Ordinance 1345-87 - Laserfiche WebLink

improvement. If any or all of the improvements of a Project have either been completed, or their completion duly provided for, or their completion found to be impractical, the City may apply the bond proceeds or any portion thereof to other capital purposes of the City as may be permitted by law or to redemption of the bonds as the Council, by ordinance and in its discretion shall deter- mine. In the event funds are insufficient to make all of the capital improvements of a specific project herein authorized, the City shall use the available funds for paying costs of those improvements for which tax levies and bonds were approved which are deemed most necessary and in the best interests of the City by the Council. Section 3. Public Safety Building Project Funding. For the purpose of providing the principal amount of $6 , 416 ,000 plus the interest required to borrow such amount for up to 20 years to pay a portion of the costs of the Public Safety Building Project authorized by Section 2 .A. of this ordinance, the City shall submit to the qualified electors of the City a proposition as authorized by RCW 84 .55 .050 , as amended by Chapter 169 , Laws of Washington, 1986 , to exceed the 106% levy limitation on regular property taxes contained in RCW 84 .55 . 010 by increasing the levy rate of regular property taxes by a rate of not to exceed $0 . 227 per thousand dollars of assessed value in 1988 through 2007 for collection in 1989 through 2008 respectively, a period of 20 years. Property taxes levied in 2008 for collection in 2009 and in later years shall be computed as if the limitation on levies contained in RCW 84 .55 .010 had been in effect from 1988 through 2007 and authority to exceed the 106% limitation under this ordinance had not been approved and such increased property taxes had not been made. JAR79/29 -7-