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CITY OF EVERETT, WASHINGTON <br /> ORDINANCE NO. 97- 7 <br /> AN ORDINANCE of the City of Everett, Wash- <br /> ington, providing for the acquisition and <br /> construction of two municipal swimming pools <br /> and related facilities at sites to be deter- <br /> mined by the City Council; declaring the <br /> estimated cost thereof as nearly as may be; <br /> providing for the borrowing of not to exceed <br /> $1, 400 , 000 . 00 and issuing and selling negoti- <br /> able general obligation bonds to pay the cost <br /> of those improvements and acquisition, such <br /> bonds to be payable by annual tax levies to <br /> be made without limitation as to rate or <br /> amount; declaring an emergency; and providing <br /> for the submission of the proposition of <br /> incurring such indebtedness and issuing such <br /> bonds to the qualified voters of the City at <br /> a special election to be held in conjunction <br /> with the state general election on November <br /> 3 , 1970 . <br /> WHEREAS , the City is in urgent need of acquiring and <br /> constructing two municipal swimming pools and related facilities at <br /> sites to be determined by the City Council, and the City does not <br /> have available sufficient funds to meet the estimated cost of such <br /> improvements and acquisition; <br /> NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF EVERETT, <br /> WASHINGTON, DOES ORDAIN: <br /> Section 1. The City of Everett, Washington, upon ratification <br /> of the proposition by the qualified electors of the City as provided in <br /> Section 4 of this ordinance, shall by ordinance order the acquisition <br /> and construction of two municipal swimming pools and related facilities <br /> at sites to be determined by the City Council. The estimated cost of <br /> those improvements is hereby declared to be as nearly as may be <br /> $1, 400 , 000 . 00 . <br /> Section 2 . The City of Everett, Washington, shall borrow <br /> the sum of not to exceed $1, 400 , 000 . 00 on the credit of the City and <br /> issue and sell its negotiable general obligation bonds therefor for <br /> strictly municipal capital purposes , other than the replacement of <br /> equipment, for the purpose of providing the funds in the amount and <br /> for the purpose specified in Section 1 hereof. <br />