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HomeMy WebLinkAbout1963-474 = ORDINANCE NO. 474 III AN ORDINANCE of the City of Yakima, Washington relating to revenue and taxation; subordinat- ing the tax levied upon the gross revenue of the combined water and sewer department of the city to the pledge of such gross revenue to the payment of water and sewer revenue bonds of the city; adding a new section to Ordinance No. B-1938; and declaring an emergency. WHEREAS, pursuant to Ordinance No. B-1938, adopted October 1, 1956, the city levies and collects a tax upon the total gross revenue of the combined water and sewer department of the city; and WHEREAS, the city has outstanding water and sewer revenue bonds issued under date of January 1, 1956; and WHEREAS, the city is contemplating the immediate issuance and sale of its water and sewer revenue bonds in the principal sum 410 of $1,500,000; and WHEREAS, to make said $1,500,000 of bonds and other water and sewer revenue bonds to be issued in the future more attractive to prospective purchasers in order to obtain the most favorable interest rate on such bonds, it is deemed necessary and advisable that the city subordinate such tax to the lien on such gross revenue for the payment of all of such water and sewer revenue bonds; NOW, THEREFORE, BE IT ORDAINED by the City of Yakima, Washington: Section 1. That there be and is hereby added to Ordinance • - No. B-1938 a new section as follows: • "Section 7. The transfer of funds from the Municipal Water Fund to the Current Expense Fund of the city shall be made only after all required trans- . fers of funds to pay and secure the payment of any water and sewer revenue bonds heretofore or hereafter issued by the city have been made." Section 2. This ordinance is one to provide for the imme- diate preservation of the public peace, property, health, and safety % . of the people of the City of Yakima, and an emergency is hereby de- 1, clared 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, signed and approved this 4th day of November, 1963. .) /- Mayor ATTEST: City Clerk 411 2.