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HomeMy WebLinkAboutOrdinance No. 0811CITY OF MEDINA, WASHINGTON GENERAL OBLIGATION BONDS ORDINANCE NO. 811 AN ORDINANCE of the City Council of the City of Medina, Washington, providing for a form of the ballot proposition and specifying certain other details concerning submission to the qualified electors of the city at a special election to be held therein on November 6, 2007 for the issuance of its general obligation bonds in the aggregate principal amount of not to exceed $26,000,000, or so much thereof as may be issued under the laws governing the indebtedness of cities, for the purpose of providing funds for undergrounding of utilities. ADOPTED: July 9, 2007 Prepared by: K&L PRESTON GATES ELLIS LLP Seattle, WASHINGTON ORDINANCE NO. 811 AN ORDINANCE of the City Council of the City of Medina, Washington, providing for a form of the ballot proposition and specifying certain other details concerning submission to the qualified electors of the city at a special election to be held therein on November 6, 2007 for the issuance of its general obligation bonds in the aggregate principal amount of not to exceed $26,000,000, or so much thereof as may be issued under the laws governing the indebtedness of cities, for the purpose of providing funds for undergrounding of utilities. WHEREAS, the City of Medina, Washington (the "City") proposes to undertake the undergrounding of electric and telecommunication utilities with the City (the "Project"); and WHEREAS, in order to provide all or a part of the funds to enable the City to undertake the Project, it is deemed necessary and advisable that the City issue and sell its unlimited tax general obligation bonds to provide funds for such purposes; and WHEREAS, the Constitution and laws of the State of Washington provide that the question of whether or not such bonds may be issued and sold for such purposes shall be submitted to the qualified electors of the City for their ratification or rejection; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF MEDINA ORDAINS, as follows: Section 1. Findings. This City Council (the "Council") hereby finds and declares that the best interest of the residents and property owners of the City require the City to carry out the plans hereinafter provided at the time or times and in the order deemed most necessary and advisable by the Council. Section 2. Capital Improvements. The City shall provide funds for undergrounding of electric and telecommunication utilities within the City (the "Project"). The City's share of the total Project cost is estimated not to exceed $26,000,000. The cost of all necessary consulting services, trenching, inspection and testing, administrative and relocation expenses, related improvements and other costs incurred in connection with the Project shall be deemed a part of the costs of the Project. If available funds are sufficient from the proceeds of bonds authorized for the above purposes, and state or local circumstances require, the City shall use such funds to pay the principal of or interest on the bonds. The City shall determine the application of available moneys for the Project so as to accomplish, as nearly as may be, all of the Project. The City shall determine the exact extent and specifications for the Project. If the City Council shall determine that it has become impractical to accomplish any portion of the Project by reason of state or local circumstances, including changed conditions or costs substantially in excess of those estimated, the City shall not be required to accomplish such portions of the Project and may apply the bond proceeds or any portion thereof to payment of principal of or interest on the bonds, as the City Council may determine. In the event that the proceeds of sale of the bonds, plus any other moneys of the City legally available, are insufficient to accomplish all of the Project, the City shall use the available funds for paying the cost of those portions of the Project for which the bonds were approved deemed by the City Council most necessary and in the best interest of the City. Section 3. Authorization of Bonds. For the purpose of providing all or a part of the funds necessary to pay the cost of the Project, together with incidental costs and costs related to the sale and issuance of the bonds, the City shall issue and sell its unlimited tax general obligation bonds in the principal amount of not to exceed $26,000,000. The balance of the cost of the Project shall be paid out of any money which the City now has or may later have on hand which are legally available for such purposes. None of said bond proceeds shall be used for the replacement of equipment or for any other than a capital purpose relating to the undergrounding of utilities. Such bonds shall be issued in an amount not exceeding the amount approved by the qualified electors of the City as required by the Constitution and laws of the State of Washington or exceeding the amount permitted by the Constitution and laws of the State of Washington. After voter approval of the bond proposition and in anticipation of the issuance of such bonds, the City may issue short term obligations as authorized and provided by Chapter 39.50 RCW. Section 4. Details of Bonds. The bonds provided for in Section 3 hereof shall be sold in such amounts and at such time or times as deemed necessary and advisable by this Council and as permitted by law, shall bear interest at a rate or rates not to exceed the maximum rate permitted by law at the time the bonds are sold, and shall mature in such amounts and at such times within a maximum term of not to exceed twenty (20) years from date of issue, but may mature at an earlier date or dates, as authorized by this Council and as provided by law. Said bonds shall be general obligations of the City and, unless paid from other sources, both principal thereof and interest thereon (including original issue discount) shall be payable out of annual tax levies to be made upon all the taxable property within the City without limitation as to rate or amount and in excess of any constitutional or statutory tax limitations. The exact date, form, terms and maturities of said bonds shall be as hereafter fixed by ordinance of the Council. Section 5. Bond Election. It is hereby found and declared that an emergency exists requiring the City to submit to the qualified electors of the City the proposition of whether or not the City shall issue such bonds for the Project, at a special election to be held therein on the 6th day of November, 2007. The King County Manager of Records and Elections as ex officio supervisor of elections in King County, Washington is hereby requested also to find the existence of such emergency and to call and conduct said special election to be held within the City on said date. The Clerk of the City is hereby authorized and directed to certify said proposition to said official in the following form: PROPOSITION NO. 1 CITY OF MEDINA, WASHINGTON UNDERGROUNDING OF UTILITIES GENERAL OBLIGATION BONDS - $26,000,000 The City Council of the City of Medina adopted Ordinance No. 811 concerning a proposition for bonds. This proposition authorizes the City to provide funds for undergrounding of electric and telecommunications utilities in the public right-of-way, to issue $26,000,000 of general obligation bonds maturing within a maximum term of twenty years, and to levy property taxes annually in excess of regular property tax levies to repay such bonds, all as provided in Ordinance No. 811, Should this proposition be: APPROVED ? REJECTED ? The City Clerk is hereby authorized to deliver a certified copy of this ordinance to the King County Department of Records and Elections. APPROVED by the City Council of the City of Medina, Washington, at a regular meeting thereof held the 9th day of July, 2007. CITY OF MEDINA, WASHINGTON c By R - & Mayor ATTEST: City volerk CERTIFICATE I, the undersigned, City Clerk of the City of Medina, Washington (the "City"), and keeper of the records of the City Council (the "Council'), DO HEREBY CERTIFY: I. That the attached Ordinance is a true and correct copy of Ordinance No. 811 of the City of Medina (herein called the "Ordinance"), duly approved at a regular meeting of the City Council held on the 9th day of July, 2007. 2. That said meeting was duly convened and held in all respects in accordance with law, and to the extent required by law, due and proper notice of such meeting was given; that a legal quorum was present throughout the meeting and a legally sufficient number of members of the Council voted in the proper manner for the passage of said Ordinance; that all other requirements and proceedings incident to the proper passage of said Ordinance have been duly fulfilled, carried out and otherwise observed; and that I am authorized to execute this certificate. IN WITNESS WHEREOF, I have hereunto set my hand this 9th day of July, 2007. City Clerk OFFICIAL BALLOT CITY OF MEDINA, WASHINGTON November 6, 2007 INSTRUCTIONS TO VOTERS: To vote in favor of the following proposition, place a cross (X) in the square opposite the word "APPROVED"; to vote against the following proposition, place a cross (X) in the square opposite the word "REJECTED." PROPOSITION NO. 1 CITY OF MEDINA, WASHINGTON UNDERGROUNDING OF UTILITIES GENERAL OBLIGATION BONDS - $26,000,000 The City Council of the City of Medina adopted Ordinance No. 811 concerning a proposition for bonds. This proposition authorizes the City to provide funds for undergrounding of electric and telecommunications utilities in the public right-of-way, to issue $26,000,000 of general obligation bonds maturing within a maximum term of twenty years, and to levy property taxes annually in excess of regular property tax levies to repay such bonds, all as provided in Ordinance No. 811 Should this proposition be: APPROVED ? 1-1 REJECTED ? ❑ OFFICE OF THE SUPERINTENDENT OF ELECTIONS KING COUNTY RECORDS AND ELECTIONS DIVISION WHEREAS, the undersigned as the duly elected, qualified and acting Manager of King County, Washington, Department of Records and Elections, has jurisdiction of and is required by law to conduct all special elections for cities within the County; and WHEREAS, the City of Medina, Washington, lies entirely within the boundaries of the County; and WHEREAS, the City Council of said City by Ordinance adopted July 9, 2007, a certified copy of which has been delivered to the undersigned, has found that an emergency exists requiring the holding of a special election on November 6, 2007; and WHEREAS, said City by said Ordinance has authorized and directed the undersigned to assume jurisdiction of and conduct said special election within King County; NOW, THEREFORE, it is hereby authorized and ordered as follows: The undersigned concurs in the finding of an emergency and does hereby assume jurisdiction within King County of the above -mentioned special election of the City of Medina, Washington, authorized and ordered by Ordinance of its City Council adopted July 9, 2007, and will conduct said special election to be held on November 6, 2007. DATED at Seattle, Washington, this day of , 2007. Superintendent of Elections King County Records and Elections Division NOTICE CITY OF MEDINA, WASHINGTON November 6, 2007 NOTICE IS HEREBY GIVEN that on November 6, 2007, a special election will be held in the above -named city for the submission to the qualified electors of said city of the following proposition: PROPOSITION NO. 1 CITY OF MEDINA, WASHINGTON UNDERGROUNDING OF UTILITIES GENERAL OBLIGATION BONDS - $ 26,000,000 The City Council of the City of Medina adopted Ordinance No. 811 concerning a proposition for bonds. This proposition authorizes the City to provide funds for undergrounding of electric and telecommunications utilities in the public right-of-way, to issue $26,000,000 of general obligation bonds maturing within a maximum term of twenty years, and to levy property taxes annually in excess of regular property tax levies to repay such bonds, all as provided in Ordinance No. 811. Should this proposition be: APPROVED ? REJECTED ? The polling places for all precincts wholly or partially within the City shall be as follows: Precincts Polling Places Said polling places shall be open from 7:00 a.m. to 8:00 p.m. Superintendent of Elections King County Records and Elections Division