ORD 68-10 SUBMISSION AT ELECTIONORDINANCE NO.
AN ORDINANCE of the Town of Winslow,
Washington, providing for the sub-
mission to the qualified electors of
the town at a special election to be
held therein on June Z~' , 1968, of
a proposition authorizing the town to
issue its general obligation bonds in
the principal amount of not to exceed
~/~ OoO , for the purpose of paying
the cost of acquiring, constructing
and equipping a new municipal building
for the town.
WHEREAS, it is deemed necessary for the public health,
safety, welfare and convenience that the Town of Winslow acquire,
construct and equip a new municipal building for the town to
house administrative offices, council chambers, police and fire
stations; and
WHEREAS, to provide the funds for such purpose it is
deemed necessary and advisable that the town issue and sell its
general obligation bonds in the principal amount of not to exceed
~O~ O ; and
WHEREAS, the constitution and laws of the State of
Washington require that the question whether or not such bonds
may be issued for such purpose be submitted to the qualified
electors of the town for their ratification or rejection;
NOW, THEREFORE, BE IT ORDAINED, by the Council of the
Town of Winslow as follows:
Section 1. The Council hereby finds and declares that
the health, safety, welfare and benefit of the residents of the
town require that the plan hereinafter provided be carried out
at the time or times and in the order deemed most necessary and
advisable by the town.
Section 2. The town shallacquire, construct and equip
a new municipal building to house administrative offices, council
chambers and police and fire stations. Such improvements shall
be complete with all necessary and proper facilities, utilities
and appurtenances.
Section 3. For the purpose of providing funds necessary
to pay the cost of carrying out the plan pursuant to this ordi-
nance, general obligation bonds of the town in the principal
amount of not to exceed ]~C0~O shall be issued. Such bonds
shall bear interest at a rate not to exceed the maximum rate
permitted by law, shall mature serially in such amounts in from
two to twenty years from date of issue as authorized by the
legislative authority of the town and as provided by law. Both
the principal of and interest on such bonds shall be payable out
of annual tax levies to be made upon all of the taxable property
of the town without limitation as to rate or amount. The exact
date, form, terms, options of redemption and maturities of such
bonds shall be hereafter fixed.
Section 4. The life of the improvement to be acquired
and constructed from the proceeds of the bonds issued therefore
is hereby estimated and declared to be as nearly as practicable,
not less than twenty years.
Section 5. The proceeds of the bonds shall be deposited
in the "Municipal Building Fund" to be hereafter created in the
treasury of the town, except that any accrued interest on the bonds
paid at the time of their delivery shall be paid into a fund to
be hereafter created for the redemption of the bonds. Moneys in
such municipal building fund may be temporarily deposited in such
institutions or invested in such obligations as may be lawful for
the investment of town moneys and may be temporarily advanced to
the bond redemption fund to pay bond interest pending receipt of
taxes levied therefor.
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The proceeds of sale of the bonds and interest earned
on the deposit or investment of such proceeds shall be applied and
used solely for the acquisition, construction and installation of
the municipal building as set forth in this ordinance, and none
of such proceeds shall be used for other than a capital purpose.
Costs of engineering, architecture, planning, financial, legal or
other services lawfully incurred incident to the acquisition and
development of the improvements heretofore mentioned shall be
appropriate capital costs to be paid from the proceeds of the
bonds.
Section 6. It is hereby found and declared that an
emergency exists requiring the submission to the qualified
electors of the town at a special election to be held therein on
the ZE" day of June, 1968, of a proposition authorizing the
issuance of general obligation bonds of the town for the purposes
provided in this ordinance.
The Kitsap County Auditor, as ex officio supervisor of
all elections held within Kitsap County is hereby requested to
also find the existence of such emergency and to assume Juris-
diction of, and to call and conduct said special election, to be
held within the town on said date, and to submit to the qualified
electors of the town at such special election the proposition
hereinafter set forth.
The Town Clerk is hereby authorized and directed to
certify said proposition to the Kitsap County Auditor in the
following form:
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TOWN OF WINSLOW, WASHINGTON
PROPOSITION NO. 1
MUNICIPAL BUILDING BONDS
Shall the Town of Winslow, for the purpose of
acquiring, constructing and equipping a new
municipal building to house administrative
offices, council chambers and police and fire
stations, issue its general obligation bonds
in the total principal amount of not to exceed
/Z~ 000 , to bear interest at a rate not to
exceed the maximum rate permitted by law, to
mature serially in from two to twenty years
from date of issue of such bonds, to be paid
both principal and interest out of annual tax
levies to be made upon all the taxable property
within the town without limitation as to rate
or amount, and to be issued all as more speci-
fically provided in Ordinance ~-/~.
BONDS, YES ..... / /
BONDS, NO .... ~"'/
ADOPTED at a regular meeting of the TOwn Council held
this ~ day of ~ , 1968.
ATTEST:
I fown Clerk
Mayor
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