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HomeMy WebLinkAbout1963-411 JIPIPP . ORDINANCE NO. 1 4// AN ORDINANCE of the City Council of the City of Yakima, Washington, providing for the issuance and sale of general obligation bonds of the city in the principal sum of $1,000,000 for the purpose of providing the money necessary to commence the construction, installation and making of the capital improvements within the city as provided in Ordinance No. 377, passed and approved September 10, 1962, and approved by the qualified electors of the city at a special election held therein on November 6, 1962; creating a Construction Fund; creating a Bond Redemption Fund for the payment of the principal of and interest on said bonds; pro- viding the date, form, terms and maturities thereof, 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, 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 authorizing 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 Ordi- nance No. 377 of the city, passed and approved September 10, 1962; and WHEREAS, it is now found necessary and to the best interests of the city and its inhabitants that the city sell and issue $1,000,000 of said bonds so authorized, in order to provide the money required to commence 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 $1,000,000 of general obligation bonds, par value/out of the $2,600,000 par value of general obligation bonds of the city authorized by the qualified electors thereof at a special r • election held therein on November 6, 1962, for the purpose of pro- viding the money required to commence the construction, installation and making of those certain necessary capital improvements to the streets and avenues throughout the city as more particularly pro- vided in Ordinance No. 377,passed and approved September 10, 1962. Said $1,000,000 of bonds shall be dated March 1, 1963, shall be designated "Series A," shall be in the denomination of $1,000 each, and shall bear interest at a rate of not to exceed 6% per annum payable on the first day of September, 1963 and semi- annually on the first days of March and September of each year thereafter as evidenced by coupons to be attached thereto. Both principal of and interest on said bonds shall be payable in lawful money of the United States of America at the office of the City at the City Hall • Treasureiin Yakima, Washington. Said bonds shall be numbered and mature in order of their number as follows: Bond Nos. Maturity Date Amount 1 -40 March 1, 1965 $40,000 41 -80 March 1, 1966 40,000 81 -120 March 1, 1967 40,000 121 -165 March 1, 1968 45,000 166 -210 March 1, 1969 45,000 211 -255 March 1, 1970 45,000 256 -305 March 1, 1971 50,000 306-355 March 1, 1972 50,000 356-405 March 1, 1973 50,000 406 -455 March 1, 1974 50,000 456 -510 March 1, 1975 55,000 511 -565 March 1, 1976 55,000 566 -620 March 1, 1977 55,000 621 -680 March 1, 1978 60,000 681 -740 March 1, 1979 60,000 741 -800 March 1, 1980 60,000 801 -865 March 1, 1981 65,000 866 -930 March 1, 1982 65,000 931 -1000 March 1, 1983 70,000 Section 2. The City of Yakima hereby reserves the right to redeem any or all of the bonds of this Series A issue at par, 2. in inverse numerical order, on any interest payment date on and after ten years 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 said 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 paragraph shall also mean account manager or managers of the syndicate that purchases said bonds at their sale by the city. Interest on any • bond or bonds so called for redemption shall cease on such redemption date unless the same are not redeemed upon presentation made pursuant to such call. Section 3. Said bonds shall be in substantially the following form: UNITED STATES OF AMERICA NO. $1,000 STATE OF WASHINGTON CITY OF YAKIMA STREET IMPROVEMENT GENERAL OBLIGATION BOND SERIES A 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 March, 19 the principal sum of ONE THOUSAND DOLLARS together with interest thereon at the rate of % per annum 3. 410 payable on the first day of September, 1963 and semiannually on the first days of March and September of each year there- after upon presentation and surrender of the attached interest coupons as they severally become due, or until such principal sum 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. The City of Yakima has reserved the right to redeem any or all of the outstanding bonds of this Series A issue at par, in inverse numerical order, on any interest payment date on and after ten years from date hereof. 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 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 $1,000,000, 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 money required to construct, install and make part of the necessary capital improvements to the streets and avenues throughout the city as provided in said Ordinance No. 377. 4. 410 • The City of Yakima has irrevocably covenanted by said Ordinance No. that it will levy taxes annually upon all of 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 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, con- ' ditionp and things required to be done precedent to and in the issuance of this bond have happened, been done and per- formed, and that the total indebtedness of the city, including 411 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 by its Mayor, to be attested by its Clerk, the official seal of the city to be impressed hereon, and the attached interest coupons to be signed with the fac- simile signatures of said officials, this first day of March, 1963. CITY OF YAKIMh, WASHINGTON By • Mayor ATTEST: 411 City Clerk The interest coupons to be attached to said bonds shall be in substantially the following form: 5. • • • • 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, the sum of DOLLARS 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 March 1, 196 designated "Series A," and num- bered CITY OF YAKIMA, WASHINGTON By . Mayor ATTEST: 411 City Clerk • Section 4. Said bonds shall be signed on behalf of the city by its Mayor, shall be attested by its Clerk, - and shall have the corporate seal of the city impressed thereon. Each of the in- terest coupons attached thereto shall be signed with the facsimile signatures of said officials. Section 5. There is hereby created a special fund of the city to be known as the "1962 Street Improvement Construction Fund." All moneys derived from the sale of the $2,600,000 of bonds hereto- fore mentioned and of which authorization this series is a part, (except for accrued interest, which shall be paid into the Bond Redemption Fund hereinafter created) and other moneys which the city may now or later have on hand which are_available for the same purposes and have been appropriated therefor, shall be paid into such Construction Fund. All moneys in such Fund shall be used solely to pay the cost of those necessary capital improvements 6. • • 4 1 V 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 is hereby created another special fund of the city to be known as the "1962 Street Improvement Bond Redemption Fund," which shall be used for the sole purpose of pay- ing the principal of and interest on all of the outstanding bonds of the $2,600,000 of street improvement bonds authorized by Ordi- nance No. 377 and the voters 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 in amounts sufficient to pay the principal of and interest on the Series A bonds the is- suance and sale of which are authorized herein as the same shall become due. The city 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 principal 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. These Series A bonds shall be sold at public sale, and bids therefor will be publicly opened, read and con- 41/ sidered at the regular meeting of the City Council to be held in the City Hall at 3:00 o'clock P.M. on the day of February, 1963. 7. , as The City Clerk is hereby authorized and directed to '0 advertise these Series'A bonds for sale in the manner required by law, and upon the sale of said bonds the proper city officials are hereby authorized and directed to do everything necessary for the prompt execution, issuance and del .ivery- o:f.said- bonds -and. for the proper use and application of the proceeds of such sale. 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 ef- fect immediately upon its passage, approval and publication as provided by,lawand by the City Charter. PASSED BY THE CITY COUNCIL, signed and approved this • 7th day of January, 1963. i �' Li 4� i Mayor ATTEST: ,/ / / City Clerk I, J. A. SMITH, City Clerk of the City of Yakima, Washington, DO HEREBY CERTIFY that the foregoing is a true and correct copy of Ordinance No. //l of said city, duly passed by its Council and approved by its Mayor at a regular meeting of said Council held on the 7th day of January, 19., . /° / City Clerk 8. • •