Ordinance 1739-90 - Laserfiche WebLink

• ORDINANCE NO. 1739-lo AN ORDINANCE OF THE CITY COUNCIL OF EVERETT, WASHINGTON, ADOPTING AND AUTHORIZING A PLAN OF ACQUISITIONS AND IMPROVEMENTS FOR LIBRARY FACILITIES OF THE CITY, PROVIDING FOR THE ISSUANCE AND SALE OF LIMITED TAX LEVY GENERAL OBLIGATION BONDS OF THE CITY IN THE PRINCIPAL AMOUNT OF $5, 384, 000, FOR THE PURPOSE OF PROVIDING FUNDS TO PAY FOR PART OF SAID ACQUISITIONS AND IMPROVEMENTS; PROVIDING THE DATE, FORM, TERMS AND MATURITIES OF SAID BONDS; PROVIDING FOR THE DISPO- SITION OF THE PROCEEDS OF SALE OF SUCH BONDS; PROVIDING FOR THE ANNUAL LEVY OF TAXES TO PAY THE PRINCIPAL OF AND INTEREST ON SAID BONDS; AND PROVIDING FOR THE SALE THEREOF. WHEREAS, the City of Everett (the "City") currently operates and maintains a library system within the City; and WHEREAS, the City has heretofore, pursuant to authorization of Ordinance No. 1345-87, submitted to the qualified electors of the City at a special election held therein on May 19, 1987, a proposition authorizing the City to levy regular property taxes for 20 years in excess of the 106% limitation for the purpose of expanding the main library and constructing a south branch library to provide $6, 440, 000 plus the cost of borrowing such amount for up to 20 years; and WHEREAS, said proposition was approved by the qualified electors of the City, and pursuant thereto the City has proceeded to levy such additional tax; and WHEREAS, the City has heretofore issued its Limited Tax General Obligation Bonds, 1988 in the amount of $8, 250, 000 (the "1988 Bonds") , for the purpose of funding certain park, library and museum facilities, all as authorized by Ordinance No. 1505- 88; and WHEREAS, by Ordinance No. 1577-89 the City determined that certain of the projects that the City intended to acquire with proceeds of the 1988 Bonds were no longer feasible and that a portion of the 1988 Bond proceeds, in the amount of $1,500, 000 should be expended instead in the construction and acquisition of