropertywithintheCitywithoutlimitationastorateoramountTheexactdateformtermsandmaturitiesofsaidbondsshallbeashereafterfixedbyordinanceoftheCityCouncilSection3ClerktocertifypropositionforballotTheCityClerkisherebyauthorizedanddirectedtocertifytotheKingCountyAuditorthefollowingpropositionforaspecialelectiontobeheldinthecityonTueSdayApril2519611andtheAuditorisherebyrequestedtofindtheexistenceofanemergencyandtocallandoondlctsaidspecialelectiononsuchdate fPROPOSITIONGENERALUSESTREEIMPEOVEMENTBONDSShalltheCityofMadinsWashingtonissueitsgeneralobligationbondsintheprincipalsumofThirtyFiveThousandDollars3500000suchbondstobepayablebothprincipalandinterestoutofannualtaxleviestobemadewithoutlimitationastorateoramounttobearinterestataratenottoexceedsix6percentperannumandtomatureinfrom2to20yearsfromdateofissueforthepurposeofprovidingadditionalfundstodandcollectorroutesforwhichfundsremainBONDSYESBONDSNOSection4DeclarationofosmereuoxThesubmissionOfthePrepOsitionprovidedforhereintothevotersisherebydeclaredtobeanemergencyforthereasonthatSewerDistrictrestorationfundsonhandwithwhichtheproceedsoftheproposedbondissuewouldbeCombinedmustbeappliedwithinthe1961constructionseasonandtheeconomiestoberealizedbysimultaneousapplicationOftheproceedsofthesaleoftheproposedbondswillnotberealizedunlesstheycanbesoldpriortosaidtimeSection5CodeReferenceAllsectionshereofshallbeconsideredofspecialeffectSection6EffectivedateThisordinanceshallbecomeeffectiveonthedayof31961thPASSEDbytheCityCouncilonthe27thdayofFebruary1961towhichdatetheregularmeetingofFebruary131961hadbeencontinuedandsignedInauthentioationthereofonthedateofitspassageTEPuFCHADWICKJRCityAttorneyATTESTROBERTJBEHNKayorARYFITZGERALDCityClerk