CITY OF MERCER ISLAND, WASHINGTON
ORDINANCE NO. 08-07
AN ORDINANCE of the City Council of the City of Mercer Island, Washington, providing for the submission to the qualified electors of the City at an election to be held on November 4, 2008, of a proposition authorizing the City to issue its general obligation bonds in the aggregate principal amount of not to exceed $12,000,000 to improve, develop, construct and equip open space and park and recreation facilities, and levy excess property taxes in connection therewith.
WHEREAS, the City Council of the City of Mercer Island, Washington (the “City”) has reviewed the recommendations of the Parks Levy Stakeholder Committee for the improvement, development, construction and equipping of various City parks and recreation facilities (the “Park Improvements); and
WHEREAS, in order to provide all or a part of the funds to provide financing for the Park Improvements, it is deemed necessary and advisable that the City issue and sell its unlimited tax levy general obligation bonds in the principal amount of not to exceed $12,000,000 (the “Bonds”); and
WHEREAS, the constitution and laws of the State of Washington provide that the question of whether or not the City may issue such Bonds be submitted to the qualified electors of the City for their ratification or rejection;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF MERCER ISLAND, DOES ORDAIN AS FOLLOWS:
Section 1. Findings. The City Council hereby finds that the best interests of the residents of the City require the City to improve, develop, construct and equip open space and park and recreation facilities identified in Section 2 below, at the time and in the order and in the manner deemed most necessary and advisable by the City (the “Park Improvements”).
Section 2. Park Improvements. The City shall provide funds for the Park Improvements within the City and identified below. The City’s share of the total project cost is estimated not to exceed $12,000,000. The Park Improvements may include the following:
• Luther Burbank shoreline restoration
• South Mercer playfields drainage, turf and lighting upgrades
• Island Crest Park ballfield turf upgrades
• Luther Burbank waterfront improvements
• Luther Burbank playground replacement
• Engstrom open space trail
• Small dog off leash area
• Luther Burbank swim beach improvements
• Luther Burbank north wetland and boardwalk
• Trail Enhancements
• Luther Burbank trail connections
• Other parks swim beach improvements
• Mary Wayte Pool upgrades
The cost of all necessary appraisals, negotiation, closing, architectural, engineering, financial, legal and other consulting services, inspection and testing, administrative and relocation expenses and other costs incurred in connection with the foregoing capital improvements shall be deemed a part of the capital costs of such improvements. Such improvements shall be complete with all necessary equipment and appurtenances.
The City shall determine the exact specifications for the Park Improvements as well as the timing, order and manner of completing the projects. The City Council may alter, make substitutions to and amend such project descriptions as it determines is in the best interests of the City and consistent with the general descriptions provided herein. The City Council shall determine the application of moneys available for the various Park Improvements set forth above so as to accomplish, as nearly as may be, all of the Park Improvements.
If the City Council shall determine that it has become impractical to acquire, construct or equip all or any portion of the Park Improvements by reason of changed conditions, incompatible development, costs substantially in excess of the amount of bond proceeds or tax levies estimated to be available, or acquisition by a superior governmental authority, the City shall not be required to acquire, construct or equip such portions. If all of the Park Improvements have been constructed or acquired or duly provided for, or found to be impractical, the City may apply the Bond proceeds (including earnings thereon) or any portion thereof to other park and recreation capital purposes or to the redemption of the Bonds as the City Council in its discretion, shall determine.
In the event that the proceeds of sale of the Bonds, plus any other money of the City legally available therefor, are insufficient to accomplish all of the Park Improvements, the City shall use the available funds for paying the cost of those portions of the projects deemed by the City Council most necessary and in the best interest of the City.
Section 3. Authorization of Bonds. For the purpose of providing all or a part of the funds necessary to pay the costs of the Park Improvements, together with incidental costs and costs related to the sale and issuance of the Bonds, the City shall issue and sell its general obligation bonds in the aggregate principal amount of not to exceed $12,000,000. The Bonds shall be issued in an amount not exceeding the amount approved by the electors of the City and not exceeding the amount permitted by the constitution and laws of the State of Washington. The balance, if any, of the cost of the Park Improvements shall be paid out of any other legally available funds. The Bond proceeds (and earnings thereon) shall be used to pay the costs of Park Improvements, together with incidental costs and costs related to the sale and issuance of the Bonds, and shall not be used for the replacement of equipment or for other than a capital purpose.
Section 4. Details of Bonds. The Bonds provided for in Section 3 hereof shall be issued in such amounts and at such time or times as deemed necessary and advisable by the City Council and as permitted by law. The Bonds may be issued in one or more series and shall bear interest payable at a rate or rates authorized by the City Council. The Bonds shall mature in such amounts and at such times within a maximum term of 20 years from date of issue of a series, all as authorized by the City Council and as provided by law. The Bonds shall be general obligations of the City and, unless paid from other sources, both principal of and interest on the Bonds shall be payable out of annual tax levies to be made upon all the taxable property within the City without limitation as to rate or amount and in excess of any constitutional or statutory tax limitations. The exact date, form, terms, maturities, covenants and manner of sale of the Bonds shall be as hereafter fixed by ordinance or ordinances of the City Council. After voter approval of the Bond proposition and in anticipation of the issuance of such Bonds, the City may issue short-term obligations as authorized by chapter 39.50 RCW.
Section 5. Bond Election. It is hereby found that the best interests of the inhabitants of the City require the submission to the qualified electors of the City of a proposition authorizing the City to issue Bonds for the purposes of funding the Park Improvements, at an election to be held on November 4, 2008. The Director of Records, Elections and Licensing Services Division, as ex officio supervisor of elections in King County, Washington, is hereby requested to assume jurisdiction of and to call and conduct the election to be held within the City and to submit to the qualified electors of the City the proposition hereinafter set forth.
The City Clerk is hereby authorized and directed, not less than 84 days prior to such election date, to certify the proposition to the King County Records, Elections and Licensing Services Division in substantially the following form:
CITY OF MERCER ISLAND
PROPOSITION NO. 1
GENERAL OBLIGATION PARKS AND
OPEN SPACE BONDS
The City Council of the City of Mercer Island adopted Ordinance No. 08-07 concerning a parks and open space bond proposition. This proposition authorizes the City to restore and improve Luther Burbank Park, improve existing parks and facilities, upgrade sportsfields, develop trails and upgrade swim facilities; to issue its general obligation bonds in the aggregate principal amount not to exceed $12,000,000, maturing within a maximum of 20 years; and to levy property taxes annually in excess of regular property tax levies to repay such bonds. Should this proposition be:
APPROVED? ..................|__|
REJECTED? .................. |__|
Certification of such proposition by the City Clerk to the Director of Records, Elections and Licensing Services Division, in accordance with law, prior to the date of such election, and any other acts consistent with the authority, and prior to the effective date, of this ordinance, are hereby ratified.
Section 6. Effective Date. This ordinance shall take effect five days after its passage, approval and publication as required by law.
PASSED by the City Council of the City of Mercer Island, Washington, at a regular open public meeting thereof held this 4th day of August, 2008.
CITY OF MERCER ISLAND, WASHINGTON
Jim Pearman, Mayor (signed)