HomeMy WebLinkAbout02278ORDINANCE NO. /5"72
AN ORDINANCE FINDING AND DECLARING THAT THE
PUBLIC SAFETY, WELFARE AND CONVENIENCE REQUIRE
C A P,ITA L IMPROVEMENTS TO THE EXISTING CITY HALL
AND THE CONSTRUCTION OF A PUBLIC WORKS BUILDING,
AND ACQUISITION OF LANDS FOR CITY PURPOSES AND,
FINDING THAT THE ISSUANCE AND SALE OF GENERAL
OBLIGATION BONDS IS NECESSARY FOR SUCH PURPOSES,
AND PROVIDING FOR THE SUBMISSION TO TIIE ELECTORS
OF THE CITY OF PORT TOWNSEND OF A PROPOSITION
FOR THE ISSUANCE AND PAYMENT OF GENERAL OBLIGA-
TION BONDS FROM GENERAL TAX LEVIES FOR SAID PUR-
POSE TO MATURE IN TWENTY YEARS AT AN INTEREST
RATE NOT TO EXCEED 8%, AND TO BE SUBMITTED TO
THE VOTERS OF SAID CITY AT THE GENERAL ELECTION
OF NOVEMBER 4, 1969.
WHEREAS, it is deemed necessary and advisable that the
City of Port Townsend, hereinafter called "The City," construct
and install necessary capital improvements to the existing City
Hall, acquire real estate therefor and construct a Public Works
Building, and
WHEREAS, in order to provide funds necessary for the cost of
such capital improvements it is also deemed necessary to sell
general obligation bonds in the principal sum of $335,000.00, to ,
be paid from general tax levies, now therefore,
THE CITY COUNCIL OF THE CITY OF PORT TOWNSEND, IN REGULAR
SESSION ASSEMBLED, DO ORDAIN AS FOLLOWS:
Section 1. It is hereby found and declared that the public
safety, welfare and convenience require that capital improvements
be constructed and installed for the existing City Hall, that a
Public Works Building be constructed, and that lands be acquired
for the purpose of expansion of the City Hall and related city ser-
vices.
Section 2. For the purpose of providing funds for such capi-
tal improvements it is found that the issuance and sale of general
obligation bonds in the principal sum of $335,000.00, at an interest
rate not to exceed 8%, is necessary, and that a proposition for the
issuance and sale of such bonds in said amount, providing for pay-
ment therefor from general tax levies over a period not to exceed