HomeMy WebLinkAbout1996-049 General obligation bonds ORDINANCE NO. 96- 43
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AN ORDINANCE of the City of Yakima, Washington, providing for the submission
to the qualified electors of the City at a special election to be held
therein on November 5, 1996 of the proposition of whether or not
the City should issue its general obligation bonds in the
aggregate principal amount of $25,200,000, for the purpose of
making certain improvements to City streets.
WHEREAS, it is deemed necessary and advisable by the City Council of the City
of Yakima, Washington (the "City"), that the City address needed improvements to
certain City streets and key intersections; and
WHEREAS, in order to provide funds necessary to pay the cost thereof, it is
deemed necessary and advisable that the City issue and sell its unlimited tax levy
general obligation bonds in the aggregate principal amount of $25,200,000; and
WHEREAS, the Constitution and laws of the State of Washington provide that
the question of whether or not the City may issue such bonds for such purposes and
levy taxes to pay the principal thereof and interest thereon must be submitted to the
qualified electors of the City for their ratification or rejection, now, therefore,
BE IT ORDAINED BY THE CITY OF YAKIMA:
Section 1 Findings. It is hereby found and declared that the welfare of the
inhabitants of the City requires that the City authorize and carry out the project set
forth in Section 2 hereof (herein called the "Project ")
Section 2 Authorization of Project. The following project of improvements
to the street system of the City is hereby authorized and ordered to be carried out:
A. Make improvements to nine important street sections, including,
but not limited to, reconstruction and replacement of base material, curbs,
sidewalks, street lights, and pavement; and
B Make improvements to two important street sections requiring
widening and including, but not limited to, reconstruction and replacement of
base material, curbs, sidewalks, street lights, and pavement; and
C. Reconstruct a portion of the Gilbert Park parking lot, including,
but not limited to, replacement of base material, curbs, pavement, and
markings; and
D. Construct new sidewalk sections along certain street segments
and at various intersections which address school route safety; and
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E. If excess fund$ are available, to make other capital improvements
to the streets within the City of Yakima.
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Such projects are more fully described on Exhibit A, attached hereto and
incorporated by reference herein. The cost of all necessary engineering and other
consulting services, inspection and testing, administrative and relocation expenses,
financing costs, site acquisition, on and off -site utilities, related improvements and
other costs incurred in connection with the making of the foregoing capital
improvements shall be deemed a part of the costs of such improvements. Such
improvements shall be completed with all necessary fixtures, equipment, and
appurtenances.
The Council shall determine the application of available moneys as between
the various projects set forth above so as to accomplish, as nearly as may be, all
improvements described or provided for in this section. The Council shall determine
the exact extent and specifications for construction of all improvements.
Section 3 Authorization of the Bonds. To provide funds to pay part of the
cost of acquiring, constructing, and equipping the Project, including all costs of
engineering, architectural, planning, financial, legal, and other services lawfully
incurred incident thereto, and to the issuance of bonds therefor, the City shall issue
its general obligation bonds in the aggregate principal amount of not to exceed
$25,200,000 (the "Bonds ") None of the proceeds of said bonds shall be used for the 410
replacement of equipment or for other than a capital purpose.
The Council shall, consistent with the purposes and provisions of this
ordinance, approve the plans and specifications for construction of the Project, and
the Project shall be accomplished in such stages as may be determined by the
Council.
If the Council shall determine that it has become impractical to substantially
accomplish part or all of the Project by reason of changed conditions or increased
costs, the Council may make such changes in the size, scope or details of the Project
as it shall deem reasonable or, if for such reasons the Council deems it in the best
interests of the City, the Council shall not be required to accomplish the entire
Project and may apply unexpended bond proceeds to the redemption or defeasance of
the bonds.
Section 4 Details of Bonds. The bonds, issued as provided for in Section 3
hereof, shall be sold in such amounts and at such time or times as deemed necessary
and advisable by the Council and as permitted by law and by this ordinance, shall
0 bear interest at a rate or rates not to exceed the maximum rate permitted by law at the
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time the bonds are sold, and shall mature in such amounts and at such times within a
• maximum term of twenty (20) years from date of issue but may mature at an earlier
date or dates, as authorized by the Council and as provided by law Said bonds shall be
general obligations of the City, and, unless paid from other sources, both principal
thereof and interest thereon shall be payable out of annual tax levies to be made
upon all the taxable property within the City in excess of constitutional and statutory
limitations. The exact date, form, terms, and maturities of said bonds shall be as
hereafter fixed by ordinance of the City Council. After voter approval of the
incurring of general indebtedness for such purpose, and in anticipation of the
issuance of the general obligation bonds, the Council may issue short term
obligations as authorized and provided by RCW Chapter 39.50
Section 5 Election It is hereby found and declared that an emergency
exists requiring the submission to the qualified 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 5, 1996
The Yakima County Auditor, as ex officio supervisor of elections, is hereby
requested 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
411 forth. The City Clerk is hereby authorized and directed to certify said proposition to
said Auditor in the following form:
CITY OF YAKIMA
PROPOSITION NO
STREET IMPROVEMENT BONDS, $25,200,000
For improvements to City streets, intersections, and sidewalks,
including signals, turn lanes, widening, lights, handicap access ramps,
curb radius changes, and parking improvements shall the City of
Yakima issue $25,200,000 in general obligation bonds, maturing within a
maximum term of twenty years from the date of issue, and shall annual
tax levies in excess of regular property tax levies be authorized to repay
such bonds, all as provided in City Ordinance # ?
Bonds, Yes ••• ••• .... ... .... .�/
Bonds No ... ......... ••• ..• ...... ....�/
The City Clerk is hereby authorized and directed to deliver a
certified copy of this ordinance to the Yakima County Auditor
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Section 6 This ordinance shall be in full force and effect 30 days after its
passage, approval, and publication as provided by law and by the City Charter
PASSED BY THE CITY COUNCIL, signed and approved this ��day of ?di_ ,
1996.
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ATTES T ynn Buchanan, Mayor
City Clerk
Publication Date: 7- /6- 96
Effective Date. 8- /S_ q4)
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Recommended 1996 Street Bond Projects and Priorities for $25 1 million Bond
Project Termini Type of Work Length Total
1 1Yakima Avenue Idth Street ilo 10th Street Reconstruct Pavement 1 0.23 I 1,201
Priority #1 is currently funded with existing revenue
2 Yakima Avenue: 1s1 Street 10 6th Street Reconstruct Pavement 0 42 1,655
3 Yakima Avenue _ 1st Street _ _ to 7th Avenue Reconstruct Pavement 0 63 2,495
4 Ya-klma Avenue __ ____ 7th Avenue — to 18th Avenue Reconstruct Pavement 0 60 2,369
5 South 1st Street: __ _ __ Mead. Avenue to Washington Reconstruct Pavement 0 54 2,444
6 South 1st Riv Street: outh Washington lo S City Limits R econstruct Pavement _ _0 61 2,701
- 7 er _
Road 6111 Avenue _ _ to 16111 Avenue _ Widen/Reconstruct _ 0.51 _ 1,547
8 Nob Hill Boulevard. 1st Street to 181h Street Widen/Reconstruct 0 87 T 4,322 CO
_9 Washington Avenue: 1st Street to 3rd Avenue Reconstruct Pavement _ 101 _ 2,986 X
10 Lincoln Avenue Pierce Street to North 1s1 Street Reconstruct Pavement 0 60 1,620 i•
1 1 West Lincoln Avenue Pierce Avenue 10 North 24th Avenue Reconstruct Pavement 1 00 4,185
12 Gilbert Parking Lot Rebuild 0 06 112 6
13 Sidewalks Various Locations Prioritized by School District 576
Project Cost 27,012
Bond Issuance Cost 136
TOTAL COST 27,148
Less Other Funding 2,000
Net Local Bond Amount 26,148
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NOTICE OF SPECIAL ELECTION
CITY OF YAKIMA, WASHINGTON
NOVEMBER 5, 1996
NOTICE IS HEREBY GIVEN that on Tuesday, November 5, 1996, a special election
will be held in the above -named City, for the submission to the qualified electors of
said City of the following proposition.
CITY OF YAKIMA
PROPOSITION
STREET IMPROVEMENT BONDS, $25,200,000
For improvements to City streets, intersections, and sidewalks,
including signals, turn lanes, widening, lights, handicap access ramps,
curb radius changes, and parking improvements shall the City of
Yakima issue $25,200,000 in general obligation bonds, maturing within a
maximum term of twenty years from the date of issue, and shall annual
tax levies in excess of regular property tax levies be authorized to repay
such bonds, all as provided in City Ordinance # ?
Bonds, Yes ./ /
Bonds, No ./ /
The polling places for all precincts wholly or partially within the City shall be
as follows:
Precincts Polling Places
(SEE ATTACHED)
Said polling places shall be open from 7.00 A.M. to 8:00 P.M.
Yakima County Auditor
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