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HomeMy WebLinkAbout2002-08-05 Ordinance 4757, , follows: ORDINANCE NO. 4757 ORDINANCE OF THE CITY COUNCIL OF THE CITY OF PALO ALTO ORDERING THE SUBMISSION OF A PROPOSITION OF INCURRING BONDED DEBT TO THE QUALIFIED VOTERS OF THE CITY OF PALO ALTO AT THE SPECIAL MUNICIPAL ELECTION TO BE HELD ON NOVEMBER 5, 2002, FOR THE PURPOSE OF THE ACQUISITION, CONSTRUCTION AND IMPROVEMENT OF LIBRARY AND COMMUNITY CENTER FACILITIES The Council of the City of Palo Alto does ORDAIN as SECTION 1. The Council hereby finds as follows: (a) On July IS, 2002, the City Council adopted, by a two-thirds vote of all its members, a resolution entitled ,"Resolution of the City Council of the City of Palo Alto Determining That the Public Interest and Necessity Demand the 'Acquisition and Development of Certain Municipal Improvements and Their FinanciJ;1g Through' the Issuance of General Obligation Bonds (City Libraries and Community Center Project)" (the "Resolution of Necessity") . (b) In order to provide for the issuance by the City of its general obligation bonds to finance the improvements described in the Resolution of Necessity, it is necessary for the City Council to pass an ordinance ordering the submission of the proposition of incurring bonded indebtedness ,for such purpose to the qualified voters of the City at a special municipal election. (c) The City Council desires to submit said ballot measure to the qualified voters of the City at the special election to be held in the City on November 5, 2002, and to consolidate the bond election with other elections held within the City on that date. SECTION 2. Call for Election. The City Council hereby orders that there be submitted to the qualified voters of the City a proposition on incurring a bonded debt (the "Bonds II ) for the purpose set forth in this Resolution, at the special election to be held on November 5, 2002. SECTION 3. Ballot Proposition. The City Council hereby submits to the qualified voters of the City, at the special election to be held on November 5, 2002, a proposition on issuing the Bonds in substantially the following form: 020806 8m 0053076 1 "MEASURE TO improve library and community services for children by expanding Children's Library to provide needed space and safety repairs; rebuilding and expanding the Mitchell Park Library and Communi ty Center for all communi ty users; and, to meet current health and safety codes by making plumbing, heating, ventilation, and lighting system upgrades to 50-year-old systems in all three facilities, shall the City of Palo Alto issue $49.1 million in bonds, subject to independent citizen oversight and annual audits?" SECTION 4. Object and Purpose of Bonds. The object and specific purpose of issuing the Bonds is (i) the renovation and expansion of the City's Children's Library, (ii) the renovation of the Secret Garden adjoining the Children's Library, (iii) the demolition of the City's Mitchell Park Library, and the acquisition and construction of a new, expanded library in its place, (iv) the demolition of the City's Mitchell Park Community Center, and the acquisition and construction of a<new, larger community center to take its place, and (v) related landscaping and parking improvements (the "City Libraries and Community Center Proj ect" ), and the proceeds of the Bonds may only be applied to that purpose. SECTION 5. Estimated Cost of City Libraries and Community Center Project. The estimated cost of the City Libraries and Community Center Project is $49,100,000. The estimated cost includes legal or other fees, and other costs and expenses, which are incidental to or connected with the authorization, issuance and sale of the Bonds. SECTION 6. Principal Amount of Bonds. The amount of the principal of the Bonds shall not exceed $49,100,000. SECTION 7. Maximum Interest Rate. The maximum rate of interest to be paid on the Bonds shall be 12% per annum. SECTION 8. Issuance and Sale of Bonds. The City proposes to acquire, construct and develop the City Libraries and Community Center Project and to issue and sell the Bonds pursuant to Article I, commencing with Section 43600, of Chapter 4 of Division 4 of Title 4 of the California Government Code, or Article 4.5, commencing with Section 53506, of Chapter 3 of Part 1 of Division 2 of Title 5 of the California Government Code, in one or more series, in the maximum amount and for the obj ects 020806 sm 0053076 2 and purposes set forth above if two-thirds of all qualified voters voting on the proposition set forth above vote in favor thereof. The Bonds will be general obligations of the City payable from and secured by taxes levied and collected in the manner prescribed by laws of the State of California. All of the Bonds. are to be equally and ratably secured, without priority, by the taxing power of the City. SECTION 9. Consolidation; Manner of Conducting Election. The bond election hereby called for November 5, 2002, is hereby ordered consolidated with any other election to be held within the City on said date. The election shall be held and conducted, election officers appointed, voting precincts designated, ballots printed, polls opened and closed, ballots counted, and returned, returns canvassed, results declared, and all other proceedings incidental to and connected with the election shall be regulated and done in accordance with the provisions of law regulating the election as specified herein. The Board of Supervisors of Santa Clara County and the Santa Clara County Clerk, Elections Division, are hereby requested to order the consolidation of the municipal election hereby called with any other election to be held within the City on said date. SECTION 10. Procedure for voting on Proposition. Ballots for the election shall be provided in the form and in the number provided by law. Voters shall be provided an opportunity to vote for or against the proposition on the ballot, in accordance with procedures to be adopted by the authorized officers of the County charged with conducting the election. SECTION 11. Accountability Requirements. In accordance with Sections 53410 and 53411 of the California Government Code, the City Council hereby adopts the following accountability requirements relating to the Bonds: (a) (b) 020806 sm 0053076 A separate account shall be created and held by the City, into which the proceeds of the Bonds are deposited. The chief fiscal officer of the City shall file a report with the City Council no later than November I, 2003, and at least once a year thereafter, showing the amount of Bond proceeds collected and expended, and the status of the project to be financed from the proceeds of the Bonds. 3 SECTION 12. timated Rate. . Pursuant to Elections Code sections 9400 and 9401, the best estimate from official sources of the tax rate required to be levied to fund the bond issue is $28.00 per $100,000.00. SECTION 13. Publication of Ordinance shall be published once a week for 2 Al to Weekly, a newspaper published less than the City. The first of said publications event, be within 15 days after the adoption of This weeks in the Palo 6 days a week in shall, in either this Ordinance. SECTION 14. Effective Date. become effective immediately upon its vote of all the members of this Council. This Ordinance shall adoption by two-thirds II II II II II II II II II II II 020806 sm 0053076 4 The foregoing ordinance was introduced meeting of the Ci ty Counci I held on July 15, adopted at a regular meeting of the City Council 5, 2002, by the following vote: at a regular 2002, and was held on August INTRODUCED: July 15, 2002 PASSED: August 5, 2002 AYES: BURCH, FREEMAN, KISHIMOTO, MORTON, MOSSAR, OJAKIAN KLEINBERG, LYTLE, NOES: ABSENT: BEECHAM ABSTENTIONS: AL,~ City Cle k '1' -APPR A~k Jones Hall A By: 020806 sm 0053076 Bill Madison Bond Counsel 5 Mayor Director Services THIS DOCUMENT IS CERTIFIED TO BE AN ORDINANCE DULY PASSED BY THE COUNCIL OF THE CITY OF PALO ALTO AND THEREAt-TER POST!$9 IN THb~NCIL CHAMBERS ON -f-~ . (WITHIN 18 DAYS OF ITS PASSAGE) ". certify (or ~eCI!lre) under penalty of perjury that the foregoing is true and correct." . ~ : _ f:.{)j..-O.;u '17?~ ~U/(.(J-/ Date 8. Place Signatur.f!