HomeMy WebLinkAbout1974-1659 ISSUANCE & SALE OF GENERAL OBLIGATION BONDS IN THE AMOUNT OF $300,000; CREATING AN AIRPORT ACQUISITION AND CON _ MM.
ORDINANCE NO. _1659
AN ORDINANCE of the City Council of tho, City
of Yakima, Washingtoa, providing for the
issuance and sale of Iimd tax levy
general obligation bonds of the city in
the principal amount. of $300,000 for the
purpose of providing funds to acquire
land for expansion of the city's airport,
to rehabilitate a runway and to construt
and equip certain improvements to the
airport terminal building; providing the
date, form, terms and maturities of said
bonds; creating an Airport Acquisition
and Construction Account; creating a Bond
Redemption Fund; providing for the annual levy
and collection of ad valorem taxes to pay
the principal of and interest on said bonds
and declaring an emergency.
WHEREAS, it is des,'med nect?.ssary and advisFible that the
City of Yakima, Washington (hereinafter called the uCity"), acquire
ceItain real properties for expansion of its airport, rehabilitat
the crosswind runway and also construct and equip certain impre-
=to tc tho - .0.5ta . ,rar.t, in airport
110 WHEREAS, in order to provide part of the money for r.luch
purpcses (the City anticipates receiving certain federal grant
funds to pay part of the cost of purchasing said real properics)
it is deeved neocssary and advisable that the City now issua F.nd
sell its limited tax levy general obligation bonds in the principal
arpount of $300,000;
NOW, THEREFORE, BE. IT ORDAINED by the City of Yakima,
Washington, as follows:
Section 1. It is hereby found and declared that the
public interest, welfare and benefit require the City to acquire
certain real property for the expansion of its airport, rehal)ili-
tate its crosswi. runway and construct and equip c(Lrtain
110 improNnrents to the restaurant, in the eArport trminal.
•
Section 2. For t1v3 purpc)s°, of providing the money
necessary to pay part of the cost of acquiring the above-described
real properties and to pay the cost of rehabilitating such runway
and of constructing and equ:;.pping certain improvements in the •
airport terminal, the City shall issue and sell its limited tax
levy general obligation bonds in the principal amount of $300,000
(hereinafter called the "Bonds").
The Bonds shall be dated June 1, 1974, shall be in the'
denomination of $5,000 each, shall bear interest at such rate or
rates as shall be fixed by the City Council upon the sale thereof,
payable on the first day of December, 1974 and semiannually on
the first days of June and December of each year thereafter, and
shall be numbered and mature on June 1 of each of the following
years in the following amounts':
Bond Nos. Years Amounts Bond Nos. Years Amounts
1-2 1976 $10,000 25-27 1986 $15,000
3-4 1977 10,000 28-30 1967 15,000
110 5-6 1978 10,000 31 1988 20,000
7-8 1979 10,000 35-38 1989 20,000
9-10 1980 10,000 39-42 1990 20,000
11-12 1981 10,000 - 43-46 1991 20,000
13-15 1982 15,000 47-50 1992 20,000
16-18 1983 15,000 51-55 1993 25,000
19-21 1984 15,000 56-60 1994 25,000
22-24 1985 15,000
(The above schedule has been computed on an assumed interest rate
of 5.75% per annum.)
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 Treasurer of the City in the City Hall in Yakima,
Washington.
Section 3. The City hereby reserves the right to redeem
any or all of the Bonds outstanding at par in whole, or in part in
inverse numerical order, on any interest payment date on and after
110 ten years from date of issue.
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Notice of any such iAtendd ni:jemption 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 the main office
of the purchaser or account manager of the purchasers of the Bonds
at their sale by the City or to the business successor or suc-
cessors, if any of said purchaser or account manager at its main
office. 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
oc fo-
411 Section 4,, The Bonds shall be in substantially the fol-
lowing form:
UNITED STATES OF AMERICA
NO. $5,000
STATE OF WASHINGTON
CITY OF YAKIMA
MUNICIPAL AIRPORT
GENERAL OBLIGATION BOND, 1974
The City of Yakima, Washington, a municipal corpora-
tion of the State of Washington (hereinafter called the
"City"), hereby acknowledges itself to owe and for value
received promises to pay to barer on the first day of
June, 19 the principal amount of
411 FIVE THOUSAND DOLLARS
together with interest thereon at the rate of
per annum payable on the first day of December, 1974
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and semiannually on the first day of June and December
of each year thereafter as evidnced by and upon presentation
and surrender of the attached intst coupons as they
severally become due or until such principal sum shall
111 have been paid or duly provided for
Both principal of and interest on this bond are pay-
able in lawful money of the United States of America at the
office of the Treasurer of the City in the City Hall in
Yakima, Washington.
The City has reserved the right to redeem any or all
of the bonds of this issue outstanding at par in whole, or in
part in inverse numerical order, on any interest payment date on
and after ten years from date hereof.
Notice of any such intended redemption shall he 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 60 bonds of like
amount, date and tenor except as to number, rate of interest
and date of maturity in the aggregate principal amount
of $300,000 and is issued pursuant to Ordinance No.
of the City for the purpose of providing part of the funds
to acquire certain real properties for expansion of the
airport of the City and the funds needed to rehabilitate a
runway and construct and equip certain improvements in the
airport terminal building, under and in strict compliance
111 with the provisions of the Constitution of the State of
Washington, all applicable statutes of the State of Washington,
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and provisions of the City Charter and duly adopted ordinances
of the City. .
The City hereby irr covenants that it will
include in its annual budg;lts and levy taxes annually
II! within and as a part of the t�x. re %nue permitted the
p p
City without a vote of the people amounts which, with
other moneys of the City legally available and specifically
set aside therefor, will be 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 are
hereby irrevocably pledged for the annual levy of such
taxes and for the prompt payment of such principal and
interest.
It is hereby certified and declared that all acts,
conditions and things required to he 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 and the bonds of this issue, does not
exceed any constitutional or statutory limitation.
IN WITNESS WHEREOF, the City of Yakima, Washington, has
caused this bond to be signed on behalf of the City with
the facsimile signature of its Mayor, to be attested by
the manual signature of its Clerk, the official 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 first day of June, 1974,
CITY OP YAKIMA, WASHINGTON
411 /3Y
. _...�..
Mayor =7•7.4a../..n01
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ATTEST:
city c „
The interest coupo%s attach f:6 to the Bonds shall be, in
substantially the followinci form:
NO.
On the first day of , 19 , the
City of Yakima, Washington, will pay to bearer at the
office of the Treasurer of the City in the City Hall in
Yakima, Washington, 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 Obligatioq Bond, 1974, dated June 1,. 1974
and numbered
CITY OF YAKIMA, WASHINGTON
By
Mayor
ATTEST:
City Clerk
Section 5. 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 official
seal of the City impressed thereon® Each of the interest coupons
attached thereto shall be signed with the facsimile signatures of
said officials.
Section 6. There is hereby created a special account of
the City to be known as the "Yakima Mun icipal Airport Acquisition
!II and Construction Account." All moneys rcceived from the sale of
the Bonds (except for accrued interest, if any which shall be
paid into the Bond Redemption Fund hereinafter created) and any
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moneys which the City may now have on hand or may later receive
which are to be used for the purpose of paying part of the costs •
of acquisition of the hereinbefore mentioned real properties shall
0 be paid into such Acquisition and Construction Account.
The moneys in such Account shall be used for the purposes
provided in this ordinance and, if necessary, for redeeming and
retiring any warrants drawn thereon or for reimbursing any other
fund or account of the City which may have been drawn upon to pay
any part or all of the costs of acquisition, construction and
equipping of the hereinbefore authorized improvements. Any moneys
remaining in such Account out of the proceeds of sale of the
Bonds after all of such costs have been paid, including costs
incidental to the issuance of the Bonds, shall be paid into the
Bond Redemption Fund hereinafter created for the uses and
purposes herein provided.
SeeLion 7. That i:here is hereby created a special fun°.
411 of the City to be known as the "Municipal Airport 1974 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 covenants and agrees for as long as any of the
Bonds are outstanding and unpaid that each year itwi11 include
in its budget and cause to be levied annually a tax upon all the
property within the City subject to taxation in an amount which,
with other moneys of the City which may be legally available and
which are specifically set aside therefor, will be sufficient to
pay the principal of and interest on the Bonds as the same
shall become due. All of such taxes so collected and any of
411 such other moneys shall be paid into the Bond Redemption Fund, and
none of the moneys therein shall be used for any other purpose
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than the payment of the principal ot nI interest on the Bonds.
The City hereby irrevoc&bly pledges that the annual
tax provided for herein to 1) 1evd fcr the payment of such
principal and interest shall be wiihn and as a part of the tax levy
permitted the City without a vote of the people and that a suffic-
ient portion of each such annual tax to be levied and collected
by the City prior to the full payment of the principal of and
interest on the Bonds will be and is hereby irrevocably set aside,
pledged and appropriated for the payment of the principal of and
interest on the Bonds as aforesaid.
The full faith, credit and resources of the City are
hereby pledged for the annual levy and collection of such taxes
and to the prompt payment of the principal of and interst on the
Bonds as the same shall becomb due.
Section 8. The City Clerk is hereby authorized and
directed to advertise the Bonds for sale in the manner required by
• law. Sealed bids for the purchase of said Bonds will be received
by the City Clerk in the City Hall in Yakima, Washington, until
11:00 o'clock A.M. Pacific Daylight Saving Time on May 27, 1974,
at which time said bids will be publicly opened, read and evalu-
ated. Said bids will be considered and acted upon by the City
Council at aregular meeting thereof to be held in the Council
Chambers in the City Hall at 3:00 o'clock P.M. Pacific Daylight
Saving time on the same date.
Upon the sale of the Bonds the proper City officials
are hereby authorized and directed to do everything necessary for
the prompt issuance, execution and delivery thereof and for the
proper application and use of the proceeds of such sale.
Section 9. The actual value (twice the assessed value)
411 of the taxable property within the City as ascertained by the last
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,7.
preceding assessment for City purposes is $ 465,376,482.00 . The
principal amount of existing. nonvot d 9enera1 obligation bond
indebtedness of the City, including tbe principal amount of the
Bonds, is $ 300,000
. The principal amount of existing
voted general obligation bond indebtedness of the City is
$5,019,000.00_
Section 1(% In order to permit the City to proceed
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with the acquisition, construction and equipping of the improve-
ments for which the Bonds are being issued as soon as possible and
in order for the City to qualify for United States grants of
money to be used to pay part of the cost of such improvements, 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 interest, welfare and benefit . it is
hereby found and declared that an emergency exists and this
ek ch-?' b5N-^= e'cc-ct irn- -pon its pa--7.ge
0 and approval and publication as required by law.
PASSED by the Council of the City of Yakima, Washington,
and approved by its Mayor at a regular meeting of said Council
held this 22nd day of April, 1974.
CITY OF UMA, HINGTON
A■ssos....r nn.was
Mayor
ATTEST:
City /oil<
4(
AP AS TO FORM:
411 City Attorne
1, IRIS LITZENBERGER„ the duly choson, qualified and
acting Clerk of the City of Yakima, Washington, DO HEREBY
CERTIFY that the foregoing is a true and correct copy of
an ordinance of the City Council of the City of Yakima, Washing-
ton, duly passed at a regular meeting of said Council held on
the 22nd day of April, 1974.
4P
Clerk
!II
•
4111