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HomeMy WebLinkAbout1960-164 ORDINANCE NO. 164 AN ORDINANCE of the City Council of the City of Yakima, Washington, providing for the submission to the qualified electors of the city at a special election 410 to be held therein on November 8, 1960, of a proposition of whether or not the city should issue its unlimited tax levy general obligation bonds in the principal sum of $1,950,000, for the purpose of providing funds to acquire certain rights of way, to improve certain arterial and other streets throughout the city, to install certain storm sewers, and to acquire con- struction equipment, and declaring an emergency. WHEREAS, it is deemed necessary and advisable and to the best interests of the City of Yakima and its residents that the city acquire certain rights of way for the purpose of widening certain arterial streets, that it improve certain arterials and other streets throughout the city by draining, grading, paving and constructing curbs, gutters and sidewalks as found necessary by the City Council, that it install certain trunk and subtrunk storm sewers, and that it acquire certain heavy construction • equipment, and in order to provide the money for said purposes that it issue and sell its unlimited tax levy general obligation bonds in the principal sum of $1,950,000; and WHEREAS, the Constitution and laws of the State of Washington provide that the question of whether or not such bonds may be issued for such purposes must be submitted to the qualified electors of the city for their ratification or rejection; NOW, THEREFORE, BE IT ORDAINED by the City of Yakima: Section 1. It is hereby found and declared that the public welfare and safety of the people of the City of Yakima require the city to acquire certain rights of way for widening arterial streets, to improve certain arterials and other streets throughout the city by draining, grading, paving, repaving and constructing curbs, gutters and sidewalks as found necessary by the City Council and as more specifically provided in maps and plans prepared by the City Engineer and now on file in his office; that it acquire certain necessary heavy construction equipment;*and that it install trunk and subtrunk storm sewers on Broadway from Mead Avenue North to Lenox Avenue, .thence on Lenox Avenue from Broadway westerly to Tenth Avenue, thence on Tenth Avenue northerly to Walnut Street, and from Sixteenth Avenue and Mead Avenue northerly and westerly to 24th Avenue and Clinton Way, all as more specifically provided in maps and plans prepared by the City Engineer and now on file in his office. Section 2. That for the purpose of providing the money necessary to construct, install and make such capital improvements, the city shall issue and sell its unlimited tax levy general obligation bonds in the principal sum of $1,950,000. Said bonds shall bear interest at a rate of not to exceed 6% per annum payable semiannually, and shall mature in from two to 111 fifteen years from date of issue in such amounts as will, as nearly as practicable, together with the interest thereon, be met by equal annual tax levies for the payment of the principal thereof and interest thereon. Both such principal and interest shall be paid out of annual levies of taxes to be made upon all the taxable property within the city without limitation as to rate or amount. The 'exact date, form, term and maturities of said bonds shall be as hereafter fixed by ordinance of the city. Section 3. It is hereby found and declared that an emergency exists requiring the submission to the qualified electors of the city of the proposition of whether or not the city should issue and sell said bonds for such purposes at a special election to • be held therein on November 8, 1960, in conjunction with the county and state general election to be held on the same date. -2- • • The Yakima County Auditor, as ex officio supervisor of said county and state general election, is hereby requested to call and conduct said special election on date and to submit to the qualified electors of the city the proposition hereinafter set forth. The City Clerk is hereby authorized and directed to certify to the Yakima County Auditor said proposition in the following foLm: • PROPOSITION NO. 1 Street and Sewer Bonds, $1,950,000 Shall the City of Yakima, to provide funds to acquire rights-of-way for widening certain streets; to improve certain streets by draining, grading, paving and constructing curbs, gutters and sidewalks as found necessary by City Council; to install storm sewers; and to acquire construction equipment, issue general obligation bonds in the amount of $1,950,000, said bonds to bear interest at a rate of not to exceed 6%, to mature in from two to fifteen years from date, and to be paid, both principal and interest, out of annual tax levies to be made without limitation as to rate or amount, all as more fully provided in 'Ordinance No. 164 of the City? BONDS, YES BONDS, NO • • Section 4. For the reason that the statutes of the State of Washington require that this ordinance become effective and be certified to the Yakima County Auditor as soon as possible in order to permit said Auditor to call and conduct the special election authorized herein, an emergency is hereby declared to exist, that this ordinance is necessary for the immediate pre- servation of the public peace, property, health and safety of the citizens of Yakima, and the same shall be in full force and effect immediately upon its passage, authentication and publication as required by law. ADOPTED BY THE CITY COUNCIL of the City of Yakima, Washington, -3- • . * t ' by unanimous vote and APPROVED BY THE MAYOR at a regular meeting thereof held this 5th day of October, 1960. CITY OF YAKIMA, WASHINGTON Z 7/ J By 7 Mayo ATTEST: / Ctt'y Clerk I, JAMES A. SMITH, the duly chosen, qualified and acting Clerk of the City of Yakima, Washington, DO HEREBY CERTIFY that Ordinance No. 164 bearing the above title was duly and regularly passed by the Council of the City of Yakima and approved by its Mayor on the 5th day of October, 1960, and is now on file with the undersigned at his office where the 0 same is open to public inspection. DATED /4ty Clerk • -4-