ORD 73-20 ACQUISITION OF PROPERTYCITY OF WINSLOW, WASHINGTON
ORDINANCE NO. 73-20
AN ORDINANCE of the City of Winslow, Wash-
ington, providing for the acquisition of
certain properties within the City and the
development thereof as a park, including
picnicing areas, a children's playground,
tennis courts, public restrooms, a community
beach area and shelter; declaring the esti-
mated cost thereof as nearly as may be; pro-
viding for the borrowing of a total of
$150,000.00 and issuing and selling negotia-
ble general obligation bonds to pay a part
of the cost of said improvements, such bonds
to be payable by annual tax levies to be made
without limitation as to rate or amount; de-
claring an emergency; and providing for the
submission of the proposition of incurring
such indebtedness and issuing such bonds to
the qualified voters of the City at a special
election to be held on February 5, 1974,
WHEREAS, the City is in urgent need of acquiring the
properties hereinafter described and developing the same as a park
to meet the recreational needs of the persons residing within the
corporate limits of the City, and the City does not have available
sufficient funds to meet the estimated cost of such improvements; and
WHEREAS, the assessed valuation of the taxable property
of the City of Winslow as ascertained by the last assessment for City
purposes for the calendar year 1974 is $11,346,416.00 and at the time
of the passage of this ordinance the existing outstanding general in-
debtedness of the City consists of $22,000.00 par value of general
obligation bonds issued within the limit up to 3/4 of 1% of the value
of taxable property within the City permitted without a vote of
electors, and $85,000.00 par value of general obligation bonds issued
within the limit of 2 1/2% of the value of taxable property within the
City permitted pursuant to a vote of the electors within the City
for general municipal capital purposes, and the amount of the indebted-
ness for which bonds are herein authorized to be issued is $150,000.00;
NOW, THEREFORE,
THE CITY COUNCIL OF THE CITY OF WINSLOW, WASHINGTON, DO
ORDAIN, as follows:
Section 1. The City of Winslow, Washington, shall ac-
quire by purchase or condemnation, the following described property:
Lots 1 through 6, inclusive, and Lot 9, Block 2;
Lots 2 through 7, inclusive, Block 3; Lots 1
through 3, inclusive, the Easterly 14 feet, more
or less of Lot 12, and ALL of Lots 13 through 15,
Block 4; Lots 6 through 14, inclusive, Block 5;
and Lot 1, Block 6; ALL in Stafford's Addition
to the City of Winslow, according to plat recorded
in Volume 8 of Plats, pages 11, 12 and 13 in
Kitsap County, Washington, and all tidelands
fronting Block 5 and Lot 1, Block 6, Stafford's
Addition to the City of Winslow;
and develop the same as a park,including picnicing areas, a children's
playground, tennis courts, public restrooms, a community beach area
and shelter, the estimated cost of which is hereby declared to be as
nearly as may be the sum of $530,000.00.
Section 2. The City of Winslow, Washington, shall borrow
the total sum of $150,000.00 on the credit of the City and issue and
sell its negotiable general obligation bonds therefor for strictly
municipal capital purposes other than the replacement of equipment,
to-wit: for the purpose of providing a part of the funds required to
carry out the improvements specified in Section 1 hereof. The balance
of the cost of such improvements shall be paid from moneys anticipated
to be received by way of grants from the State of Washington Inter-
agency Committee--Bureau of Outdoor Recreation.
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Section 3. The general obligation bonds herein autho-
rized to be issued shall be serial in form and shall bear interest
at a maximum effective rate not to exceed 8% per annum, which except
for the first interest coupon shall be payable semiannually, and
shall mature in from two to not more than /L~' years from
date of issue, the life of the improvements to be acquired by such
bonds being at least /_~' years, in such amounts as nearly
as practicably annually as will result in a difference of not more
than $5,000.00 between the highest and lowest annual payment of -~
principal and interest, excluding the first two years from date of
issue, computed on such anticipated effective interest rate as the
City Council of the City shall in its discretion determine will be
borne by such bonds and shall be paid by annual tax levies sufficient
in amount to pay both principal and interest when due, which annual
tax levy shall be made without limitation as to rate or amount, and
the bonds shall so provide. The bonds shall be redeemable at the
option of the City at such times as shall be hereafter determined by
ordinance. The date of issue, interest rate or rates, maturities,
form and covenants of such bonds shall be hereafter fixed by ordinance
Of the City Council of the City, and the bonds shall be issued and sold
when the proceeds thereof may be required.
Section 4. The City Council finds that an emergency
exists requiring the acquisition and development of the park facilities
aforesaid, and that as a result of the existence of such an emergency,
it is necessary to call a special election and a special election is,
therefore, hereby called to be held in the City of Winslow as pro-
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vided by law on the 5th day of February, 1974, at which there shall
be submitted to the qualified voters of the City for their ratifica-
tion or rejection the following proposition in the form of a "ballot
title" as follows:
Shall the City incur a general indebtedness
and issue and sell not to exceed $150,000.00
of general obligation bonds to pay a part of
the cost of acquiring certain properties within
the City and developing the same as a park,
such bonds to be paid by annual tax levies to
be made without limitation as to rate or amount
and to mature in from two to not to exceed 15
years from date of issue, as provided in Ordi-
nance No. 73-20 , passed November 19, 19737
BONDS . . . YES / / BONDS . . . NO / /
The Auditor of Kitsap County, Washington, as ex officio
Supervisor of Elections, is hereby requested to concur in the finding
of such emergency and to call and conduct such special election in
the manner required by law. The City Clerk shall deliver to the
Auditor of Kitsap County, Washington, as ex officio Supervisor of
Elections, at least forty-five days prior to the requested election
date, a certified copy of this ordinance showing its passage and in-
cluding the ballot title herein set forth.
PASSED by the City Council of the City of Winslow, Washing-
ton, at a regular open public meeting thereof and APPROVED by the
Mayor thereof this 19th day of November, 1973.
ATTEST:
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Mayor