Loading...
HomeMy WebLinkAbout1964-495 • 411 ORDINANCE NO. AN ORDINANCE of the City Couficil of the City of Yakima, Washington; providing for the issuance and sale of general obligation bonds of the city in the principal amount of $1,600,000, for the purpose of providing the money necessary to complete the construction, installation and making of the capital improvements within the city as provided in Ordinance No. 377, and approved by the qualified electors of the city at a special election held therein on November 6, 1962; providing for the payment of the principal of and interest on said bonds out of a bond redemption fund previously created; providing the date, form, terms and maturities of said bonds, and for unlimited tax levies to pay the principal thereof and interest thereon; and declaring an emergency. WHEREAS, at a special election held in the City of Yakima, Washington (hereinafter called the "City"), on November 6, 1962, the • number and proportion of the qualified electors of the City required by law for the adoption thereof voted in favor of a proposition au- thorizing the issuance of unlimited tax levy general obligation bonds in the principal sum of $2,600,000 to provide the money required to construct, install and make certain necessary capital improvements to the streets and avenues throughout the City as more particularly provided in Ordinance No. 377 of the City, passed and approved September 10, 1962; and WHEREAS, pursuant to Ordinance No. 411 of the City Council, adopted January 7, 1963, $1,000,000 principal amount of such au- thorized bonds were issued and sold; and WHEREAS, it is now found necessary and to the best interest • of the City and its inhabitants that the City sell and issue the re- maining $1,600,000 of said bonds so authorized in order to provide the money required to complete the construction, installation and making of such necessary capital improvements; NOW, THEREFORE, BE IT ORDAINED by the City of Yakima: Section 1. •There shall now be sold and issued $1,600,000 principal amount of general obligation bonds (hereinafter called the "Bonds") of the City out of the $2,600,000 principal amount of such bonds authorized'by qualified electors of the City at a special . election held therein on November 6, 1962, for the purpose of pro- viding the money requiredtocomplete the construction, installation . and making of those certain capital improvements to the streets and avenues throughout theCity as more particularly provided in Ordi- nance No. 377, passed and approved September 10, 1962. - - The Bonds shall be dated .April 1, 1964, shall be designated "Series B," shall be in the denomination of $5,000 each, and shall bear interest at a rate of not to exceed 6% per annum payable on the 411 first day of October, 1964 and semiannually on the first days of April and October of each year thereafter as evidenced by coupons to be attached thereto. Both principal of and interest on the Bonds shall be payable in lawful money of the United States of America at the office of the City Treasurer at the City Hall in Yakima, Wash- ington, or, at the option of the holder, at the fiscal agency of . the State of Washington in the City of New York, New York. The Bonds shall be numbered and mature in order of their number as follows: Bond Nos. Year Amount Bond Nos. Year Amount 1-12 1966 $60,000 146-162 ' 1976 $ 85,000 13-25 1967 65,000 163-180 1977 90,000 26-38 1968 65,000 181-198 1978 90,000 . 39-52 1969 70,000 199-217 1979 95,000 53-66 1970 70,000 218-236 1980 95,000 • 67-81 1971 75,000 82-96 1972 75,000 237-256 1981 100,000 257-277 1982 105,000 97-112 1973 80,000 278-298 1983 105,000 113-128 1974 80,000- 299-320 1984 110,000 129-145 1975 85,000 Section 2. The City hereby reserves the right to redeem any or all of the Bonds at par, in inverse numerical order, on any 2. „ . interest payment date on and after ten year from date of issue. Notice of any such intended redemption shall be given by one publication thereof in the official City newspaper not more than forty nor less than thirty days prior to said redemption date and by mailing a like notice at the same time to the purchaser of the Bonds at their sale by the City, at the main office of said purchaser or at the principal place of business of said purchaser in the State of Washington, or to the business successor, if any, of said pur- chaser at its main office or its principal place of business in the State of Washington. The word "purchaser" as used in this para- graph shall also mean account manager or managers of the syndicate that purchases the Bonds at their sale by the City. Interest on any • Bond or Bonds so called for redemption shall cease on such redemp- tion date unless the same are not redeemed upon presentation made pursuant to such call. Section 3. The Bonds shall be in substantially the following form: UNITED STATES OF AMERICA NO. $5,000 STATE OF WASHINGTON CITY OF YAKIMA STREET IMPROVEMENT GENERAL OBLIGATION BOND SERIES B THE CITY OF YAKIMA, a municipal corporation of the State of Washington, hereby acknowledges itself to owe and for value received hereby promises to pay to bearer on the first day of • April, 19, the principal sum of FIVE THOUSAND DOLLARS together with interest thereon at the rate of l per annum payable on the first day of October, 1964 and semiannually on the first days of April and October of each year thereafter 3. upon presentation and surrender of the attached interest coupons aS'they severally become due, or until such prin- cipal bum shall have been paid or duly provided for.. Both principal of and interest on this bond are payable • in lawful money of the United States of America at the office of the City Treasurer at the City Hall in Yakima, Washington, or, at the option of the holder, at the fiscal agency of the state of Washington in the City of New York, New York. • The City of Yakima has reserved the right to redeem any or all of the outstanding bonds of this Series p.issue at par, in inverse numerical on any interest payment date on and after ten years from date hereof. Notice of any such . 411 intended redemption shall be given by one publication thereof in the official city newspaper not more than forty nor less than thirty days prior to said redemption date and by mailing a like notice at the same time to This bond is one of a series of general obligation bonds of the City of Yakima of like amount, date and tenor except as to number in the aggregate principal sum of $1,600 and is issued pursuant to a vote of the qualified electors of the city and Ordinances No. 377 and No. for the purpose of providing the 410 money required to complete the construction, installation and making of necessary capital improvement's to the streets and avenues throughout the city as provided in said Ordinance No. 377. The City of Yakima has irrevocably covenanted by said Ordinance No. that it will levy taxes annually upon all • • • 4. • • • of the taxable property within the city without limitation as to rate or amount and in amounts sufficient to pay the prin- cipal of and interest on the bonds of this series as the same shall become due. For the annual levy and collection of such taxes and the prompt payment of such principal and interest the full faith, credit and resources of the city are hereby irrevocably pledged. It is hereby certified and declared that all acts, condi- tions and things required to be done precedent to and in the issuance of this bond have happened, been done and performed, and that the total indebtedness of the city, including this bond, does not exceed any constitutional or statutory limitation. IN WITNESS WHEREOF, the City of Yakima, Washington, has caused this bond to be signed with the facsimile signature of its Mayor, to be attested by the manual signature of its Clerk, the official seal of the city to be impressed hereon, and the attached interest coupons to be signed with the facsimile signatures of said officials, this first day of April, 1964. CITY OF YAKIMA, WASHINGTON By Mayor ATTEST: City Clerk The interest coupons attached to the Bonds shall be in substantially the following form: • NO. on the first day of , 19 the City of Yakima, Washington, will pay to bearer at the office of the City Treasurer at the City Hall in Yakima, or, at the option 5. of the holder, at the fiscal agency of the State of Washington in the City of New York, New York, the sum shown hereon in lawful money of the United States of America, said sum being the semiannual interest due that date on its Street Improvement General Obligation Bond dated April 1, 1964, designated "Series B," and numbered CITY OF YAKIMA, WASHINGTON By Mayor IaTEST: City Clerk Section 4. The Bonds shall be signed on behalf of the • City by the facsimile signature of its Mayor, shall be attested by the manual signature of its Clerk, and shall have the corporate seal of the City impressed thereon. Each of the interest coupons attached thereto shall be signed with the facsimile signatures of said offi- cials. Section 5. There has heretofore been created by Ordinance No. 411 of the City a special fund of the City known as the "1962 Street Improvement Construction Fund." As provided in said Ordinance No. 411, the moneys derived from the sale of the Bonds (except for accrued interest, which shall be paid into the Bond Redemption Fund referred to in the following section) shall be paid into such Con- struction Fund, and shall be used solely to pay the balance of the cost of those necessary capital improvements provided for in Ordinance • No. 377 of the City, and none of said moneys shall be used for the replacement of equipment or for any other than a capital purpose. Section 6. There has heretofore been created by Ordinance No. 411 of the City another special fund of the City known as the 6. • III "1962 Street Improvement Bond Redemption Fund," which Fund is to be used for the sole purpose of paying the principal of and interest on all of the outstanding bonds of the 2,600,000 principal amount of street improvement bonds authorized by Ordinance No. 377, and the qualified electors of the City at the special election held therein on November 6, 1962. The City hereby irrevocably covenants that it will make annual levies of taxes upon all the taxable property within the City without limitation as to rate or amount and in amounts sufficient to pay the principal of and interest on the Bonds as the same shall be- come due. The City hereby further irrevocably covenants that all of such taxes so collected shall be paid into such Bond Redemption Fund • in amounts sufficient to pay such principal and interest at least thirty days prior to the date upon which any such interest or prin- cipal and interest shall become due and payable. The full faith, credit and resources of the City are hereby irrevocably pledged for the annual levy and collection of such taxes and the prompt payment of such principal and interest as aforesaid. Section 7. The Bonds shall be sold at public sale, and 0 bids therefor will be publicly opened, read and considered at a meeting of the City Council to be held in the City Hall in Yakima, Washington, at 1:30 o'clock P. M. Pacific Standard Time on the 4th day of march, 1964. The City Clerk is hereby authorized and directed to ad- vertise the Bonds for sale in the manner required by law, and upon 0 the sale of the Bonds the proper city officials are hereby authorized and directed to do everything necessary for the prompt execution, issuance and delivery of said Bonds and for the proper use and application of the proceeds of such sale. 7. • , 111 Section 8. This ordinance is one to provide for the immediate preservation of the public property, welfare and safety of the people of the City of Yakima, and an emergency is hereby declared to exist. This ordinance shall be in full force and effect immediately upon its passage, approval and publication as provided by law and by the City Charter. PASSED BY THE CITY COUNCIL, signet and approved this 27th day of January, 1964 11/ . Mayor ATTEST: City Clerk APPROVED AS Ti FORM: * City Attorney 8.