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HomeMy WebLinkAbout27-77 ,/' e e RESOLUTION NO. ,2 7-77 A RESOLUTION of the City of Port Angeles, Washington, providing for the submission to the qualified electors of the City at a special election to be held therein on November 8, 1977, of a proposition as to whether the City should issue its unlimited tax levy general obligation bonds in the principal sum of Two Million Dollars ($2,000,000) in order to provide funds to develop a municipal pier within said City, and declaring an emergency. WHEREAS, in order to provide the people of the City of Port Angeles with modern recreational facilities and to further the public health and welfare of said people, it is deemed nec- essary and advisable that the City develop a municipal pier on property now leased by the City, and to provide the money therefor that it issue and sell its unlimited tax levy general obligation bonds in the principal sum of Two Million Dollars ($2,000,000); and WHEREAS, the constitution and laws of the State of Wash- ington provide that the question of whether such bonds may be issued for such purposes must be submitted to the qualified electo~ of the city for their ratification or rejection; now therefore BE IT RESOLVED BY THE COUNCIL OF THE CITY OF PORT ANGELES, WASHINGTON, as follows: Section 1. It is hereby found and declared that the public health and welfare of the people of the City of Port Angeles require that the City develop a municipal pier on property now leased by the City. That for the purpose of providing the money necessary to acquire such capital improvements the City shall issue and sell its unlimited tax levy general obligation bonds in the principal sum of Two Million Dollars ($2,000,000). Said bond shall bear interest at the rate not to exceed ~.~ per cent per annum payable semi-annually and shall mature in from two (2) to twenty (20) years from the date of issue in such amounts as will as nearly as practicable, together with the interest thereon, be met by equal annual tax levies for the payment of the principal thereof and interest thereon. Both such principal and interest shall be paid out of annual levies of taxes to be made upon all the taxable property within the city without limitation as to rate or amount. The exact date, form, terms of maturity of said bonds shall be as hereafter fixed by ordinance of the City. Section 2. It is hereby found and declared that an emergency exists requiring the submission to the qualified electors of the city the proposition of whether the City should issue and sell said bonds for such purpose at a special election to be held therein on the 8th day of November, 1977. .1'. ~ e l The Clallam County Auditor as ex-officio supervisor of elections is hereby requested to call and conduct a special elec- tion on November 8, 1977 and to submit to the qualified electors of the city the proposition hereinafter set forth. The City Clerk is hereby authorized and directed to certify to the Clallam County Auditor said proposition in the following form: PRO P 0 SIT ION Municipal Pier Development, General Obligation Bonds, $2,000,000 Shall the City of Port Angeles, Washington, for the purpose of providing funds to develop a municipal pier within the city on property now leased by the City, issue its general obliga- tion bonds in the principal sum of Two Million Dollars ($2,000,000) said bond to bear interest at a rate of not to exceed ~.~ per cent per annum, to mature in from two (2) to twenty (20) years from date of issue, and to be paid, both principal and interest, out of annual tax levies to be made upon all of the taxable property within the city without limitation as to rate or amount, all as more fully provided in Resolution No. of the City? BONDS, YES. ./ / /~ BONDS, NO. The polling places for each of the voting precincts within the city and the officials to serve at each polling place for this special election shall be as selected by the Clallam County Auditor. Section 3. For the reason that the statutes of the State of Washington require that this r:e:so'lution become effective and be certified to the Clallam County Auditor at least forty-five (45) days prior to said election date, an emergency is hereby declared to exist, and this resolution is hereby declared to be in full force and effect from and after its passage and publication as required by law. PASSED by the City Council of the City of Port Angeles, Washington, at a regular meeting of said Council held this /~~ day of September, 1977. .... ......'- ;.......-......~..~...~-----,. '"' ~fI...."' ......";."'" ~..:' ~.; . .. "...,..,. . - "- ~:M",.~~. MAYOR -. - ~:;.. .... ATTEST:, ,.. :.-=" ~'-&<~ Marian C. Parrish, City Clerk APP~~ TO FORM: ~#~~ C. T. Walrath, City Attorney PUBLISHED: _+. /Cf., /'171