HomeMy WebLinkAbout1970-1234 •
. • ORDINANCE NO.
ANORDINANCE providing for the submission to the
qualified electors of the City of Yakima at a
411: special election to be held therein on September 15,
1970 of a proposition of whether or not the city
should issue its unlimited tax levy general obli-
gation bonds in the principal amount of $1,850,000
for the purpose of providing funds to pay part or
all of the cost of acquisition and development of
public park and recreation faciliites.
WHEREAS, existing public park and recreation facilities
of the City of Yakima (hereinafter called the "City) are not adequate
for the present and future needs of its residents; and
WHEREAS, the Park Needs Study Committee and the Board of
Park Commissioners have prepared a plan for the financing, acquisition,
development and improvement of public park and recreation facilities
of the City:which, together with existing facilities, will provide
a public park and recreation system available to and for the
general benefit of all the residents of the City; and
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410 WHEREAS, to provide funds to carryout such plan it is
deemed necessary and advisable that. the. City issue and sell its
unlimited tax levy general obligation bonds in the aggregate principal
amount of $1,850,000; and
WHEREAS, the. Constitution and laws of the State of Washington
• provide that the question of whether.or not such bonds may be issued
and sold for such purposes must be submitted to the qualified electors
• of the City for their ratification or and
WHEREAS, it is further deemed necessary and advisable that
said proposition be submitted to such qualified electors at a special
election to be held at the time of the county and state primary
election on September 15, 1970;
NOW, THEREFORE, IT ORDAINED, by the City of Yakima:
ie• Section 1. It is hereby.found and declared that it is
necessary for the public welfare and benefit of the residents of the
City that it carry out the plans hereinafter provided in the manner
provided by law upon the authorization by the electors of the issuance
411 of the bonds provided for her6
Section 2. The City shall acquire property for park and
recreation purposes and shall acquire, construct, install and make
capital improvements to and equip the same and existing park and
recreational facilities all as found necessary and desirable by the
City Council.
Section 3. For the purpose of providing part or all of
the funds necessary to acquire, construct, make, and equip the above-
described capital improvements to the City's park and recreational
facilities, the City shall issue and sell its unlimited tax levy
general obligation bonds in the principal amount of $1,850,000. In
the event the proceeds of sale of said bonds plus any other moneys
available therefor are insufficient to make all of the improvements
hereby authorized, the City shall use the available funds for paying
the cost of those improvements deemed most necessary by the City Council.
Section 4. Said bonds may be sold in such amounts and at
such time or times as deemed necessary by the City Council and as
permitted by law, shall bear interest at a rate of not to exceed the
maximum rate permitted by law at the time of sale, shall mature
serially in twenty years from date of issue and shall be paid both
principal and interest out of annual tax levies to be made upon all
the taxable property within the City without limitation as to rate
or amount. The exact date, form, terms and maturities of said bonds
shall be as hereafter fixed by ordinance or ordinances.
All of the moneys derived from the sale of said bonds,
exclusive of accrued interest, shall be expended solely for the pur-
poses specified in Section 2 hereof and for the payment of expenses
incidental thereto and to the issuance of the bonds and none of
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said moneys shall be used for the replacement of equipment or
for any other than a capital purpose.
410 Section 5. It is hereby found and declared that an emergency
exists requiring the submission to the qualified electors of the City
of the proposition of whether or not the City shall issue such bonds
for such purposes, at a special election to be held therein on
September 15, 1970 in conjunction with the county and state primary
election to be held on said date.
The Yakima County Auditor, as ex officio supervisor of all
elections held in Yakima County, is hereby requested to also find the
existence of such emergency, to call and conduct said special election,
and to submit to the qualified electors of the City the proposition
hereinafter set forth. The City Clerk is hereby authorized and directed
to certify said proposition to the Yakima County Auditor in the follow-
./ ing form:
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PROPOSITION
General Obligation Park Bonds - $1,850,000
Shall the City of Yakima, Washington, issue its
general obligation bonds in the principal amount of
$1,850,000, such bonds to bear interest at a rate of not
to exceed the maximum rate permitted by law at the time
of sale, to mature serially in twenty years from date
of issue, and to be paid both principal and interest
out of annual levies of taxes to be made on all the taxable
property within the city without limitation as to rate
or amount, for the purpose of providing funds to pay part
or all of the cost of acquiring property for park and
recreation purposes and acquiring, constructing, install-
ing and making capital improvements to and equipping
the same and existing park and recreation facilities
of the City, all as more specifically provided in
Ordinance No. of the city, passed July , 1970?
BONDS, YES . . . . / /
BONDS, NO . . . . /_/
Section 6. This ordinance shall be in full force
and effect thirty days after its final passage, approval and
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publication as provided by law and by the City Charter.
PASSED by the City Council, signed, and approved at a
'411
regular meeting of said Council held this 2/ day of July, 1970.
Mayor
ATTEST:
/
City Clerk
411
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. . .,
is City Clerk of the City of
Yakima, Washington, DO HEREBY CERTIFY that the foregoing ordinance
is a true and correct copy of Ordinance No./2351°f said Council,
passed, signed, and approved at a regular meeting thereof held on
the ,27 day of July, 1970.
City Clerk
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