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ORD 68-20 QUALIFIED ELECTORSORDINANCE NO.C~--~ AN ORDINANCE of the Town of Winslow, Washington providing for the submission to the qualified electors of the Town at a special election to be held therein on November 5, 1968, of a proposition authorizing the Town to issue its general obligation bonds in the principal amount of not to exceed $100,000, for the purpose of paying the cost of acquiring, constructing and equipping a combination town hall and fire station 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 combination town hall and fire station building for the Town to house administrative offices, council chambers, police and fire stations~ andequipment shed; 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 $100,000; and WHEREAS, the constitution and laws of the State of Washington require that the question of 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 shall acquire property containing an existing structure and property contiguous thereto and shall modify, alter and add to the existing structure to provide a combination town hall and fire station (hereinafter called "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 Ordinance, general obligation bonds of the Town in the principal amount of not to exceed $100,000 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 therefor 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. -2- 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 men- tioned 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 5th day of November, 1968 at the same time as the general election 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 Jurisdiction 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: TOWN OF WINSLOW, WASHINGTON PROPOSITION NO. 1 MUNICIPAL BUILDING BONDS Shall the Town of Winslow, for the purpose of acquiring, constructing and equipping a com- bination town hall and fire station building to house administrative offices, council chambers -3- and police and fire stations, issue its general obligation bonds in the total principal amount of not to exceed $100,000, 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 specifically provided in Ordinance . BONDS, YES ......... BONDS, NO .......... / / ADOPTED at a regular meeting of the Town Council held Mayo r ATTEST: -4- | !