Ballot Language for Measure N

Saratoga Community Library
Measure N - March 2000
Ballot Language

Measure N: To improve, renovate, and expand the Saratoga Community Library in its current location by providing space for more books; ensuring modern earthquake standards; improving access to fire exits; updating electrical wiring for computers; providing adequate seating; updating inadequate lighting; and providing additional space for children's reading areas, shall the City issue $15 million in bonds at the lowest interest rates possible, with guaranteed annual audits, a citizen's oversight committee, and no money for administrators' salaries?

CITY OF SARATOGA

ORDINANCE NO.195

AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF SARATOGA ORDERING THE SUBMISSION OF A PROPOSITION OF INCURRING BONDED INDEBTEDNESS FOR THE PURPOSE OF THE ACQUISITION, CONSTRUCTION AND COMPLETION OF CERTAIN MUNICIPAL IMPROVEMENTS TO THE QUALIFIED VOTERS OF THE CITY OF SARATOGA AT AN ELECTION TO BE
HELD ON MARCH 7, 2000

The City Council of the City of Saratoga, California (the "City"), does ordain as follows:

WHEREAS, this City Council has heretofore adopted, by a two-thirds vote of all members of said Council, Resolution No. 99-64 entitled "A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SARATOGA DETERMINING THAT THE PUBLIC INTEREST AND NECESSITY DEMAND THE ACQUISITION, CONSTRUCTION AND COMPLETION OF CERTAIN MUNICIPAL IMPROVEMENTS AND THEIR FINANCING THROUGH THE ISSUANCE OF GENERAL OBLIGATION BONDS" (the "Resolution"); and

WHEREAS, in order to provide for the issuance by the City of its general obligation bonds to finance the improvements described in the Resolution, it is necessary for this Councicl to pass anordinance ordering the submission of the proposition of incurring bonded indebtedness for such purpose to the qualified voters of the City at an election held for that purpose; and

WHEREAS, this Council desires to submit said ballot measure to the qualified voters of the City at a general municipal election to be held in the City on March 7, 2000;

NOW, THEREFORE, it is ordered as follows:

Section 1. That a general municipal is hereby called and ordered to be held in the City on March 7, 2000, at which election there shall be submitted to the qualified voters the proposition set forth below.

Section 2. That said proposition shall appear on t he ballot for said general municipal election in the following form:

PROPOSITION N: To improve, renovate, and expand the Saratoga Community Library in its current location by providing space for more books; ensuring modern earthquake standards; improving access to fire exits; updating electrical wiring for computers; providing adequate seating; updating inadequate lighting; and providing additional space for children's reading areas, shall the City issue $15 million in bonds at the lowest interest rates possible, with guaranteed annual audits, a citizen's oversight committee, and no money for administrators' salaries?

This City Council does hereby submit to the qualified voters of the City, at said general municipal election, this ordinance and the proposition set forth above.

Section 3. The object and purpose of incurring the indebtedness is the expansion and renovating of the Saratoga Library and, in particular, to improve, renovate, and expand the Saratoga Community Library in its current location by providing space for more books; ensuring modern earthquake standards; improving access to fire exits; updating electrical wiring for computers; providing adequate seating; updating inadequate lighting; and providing additional space for children's reading areas. All of the foregoing improvements are referred to herein collectively as the "Improvements".

Section 4. The estimated cost of the Improvements is fifteen million dollars ($15.000,000). The estimated cost includes legal and other fees and the cost of printing the bonds and other costs and expenses incidental to or connected with the issuance and sale of bonds (collectively, the "Bond Issuance Fees and Expenses").

Section 5. The amount of the principal of the indebtedness to be incurred is not to exceed fifteen million dollars ($15,000,000).

Section 6. The maximum rate of interest to be paid on the indebtedness shall be twelve percent (12%) per annum, or such higher rate as may hereafter be established for general obligation bonds of the City by the Legislature of the State of California.

[more sections to follow]

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Maintained by SJ Towse. This page was last updated 2000-02-01.