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Council adopts ordinance authorizing up to $35 million in general obligation bonds for improvement districts
Summary
On third reading the council approved Ordinance No. 4195 authorizing issuance of general obligation bonds not to exceed $35,000,000 to finance improvements in certain improvement districts in Bellevue.
The Bellevue City Council adopted Ordinance No. 4195 on Oct. 7, authorizing the issuance of general obligation bonds of the City of Bellevue in a principal amount not to exceed $35,000,000 to finance improvements in certain improvement districts.
City Clerk Susan read the ordinance’s title and purpose into the record. Councilman Casey moved to approve Ordinance No. 4195 and Councilwoman Welch seconded. The council voted unanimously to adopt the ordinance.
The ordinance’s text, as read, specifies that bonds will be issued to provide financing for the cost of improvements in certain improvement districts and includes provisions for setting terms of the bonds and levying taxes to pay interest and principal. The ordinance does not identify individual projects or improvement district names in the reading; those details are incorporated by reference in the ordinance as presented to the council.
Adoption on third reading makes the ordinance effective as provided in the city’s ordinance publication rules; the council did not discuss additional details of the improvement districts during the meeting.
