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HomeMy WebLinkAbout1967-874 ORDINANCE NO. 57, AN ORDINANCE of the City of Yakima, Washington, providing for the issuance and sale of general obligation bonds of the city in the principal amount of $698,000 for the purpose of providing part of the funds to pay the cost of making certain capital improvements to the municipal airport of the city; creating a bond redemption • fund for the payment of the principal of and interest on said bonds; providing the date, form, terms, maturities and covenants 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 (hereinafter called the "City ") on the 20th day of September, 1966, 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 of the City in the principal amount of $698,000 for the purpose of providing,oart or all of the funds necessary to acquire, construct and install certain capital improvements at the municipal airport of the City as more fully provided in Ordinance No. 822 of the City passed and approved August 1, 1966; and WHEREAS, it is deemed necessary and advisable that the City now sell and issue all of said bonds to provide part of the money for such purposes; NOW, THEREFORE, BE IT ORDAINED BY THE CITY OF YAKIMA: Section 1. That there shall now be issued and sold the $698,000 principal amount of unlimited tax levy general obligation bonds of the City (hereinafter called the "Bonds ") authorized by the qualified electors thereof at a special election held therein on September 20, 1966, for the purpose of providing part of the funds necessary to pay the cost of acquiring, constructing and installing certain capital improvements at the municipal airport of the City, all as more specifically provided in Ordinance No. 822 of the City passed and approved August 1, 1966. The Bonds shall be dated March 1,. 1967, shall be in the denomination of $5,000 each except for Bond No. 1, which shall be in the denomination of $3,000, shall bear interest at a rate of not • to exceed 6% per annum payable on the first day of September, 1967 and semiannually on the first days of March and September of each year thereafter, shall be payable both principal and interest at the office of the City Treasurer in Yakima, Washington, or, at the option of the holder, at the fiscal agency of the State of Washington in New York, New York, and shall be numbered and mature in order of their number as follows: Bond Nos. Maturity Date Amount 1 -5 March 1, 1969 $23,000 6 -10 March 1, 1970 25,000 11 -16 March 1, 1971 30,000 17 -22 March 1, 1972 30,000 23 -28 March 1, 1973 30,000 29 -34 March 1, 1974 30,000 • 35 -41 March 1, 1975 35,000 42 -48 March 1, 1976 35,000 49 -55 March 1, 1977 35,000 56 -62 March 1, 1978 35,000 63 -69 March 1, 1979 35,000 70 -77 March 1, 1980 40,000 78 -85 March 1, 1981 40,000 86 -93 March 1, 1982 40,000 94 -102 March 1, 1983 45,000 103 -111 March 1, 1984 45,000 112 -120 March 1, 1985 45,000 121 -130 March 1, 1986 50,000 131 -140 March 1, 1987 50,000 (interest computed at the assumed rate of 3 3/47, per annum) Section 2. The City hereby reserves the right to redeem any or all of the Bonds outstanding at par 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 I i ke notice at the same time to the main office or offices of the 2. purchaser or account manager or managers of the purchasers of the Bonds at their sale by the City, or to the business successor or successors, if any, of said purchaser or account manager or managers at its or their main place or places of business. 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. In addition to such publication and mailing, the City Clerk shall also mail notice of such intended redemption to Standard & ibor's Corporation and Moody's Investors Service, Inc., New York, New York, or to their successors, if any. The ma i I i ng of such notice sha l I not, however, be a condition precedent to the call of any Bonds for redemp- tion, and failure to give such notice shall not affect the right of the City to redeem Bonds called for redemption in the method set forth in the preceding paragraph. Section 3. The Bonds shall be in substantially the following III form: UNITED STATES OF AMERICA (NO. 1) ($3,000) NO. $5,000 STATE OF WASHINGTON CITY OF YAKIMA MUNICIPAL AIRPORT GENERAL OBLIGATION BOND, 1967 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 March, 19, the principal sum of • THOUSAND DOLLARS together with interest thereon at the rate of % per annum 3. payable on the first day of September, 1967 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 411 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 in Yakima, Washington, or, at the option of the holder, at the fiscal agency of the State of Washington in New York, New York. The City of Yakima has reserved the right to redeem any or all of the bonds of this issue outstanding 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 410 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 date and tenor except as to amount (Bond No. 1 being in the amount of $3,000), number, interest rate and date of maturity in the aggregate principal amount of $698,000, and is issued pursuant to a vote of the qualified electors of the city and Ordinances No. 822 and 410 No. , for the purpose of providing part of the bunds necessary to make certain capital improvements to the municipal airport of the city, all as provided in said Ordinance No. 822. The City of Yakima has irrevocably covenanted by said Ordinance No. that it will levy taxes annually upon all 4. 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 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. IN WITNESS WHEREOF, the City of Yakima, Washington, has caused this bond to be signed by its Mayor, to be attested by its City 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 March, 1967. CITY OF YAKIMA, WASHINGTON By Mayor ATTEST: City Clerk The interest coupons to be 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 in Yakima, or, at the option of the holder, at the fiscal agency of the State of Washington in New York, New York, the amount shown hereon in lawful money of the United States of America, said amount being the semiannual interest due that date on its Municipal Airport General Obligation Bond dated March. 1, 1967, and numbered CITY OF YAKIMA, WASHINGTON By Mayor ATTEST: City Clerk 5. Section 4. The Bonds sha l 1 be signed on behalf of the City by its Mayor, shall be attested by the City 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. The money derived from the sale of the Bonds (except for accrued interest, which shall be paid into the Bond Redemption Fund hereinafter created) shall be paid into the Airport Improvement Fund of the City. A l l moneys received from Yakima County, the United States Government and from any other source, that are to be used for the purpose of paying the costs of the capital improvements for which the Bonds are issued shalt also be paid into said Airport Improvement Fund. None of said moneys sh a l I be used for any other purpose than the acquisition, construction and installation of the improvements to be made at the m u n i c i p a l airport of the City, nor shall any of the Bond proceeds be used for the replacement of equipment or for any other than a capital purpose. Section 6. There is hereby created a special fund of the City in the office of the City Treasurer to be known as the "Yakima Municipal Airport 1967 General Obligation Bond Redemption Fund." The City hereby 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 Bonds 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 dates upon which any such 0 interest or principal and interest shall become due and payable, and that no part of such Fund shall be used for any other purpose than the payment of the principal of and interest on the Bonds. The full faith, 6. x 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 bids li p therefor w i l l be publicly opened and read at a meeting of the City Council to be held at the City Hall at 3:00 P.M. Pacific Standard Time on February 20, 1967. The award of the Bonds to the best bidder, if it is decided such award should be made, wi 11 be made by the C i ty Council at its regular meeting to be held at 8:00 P.M. Pacific Standard Time in the Council Chambers at the City Hall on the same date. The City Clerk is hereby authorized and directed to advertise the Bonds for sale in the manner required by law, and upon the sale of the Bonds the proper City officials are hereby authorized and directed to do everything necessary for the prompt execution, issuance and del ivery thereof 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 welfare, safety and convenience of the people of the City, and an emergency is hereby declared to exist. It is also necessary that this ordinance become effective immediately in order for the Bonds to be sold on February 20, 1967. Therefore, this ordinance shall be in full force and effect immediately upon its passage, approval and publication as provided by law and the City Charter. PASSED by the City Council, signed and approved at a regular meeting of said Council held this 23rd day of January, 1967. C IT IF YAK IMA, WASeTON Mayor i ATTEST: 70aLe.t: / City Clerk APP VED AS TO FOrM: 1 City Attorney 7.