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HomeMy WebLinkAbout3113 Ballot Measure Mountain View Bond Ordinance 3113 Page 1 of 4 Ordinance 3113 AN ORDINANCE OF THE CITY OF PORT TOWNSEND,WASHINGTON, PROVIDING FOR THE SUBMISSION TO THE VOTERS OF THE CITY AT A SPECIAL ELECTION TO BE HELD ON FEBRUARY 10, 2015, OF A PROPOSITION AUTHORIZING THE CITY TO ISSUE ITS GENERAL OBLIGATION BONDS FOR IMPROVEMENTS TO MOUNTAIN VIEW COMMONS AND TO REPAY ANY INTERIM FINANCING,IN THE PRINCIPAL AMOUNT OF NO MORE THAN $3,600,000 PAYABLE IN WHOLE OR IN PART BY ANNUAL PROPERTY TAX LEVIES TO BE MADE IN EXCESS OF REGULAR PROPERTY TAX LEVIES,AND TO LEVY THOSE EXCESS PROPERTY TAXES WHEREAS,the City Council believes it is in the best interest of the City to seek voter approval for the issuance and sale of not to exceed $3,600,000 of general obligation bonds of the City to pay a portion of the costs of energy retrofit and other improvements to City facilities at Mountain View Commons, repay any interim financing (collectively, the "Project") and pay costs of issuance of such bonds, to be repaid in whole or in part by an annual excess property tax levy; and WHEREAS, the constitution and laws of the State of Washington provide that the question of whether or not the City may issue such bonds be submitted to the qualified electors of the City for their ratification or rejection at a special election; NOW, THEREFORE,the City Council of the City of Port Townsend, Washington, does ordain as follows: Section 1. Project. The City Council finds it is in the best interest of the City to seek voter approval for the issuance and sale of not to exceed$3,600,000 of general obligation bonds of the City to pay a portion of the costs of improvements to Mountain View Commons, including energy retrofit improvements, and to repay any interim financing. The Project shall include all necessary equipment, supplies, and appurtenances. The cost of all necessary architectural, engineering, legal and other consulting services, inspection and testing, administrative expenses, site acquisition or improvement, demolition, on and off-site utilities, related improvements and other costs incurred in connection with the Project shall be deemed a part of the costs of such capital improvements. A Project description shall be on file with the City Clerk and shall be made available to the public. The estimated cost of the Project is estimated to be $4,800,000, including the costs of issuing and selling the Bonds,which is expected to be paid with proceeds of the Bonds in the approximate amount of$3,600,000, grant funds from the State of Washington Department of Enterprise Services,the State of Washington Department of Ecology and the State of Washington Department of Commerce and other grants. Any Bond proceeds remaining after the Project is completed shall be used to repay the Bonds. Ordinance 3113 Page 2 of 4 Section 2. Description of Proposed Bonds. The Bonds may be issued as a single issue, as a part of a combined issue with other authorized bonds, or in more than one series, as deemed advisable by the City Council and as permitted by law. The Bonds shall be fully registered bonds; shall bear interest payable as permitted by law; shall mature within 17 years from the date of issue, or within any shorter period fixed by the City Council; shall be paid by annual property tax levies sufficient in amount to pay both principal and interest when due, which annual property tax levies shall be made in excess of regular property tax levies without limitation as to rate or amount but only in amounts sufficient to meet such payments of principal and interest as they come due; and shall be issued and sold in such manner, at such times and in such amounts as shall be required for the purpose for which such bonds are to be issued. The exact date, form, terms, option of prior redemption, price, interest rate or rates and maturities of the Bonds shall be hereafter fixed by ordinance of the City Council. Pending the issuance of the Bonds, the City may issue short-term obligations pursuant to chapter 39.50 RCW or such other obligations as are permitted by law to pay for the costs of the Project. Such obligations and their costs may be paid or refunded with proceeds of the Bonds when issued. Section 3. Calling of Election. The City Council requests that the Auditor of Jefferson County, Washington (the "Auditor") call and conduct a special election in the City, in the manner provided by law, to be held therein on February 10, 2015, in conjunction with the State special election, for the purpose of submitting to the voters of the City, for their approval or rejection, the question of whether or not general obligation bonds of the City shall be issued in the principal amount of not more than $3,600,000 (or such lesser maximum amount as may be legally issued under the laws governing the limitation of indebtedness), the proceeds of which shall be expended to pay the costs of the Project, and annual excess property taxes shall be levied to pay and retire the Bonds. If the proposition is approved by the requisite number of voters, the City shall be authorized to issue the Bonds in the manner described in this ordinance, to spend the proceeds thereof to pay the costs of the Project, and to levy excess property taxes to pay and retire such Bonds. The proceeds of the Bonds shall be used for capital purposes only. Section 4. Ballot Proposition. The City Clerk is authorized and directed to certify, no later than December 26, 2014 to the Auditor, as ex officio supervisor of elections in the City, a copy of this ordinance and the proposition to be submitted at that election in the form of ballot title prepared by the City Attorney pursuant to RCW 29A.36.071, as follows: PROPOSITION CITY OF PORT TOWNSEND MOUNTAIN VIEW COMMONS IMPROVEMENT BONDS Ordinance 3113 Page 3 of 4 The City Council of the City of Port Townsend adopted Ordinance No. 3113 concerning financing the rehabilitation of Mountain View Commons. If approved, this proposition would authorize the issuance of not more than $3,600,000 of general obligation bonds maturing within 17 years, and the annual levy of excess property taxes to pay and retire such bonds, for the energy retrofit and other improvements for Mountain View Commons, including repaying interim financing for such improvements, all as provided in Ordinance No. 3113. Should this proposition be approved? YES................................................... ❑ NO..................................................... ❑ For purposes of receiving notice of any matters related to the ballot title, as provided in RCW 29A.36.080, the City Council hereby designates its City Attorney (Steve Gross, 360- 379-5048, sgross@cityofpt.us) and its bond counsel, Foster Pepper PLLC (Nancy Neraas, 206- 447-6277, neran@foster.com), as the person to whom such notice shall be provided. The City Attorney is authorized to make changes to the ballot titles to meet legal requirements so long as the intent is not modified. Section 5. General Authorization. The proper City officials are authorized to perform such duties as are necessary or required by law to the end that the question of whether or not bonds shall be issued and excess taxes necessary to pay and retire the bonds be levied, all as provided in this ordinance, shall be submitted to the voters of the City at the February 10, 2015 State special election. Section 6. Intent to Reimburse. The City Council declares that to the extent that the City makes capital expenditures for the Project,prior to the date the Bonds or other short-term obligations are issued to finance the Project, from funds that are not (and are not reasonably expected to be) reserved, allocated on a long-term basis or otherwise set aside by the City under its existing and reasonably foreseeable budgetary and financial circumstances to finance the Project, those capital expenditures are intended to be reimbursed out of proceeds of the Bonds or other short-term obligations issued in an amount not to exceed the principal amount of the Bonds provided by this ordinance. Section 7. Severability. If any provision of this ordinance is declared by any court of competent jurisdiction to be invalid, then such provision shall be null and void and shall be severable from the remaining provisions of this ordinance, and shall in no way affect the validity of the other provisions of this ordinance or of any other ordinance or resolution or of the Bonds. Section 8. Publication and Effective Date. This ordinance or a summary thereof consisting of the title shall be published in the official newspaper of the City, and shall take effect and be in full force five days after publication. Ordinance 3113 Page 4 of 4 Section 9. Ratification of Prior Acts. Any action taken consistent with the authority of this ordinance, after its passage but prior to the effective date, is ratified, approved, and confirmed. ADOPTED by the City Council of the City of Port Townsend, Washington, at a regular meeting thereof, held this 20th day of October, 201 . ' r David King Mayor Attest: C Approved as to Form: Joanna Sanders, CMC Steven L. Gross City Clerk City Attorney