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HomeMy WebLinkAbout1980-2453 CONSOLIDATION OF LOCAL IMPROVEMENT DISTRICTS. ORDINANCE NO. ,2-/53 AN ORDINANCE of the City of. Yakima, Washington, providing for the consolidation of Local Improve- ment Districts Nos. 1018, 1022, 1023, 1024, 1025, 1026, 1027 and 1028 into Consolidated Local Improve- • ment District No. 1; providing for the issuance of bonds of Consolidated Local Improvement District No 1 in the principal sum of $962,475.11; confirm- ing the sale of said bonds; and amending Section 8 of Ordinance Nos. 2199, 2277, 2236, 2278, 2279, 2281, 2288 and 2293. WHEREAS, the City Council of the City of Yakima, Washington (the "City"), has heretofore created certain local improvement districts (the "LID's"), for the purpose of constructing improve- ments therein and authorized the issuance of bonds to pay the costs of such improvements, by ordinances duly passed, as follows: LID No. Authorizing Ordinance 1018 Ordinance 2199, as amended by Ordinance 2238, passed on August 14, 1978 and December 4, 1978, respectively, 1022 Ordinance 2227, passed on October 30, 1978, 1023 Ordinance 2236, passed on December 4, 1978, 1024 Ordinance 2278, passed on April 2, 1979, 1025 Ordinance 2279, passed on April 2, 1979, 1026 Ordinance 2281, passed on April 9, 1979, 1027 Ordinance 2288, passed on April 23, 1979, 1028 Ordinance 2293, passed on April 30, 1979; and WHEREAS, the improvements provided by said ordinances to be constructed within the LID's have been completed; and WHEREAS, the assessment rolls in the LID's have been con- firmed by Ordinances 2379, 2406, 2370, 2385, 2432, 2393, 2434, 2387, respectively, in the total amount of $ 0/5,044I40f which $ cg paid during the thirty (30) day period permitted by law for the payment of assessments without penalty or interest; and WHEREAS, for the purpose of issuing bonds, it is deemed desirable that the LID's be consolidated into a single consoli- dated local improvement district pursuant to RCW 35.45.160. WHEREAS, it is now necessary for the City to issue and sell bonds of said consolidated local improvement district in the principal sum of $ 962,475.11 in order to pay for the cost and expense of said improvements; NOW, THEREFORE, BE IT ORDAINED by the Council of the City of Yakima, Washington, as follows: Section 1. For the purpose of issuing bonds to pay the costs of improvements made in Local Improvement Districts Nos. 1018, 1022, 1023, 1024, 1025, 1026, 1027 and 1028 of the City, said Local Improvement Districts (the "LID's") are hereby consolidated into Consolidated Local Improvement District No. 1. There is hereby created a special fund of the City to be known as the Consolidated Local Improvement District No. 1 Fund. After full payment of the principal of and interest on all outstanding warrants previously issued to provide funds for the making of improvements in the LID's, all money received by the City in payment of principal of and interest on the assessments levied in the LID's, and all money, if any, on hand in the Local Improvement District Funds Nos. 1018, 1022, 1023, 1024, 1025, 1026, 1027 and 1028, shall be paid into said Consolidated Local Improvement District No. 1 Fund and shall be used to pay the principal of and interest on the bonds authorized by this ordinance. Section 2. In order to provide permanent financing for the costs and expenses of the improvements ordered by Ordinances 2199, as amended by 2238, 2227, 2236, 2278, 2279, 2281, 2288 and 2293 of the City and constructed in Consolidated Local Improve- ment District No. 1, the City shall now issue bonds of Consolidated Local Improvement District No. 1 in the principal sum of $962,475.11 (the "Bonds"). The Bonds shall be dated October 15, 1980, shall be in the denomination of $5,000 each, except for Bond No. 1, which shall be in the denomination of gur $2,475.11, shall be numbered from 1 to 193 inclusive, shall bear -2- INIts interest payable annually on October 1 of each year, commencing with October 1, 1981, and shall mature on October 1, 1992. All of the Bonds shall be payable in lawful money of the United States at the office of the City Treasurer of Yakima, 411 Washington or, at the option of the holder, at either of the fiscal agencies of the State of Washington in Seattle, Washington or New York, New York. The Bonds shall be redeemable in advance of their scheduled maturity at par plus accrued interest to the date of redemption, in numerical order, on any interest payment date whenever there shall be sufficient money in the Consolidated Local Improvement District No. 1 Fund over and above an amount sufficient for the payment of all unpaid interest due or to become due on such interest payment date on all unpaid Bonds, including the Bonds to be redeemed, on such date. Notice of such intended redemption shall be given by one publication thereof in the official newspaper of the City not • more than twenty (20) nor less than ten (10) days prior to such redemption date. Copies of such notice shall be mailed, at the same time, to Foster & Marshall Inc. at their offices in Seattle, Washington, or to its successor in business, if any. Section 3. The Bonds shall be in substantially the follow- ing form: UNITED STATE OF AMERICA NO.: $5,000 STATE OF WASHINGTON CITY OF YAKIMA CONSOLIDATED LOCAL IMPROVEMENT DISTRICT NO. 1 Laws of Washington 1965, Chapter 7 (RCW 35.45.070) provides, in part, as follows: "Neither the holder nor owner of any bond, interest coupon, or warrant issued against a local improvement fund shall have any claim therefor against the city or town by which it is issued, except for payment from the special assessments made for the improvement for which the bond or warrant was issued and except also for payment -3- • from the local improvement guaranty fund of the City or town as to bonds issued after the creation of a local improvement guaranty fund of that city or town. The city or town shall not be liable to the holder or owner of any bond, interest coupon, or warrant for any loss to the local improvement _ guaranty fund occurring in the lawful operation thereof." • The City of Yakima, a municipal corporation of the State of Washington (hereinafter, the "City"), hereby promises to pay to bearer the sum, of FIVE THOUSAND DOLLARS . . on October 1, 1992, in lawful money of the United States of America, with interest thereon from the date hereof until payment of the principal sum has been made or duly provided for at the rate of /04)3 percent per annum, payable on October 1, 1981 and annually thereafter on the first day of October of each year, out of the fund established by Ordinance No.) , of the City and known as the "Consolidated Local Improve-. ment District No. 1 Fund," and not otherwise. Both principal and interest on this bond are payable at the office of the City Treasurer of the City, or at the option of the holder, at either of the fiscal agencies - of the State of Washington in Seattle, Washington or New York, New York. A coupon is hereto attached for each installment of interest to accrue on this bond and said interest shall be paid only on presentation and surrender of such coupons. The City Council of the City has caused this bond to be issued in the name of the City, as the bond of said Consolidated Local Improvement District, the bond or the proceeds thereof, to be applied in part payment of the cost and expense of the improvements constructed therein pursuant to Ordinances numbered 2199, as amended by 2238, 2227, 2236, 2278, 2279, 2281, 2288 and 2293, • and as levied and assessed against the property included • in Consolidated Local Improvement District No. 1 and benefited by the improvements constructed therein. The Consolidated Local Improvement District No. 1,Fund has been established by ordinance for the payment of the principal.of and the interest on this bond. The holder or holders of this bond shall look only to said fund and the local improvement guaranty fund of the City created by Ordinance No. pursuant to Chapter 209, Washington Session Laws of 1927. This bond is one of a series of 193 bonds aggre- gating in all the principal sum of $962,475.11, issued for Consolidated Local Improvement District No. 1, all of which bonds are subject to the same terms and condi- tions as herein expressed. This bond is payable on or before the first day of October, 1992, but is subject to call by the City Treasurer for prior redemption on any interest payment date, and when such call is made this bond will be paid on the day the next interest coupon thereon shall 411 -4- • • . • become due after said call and.upon said day 'interest upon this bond shall cease and each and every coupon representing interest not accrued upon said day shall be void unless payment shall not be•made by the City • due upon presentation pursuant to such call. IT IS HEREBY CERTIFIED, RECITED AND DECLARED that • all acts, conditions and things required to be done precedent to and in the levying of said assessments and the issuing of said bonds, have been properly done, • happened and performed in regular and due form, as required by law; and that said bonds have not been • issued in an amount in excess of the cost of said improvement; and that said indebtedness does not exceed any statutory or constitutional limitation. IN WITNESS WHEREOF, the City of Yakima, Washing- ton, has caused this bond to be signed by,the facsimile signature of its Mayor, attested by its City Clerk, its corporate seal to be imprinted or impressed hereon and has caused the interest coupons hereto attached to be executed with the facsimile signatures of said officials this fifteenth day of October, 1980. • • CITY OF YAKIMA, WASHINGTON • By Mayor ATTEST: -• • City Clerk • • The interest coupons to be attached to said bonds shall be in substantially the following form: • NO. Unless this bond is sooner called for redemption, the City of Yakima, Washington, on the 1st day of . October, 19 , will pay to the bearer hereof at the office of the City Treasurer, or at the option of the • • • holder, at either of the fiscal agencies of the of Washington in Seattle, Washington, or New York, New • York the sum shown hereon in lawful•money of the United States of America out of the Consolidated Local Improve- ment District No. 1 Fund of the City, said sum'being the interest due on that date on bond numbered . of Consolidated Local Improvement District No. 1 of the City. This coupon is subject to all the terms and conditions contained in the bond to which it is attached.. CITY OF YAKIMA, WASHINGTON, B Y ( Mayor ATTEST:. 4117 City Clerk ' • • J • Section 4. The Bonds shall. be executed by the facsimile signature of the Mayor and the manual signature of the City Clerk, the corporate seal of the City to be imprinted or impressed thereon, and the interest coupons shall bear the facsimile signa- tures of said officials. The appropriate City officials are 111 hereby authorized to do everything necessary for the prompt printing, issuance and delivery of the Bonds and the proper application of the proceeds thereof. • Section 5. The City covenants and agrees that throughout the term of the Bonds, no part of the proceeds thereof or any other money or obligations held.in the Consolidated Local Improve- ment District No. 1 Fund or the Local Improvement Guaranty Fund of the City shall at any time be used for any purpose, nor shall the City take any other action, which would cause any of the Bonds to be (1) an "arbitrage bond" under Section 103(c) of the federal Internal Revenue Code of 1954, as amended, and the applic- able regulations thereunder or (2) an "industrial development bond" under Section 103(b) of the Internal Revenue Code of 1954, as,amended, and the applicable regulations thereunder. Section 6., The City Council hereby accepts and approves the proposal dated September 30, 1980 of Foster & Marshall Inc., Spokane, Washington, to purchase the Bonds on the terms provided , for therein. The appropriate officials of the City are hereby authorized and directed to take all necessary action necessary to execute and deliver the Bonds in accordance with the terms of the offer. Section 7 Section 8 of Ordinance No 2199 of the City Council is hereby amended to read as follows: "Section 8. Bonds payable on or before 12 years from the date of issuance, shall be issued in payment of the costs and expense of improvement, which bonds shall be redeemed by the collection of special assess- ments to be levied and assessed upon the property within said district. " 110 -6- • , Section 8. Section 8 of Ordinance No. 2227 is amended to read as follows: • "Section 8. Bonds payable on or before 12 years from the date of issuance shall be issued in payment of the costs and expense of said improvement, which bonds shall be redeemed by the collection of special assess- ments to be levied and assessed upon the property within said district." Section 9. Section 8 of Ordinance No. 2236 is hereby amended to read as follows: "Section 8. Bonds payable on or before 12 years from the date of issuance shall be issued in payment of the costs and expense of said improvement, which bonds shall be redeemed by the collection of special assess- ments to be levied and assessed upon the property within said district." Section 10. Section 8 of Ordinance No. 2278 is hereby amended to read as follows: "Section 8. Bonds payable on or before 12 years from the date of issuance shall be issued in payment of the costs and expense of said improvement, which bonds shall be redeemed by the collection of special assess- ments to be levied and assessed upon the property within said district." Section 11. Section 8 of Ordinance No. 2279 is hereby amended to read as follows: "Section 8. Bonds payable on or before 12 years from the date of issuance shall be issued in payment of the costs and expense of said improvement, which bonds • sall be redeemed by the collection of special assess- ments to be levied and assessed upon the property within said district. " Section 12. Section 8 of Ordinance No. 2281 is hereby amended to read as follows: "Section 8. Bonds payable on or before 12 ; years from the date of issuance shall be issued in'payment Of the costs and expense of said improvement, which bonds • shall be redeemed by the collection of special assess - ments to be levied and assessed upon the property • within said district. " • -7- + O Section 13. Section 8 of Ordinance No. 2288 is hereby amended to read as follows: "Section 8. Bonds payable on or before 12 years from the date of issuance shall be issued in payment of the costs and expense of said improvement, which bonds shall be redeemed by the collection of special assess- , ments to be levied and assessed upon the property within said district." 41 Section 14. Section 8 of Ordinance 2293 is hereby amended to read as follows: "Section 8. Bonds payable on or before 12 years from 'the date of issuance shall be issued in payment of the costs and expense of said improvement, which bonds shall be redeemed by the collection of special assess- ments to be levied and assessed upon the property within said district." Section 15. This ordinance is one relating to local improve- ments and shall become effective from and after its passage, approval and publication in the manner 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 on the 20 day of � , 1980. CITY OF YAKIMA, WASHINGTON By Mayor ATTEST: City Clerk' AP ROVED AS TO FORM: City Attorney m8®