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HomeMy WebLinkAbout1972-1378 �.� :t�� 1�r.. ._ .. �.� � •. �. ...off ORDINANCE NO . /� � S� AN ORDINANCE of the City Council of the City of Yakima, Washington, providing for the issuance and sale of various .purpose un- �* limited tax levy general obligation bonds of the city in the total principal amount of $3,000,000 . for the purpose of providing part of the funds to pay the cost of acquir- ing, constructing, equipping and making certain capital improvements to the park and recreation facilities and to the fire department facilities of the city as pro - vided in Ordinances Nos ..1333 and 133+ of this Council, adopted September 13, 1971, and as authorized by the qualified electors of the city at a special election held therein on November 2, lg'�l; combining the bonds so authorized in one issue and fixing the date, form, terms , maturities and covenants of said bonds ; providing for the payment of part of the proceeds of sale . of said bonds into a Park .and Recreation Capital Fund to be created and into the Fire Capital Fund of the city heretofore created; creating a Bond Redemption Fund; prow "iding for the annual levies of taxes without limitation as to rate or amount " to pay the principal of and interest on said bonds; and declaring. an emergency. WHEREAS, at an election held in the City of Yakima, Wash- ington (hereinafter called the "City "), on November 2, 1971, the number and proportion of the' qualified electors of the City required by law for the adoption thereof voted in favor of the following ttA�o propositions: 1. A proposition, authorizing the issuance of unlimited tax levy general obligation bonds of the City in the principal :mount of $ 1, 900 , 000 for the purpose of providing part of the funds needed for the acquisition, construction and installation of certain ,� capital improvements to the public park and recreation facilities of the City, all as provided in Ordinance • No 1333 of this Council, adopted September 13, 1971; 2. A proposition authorizing the issuance of unlimited tax levy general obligation bonds of the City in the principal amount of $1,100,000 for the purpose of providing the funds needed for the acquisi- tion, construction and installation of certain capital improvements to the fire department facilities of the City, all as provided in Ordinance No 1334 of this Council, adopted September 13, 1971; and WHEREAS, both of the above-mentioned ordinances and both of the propositions submitted to the qualified electors of the City provided that the bonds of each issue, when issued, should bear interest at a rate or rates to be fixed upon the sale thereof, would mature serially in from two to twenty years from date of issue, and would be payable, 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; and 410 WHEREAS, it is deemed necessary that all of such bonds so authorized be now issued and sold to provide the funds for the purposes for which they were authorized and that such bonds be combined in one issue; NOW, THEREFORE, BE IT ORDAINED by the City of Yakima, Wash- ington, as follows: Section 1. That for strictly municipal purposes there shall now be issued and sold the $1,900,000 principal amount of park and recreation facilities unlimited tax levy general obligation bonds of the City and the $1,100,000 principal amount of fire department facilities unlimited tax levy general obligation bonds of the City authorized by the qualified electors of the City at • the special election held therein on November 2, 1971, for the purpose of providing the funds necessary for the purposes herein- above mentioned, all as provided in Ordinances Nos. 1333 and 1334 2. . . • . of the City adopted September 13, 1971. Said bonds shall be com- bined and offered for sale as one issue, to be known as "Various Purpose General Obligation Bonds, 1972," of the City. Said $3,000,000 of bonds (hereinafter called the "Bonds") shall be dated March 1, 1972, shall be in the denomination of $5,000 each, shall bear interest at such rate or rates a shall be fixed by this Council upon the sale thereof, payable on the 1st day of September, 1972, and semiannually on the 1st days of March and September of each year thereafter as evidenced by coupons to be attached thereto. Both principal of and interest on the Bonds shall be 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 either of the fiscal agencies of the State of Wash- ington in the Cities of Seattle, Washington, and New York, New York. The Bonds shall be numbered and mature on March 1 of each of the 111 following years in the following amounts: Bond Nos. Year Amount Bond Nos. Year Amount 1 1974 $100,000 218-247 1983 $150,000 21 1975 100,000 248-279 1984 160,000 41 1976 110,000 280-313 1985 170,000 63-85 1977 115,000 , 314-348 1986 175,000 86 1978. 120,000 349 1987 185,000 110-134 1979 125,000 386-424 1988 195,000 135-160 1980 130,000 425-465 1989 205,000 161-188 1981 140,000 466-5o8 1990 215,000 189-217 1982 145,000 509-553 1991 225,000 554-600 1992 235,000 (The above maturity schedule has been computed on the basis of an assumed interest rate of 5%.) 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 411 date of issue. Notice of any such intended redemption shall be given by one publication thereof in the official city newspaper not more than 3. * forty nor less than thirty days prior to said redemption date and by mailing a like notice at the same time to the main office or offices of the 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 office or offices. 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 Treasurer shall also mail notice of any such intended redemption to Moody's Investors Service, Inc., and Standard & Poor's Corporation, New York; New York, or to their successors, if any. The mailing of such notice shall not, however, be a condition precedent to the call of any Bonds for redemption. 411 Section 3. The Bonds shall be in substantially the follow- ing form: UNITED STATES OF AMERICA NO. $5,000 STATE OF WASHINGTON VARIOUS PURPOSE GENERAL OBLIGATION BOND, 1972 The City of Yakima, Washington, a municipal corpora- tion duly organized and existing under and by virtue of the laws of the State of Washington, is justly indebted and for value received hereby promises to pay to bearer on the 1st day of March, 19 , the principal sum of FIVE THOUSAND DOLLARS 410 together with interest thereon at the rate of % per annum payable on the 1st day of September, 1972, and semi- annually on the 1st days of March and September of each • year thereafter as evidenced by and upon presentation and 4 • surrender of the attached interest coupons as they severally become due or until such principal sum shall have been paid 111 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 Treasurer of the City of Yakima in Yakima, Washington, or, at the option of the holder, at either of the fiscal agencies of the State of Washington in the Cities of Seattle, Washington, and 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 111 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 600 bonds of like amount, date and tenor except as to number, rate of interest and date of maturity in the aggregate principal amount of $3,000,000, which bonds are issued for certain capital pur- poses pursuant to an election authorizing the same and in accordance and in strict compliance with the charter of the • City of Yakima, with the provisions of the statutes of the State of Washington applicable thereto, with the Constitution of such state and pursuant to duly adopted ordinances, 5. . . resolutions and other proceedings of the Council of the City of Yakima. 411 The City of Yakima hereby irrevocably covenants that it will levy ad valorem taxes annually upon all 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 issue as the same shall become due. The full faith, credit and resources of the City of Yakima are hereby irrevocably pledged for the annual levy and collection of such taxes and for the prompt payment of such principal and interest. It is hereby certified that all acts, conditions 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 of Yakima, including this • bond and the bonds of this issue, does not exceed any con- sttutional or statutory limitation. IN WITNESS WHEREOF, the City of Yakima, Washington, has caused this bond to be signed on its behalf with the fac- simile signature of its Mayor, to be attested by the manual signature of the City Clerk, the seal of the city to be impressed hereon and the interest coupons attached hereto to be signed with the facsimile signatures of said officials this 1st day of March, 1972. CITY OF YAKIMA, WASHINGTON By Mayor ATTEST: City Clerk The interest coupons attached to the Bonds shall be in sub- stantially the following form: 6. ON THE FIRST DAY OF (Date) the City of Yakima, Washington, will pay to bearer at the 411 office of the City Treasurer in Yakima, Washington, or, at the option of the holder, at either of the fiscal agencies of the State of Washington in the Cities of Seattle, Washington, and New York, New York, the amount (Amount: shown hereon in lawful money of the United States of America, said amount being the semiannual interest due that date on its Various Purpose General Obligation Bond, (Bond 1972, dated March 1, 1972, and numbered No.) CITY OF YAKIMA, WASHINGTON By Mayor (Coupon - ATTEST: No.) City Clerk Section 4. The Bonds shall be signed on behalf of the City by the facsimile signature of its Mayor, shall be attested by the manual signature of the City Clerk and shall have the seal of the City impressed thereon. Each of the interest coupons attached thereto shall be digned with the facsimile signatures of said officials. Section 5. That there be and is hereby created a special fund of the City known as the "Park and Recreation Capital Fund." $1,900,000 of the proceeds received from the sale of the Bonds and any and all other moneys which the City may now have or later have on hand which are to be used to pay the cost of acquiring, construct- ing, and installing the capital improvements (described in Ordinance No. 1333 of the City) for which the sale of $1,900-,000 principal amount of the Bonds were authorized shall be paid into said Fund and shall be expended solely for the purpose of paying the cost of such improvements and all costs incidental thereto, including the, 7. pro rata share of the costs incidental to the issuance of the Bonds. None of said moneys shall be used for the replacement of equipment. 411 In the event there are any moneys remaining in said Fund after paying all of such costs, the same may be used for like capital improvements to the public park and recreation facilities of the City or may be paid into the Bond Redemption Fund hereinafter created for the uses and purposes herein provided. Section 6. That there has heretofore been created a special fund of the City known as the "Fire Capital Fund." $1,100,000 of the proceeds received from the sale of the Bonds and any and all other moneys which the City may now have or later have on hand which are legally available and needed to pay the cost of acquiring, construct- ing, equipping and making the capital improvements (described in Ordinance No. 1334 of the City) for which the sale of $1,100,000 principal amount of the Bonds were authorized shall be paid into said Fund and shall be expended solely for the purpose of paying the cost of such improvements and all costs incidental thereto, including the pro rata share of the costs incidental to the issuance of the Bonds. None of said moneys shall be used for the replacement of equipment. In the event there are any moneys remaining in said Fund after paying all of said costs, the same may be used for like capital improvements to the fire department facilities of the City or may be paid into the Bond Redemption Fund hereinafter created for the uses and purposes herein provided. Section 7. All of said moneys paid into the Park and Recreation Capital Fund and into the Fire Capital Fund may be deposited in banks, savings banks and savings and loan banks as Amk permitted by law or invested in other securities as permitted by law. All income earned or profits received by virtue of such deposits and/or investments shall be paid into such Capital Funds 8. in the proportion equal to the of.the deposits or in- vestments made from the moneys in each of such Funds. The accrued interest, if any, received by the City from the sale of the Bonds shall be paid into the Bond Redemption Fund created in the following section hereof for the uses and purposes therein provided. Section 8. That there be and is hereby created another special fund of the City to be known as'the "1972 Various Purpose General Obligation Bond Redemption Fund," which Fund shall be drawn upon for the sole purpose of paying the principal of and interest on the Bonds. The City hereby irrevocably covenants that it will make annual levies of valorem taxes without limitation as to rate or amount upon all the property in the City subject to taxation in amounts sufficient to pay the principal of and interest on the Bonds as the same shall become due. . . All such taxes so collected shall be paid into such Bond Redemption Fund and none of the moneys in such Fund shall be used for any other purpose than the payment of the principal of and . interest on the bonds. The full 'faith, credit and resources of the City are hereby irrevocably pledged for the annual levy and collec- tion of such taxes and the prompt payment of such principal and interest. Section 9. the City Clerk is hereby authorized and directed to advertise the Bonds for sale in the manner required by law, and such Clerk or the financial consultants of the City are also authorized to publish or distribute such notice, together with other pertinent financial information of the City, to prospective bidders for the Bonds as shall be found to be necessary by the Clerk and such financial consultants. Sealed bids for the purchase of the Bonds will be re- ceived. by the City Clerk in the City Hall in Yakima, Washington, 9. until 1:00 o'clock P.M. Pacific Standard Time on February 28, 1972, at which time said .bids will be publicly opened, read and evaluated. • Said bids will be considered and acted upon by the City Council at a regular meeting thereof to be held in the Council Chambers in the City Hall at 3:00 o'clock P.M. Pacific Standard Time on the same date. Section 10. In order to permit the City to proceed with the acquisition, construction, installation and making of the capital improvements for which the Bonds are being issued as soon as possible and in order for the City to qualify for United States of America and State of Washington grants of money to be used for the improvements to be made to the public park and recreation facili- ties of the City, it is necessary that this ordinance become effective at the earliest possible date. For the above reasons and for the immediate preservation of the public property, welfare, benefit and safety, it is hereby found and declared that an emergency exists, and this ordinance shall become effective immediately upon its passage, approval and publication as provided by law. PASSED by the City Council of the City of Yakima, Wash- ington, and signed and approved at a regular meeting of said Council held this 24th day of January, 1972. CITY OF YAMA, WASHINGTON i BY ` 400 - Mayor ATTEST: cyfej___, • , 7 7 City Clerk APPROVED AS TO FORM: 411 Ci y Attorney - 10. r f 1 ' I, MARIE DONELSON, the duly chosen, qualified and acting City Clerk of the City of Yakima, Washington, DO HEREBY CERTIFY 410 that the foregoing is a true and correct copy of an ordinance of the City Council of the City of Yakima, Washington, duly passed at a regular meeting of said Council held on the 2 day of January, 19 72 . City Clerk • •