HomeMy WebLinkAbout1996-056 General Obligation bonds Y. 3
ORDINANCE NO 96— 56
An Ordinance of the City Council of the City of Yakima, Washington,
re- designating the Bond Registrar for certain outstanding general
obligation bonds of the City
WHEREAS, the City of Yakima (the "City") has outstanding its limited tax general
obligation bonds issued for certain housing purposes as follows.
Date of Issue Onginal Amount Authorizing Ordinance
October 28, 1991 S400,000 3402
April 1, 1992 S400,000 3438
April 1, 1993 S200,000 93 -11
(said bonds being herein referred to as the "Bonds "); and
WHEREAS, the ordinances authorizing the issuance and sale of the above bond issues
designated the City Director of Finance and Budget as bond registrar and paying agent for such
bonds, and
WHEREAS, it has been determined to be more cost effective and expeditious to assign
the functions of bond registrar and paying agent with respect to such bonds to the fiscal agencies
for the State of Washington who perform such functions for other bonds of the City;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY OF YAKIMA,
WASHINGTON, AS FOLLOWS
Section 1. The fiscal agencies, from time to time, of the State of Washington, are
hereby appointed to serve as bond registrar and paying agent for the Bonds, subject to the terms
and provisions of the contract between the State of Washington and such fiscal agencies
Section 2 The last two paragraphs of Section 2 of each of the Ordinances 3402, 3438
and 93 -11 are hereby amended to read-as follows.
The City hereby appoints the fiscal agencies for the State of Washington as
the Bond registrar and paying agent. The City shall cause a Bond register to be
maintained by the Bond registrar So long as any Bonds remain outstanding, the
Bond registrar shall make all necessary provisions to permit the exchange or
registration or transfer of the Bonds at its office. The Bonds shall be transferable
only upon the Bond register by the registered owner thereof in person or by his
attorney duly authonzed in wnting, upon surrender thereof, together with a wntten
instrument of transfer satisfactory to the Bond registrar duly executed by the
registered owner or his duly authorized attorney Upon the transfer of a Bond, the
. ,
Bond registrar shall issue in the name of the transferee, a new Bond in the same 7.---. denomination. \.
Both principal of and interest on the Bonds shall be payable in lawful
money of the United States of Amenca. Interest on the Bonds shall be paid by
check or draft mailed on the day interest is due to the registered owners or assigns
at the address appearing on the Bond register on the 15th day of the month
preceding the principal and interest payment date. The final payment of pnncipal
of and interest on the Bonds shall be payable upon presentation and surrender
thereof by the registered owners to the Bond registrar
PASSED BY THE CITY COUNCIL OF THE CITY OF YAKIMA, WASHINGTON at a
regular meeting thereof this 6' day of ,,.,'d'., , 1996
CITY OF YAKIMA, WASHINGTON
d -.i.7 , S 6*--
L = ':'chanan , Mayor
• ATTEST
City Clerk
APPROVED AS TO FORM
_A;04.X2-C-,C
City Attorney - -
•
-2- , v nrsno -eo 001 03i a«
•
BUSINESS OF THE CITY COUNCIL
l b YAKIMA, WASHINGTON
AGENDA STATEMENT
Item No p2 F
For Meeting Of 8/6/96
ITEM TITLE Ordinance amending ordinance(s) 3402, 3438 and 93 -11 for issuance of certain
Limited Tax General Obligation Bonds, re- designating the Bond Registrar
/li SUBMITTED BY Department of Finance & Budget' , v � CONTACT PERSON/TELEPHONE John Hanson, Dir ctor of Finance & Budget 575 -6070
Tim Jensen, Acco{. ttant 576 -6639
SUMMARY EXPLANATION These three bond issues total $1 2 million, and were issued for
the housing division's purposes in 1991, 92 and 93 Typically the bond ordinance would
have specified the State's paying agent as registrar and paying agent for the City Instead,
the City's Director of Finance & Budget was named, in error The Department believes it will
be more cost effective and result in Tess liability to the City if we transfer these responsibilities
to professionals who deal with these matters routinely We have therefore instructed Bond
Council (Preston Gates & Ellis) to prepare this amendment to the above mentioned
ilo ordinances to correct the matter
Resolution _Ordnance _X Contract Other (Specify)
Funding Source N/A
APPROVED FOR SUBMITTAL �.
City Manager
STAFF RECOMMENDATION Adopt Ordinance
BOARD /COMMISSION RECOMMENDATION
COUNCIL ACTION
