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HomeMy WebLinkAbout1973-1505 . . ORDINANCE NO. 45 AN ORDINANCE of the City Council of the City of Yakima, Washington, providing for the 110 submission to the qualified electors of the city at a special election to be held therein on May 22, 1973, of a proposition of whether or not the city should issue its unlimited tax levy general obligation bonds in the principal amount of $1,900,000 for the purpose of providing funds to pay part of the cost of acquiring, constructing and equipping certainscapital improvements as a multi-purpose convention and cultural center of the city, and declaring an emergency. WHEREAS, the City of Yakima, Washington (hereinafter called the "City") does not now have a multi-purpose community center or multi-purpose center facilities and it is deemed necessary and advisable and to the best interests of its citizens that the City acquire, construct and equip such a center in order to make local public services or facilities more convenient and useful to the • residents and citizens of the City; and WHEREAS, it appears that grants of money will be provided the City in order to pay part of the cost of acquiring, constructing and equipping such improvements; and WHEREAS, in order to provide funds to pay an additional part of the cost of such improvements, it •is deemed necessary and advis- able that the City issue and sell its unlimited tax levy general obligation bonds in the principal amount of $1,900,000; and WHEREAS, the Constitution and laws of the State of Wash- ington 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 rejection; 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 within the City on May 22, 1973; . _,,„ _ • • , , • • ..„ NOW, THEREFORE, BE IT ORDAINED by the City of Yakima, Washington, as follows: • Section 1. It is hereby found and declared that the public health, welfare and benefit require that the City acquire, construct and equip a multi-purpose community convention and cultural center by the acquisition and improving of necessary property, and the acquisition, reconstructing and improvement of the Capitol Theatre as a public auditorium, which said improvements shall also include exhibition halls, meeting rooms, offices, kitchen and dining facilities, educational facilities, walkways, parking facilities, landscaping, utilities and all other necessary appurtenances and facilities. Section 2. For the purpose of providing money to pay part of, the cost of carrying out the above described plan of capital improvements the City shall issue and sell its unlimited tax levy • general obligation bonds in the principal amount of $1,900,000. The balance of the cost of said improvements shall be paid out of any monies which the City now has or may later have on hand and which are legally available for such purposes, and out of antici- pated United States of America and State of Washington grants of money. In the event the proceeds of sale of said bonds, together with such other available monies, are insufficient to enable the City to carry out the plans for such improvements as fully contemplated, the City shall use the available funds to pay the cost of such part of the plan of improvements that will give the City a complete and working multi-purpose community convention and cultural center with all necessary facilities. Section 3. Said bonds may be sold in such amounts and at such time or times as deemed necessary by the City Council and as 2. permitted by law, shall bear interest at a rate or rates as shall be fixed upon the sale or sales thereof and shall mature serially in such amounts and at such times in twenty years from date of issue as authorized by the City Council and as permitted by law. Both principal of and interest on said bonds shall be payable out of annual tax levies to be made on all taxable prop- erty 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 of the City. Section 4. It is hereby found and declared that an emer- •gency 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 May 22, 1973. 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 assume jurisdiction of, and to call and conduct said special election to be held within the City on said date 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 following'form: PROPOSITION . COMMUNITY CENTER BONDS--$1,900,000 Shall the City of Yakima, Washington issue its general obligation bonds in the principal amount of $1,900,000, maturing serially in twenty years from date of issue, bearing interest at a rate of not to • exceed the maximum rate permitted by law at the time of their sale or sales, and being payable, both principal and interest, out of annual levies of taxes to be made upon all the taxable property within the City, without limitation as to rate or amount, for the purpose of paying part of the costs of acquiring, 3. 4 . • " • constructing and equipping a multi-purpose community convention and cultural center by the acquisition and 111 improving of necessary property and the acquisition, reconstructing and improving of the Capitol Theatre as a public auditorium, which said improvements shall also include exhibition halls, meeting rooms, offices, kitchen and dining, educational and parking facilities, walkways, landscaping, utilities and all other necessary appurtenances and facilities, all as more fully provided in Ordinance No. of the city, passed and approved April 2, 1973. BONDS, YES /7 BONDS, NO / Section 5. This ordinance is necessary for the immediate preservation of the public property, health, welfare and benefit. Therefore, an emergency is hereby declared to exist and this ordinance shall become effective immediately upon its final passage, approval and publication as provided by law. PASSED by the City Council, signed and approved at a regular • meeting of the Council held this 2nd day of April, 1973. • CITY OF YAKIMA, WASHINGTON By 4 AID Mayor ATTEST: .4 7 , . City Clerk 4. . . I, JACK DANIEL, the duly chosen, qualified and acting Clerk of the City of Yakima, Washington, DO HEREBY CERTIFY that the foregoing is a true and correct copy of Ordinance No. 1505 , duly adopted by the Council of said city at a regular meeting thereof held on the 2nd day of April, 1973, and approved by its Mayor on said date. City Clerk 111