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HomeMy WebLinkAbout1975-1869 ISSUANCE & SALE OF OBLIGATION BONDS IN THE AMOUNT OF $600,000 TO BUILD A CONVENTION CENTER PARKING FACILITY. . s • ORDINANCE NO. /f7 111 AN ORDINANCE of the City Council of the City of Yakima, Washington, providing for the issuance and sale of limited tax levy general obligation bonds of the city in the principal amount of $600,000, for the purpose of providing funds to acquire, construct and equip a convention center parking facility; providing the date, form, terms and maturities of said bonds; creating a 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 deemed necessary and advisable that the City of Yakima, Washington (hereinafter called the "City"), acquire, construct and equip a convention center parking facility, as hereinafter more specifically described; and WHEREAS, in order to provide part of the money for such purposes it is deemed necessary and advisable that the City now issue and sell its limited tax levy general obligation bonds in the principal amount of $600,000. 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, construct and equip a convention center parking facility, as hereinafter more specifically described. Section 2. For the purpose of providing the money necessary to pay part of the cost of acquiring, constructing and equipping a convention center parking facility within the City of Yakima, 411 together with all necessary appurtenances, adjacent to the con- vention center provided for by Ordinance No. 1775 of the City and designated the "Bicentennial Pavilion", the City shall issue and sell its limited tax levy general obligation bonds in the principal .-.-+-•••,•••■w.ara.0 amount of $600,000 (hereinafter called the "Bonds"). Said facilities shall be as more fully set forth in preliminary • plans and specifications therefor now on file with the city. The acquiring, constructing and equipping of such facilities shall be subject to the preparation and consideration of such environmental assessments and statements as may be required by the State Environmental Policy Act, and rules and regulations promulgated thereunder. The City will undertake such project jointly with Yakima County, pursuant to such agreement between the City and the County dated May 12, 1975, concerning the acquisition and construc- tion of convention center facilities. The Bonds shall be dated February 1, 1976, 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 August, 1976 and semiannually on the first days of February and August of each year thereafter, and shall be numbered and mature on February 1 of each of the following • years in the following amounts: Bond Nos. Years Amounts Bond Nos. Years Amounts 1-3 1978 $ 15,000 45-50 1988 $ 30,000 4-6 1979 15,000 51-57 1989 35,000 7-10 1980 20,000 58-64 1990 35,000 11-14 1981 20,000 65-72 1991 40,000 15-18 1982 20,000 73-80 1992 40,000 19-22 1983 20,000 81-89 1993 45,000 23-27 1984 25,000 90-99 1994 50,000 28-32 1985 25,000 100-109 1995 50,000 33-38 1986 30,000 110-120 1996 55,000 39-44 1987 30,000 (The above schedule has been computed on an assumed interest rate of 7% per annum.) 411 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, or, at the option of the hblder, at either -2- ' 7 of the fiscal agents of the State of Washington, in the Cities of Seattle, Washington, or New York, New York. 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 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 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 successors, if any, of s'aid purchaser or account manager at its main office. Interest on any Bond or Bonds so called for redemption shall cease on such 411 redemption date unless the same are not redeemed upon presen- tation 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. Section 4. The Bonds shall be in substantially the following form: UNITED STATES OF AMERICA NO. $5,000 STATE OF WASHINGTON CITY OF YAKIMA LIMITED TAX LEVY GENERAL OBLIGATION BOND, 1976 -3- The City of Yakima, Washington, a municipal corpora- ton of the State of Washington (hereinafter called the "City "), hereby acknowledges itself to owe and for value • received promises to pay to bearer on the first day of February, 19 the principal amount of FIVE THOUSAND DOLLARS together with interest thereon at the rate of per annum payable on the first day of August, 1976 and semiannually on the first days of February and August of each year thereafter as evidenced by and upon presentation and surrender of the attached interest coupons as they severally become due or until such principal 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 Treasurer of the City in the City Hall 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, or New York, New York. The City has reserved the right to redeem any or all of the bonds of this issue outstanding 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 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 -4- This bond is one of an issue of 120 bonds of like amount, date and tenor except as to number, rate of 411 interest and date of maturity in the aggregate principal amount of $600,000, and is issued pursuant to Ordinance No. of the City under and in strict compliance with the provisions of the Constitution of the State of Wash- ington, and provisions of the City Charter and duly adopted ordinances of the City. The City hereby irrevocably covenants that it will include in its annual budgets and levy taxes annually within and as a part of the tax revenue petwitted the City without a vote of the people amounts which, with other moneys of the City legally available and specifically set aside therefore, 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 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, 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 ' -5- ATTEST; • City Clerk The interest coupons 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 Treasurer of the City in the City Hall in Yakima, Washington, or, at the option of the holder, at the fiscal agencies of the State of Washington in the cities of Seattle, Washington, and 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 Limited Tax Levy General 111 Obligation Bond, 1976, dated February 1, 1976 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 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 111 facsimile signatures of said officials. Section 6. There is hereby created a special account of the City to be known as the "Bicentennial Pavilion Parking Facilities Construction Account." All moneys received from the sale of the Bonds (except for accrued interest, if any, which shall -6- • - • . • be paid into the Bond Redemption Fund hereinafter created) and any moneys which the City may now have on hand or may later receive which are to be used for the purpose of paying part 411 of the costs of acquiring, constructing and equipping the facilities described in Section 1, shall be paid into such Construction Account. The moneys in such Account shall be used for the purpose 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. Moneys on hand in such account may be invested in any manner permitted by law and all proceeds of such investments 41, shall remain in and become a part of such account, until all purposes for which the bonds are issued shall be accomplished and all such improvements fully paid for. Section 7. There is hereby created a special fund of the City to be known as the "1976 Limited Tax Levy 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 it will 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 used and which the City specifically applies for such purposes, 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 such other moneys shall be paid into the Bond Redemption -7- , ,.. • - Fund, and none of the moneys therein shall be used for any other purpose than the payment of the principal of and interest on the Bonds. 111 The City hereby irrevocably pledges that the annual tax provided for herein to be levied for the payment of such principal and interest shall be levied within and as a part of the tax levy permitted the City without a vote of the people and that a sufficient 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 interest on the Bonds as the same shall become 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 1:00 o'clock P.M. Pacific Standard Time on January 19, 1976, 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 8:00 o'clock P.M. Pacific Standard 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 411 prompt issuance, execution and delivery thereof and for the proper application and use of the proceeds of such sale. Section 9. The actual value of the taxable property within the City as ascertained by the last preceding assessment for City purposes is $544,767,027. The principal amount of existing non-voted -8- general obligation bond indebtedness of the City, including the principal amount of the Bonds, is $1,500,000. The principal amount of existing general obligation bond indebtedness approved by the voters of the City is $4,717,000. Section 10. In order to permit the City to proceed with the acquisition, construction and equipping of the improvements for which the Bonds are being issued as soon as possible, 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, peace, property, health and safety it is hereby found and declared that an emergency exists and this ordinance shall become effective immediately upon its passage and approval and publication as required by law. PASSED by the Council of the City of Yakima, Washington, and approved by is Mayor .t a regular meeting of said Council held thiow, Amd 197 CITY OF YAKIMA, WASHINGTON By I Actin4ayor ATTEST: • • City lerk / APPROVED AS TO FORM: 410 Cit Attorney -9-