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HomeMy WebLinkAbout1961-242 � Ft ORDINANCE NO, 242 AN ORDINANCE of the City Council of the City of Yakima, Washington, providing for - the the issuance and sale of general obligation bonds of the city in the principal sum of $45,000, for the i . purpose of providing part of the funds necessary to acquire and install pipe to cover and chain link fencing to enclose certain irrigation ditches -asprovided in Ordinance No. 171; passed and approved October 5, 1960, and approved by the qualified electors of the city at a special election held therein on November 8, 1960; creating a Ditch Protection Bond Redemption Fund for the payment of the principal of and interest on said bonds; providing the date, form, terms and maturities thereof, and for unlimited tax levies to pay such principal and interest; and declaring an emergency. WHEREAS, at a special election held in the City of. Yakima, Washington, on November 8, 1960, 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 • $45,000 to provide money necessary to acquire, construct and install protective fences and covering of certain portions of the Old Union Ditch and the Pacific Power & Light wasteway within the city as pro- vided in Ordinance No. 171 of the city, adopted October 5, 1960; and WHEREAS, it is now found necessary that the city sell and issue all of said bonds in order .. to provide part of the money necessary - for said purposes; NOW, THEREFORE, BE IT ORDAINED BY THE CITY OF, .YAKIMA Section 1. There shall now be issued and sold the $45,000 par value of general obligation bonds of the city authorized by the qualified electors thereof at a special election held therein on November 8, 1960, for the purpose of providing pact of the money necessary to acquire, construct and install protective fences and . covering of certain portions of the Old Union Ditch and the Pacific Power & Light wasteway in the city, as provided in Ordinance No. 171 of the :city, adopted on October 5, 1960. Said bonds shall be dated June 1, 1961, shall be in denomina- tions of $1,000 each, and shall bear interest at a rate of not to exceed 6% per annum payable on the first day of December, 1961 and semiannually • on the first days of June and December of each year thereafter as evi- denced 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 Treasurer of the city at the City Hall in Yakima, Washington. Said bonds shall be numbered and mature in order of their number as follows: Bond Nos, Maturity Date Amount 1 -4 June 1, 1963 $4,000 5 -9 June 1, 1964 5,000 10 -14 , June 1, 1965 5,000 15 -19 June 1, 1966 5,000 20-24 June 1, 1967 5,000 25 -29 June 1, 1968 5,000 30 -34 June 1, 1969 5,000 35 -39 June 1, 1970 5,000 40 -45 June 1, 1971_ 6,000. Section 2. The City of Yakima hereby reserves the right to 'redeem any or all of the bonds of this issue at par in inverse numerical order on any interest payment date on and after five . 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 time a like notice at the same /to the purchaser of said bonds at their sale by the city, at the main office or principal place of business of said purchaser in the State of Washington or to the business successor, if any,...,. of said purchaser,_.,at its main office or principal place of business in the State of. Washington. 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: 2. ,.. , ,, r 0 r . r . UNITED STATES OF AMERICA No , $1, STATE OF WASHINGTON CITY OF YAKIMA DITCH PROTECTION GENERAL OBLIGATION BOND FNOW ALL MEN BY THESE PRESENTS: That the City of . Yakima, a municipal corporation of the State of Washington, acknowledges itself to owe and for value received hereby promises to pay to bearer on the first day of June, 19 _ , the principal sum of ONE THOUSAND DOLLARS together with interest thereon at the rate of % per annum payable on. the first day of December, 1961 and semiannually on the .first'days.of June and December of each year thereafter upon presentation and surrender of the attached interest coupons as they severally become due. 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 i n Yak Washington, The City .of Yakima has reserved the right to redeem any or all of the outstanding bonds of this issue at par in inverse numerical order on any interest payment date on and after five 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 an issue of general obligation bonds of the City of Yakima of like amount, date and tenor except as 3 4 lippr to number in the aggregate principal sum of $45,000, and is issued pur- suant to a vote of the qualified electors of the city and • Ordinances Nos.171 and , for the purpose of providing part of the money necessary to acquire, construct and install protective fences around and covering on certain irrigation ditches within the city, all as provided in said Ordinance No. 171. 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 in amounts sufficient to ,pay the principal of and interest on said bonds as the same shall become due. For the prompt payment of said 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- ditions 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 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 June, 1961. CITY OF YAKIMA, WASHINGTON By Mayor ATTEST: City Clerk 4. The interest coupons to be attached to said 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, the sum of DOLLARS. in lawful money of the United States of America, said sum being the semiannual interest due that date on its Ditch Protection General Obligation Bond dated :dune 1, ; 1961, and numbered , CITY OF YAKIMA, WASHINGTON By. Mayor ATTEST . 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 interest coupons attached thereto shall be signed with the facsimile signatures of said officials. Section 5. That the City Council by Ordinance. No. 241, has heretofore created a special fund of the city known as the "Ditch Pro- tection Bond Construction Fund." All moneys derived from the sale of the bonds authorized herein (except for accrued interest, which shall be paid into the , Bond Redemption Fund d hereinafter created) , and other moneys which the city may now or later have on hand which are necessary and available for the same purposes and have been appropriated therefor, shall be paid into such Construction Fundy Section 6. There is hereby created another special fund of the city to be known as the "Yakima Ditch Protection Bond Redemption Fund." Aik The city hereby irrevocably covenants that it will make 'annual levies of IIP taxes upon all the taxable property within the city without limitation 5 . v • as to rate . or, amount in amounts sufficient - to pay the .principal of and interest on the bonds authorized herein as the same shall become due. The city further irrevocably covenantsthat all of such taxes so col- , lected shall be paid into such Bond Redemption Zund in amounts sufficient • to pay such principal and interest at least thirty days prior to .the. dates upon which any 'such interest or principal and interest shall become due and payable, and that no part-Of such Fund shall be used forany other, 'purpose than;; the payment of the principal of and interest said bonds: . • The full faith, credit and resources. of the city are hereby: irrevocably pledged for the annual levy and collection of such taxes and•the.prornpt payment of such principal and interest as aforesaid. Section 7. These bonds shall be sold at public-sale, and . bids therefor' will be publicly opened;. read and considered at the regular meeting of the City Council to be held in the City Hall at o'clock , P, M., Pacific Daylight Saving Time, on the 24th day of may, 1961. The City Clerk:is hereby authorized and directed to advertise these bon.ds.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, is_suance,and delivery of said bonds and for the proper use and application of the proceeds of such sales • Section 8. This. ordinance is one to provide for the immediate preservation Of the public peace, property, health and safety of the people of the City. of Yakima, and an emergency is hereby declared to exist, and - 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 26th day of April, 1961, ., -. III Mayor ATTEST: , jp• City Clerk • 6.