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HomeMy WebLinkAbout1981-2550 SPECIAL ELECTION ON NOVEMBER 3, 1981 REGARDING GENERAL OBLIGATION BONDS. (street lights) ORDINANCE NO. 04:0 AN ORDINANCE of the City Council of the City of Yakima, Washington, providing for the submission to the qualified electors of the city at a special election to be held on November 3, 1981, of the proposition of whether or not the city should issue its general obligation bonds in the aggre- gate principal amount of $2,200,000, for the purpose of providing funds to acquire additional street lighting facilities and to construct, install and equip a high pressure sodium street, lighting system throughout the city and declaring an emergency. WHEREAS, it is deemed necessary and advisable by the City Council of the City of Yakima, Washington, (the "City") that the City own and operate all street lighting facilities and upgrade street lighting facilities throughout the City; and . WHEREAS, in order to provide funds to pay the cost thereof it is deemed necessary and advisable that the City issue and sell its general obligation bonds in the aggregate principal amount of $2,220,000; and WHEREAS, the Constitution and laws of the Ftate of Washington provide that the question of whether or not the City may issue such bonds for such Purpose must be submitted to the qualified electors of the City for their ratification or rejection; NOW, THEREFORE, BE IT ORDAINED by the City of Yakima, Wash- ington, as follows: Section 1. FINDINGS. it is hereby found and declared that it is necessary for the public welfare and benefit of the inhabi- tants of the City that the City acquire those street lighting facilities within the City which are owned by Pacific Power and Light Company and upgrade street lighting facilities throughout the City by constructing, installing and equipping a high pressure sodium street lighting system, and additional storage facilities, 411 and issue its general obligation bonds to pay P4rt or all of the _ . : 4 . _ • ' cost thereof. None of the proceeds of said bonds shall be expended for the replacement of equipment or for other than a capital purpose. In the event the proceeds of the sale of the bonds, plus any and all other moneys available for such purposes, are insuf- ficient to fully fund the acquisition and upgrading plan as hereinbefore provided for, the City shall use the available funds for paying the cost of such portions of the plan as is deemed most necessary and in the best interests of the City by the City Council. Section 2. AUTHORIZATION OF BONDS. For the purpose of pro- viding part or all of the funds to pay the cost of the acquisi- tion and upgrading of the street lighting facilities throughout the City, including additional storage facilities, and including all costs of engineering, planning, financial, legal, and other services lawfully incurred incident thereto, the City shall issue and sell its general obligation bonds in the aggregate principal amount of not to exceed $2,200,000. Said bonds shall be issued in such amounts and at such time or times as deemed necessary and advisable by the City Council and may be issued in one or more series, shall bear interest at a rate of not to exceed the maximum rate permitted by law, and shall mature serially within two to twenty years from date of issue. Both principal of and interest on said bonds shall be payable by annual levies in excess of regular property tax levies to be made upon all the taxable property within the City in such amounts as are sufficient, together with other legally available funds, to pay such principal and interest as the same shall become due. The exact date, form, terms, options of redemption and maturities of said bonds shall be as hereafter fixed by ordinance of the City. Section 3. USEFUL LIFE OF IMPROVEMENTS. The life of the 411 improvements to be acquired or constructed by use'of the proceeds - f - of said bonds is hereby estimated and declared to be no less than twenty years. Section 4. ELECTION CALLED. It is hereby found and declared that an emergency exists requiring the submission to the quali- fied electors of the City of the proposition of whether or not the City shall issue said general obligation bonds for their ratification or rejection at a special election to be held on November 3, 1981. The Yakima County Auditor, as ex officio supervisor of elections, is hereby requested to also find the existence of such emergency and 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: CITY OF YAKIMA PROPOSITION NO. STREET LIGHTING BONDS, 2,2O,ODO Shall the City of Yakima, Washington, for acquir- ing and providing a high pressure sodium street lighting system, issue its general obligation bonds in the amount of not to exceed $2,200,000, payable both principal and interest out of annual tax levies in excess of regular property tax levies, to bear interest at a rate of not to exceed the maximum rate permitted by law, and to mature within twenty years from date of issue? BONDS, YES / / BONDS, NO / The City Clerk is hereby authorized and directed to deliver a certified copy of this ordinance to the Yakima County Puditor. 110 -3- . _ PASSED by the Council of the City of Yakima, Washington, at a regular meeting thereof held on the 9th day of Sebterber, 1981. CITY OF YAKIMA, WASHINGTON 1 110 , /- By 40774144/7/../ Betty/ . Mayor ATTEST: Iris Litzenberg, City 410 -4-