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f ; <br /> • • <br /> portion of the cost of the Park Project described in Section 1 or to supplement or enlarge <br /> that Project or portions thereof. Whenever the City shall obtain matching or <br /> supplemental funds for the Park Project, the amount of bond proceeds estimated to be <br /> applied to the cost of such Project may, to the extent of such matching or supplemental <br /> funds, be applied by the City Council to the enlargement or additional development of <br /> such Project or for other City park and recreation capital purposes. <br /> If all portions of the Park Project have either been completed, or their completion <br /> duly provided for, or their completion found to be impractical, such bond proceeds or any <br /> portion thereof may be applied by the City Council to carry out such other park and <br /> recreation capital purposes within the City as may be determined by the City Council to <br /> be consistent with the purposes of this ordinance or may be deposited in the bond <br /> redemption fund for the bonds and used to pay the bonds at the earliest possible date. <br /> Section 5. The City Council finds that an emergency exists requiring the <br /> development and improvement of the Park Project as described in Section 1, and that as a <br /> result of the existence of such an emergency and for the protection of public health, <br /> safety and welfare, it is necessary to call a special election. A special election is, <br /> therefore, called to be held in the City as provided by law on March 11, 1980, at which <br /> there shall be submitted to the qualified voters of the City for their ratification or <br /> rejection the following proposition: <br /> PROPOSITION <br /> PARK BONDS - $11, 200,000 <br /> Shall Ordinance No. providing for borrowing <br /> $11,200,000 for the purpose of paying the costs of park <br /> development and improvement, and issuing and selling general <br /> obligation bonds therefor maturing in from not less than two to <br /> not more than thirty years from date of issue and payable from <br /> unlimited annual property tax levies, be ratified or rejected? <br /> ORDINANCE AND BONDS YES /~/ <br /> ORDINANCE AND BONDS NO / / <br /> The County Auditor of Snohomish County, ex officio Supervisor of Elections of the <br /> County, shall have jurisdiction over and shall conduct such special election. The City <br /> -4- <br />