King County Local Voters Pamphlet

Sept. 14, 2004 Special Elections

PROPOSITION NO. 1
KING COUNTY LIBRARY SYSTEM
LIBRARY CAPITAL IMPROVEMENT BONDS

The Board of Trustees of the King County Rural Library District, doing business as the King County Library System, adopted Resolution 2004-03, concerning funding for capital projects at every library throughout the System. This proposition would replace funding previously provided by the 1988 capital bonds and authorize the System to acquire, construct, equip and furnish new libraries; renovate, expand and upgrade existing libraries; acquire new books, materials and equipment; and undertake other capital improvements throughout the System; incur indebtedness, issue no more than $172,000,000 of general obligation bonds maturing within 20 years, and levy annual excess property taxes to pay and retire such bonds, all as provided in Resolution 2004-03. Should this proposition be:

APPROVED
REJECTED

EXPLANATORY STATEMENT

This proposition will authorize the King County Library System to incur indebtedness and up to $172,000,000 in general obligation bonds to finance capital improvements throughout the Library System. The funding provided by the bonds would take the place of funding previously provided by library capital improvement bonds approved by voters in 1988. The bonds would fund the costs undertaking a ten-year plan for capital projects at every library throughout the Library System to acquire, construct, equip and furnish new library facilities, to renovate, expand and upgrade existing library facilities, to acquire new books, materials and equipment, and undertake other capital improvements throughout the Library System. If approved, the bonds authorized will be sold as needed, mature within 20 years of issue, and be repaid through annual levies of property taxes.

Complete Text of Resolution

KING COUNTY RURAL LIBRARY DISTRICT
BOARD OF TRUSTEES
RESOLUTION 2004-03
MARCH 24, 2004

A RESOLUTION of the Board of Trustees of the King County Rural Library District, doing business as the King County Library System, concerning a proposition to take the place of the funding previously provided by bonds approved in 1988 to finance and undertake library capital projects needed over the next ten years at every library throughout the System; providing for the submission to the voters of the System at a special election to be held on September 14, 2004, of a proposition authorizing the System to incur indebtedness and to issue not more than $172,000,000 of its general obligation bonds maturing within 20 years for the purpose of obtaining funds to pay the capital costs of acquiring, constructing, equipping and furnishing new library facilities, renovating, expanding and upgrading existing library facilities, acquiring new books, materials and equipment and undertaking other capital improvements throughout the System, and to levy annual excess property taxes to pay and retire such bonds; and repealing Resolutions 2004-01 and 2004-02.

WHEREAS, following three years of extensive community involvement and outreach, the Board of Trustees (the “Board”) of the King County Rural Library District, doing business as the King County Library System (the “System”) finds that, in light of population growth, technological advancements and the existing conditions of library facilities, it is in the best interests of the citizens of the System and the patrons of its libraries to undertake a ten-year plan for capital projects at every library throughout the System to acquire, construct, equip and furnish new library facilities, to renovate, expand and upgrade existing library facilities and to acquire new books, materials and equipment, as described in Exhibit A hereto, which is incorporated herein by this reference, and to undertake other capital improvements throughout the System as determined by the Board (collectively, the “Projects”); and

WHEREAS, Initiative 747, approved by the voters in 2001, has limited the ability of the System to set aside operating funds for capital needs; and

WHEREAS, the System last obtained the approval of the voters of the System for the issuance of general obligation bonds to finance System capital projects in 1988 (the “1988 Bonds”); and

WHEREAS, all of the 1988 Bonds having been issued and the proceeds thereof spent on System capital projects, the System now lacks sufficient funds with which to carry out the Projects, which are urgently required; and

WHEREAS, in order to take the place of the funding previously provided by the 1988 Bonds to pay the capital costs of the Projects, the Board finds it necessary, proper and advisable that the System incur indebtedness, issue not more than $172,000,000 of its general obligation bonds maturing within 20 years, and levy annual excess property taxes to pay and retire such bonds; and

WHEREAS, by law the proposition of whether the System may incur such indebtedness and issue such bonds for such purposes must be submitted to the voters of the System for their approval or rejection; and

WHEREAS, the conditions and situations hereinbefore set forth create an emergency which requires the holding of a special election in the System;

NOW, THEREFORE, BE IT RESOLVED by the Board of Trustees of the King County Rural Library District as follows:

Section 1. The Board finds and declares that, due to the need to replace the funding previously provided by the 1988 Bonds to pay the capital costs of the Projects, an emergency exists requiring the calling of a special election, and the Board requests the Manager of the King County Records, Elections and Licensing Division, as ex officio supervisor of elections, to find and declare the existence of an emergency. The Board further requests the Manager of the King County Records, Elections and Licensing Division to call and conduct a special election in the System, in the manner provided by law, to be held therein on September 14, 2004, for the purpose of submitting to the voters of the System, for their approval or rejection, the question of whether or not the System shall incur indebtedness and issue not more than $172,000,000 of its general obligation bonds for the purpose of paying the costs of the Projects, and levy annual excess property taxes to pay and retire such bonds.
If such proposition is approved by the requisite number of voters, the System will be authorized to incur indebtedness and issue the bonds in the manner described in this resolution, to spend the proceeds thereof to pay costs of the Projects, and to levy annual excess property taxes to pay and retire such bonds. The cost of all necessary architectural, engineering, legal and other consulting services, inspection and testing, administrative and relocation expenses, site acquisition or improvement, demolition, on and off-site utilities, related improvements and other costs incurred in connection with the making of the foregoing capital improvements constituting the Projects shall be deemed a part of the costs of the Projects. The Projects shall include all necessary furniture, equipment and appurtenances. The proceeds of the bonds may be used to pay costs related to the sale, issuance and delivery of the bonds.
The funds derived from the sale of the bonds shall be used, either with or without additional funds now available or hereafter available to the System, for capital purposes only, which shall not include the replacement of equipment. The Projects, or any portion or portions thereof, shall be acquired or made insofar as is practicable with the capital funds available and in such order of time as shall be deemed advisable by the Board.

Section 2. The bonds authorized may be issued as a single issue, as a part of a combined issue with other authorized bonds, or in more than one series. The bonds shall be fully registered bonds; shall bear interest payable as permitted by law; shall mature within 20 years from the date of issue or such lesser time as may be fixed by the Board; shall be paid by annual property tax levies sufficient in amount to pay both principal and interest when due, which annual property tax levies shall be made in excess of regular property tax levies without limitation as to rate or amount but only in amounts sufficient to meet such payments of principal and interest as they come due; and shall be issued and sold in such manner, at such times and in such amounts as shall be required for the purpose for which such bonds are to be issued. The exact date, form, terms, redemption provisions, price, interest rate or rates, and maturities of the bonds shall be hereafter fixed by resolution of the Board. Pending the issuance of the bonds, the System may issue short-term obligations pursuant to chapter 39.50 RCW.
The Board declares that to the extent, prior to the date bonds or other short-term obligations are issued to finance the Projects, the System shall make capital expenditures for the Projects from funds that are not (and are not reasonably expected to be) reserved, allocated on a long-term basis or otherwise set aside by the System under its existing and reasonably foreseeable budgetary and financial circumstances to finance the Projects, those capital expenditures are intended to be reimbursed out of proceeds of the bonds or other short-term obligations issued in an amount not to exceed the principal amount of the bonds provided by this resolution.

Section 3. If available funds from the proceeds of bonds authorized for the above purposes are more than sufficient to carry out the Projects, or should local or State of Washington (the “State”) circumstances require any alteration in those purposes, the System may acquire, construct, equip and make other capital improvements to the facilities of the System, all as the Board may determine by resolution. The Board shall determine the application of available money between the various parts of the Projects so as to accomplish, as near as may be, all improvements described. The Board shall determine the exact order, extent and specifications for the Projects.
If the Board shall determine that it has become impractical to accomplish any of such improvements or portions thereof by reason of local or State circumstances, including, but not limited to, changed conditions or needs, regulatory considerations, incompatible development or costs substantially in excess of those estimated, the System shall not be required to accomplish such improvements and may apply the bond proceeds or any portion thereof to other portions of the improvements, to other capital purposes of the System, or to payment of principal of or interest on the bonds, as the Board may determine by resolution. In the event that the proceeds of sale of the bonds, plus any other money of the System legally available, are insufficient to accomplish all of the capital improvements making up the Projects, the System shall use the available funds for paying the cost of those improvements for which the bonds were approved that are deemed by the Board most necessary and in the best interest of the System.

Section 4. The Board requests the King County Prosecuting Attorney to prepare the concise description of the aforesaid proposition for the ballot title, as required pursuant to RCW 29.27.066, in substantially the following form:

PROPOSITION 1
KING COUNTY LIBRARY SYSTEM
LIBRARY CAPITAL IMPROVEMENT BONDS

The Board of Trustees of the King County Rural Library District, doing business as the King County Library System, adopted Resolution 2004-03, concerning a proposition to take the place of the funding previously provided by bonds approved in 1988 to finance and undertake library capital projects needed over the next ten years at every library throughout the System. This proposition would authorize the System to acquire, construct, equip and furnish new library facilities, renovate, expand and upgrade existing library facilities, acquire new books, materials and equipment and undertake other capital improvements throughout the System, incur indebtedness, issue no more than $172,000,000 of general obligation bonds maturing within 20 years to pay the costs thereof, and levy annual excess property taxes to pay and retire such bonds, all as provided in Resolution 2004-03. Shall this proposition be:
Approved [ ]
Rejected [ ]

Section 5. The Secretary to the Board is authorized and directed to certify to the Manager of the King County Records, Elections and Licensing Division of King County a copy of this resolution showing its adoption by this Board at least 45 days prior to the date of such special election, and to perform such other duties as are necessary or required by law to the end that the question of whether or not indebtedness shall be incurred, bonds shall be issued and excess property taxes necessary to pay and retire the bonds shall be levied annually as herein provided shall be submitted to the voters of the System at the aforesaid special election.
The Board finds and declares it to be in the best interests of the System to have information regarding the aforesaid proposition included in local voters’ pamphlets to be prepared by the Manager of the King County Records, Elections and Licensing Division, and authorizes the appropriate costs thereof to be charged to and paid by the System, and further authorizes and directs the Director to provide such information to the Manager of the King County Records, Elections and Licensing Division and to take such other actions as may be necessary or appropriate to that end.

Section 6. Resolution 2004-01 and Resolution 2004-02 of the Board are each hereby repealed.

Section 7. If any one or more of the provisions of this resolution shall be declared unconstitutional or invalid for any reason, such decision shall not affect the validity of the remaining provisions of this resolution, the bonds or any short-term obligations issued in anticipation thereof, and this resolution, the bonds and any short-term obligations issued in anticipation thereof shall be construed and enforced as if such unconstitutional or invalid provisions had not been contained herein.

Section 8. This resolution shall become effective immediately upon its adoption.

ADOPTED by the Board of Trustees of the King County Rural Library District at an open, public, regular meeting thereof, notice of which was given to the extent required by law, held this 24th day of March 2004.

____________________
Richard Eadie, President (signed)

____________________
Wai-Fong Lee, Secretary (signed)

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Charlotte Spitzer, Trustee (signed)

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