Ordinance 04-029 Authorizes Election & Property Tax Levy for Street Debt K:148142W000(S1MCO'JACO NIA3v 7f21/O410:4aAM
ORDINANCE NO. 04-029
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF
SPOKANE VALLEY, OF SPOKANE COUNTY, WASHINGTON,
DESCRIBING CERTAIN CAPITAL IMPROVEMENTS TO BE MADE TO
CERTAIN STREETS WITHIN THE CITY FOR THE BENEFIT OF THE
CITY AND SURROUNDING AREA AND DECLARING THE.
ESTIMATED COST OF SUCH IMPROVEMENTS; PROVIDING FOR
THE ISSUANCE OF NOT TO EXCEED S6,000,000 PRINCIPAL, AMOUNT
OF GENERAL OBLIGATION BONDS PAYABLE FROM AD VALOREM
TAXES LEVIED AGAINST ALL OF THE TAXABLE PROPERTY
WITHIN THE CITY; PROVIDING FOR THE SUBMISSION OF THE
PROPOSED PLAN AND THE PROPOSITION OF INCURRING SUCH
INDEBTEDNESS TO THE QUALIFIED ELECTORS AT A SPECIAL
ELECTION TO BE HELD ON TUESDAY, SEPTEMBER 14, 2004;
REQUESTING THE AUDITOR OF SPOKANE COUNTY TO DECLARE.
AN EMERGENCY; AND PROVIDING FOR OTHER MATTERS
PROPERLY RELATING THERETO
CITY OF SPOKANE VALLEY
Spokane County, Washington
BE lT ORDAINED BY THE CITY COUNCIL OF THE CITY OF SPOKANE
VALLEY, of Spokane County, Washington, as follows:
WHEREAS, the City of Spokane Valley, of Spokane County, Washington (hereinafter
designated the "City"), is a duly incorporated City operating under and by virtue of the laws of
the State of Washington;
WHEREAS, the City Council (the "Council") of the City desires to authorize and acquire
certain capital improvements to streets, sidewalks, curbs, and gutters for the benefit of the
residents of the City;
WHEREAS, in order to provide the funds to make such improvements, the Council has
deemed it necessary and advisable that the City issue and sell its unlimited tax general obligation
bonds in the principal amount of not to exceed $6,000,000;
WHEREAS,R.CW 35A.40.090 requires that an election be called for the submission of a
proposition to the qualified electors within said City for their ratification or rejection prior to
incurring said bonded indebtedness;
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WHEREAS, the City will notify the Auditor of Spokane County, Washington, in
compliance with RCW 29.13, as amended, of its intention to hold a special election on Tuesday,
September 14, 2004, to submit the proposition of the issuance of general obligation bonds to the
qualified electors of the City for their ratification or rejection;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SPOKANE VALLEY
DO ORDAIN as follows:
Section 1: The Council hereby determines that the welfare of the residents of the City
requires the acquisition, construction and installation of certain capital improvements and
betterments to certain of the area's streets and roads, together with all necessary appurtenances
and fixtures. These improvements will be made in conjunction with the Spokane County Septic
Tank Elimination Program.
Section 2: The proposed capital improvements to be acquired, constructed, installed, and
paid for with the proceeds of the bonds, are as follows:
(a) The acquisition, construction and installation of road improvements,
including repaving and installation of curbing, sidewalks, and gutters; and
(b) Ancillary costs of engineering and attorney fees, bond costs, incidental
costs and costs related to the sale and issuance of the bonds, permits, utilities, accounting
costs, and any other expenses or consultant fees incidental thereto.
if, in the opinion of the Council, the needs of the City change in a manner that results in a
circumstance wherein any portion of the above-referenced capital improvements are not required,
the Council retains the right not to construct such capital improvements and to reallocate the
money originally contemplated therefor to other street improvements deemed more necessary by
the Council.
Section 3: The total estimated cost of acquiring, constructing and installing said capital
improvements is hereby declared to be approximately $6,000,000.00, which shall be paid in part,
if authorized and empowered by the approving vote of the qualified electors of the City, by the
issuance and sale of unlimited tax general obligation bonds of the City, in the principal amount
not to exceed $6,000,000, the balance of the cost of the project, if any, to be paid with other
legally available funds, including Spokane County funds and the City of Spokane Valley Street
Capital Funds. The Council is committed to issue bonds only in a plan that will require a tax
equal to, or less than $0.21/$1,000 of assessed value of real property located within the
boundaries of the City.
In the event the City has other legally available funds, or there are bond proceeds
remaining after the capital improvements set forth in Section 2 have been completed or duly
provided for, the Council retains the right to make additional street capital improvements to the
facilities of the City as found necessary by the Council or the City may use the money to pay a
portion of the debt service on the Bonds authorized herein.
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Section 4: 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 the Council and as permitted by law,
shall bear interest at such rate or rates (not to exceed the maximum provided by law at the time
such Bonds are sold) and in such manner as the Council shall determine at the time the Bonds are
sold, and shall mature within a maximum term of six (6) years from date of issue, in such
amounts as shall be determined by the Council, but may mature at an earlier date or dates, as
authorized by the Council and as provided by law. Said Bonds shall be unlimited tax general
obligations of the City and, unless paid from other sources, both principal and interest thereon
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, with the understandings set forth herein. The exact date,
form, terms, and maturities of said Bonds shall be as hereafter fixed by ordinance of the Council.
In the event the proceeds of the sale of said Bonds, plus any or all of the moneys above-
described, are insufficient to make all of the capital improvements and purchases provided for,
the City shall use the available funds for paying the cost of those capital improvements for which
Bonds were approved and deemed by the Council to be most necessary and in the best interest of
the City by the Council.
Section 5: The Council hereby requests that a Special Election be called, conducted and
held within the City on Tuesday, September 14, 2004 for the purpose of submitting to the
qualified electors of the City, for their ratification or rejection, the proposal to acquire, construct
and install said capital improvements and to incur such indebtedness and issue said Bonds.
Section 6: The proposition to be certified to the Spokane County Auditor by the City
Clerk shall be in substantially the following form:
PROPOSITION NO.
CITY OF SPOKANE VALLEY
GENERAL OBLIGATION BONDS, 2004 - $6,000,000
TO PAY FOR CERTAIN STREET IMPROVEMENTS, SHALL THE CITY OF
SPOKANE VALLEY-ISSUE AND SELL NOT MORE THAN $6,000,000
PRINCIPAL AMOUNT OF GENERAL OBLIGATION BONDS TO IMPROVE
CERTAIN STREETS WITHIN THE BOUNDARIES OF THE CITY? SAID
BONDS WILL BE PAYABLE, BOTH PRINCIPAL AND INTEREST, FROM
ANNUAL TAX LEVIES IN EXCESS OF REGULAR PROPERTY TAX
LEVIES AND MATURE WITHIN A MAXIMUM TERM OF SIX (6) YEARS
FROM DATE OF ISSUE, AS PROVIDED IN ORDINANCE NO. 04-029,
ADOPTED ON JULY 20, 2004.
INSTRUCTIONS TO VOTERS
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To vote III FAVOR OF the foregoing Proposition, mark a cross (X) in the "BONDS,
YES" square-
To vote AGAINST the foregoing Proposition, mark a cross (X) in the "BONDS, NO"
square.
•
BONDS, YES ❑ BONDS,NO ❑
Section 7: Said Election will he held on Tuesday, September 14, 2004. Polls will be
• open from 7:00 o'clock A.M. and will remain open until 8:00 o'clock P.M., when they will close.
Section 8: The location of the polling places shall be as determined by the Spokane
County Auditor, as ex officio Supervisor of Elections for the City.
Section 9: In the event the above proposition is approved by the qualified electors of the
City, there shall be levied and collected annual tax levies in an amount sufficient in each such
year during the life of said Bonds, and until the. full payment of both principal and interest on
said Bonds, as will p]-oduee levy proceeds sufficient in amount to fully pay currently maturing
installments of principal and interest on said Bonds. Said tax levies will be in excess of the
regular mutual tax levies permitted by law,
Section 10: It is hereby found and declared that an emergency exists, due to a need for
certain street improvements for the benefit of the residents of the City, which emergency requires
the submission to the qualified electors of the City, for their ratification or rejection at said
special election, f'the proposition of whether or not the City shall issue said unlimited tax
general obligation bonds. The Clerk of the City is hereby authorized and directed to deliver a
copy of this Ordinance to the Spokane County Auditor, as ex officio Supervisor of Elections for
the City.
The Spokane County Auditor, as ex officio Supervisor of Elections, is hereby requested to
also find the existence of such emergency, to deem the same to exist, to call and conduct said
Special Election on Tuesday, September 14, 2004, and to submit to the qualified electors of the
City the proposition as set forth above.
Section 11 : A Notice of Special F_lectien shall be published at least once, which
publication shall take place not more than seven (7) nor less than three (3) days prior to the date
of. said Special Election. Said publication shall be in a newspaper of general circulation within
the City.
Section 12: Upon passage and approval of this Ordinance, a summary substantially in the
form attached hereto as Exhibit `°A" shall be published in the official newspaper of the City and
shall take effect and be in full force five (5) days after the date of publication.
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ADOPTED by the City Council of the City of Spokane Valley after a first reading on July
13 and upon its second reading on July 20, 2004.
CITY OF SPOKANE VALLEY,
Spokane County, Washin ton
Mayor
ATTEST:
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City Clerk ,,,`‘,q00
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APPROVED AS TO FORM anegsM0$ , `
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Michael C. Ormsby, Bond Ciunsel
Preston Gates & Ellis LLP
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* * * * * * * * * * * * * #
I, the undersigned, the City Clerk of the City of Spokane Valley, of Spokane County,
Washington, hereby certify that the foregoing Ordinance is a full, true and correct copy of an
Ordinance duly passed and adopted at a regular meeting of the City Council of said City, duly
and regularly held at the regular meeting place thereof on July 20, 2004, of which meeting all
members of said Council had due notice, and at which a majority thereof were present; and that
at said meeting said Ordinance was adopted by the following vote:
AYES, and in favor thereof, Council Members: Mayor DeVleming, Deputy Mayor
Wilhite, Councilmembers Schimmels, Taylor, Munson, Flanigan, Denenny
NOES, Council Members: none
ABSENT, Council Members: none
ABSTAIN, Council Members: none
I further certify that I have carefully compared the same with the original Ordinance on
file and of record in my office; that said Ordinance is a full, true and correct copy of the original
Ordinance adopted at said meeting; and that said Ordinance has not been amended, modified or
rescinded since the date of its adoption, and is now in full force and effect.
IN WITNESS WHEREOF, I have set my hand and seal on July 20, 2004.
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City Clerk
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TITLE OF
ORDINANCE NO. 04-029
AN ORDINANCE OF THE CITY COUNCIL OF THE. CITY OF
SPOKANE VALLEY, OF SPOKANE COUNTY, WASHINGTON,
DESCRIBING CERTAIN CAPITAL IMPROVEMENTS TO BE MADE TO
CERTAIN STREETS WITHIN THE CITY FOR THE BENEFIT OF THE
CITY AND SURROUNDING AREA AND DECLARING THE
ESTIMATED COST OF SUCH IMPROVEMENTS; PROVIDING FOR
THE ISSUANCE OF NOT TO EXCEED $6,000,000 PRINCIPAL AMOUNT
OF GENERAL OBLIGATION BONDS PAYABLE FROM AD VALOREM
TAXES LEVIED AGAINST ALL OF THE TAXABLE PROPERTY
WITHIN THE CITY; PROVIDING FOR THE SUBMISSION OF THE
PROPOSED PLAN AND THE PROPOSITION OF INCURRING SUCH
INDEBTEDNESS TO THE QUALIFIED ELECTORS AT A SPECIAL
ELECTION TO BE HELD ON TUESDAY, SEPTEMBER 14, 2004;
REQUESTING THE AUDITOR OF SPOKANE COUNTY TO DECLARE
AN EMERGENCY; AND PROVIDING FOR OTHER MATTERS
PROPERLY RELATING THERETO
CITY OF SPOKANE VALLEY
Spokane County, Washington
A full text of Ordinance No. 04-029 is available at the office of the City Clerk of the City
of Spokane Valley and will be provided to any citizen upon personal request during normal
business hours.
APPROVED this 20'x'day of July, 2004.
CITY OF SPOKANE. VALLEY,
Spokane County, Washington
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Mayor
ATTESTS
City Clerk
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INCORPORATED
_ March 31,2003
Exhibit"A"—Page 1 .1, ••Oa .V
Title for Publication '0��gep11N.0 a`e��
CERTIFICATION OF BOND COUNSEL
I, the undersigned, Bond Counsel for the City of Spokane Valley, Washington, hereby
certify that I have read the attached Summary of Ordinance No. 04-029 of the City, and that the
same is true and complete and provides adequate notice to the public of the contents of said
Ordinance.
DATED as of this 20`h day of July, 2004.
Michael C. 01 sby
Exhibit"A"—Page 2
Title for Publication