HomeMy WebLinkAbout1993-108 Police Station / Law & Justice Center ORDINANCE NO 93-108
AN ORDINANCE OF THE CITY OF YAKIMA, WASHINGTON
AUTHORIZING THE ISSUANCE AND SALE OF LIMITED TAX LEVY
GENERAL OBLIGATION BONDS OF TILE CITY IN THE
AGGREGATE PRINCIPAL AMOUNT OF NOT TO EXCEED $6,800,000
TO PROVIDE PART OF THE MONEY NECESSARY TO FINANCE
THE ACQUISITION, CONSTRUCTION AND EQUIPPING OF A LAW
AND JUSTICE CENTER AND POLICE STATION AND CERTAIN
HIGHWAY IMPROVEMENTS FOR THE CITY AND TO PAY BOND
ISSUANCE COSTS, FIXING THE DATE, FORM AND COVENANTS
OF SAID BONDS, PROVIDING FOR THE ANNUAL LEVY OF TAXES
TO PAY THE PRINCIPAL OF AND INTEREST ON SAID BONDS,
AND AUTHORIZING THE SALE OF SUCH BONDS.
WHEREAS, the City of Yakima, Washington (the "City ") deems it necessary and in the
best interests of all citizens of the community to construct and equip a law and justice center and
police station for the City and to make improvements relating to. the Yakima Avenue, 1-82
interchange, and
WHEREAS, in order to provide a portion of the money necessary to construct and equip
such facilities and pay the costs of issuance of the bonds authorized herein, it is deemed recessary
and cost effective that the City now issue and sell its tax - exempt Limited Tax Levy General
Obligation Bonds, Series 1994 in the aggregate principal amount of not to exceed $6,800,000,
(the "Bonds "); and
NOW, THEREFORE, BE IT ORDAINED BY THE CITY OF YAKIMA,
WASHINGTON AS FOLLOWS
Section 1 Definitions, As used in this Ordinance, the following words shall have the
following meanings, unless a different meaning clearly appears from the context:
"Bond Fund" means the "City of Yakima 1993 Limited Tax General Obligation Bond
Fund."
"Bond Register" means the books or records maintained by the Bond Registrar for the
registration and transfer of the Bonds containing the name and mailing address of the owner of the
r
Bonds or nominee of such owner and such other information u the Bond Registrar shall
determine.
•—•
"Bond Registrar" means the fiscal agency of the State of Washington in either Seattle,
Washington or New York, New York for the purpose of registering and authenticating the
Bonds, maintaining the Bond Register, effecting transfer of ownership of the Bonds and paying
principal of and interest on the Bonds, and any subsequent Bond Registrar designated by the City
"Bond Year" means each one-year period that ends on the date selected by the City, The
first and last Bond Years may be short periods. If no day is selected by the City before the earlier
of the final maturity date of the Bonds or the date that is five years after the date of issuance of
the Bonds, Bond Years end on each anniversary of the date of issue and on the final maturity date
of the Bonds.
"Bonds" means the City of Yakima Limited Tax General Obligation Bonds, Series 1994,
"Capital Fund," means the fund established by Section 15 hereof,
"City" means the City of Yakima, Washington, a municipal corporation duly organized
and existing under and by virtue of the Constitution and laws of the State of Washington.
"Code" means the federal Internal Revenue Code of 1986, as amended, together with
applicable regulations.
"Computation Date" means the date selected by the City to make arbitrage rebate
computations.
"Computation Period" means the period between Computation Dates.
"Council" means the general legislative authority of the City as the same shall be duly and
regularly constituted from time to time.
"Discharge" means the date that all amounts due under the terms of the Bonds are actually
and unconditionally due if cash is available at the place of payment and no interest accrues with
respect to the Bonds after such date.
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"Finance Director" means the Director of Finance/Budget of the City or any successors to
the functions of that position.
"Payments" mean.
(a) Amounts actually or constructively paid to acquire an investment.
(b) In the case of an investment that is first allocated to the Bonds or
becomes subject to a rebate requirement on a date after it is actually acquired, the
value of the investment at the beginning of the Computation Period.
(c) In the case of an investment that was allocated to the Bonds at the
end of the preceding Computation Period, the value of that investment at the
beginning of the Computation Period.
(d) On the last day of each Bond Year dunng which there are amounts
• allocated to the Bonds and subject to the rebate requirements, and on the final
matunty date of the Bonds, a computation credit of $1,000
(e) Any Yield Reduction Payments.
"Project" means the acquisition, construction and rehabilitation of real property and
improvements thereon as follows. (1) constructing and equipping of a City law and justice center
and police station and acquisition of a site therefor; (2) construction of all necessary street and
other improvements in connection with this improvement of the Yaluma Avenue I -82 interchange,
as more fully provided in preliminary plans therefor now on file with the City
"Receipts" mean.
(a) Amounts actually or constructively received with respect to an
investment such as earnings and return of principal.
(b) In the case of an investment that ceases to be allocated to the
Bonds before its disposition or redemption date, the value of that investment on
the date it ceases to be allocated to the Bonds.
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Ilk
(c) In the case of an investment that is held at the end of any
Computation Penod, the value of that investment at the end of the Computation
Penod
"Yield Reduction Payments" mean payments made to the United States in the
manner permitted by Internal Revenue Service regulations that reduce the yield on
investments
Section 2 Findings and Authonzation of Acquisition and Improvements. It is hereby
confirmed that the public interest, welfare and benefit of the inhabitants of the City require that
the City acquire, construct and equip the Project.
The Project authonzed herein shall include the costs of sales tax, acquisition and
contingency allowances, financing, any and all surveys, explorations, engineenng, architectural
studies and other consulting services, drawings, designs and specifications, inspection and testing, / —
environmental remediation, administrative and relocating expenses, incidental, necessary or
convenient to the acquisition and improvements herein specified. The Project shall also include
the purchase of all materials, supplies, appliances, equipment and facilities, and the permits,
franchises, property and property rights necessary, incidental or convenient to effect the
acquisitions and improvements.
The acquisitions and improvements authonzed herein may be modified where deemed
advisable or necessary in the judgment of the Council, and implementation or completion of any
authonzed acquisition or improvement shall not be required if the Council determines that it has
become inadvisable or impractical. If all of the acquisitions or improvements either have been
completed, or their completion duly provided for, the City may apply any remauung proceeds of
the Bonds, or any portion thereof, to improvements of other City facilities or any other lawful
purpose as the Council in its discretion may determine In the event that the proceeds of the sale
of the Bonds, plus any other moneys of the City legally available therefor, are insufficient to
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if
ip accomplish all of the acquisitions and improvements authorized in this section, the City shall use
the available funds for paying the cost of those acquisitions and improvements for which the
Bonds were authorized deemed by the Council most necessary and to the best interest of the City
Section 3. purpose. Authorization and Description of Bonds: Use of De 'to
roe rY
A. Purpose and Authorization of Bondi. The City hereby authorizes the
issuance and sale of the Bonds in the aggregate principal amount of not to exceed $6,800,000, to
provide permanent financing for the Project, and to pay costs incidental thereto and to the
issuance of the Bonds.
B Description. The Bonds shall be limited tax general obligations of the City
and shall be designated "City of Yakima, Washington, Limited Tax
Levy General Obligation
Bonds, Series 1994" The Bonds shall be issued in fully registered form in denominations of
$5,000 or integral multiples thereof. The Bonds shall be numbered in such manner and with any
additional designation as the Bond Registrar deems necessary for purposes of identification and
• control The Bonds shall bear interest (computed on the basis of a 360 day year of twelve 30 -day
months) from their date or from the most recent interest payment date for which interest has been
paid or duly provided for, whichever is later, payable on December 1, 1994 and semiannually
thereafter on each June 1 and December 1, shall be dated, shall be issued in such aggregate
principal amount and shall mature on December 1 in the amounts and in the years specified in the
Bond Purchase Agreement approved by the Council in accordance with Section 16 hereof.
The Bonds shall be negotiable instruments to the extent provided by RCW 62A,8 -105,
C Place, Manner and Mediym off avmenl. Both principal of and interest on
the Bonds shall be payable in lawful money of the United States of America.
Interest on the Bonds shall be paid by checks or drafts mailed on the date such interest is
due, or by wire transfer, to owners of Bonds at the addresses for such owners appearing on the
Bond Register on the 15th day of the calendar month preceding the interest payment date. Wire
transfer will be made only if so requested at least three business days prior to the date of payment
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in writing and if the owner owns at least one million dollars ($1,000,000) par value of the Bonds.
Principal of the Bonds shall be payable at maturity or on such dates as may be fixed for prior
redemption upon presentation and surrender of the Bonds by the owners at either principal office
of the Registrar in Seattle, Washington, or New York, New York, at the option of such owners.
The City shall not be required to issue, transfer, or exchange Bonds after the fifteenth
(15th) day of the month prior to any interest payment date therefor.
Section 4. Bernd Registrar Exchanges and Transfers. The fiscal agencies of the State of
Washington in the cities of Seattle, Washington, and New York, New York, shall act as registrar
for the Bonds (collectively, the "Bond Registrar "). The City hereby specifies and adopts the
system of registration for the Bonds approved by the Washington State Finance Committee. The
Bond Registrar shall keep, or cause to be kept at its principal corporate office, sufficient books
for the registration and transfer of the Bonds which shall at all times be open to inspection by the
City The Bond Registrar is authorized, on behalf of the City, to authenticate and deliver the
Bonds transferred or exchanged in accordance with the provisions of such Bonds and this
Ordinance, to serve as paying agent for the Bonds, and to carry out all of the Bond Registrar's ft)
powers and duties under this Ordinance.
The Bond Registrar shall maintain the Bond Register Such Bond Register shall contain
the name and mailing address of the owner of each Bond or nominee of such owner and the
principal amounts and numbers of the Bonds held by each owner or nominee.
Upon surrender thereof to the Bond Register, the Bonds are interchangeable for other
Bonds in any authorized denomination of any equal aggregate principal amount and of the same
interest rate and maturity Bonds may be transferred only If endorsed in the manner provided
thereon and surrendered to the Bond Registrar. Such exchange or transfer shall be without cost
to the owner or transferee.
The Bond Registrar shall be responsible for its representations contained in the Certificate
of Authentication on the Bonds. The Bond Registrar may become the owner of Bonds with the
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same rights it would have if it were not the Bond Registrar, and to the extent permitted by law,
ak may act as depository for and
y p ry permit any of its officers or directors to act as a member of or in
any other capacity with respect to, any committee formed to protect the rights of Bond owners.
►, Section 5. Redemption. The Bonds are subject to redemption at the option of the City
upon written notice as provided herein on the dates and at the prices specified in the final Bond
Purchase Agreement approved by the City Manager in accordance with Section 16 hereof.
Maturities to be redeemed shall be selected by the City (and by lot within a maturity, in increments
of $5,000, with the manner of selection to be chosen by the Bond Registrar). Portions of the
principal amount of any Bond, in increments of $5,000, may be redeemed.
Section 6, Notic4 of Redemption. (a) The City shall give, or shall cause the Bond
Registrar to give notice of any redemption of Bonds not less than 30 nor more than 60 days prior
to the redemption date by first class mail, postage prepaid, to the registered owner of any Bond to
be redeemed at the address appearing on the Bond Register or at such other address u is
furnished in wasting by such registered owner to the Bond Registrar
All official notices of redemption shall be dated and shall state.
(1) the redemption date,
(2) the redemption price,
(3) if less than all outstanding Bonds are to be redeemed, the
identification (and, in the case of partial redemption, the respective principal amounts) of the
Bonds to be redeemed,
(4) that on the redemption date the redemption price will become due
and payable upon each such Bond or portion thereof called for redemption, and that interest
thereon shall cease to accrue from and after said date, and
(5) the place where such Bonds are to be surrendered for payment of
the redemption price, which place of payment shall be the principal office of the Bond Registrar
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On or prior to any redemption date, the City shall deposit with the Bond Registrar an
amount of money sufficient to pay the redemption price of all the Bonds or portions of Bonds ip
which are to be redeemed on that date.
The requirements of this section shall be deemed to be complied with when notice is
mailed as provided, whether or not it is actually received by the owner of any Bond.
Official notice of redemption having been given as aforesaid, the Bonds or portions of
Bonds to be redeemed shall, on the redemption date, become due and payable at the redemption
price therein specified, and from and after subh date (unless the City shall default in the payment
of the redemption price) such Bonds or portions of Bonds shall cease to bear interest. Upon
surrender of such Bonds for redemption in accordance with said notice, such Bonds shall be paid
by the Bond Registrar at the redemption price. Installments of interest due on or prior to the
redemption date shall be payable as herein provided for payment of interest. If less than all of the
principal amount of any Bond is redeemed, then upon surrender of such Bond at the principal
office of the Registrar, there shall be issued to the registered owner, without charge therefor, for
the then unredeemed balance of the principal amount thereof, a new Bond or Bonds, at the option
of the registered owner, of like maturity and interest rate in any of the denominations authorized
by this Ordinance. All Bonds which have been redeemed shall be canceled and destroyed by the
Bond Registrar and shall not be reissued.
(b) In addition to the foregoing notice, further notice shall be given by the Bond
Registrar on behalf of the City as set forth below, but no defect in said further notice nor any
failure to give all or any portion of such further notice shall in any manner defeat the effectiveness
of a call for redemption if notice thereof is given as above prescribed.
(1) Each further notice of redemption given hereunder shall contain the
inforrnation required above for an official notice of redemption plus (1i) the CUSIP numbers, if'
any, of all Bonds being redeemed, (ii) the date of issue of the Bonds as originally issued; (iii) the
rate of interest borne by each Bond being redeemed, (iv) the maturity date of each Bond being
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redeemed, and (v) any other descriptive information needed to identify accurately the Bonds being
redeemed.
I•
(2) Each further notice of redemption may be sent at least 35 days
before the redemption date by registered or certified mail or overnight delivery service to all
registered securities depositories then in the business of holding substantial amounts of obligations
of types comprising the Bonds and shall be sent to Moody's Investors Service and Standard &
Poor's Corporation at their respective offices in New York, New York and to one or more
national information services that disseminate notices of redemption of obligations such as the
Bonds. The requirements of this . section shall be deemed to be complied with when notice is
mailed as herein provided, regardless of whether or not it is actually received by the owner of any
Bond. The notice shall provide that the interest on the Bonds so called for redemption shall cease
to accrue on the date fixed for redemption unless such Bond or Bonds so called are not redeemed
upon presentation made pursuant to such call.
Section 7 Reservation of Light to Purchase Bonds. The City reserves the right at any
time to purchase any or all, of the Bonds in the open market at any price.
Section 8 Creation of Bond_Fund and Provision for Tax Le1yments. A special fund
of the City is hereby created known as the 1994 Limited Tax General Obligation Bond Fund of
the City Such account shall be drawn upon for the sole purpose of paying the principal of and
interest on the Bonds.
The City hereby irrevocably covenants and agrees for as long as the Bonds are outstanding
and unpaid, that each year it will include in its budget and levy an ad valorem tax, within and as a
part of the tax millage levy permitted to cities without a vote of the people, upon all the property
within the City subject to taxation in an amount that will be sufficient, together with all other
revenues and money of the City that may legally be used and which the City may apply for such
purposes, to pay the principal of and interest on the Bonds as the same shall become due. All of
such taxes and any of such other money so collected shall be paid into the appropriate accounts of
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I the Bond Fund. None of the money in the Bond Fund shall be used for any other purpose than
, the payment of the principal of and interest on the Bonds. Money in the Bond Fund not needed to
•
pay the interest or principal next coming due may temporarily be deposited in such institutions or
invested in such obligations as may be lawful for the investment of City money Any interest or
profit from the investment of such money shall be deposited in the account of the Bond Fund from
which the investment was made,
The City hereby irrevocably pledges that a sufficient portion of each annual levy 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. The full !kith, credit and resources of the City are hereby
I
irrevocably pledged for the annual levy and collection of said taxes and for the prompt payment of
the principal of and interest on the Bonds as the same shall become due.
Section 9 Defeasgnce. In the event that money and/or "Government Obligations," as
such obligations are now or may hereafter be defined in Ch, 39,53 RCW, maturing at such time or
times and bearing interest to be earned thereon in amounts sufficient to redeem and retire the •
Bonds or a portion of the Bonds in accordance with their terms, are set aside in a special account
to effect such redemption or retirement and such money and the principal of and interest on such
Government Obhgations are irrevocably set aside and pledged for such purpose, then no further
payments need be made into the Bond Fund for the payment of the principal of and interest on the
Bonds so provided for, and such Bonds shall cease to be entitled to any lien, benefit or security of
this ordinance except the right to receive the funds so set aside and pledged, and such Bonds shall
be deemed not to be outstanding hereunder
$ectlon 10 Tax Covenant. The City hereby covenants and agrees with the owners of the
Bonds for as long as they remain outstanding that the City will not make use of the proceeds of
sale of the Bonds or any other funds or obligations of the City that may be deemed to be proceeds
of the Bonds pursuant to Section 148 of the Code which, if such use had reasonably been
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expected on the date of delivery of the Bonds to the initial purchaser thereof, would have caused
40 the Bonds to be "arbitrage bonds" within the meaning of said section and said regulations. The
City will comply with the continuing requirements of Section 148 of the Code and the applicable
regulations thereunder throughout the term of the Bonds.
The City hereby covenants that throughout the term of the Bonds it will not take any
action or enter into any agreement that will cause the proceeds of the sale of the Bonds to be used
in a manner that would cause any Bond to be classified as a "private activities bond" within the
meaning of Section 141 of the Code, Specifically, unless the City has received an opinion of
nationally recognized bond counsel approving a specific action or agreement, the City will not
permit entities other than governmental units to use in the aggregate more than 10 percent of the
facilities acquired with the proceeds of the Bonds on a basis other than as a member of the general
public unless payments made by such users with respect to such uses do not exceed in the
aggregate 10 percent of the principal and interest payments on the Bonds in each Bond Year and
® over the term of the Bonds.
Section 11, Arbitrage Rebate,
(a) General Rule. The City will pay to the United States of America in
accordance with the provisions of this section (1) rebate installment payments which, when added
to the future value as of the Computation Date of all previous rebate payments made with respect
to the Bonds, equal at least 90% of the Rebate Amount with respect to the Bonds, and (ii) a final
rebate installment payment in an amount which, when added to the future value of all previous
rebate payments made with respect to the Bonds, equals 100% of the Rebate Amount.
(b) Computation of Rebate Amount, As of any Computation Date, the Rebate
Amount for the Bonds is the excess of the future value, as of such date, of all Receipts over the
future value, as of such date, of all Payments,
(c) Payment Procedure,
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(i) The first rebate installment payment will be made for a
Computation Date that is no later than five years after the issue date of the Bonds. Subsequent
rebate installment payments will be made for a Computation Date that is not later than five years
after the previous Computation Date for which rebate installment payment was made. Each
rebate installment payment v411 be paid no later than 60 days after the Computation Date to which
the payment relates.
(ii) A final rebate payment will be paid within 60 days of the date the
Bonds are Discharged or such other period as is permitted by Internal Revenue Service
regulations.
(iii) Each payment of Rebatable Arbitrage will be made to the Internal
Revenue Service Center, Philadelphia, Pennsylvania 19255 and will be accompanied by IRS Form
803 8 -T.
(d) Other Methodology Notwithstanding this Section 11, payments of
Rebatable Arbitrage will be made in accordance with instructions provided by Preston l e
Thorgrimson Shidler Gates & Ellis if necessary to maintain the Federal income tax exemption for
interest payments made on the Bonds.
Section 12 Lost or Destroyed Bondg. In case the Bonds shall be lost, stolen or
destroyed, the Bond Registrar may execute and deliver new Bonds of like amount, date, and tenor
to the registered owner thereof upon the owner's paying the expenses and charges of the City and
the Bond Registrar in connection therewith and upon his/her filing with the Bond Registrar
evidence satisfactory to the Bond Registrar that such Bonds were actually lost, stolen or
destroyed and of his/her ownership thereof, and upon furnishing the City with indemnity
satisfactory to the Finance Director.
411
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Section 13 Form 9f the Bonds. The Bondi shall be in substantially the following forth.
UNITED STATES OF AMERICA
NO, S
STATE OF WASHINGTON
CITY OF YAKIMA
LIMITED TAX LEVY GENERAL OBLIGATION BOND, SERIES 1994
INTEREST RATE: MATURITY DATE. CUSIP NO
SEE REVERSE SIDE FOR
CERTAIN ADDITIONAL PROVISIONS
REGISTERED OWNER,
PRINCIPAL AMOUNT
The City of Yakima, Washington, a municipal corporation of the State of Washington (the
• "City") hereby acknowledges itself to owe and for value received promises to pay to the
Registered Owner hereof or registered assigns, the principal amount indicated above together
with interest thereon from 1, 1993 at the Interest Rate specified above, payable
1994 and semiannually thereafter on each June 1 and December 1 of each year until
such principal amount has been paid, or such payment has been duly provided for
Both principal of and interest on the Bonds are payable in lawful money of the United
States of America. Interest shall be paid by mailing a check or draft (on the date such interest is
due) to the registered owner or assigns at the address shown on the Bond Register as of the 15th
day of the month prior to the interest payment date. Principal shall be paid to the registered
owner or assigns upon presentation and surrender of this bond at the office of the fiscal agency of
the State of Washington in either Seattle, Washington, or New York, New York (the "Bond
Registrar ")
Reference is hereby made to additional provisions of this Bond set forth on the reverse
side hereof and such additional provisions shall for all purposes have the same effect as if set forth
in this space.
This Bond shall not be valid or become obligatory for any purpose or be entitled to any
security or benefit under Ordinance No of the City (the "Bond Ordinance ") until the
Certificate of Authentication hereon shall have been manually signed by the Bond Registrar
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Capitalized terms used herein and not otherwise defined shall have the same meaning as in the
Bond Ordinance,
These Bonds are issued pursuant to the Constitution and laws of the State of Washington, •
and duly adopted ordinances and resolutions of the City, for the purposes of providing funds to
acquire, construct and equip capital fitcilities of the City, and to and pay issuance costs of the
Bonds.
The City has obligated and bound itself to make annual levies of ad valorem taxes upon all
the taxable property within the City within and as a part of the tax millage levy permitted to cities
without a vote of the people in amounts sucient, with such other moneys of the City available
for such purposes as the Council, may, from time to time, appropriate and set aside, to pay the
principal installments of the Bonds and interest thereon as the same shall become due. The full
faith, credit and resources of the City are hereby irrevocably pledged for the levy of such taxes
and the prompt payment of such principal and interest.
It is hereby certified and declared that all acts, conditions and things required by the
Constitution and statutes of the State of Washington and the Charter and ordinances of the City
to exist, to have happened been done and performed precedent to and in the issuance of this bond
have happened, been done and performed and that the issuance of this bond and the bonds of this
Series does not violate any constitutional, statutory or other limitation upon the bonded
indebtedness that the City may incur
IN WITNESS WHEREOF, the City of Yakima, Washington, has caused this bond to be
signed by the facsimile or manual signature of its Mayor, to be attested by the facsimile or manual
of its Clerk, and the official seal of the City to be impressed or imprinted hereon, this 1st r signature
day of
CITY OF YAKIMA, WASHINGTON
By /s/ lliesimile or manual mature
Mayor
ATTEST
Js/ facsimile or manual signature
Clerk
The Certificate of Authentication for the Bonds shall be in substantially the following form
and shall appear on the front of each Bond.
14 - rwwo.r1 ooc 11311142
1 ; • . J1 1 M 0
Date of Authentication.
These Bonds are described in the within - referenced Ordinance No of the City of
Yakima, Washington, and are the Limited Tax Levy General Obligation Bonds, Series 1994 dated
, of such City.
Washington State Fiscal Agency, As Bond
Registrar
By
Authorized Officer
ADDITIONAL BOND PROVISIONS
This bond is one of an issue of limited tax levy general obligation bonds of the City, in the
aggregate principal amount of $6,800,000 (the "Bonds ") issued pursuant to Ordinance No.
of the City, passed (the "Bond Ordinance ").
The Bonds maturing after December 1, are subject to redemption at the option of
• the City in whole on any date on and after December 1, and in part on any interest date on
and after December 1, , in increments of $5,000 (maturities to be selected by the City and
by lot within a maturity) at a price of par plus accrued interest to the date of redemption, Notice
of redemption shall be given not less than 30 nor more than 60 days prior to the redemption date
in accordance with the Bond Ordinance,
The pledge of tax levies for payment of principal of and interest on the bonds may be
discharged prior to maturity of the bonds by making provision for the payment thereof on the
terms and conditions set forth in the ordinance authorizing their issuance.
The bonds of this issue are issued in fully registered form in the denomination of S5,000
each or any integral multiple thereof. No bond shall represent more than one maturity. Upon
surrender to the Bond Registrar, bonds are interchangeable for bonds in any authorized
denomination of an equal aggregate principal amount and of the same interest rate and maturity.
This bond is transferable only on the records maintained by the Bond Registrar for that purpose
upon the surrender of this bond by the registered owner hereof or his/her duly authorized agent
and only if endorsed in the manner provided hereon, and thereupon a new fully registered bond of
like principal amount, maturity and interest rate shall be issued to the transferee in exchange
therefor, Such exchange or transfer shall be without cost to the registered owner or transferee.
The City may deem the person in whose name this bond is registered to be the absolute owner
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hereof for the purpose of receiving payment of the principal of and interest on the bond and for
any and all other purposes.
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto
PLEASE INSERT SOCIAL SECURITY OR TAXPAYER IDENTIFICATION NUMBER OF
TRANSFEREE
1 1
(Please print or typewrite name and address, including zip code of Transferee)
the within Bond and all rights thereunder and does hereby irrevocably constitute and appoint
of , or its successor, as Agent
to transfer said Bond on the books kept by the Bond Register for registration thereof, with full
power of substitution in the premises.
DATED ,
SIGNATURE GUARANTEED
NOTE: The signature of this Assignment
correspond with the name of the registered
owner as it appears upon the Alice of the
within Bonds in every particular, without
alteration or enlargement or any change
whatever
Section 14 Execution of the Bondi. The Bonds shall be signed on behalf of the City by
the manual or facsimile signature of the Mayor, shall be attested by the manual or facsimile
signature of the City Clerk, and shall have the official corporate seal of the City impressed or
imprinted thereon,
16 Fwwo+M,coc Qan,rn
Only such Bonds as shall bear thereon a Certificate of Authentication in the form
hereinbefore recited, manually executed by the Bond Registrar, shall be valid or obligatory for any
purpose or entitled to the benefits of this ordinance. Such Certificate of Authentication shall be
conclusive evidence that the Bonds so authenticated have been duly executed, authenticated and
delivered hereunder and are entitled to the benefits of this Ordinance.
In case either of the officers of the City who shall have executed the Bonds shall cease to
be such officer or officers of the City before the Bonds so signed shall have been authenticated or
delivered by the Bonds Registrar, or issued by the City, such Bonds may nevertheless be
authenticated, delivered and issued and upon such authentication, delivery and issuance, shall be
as binding upon the City as though those who signed the same had continued to be such officers
of the City The Bonds may also be signed and attested on behalf of the City by such persons as
at the actual date of execution of such Bonds shall be the proper officers of the City although at
the original date of such Bonds any such person shall not have been such officer
411 11 its i 1S Application of Proceeds of the Bondq. (a) At the time of delivery of the
Bonds, the proceeds of the Bonds shall be deposited as follows.
(1) Accrued interest shall be deposited in the Bond Fund,
(2) The remaining proceeds shall be deposited in the Law and Justice Capital
Fund hereof established and used to pay for the Project.
The amounts deposited in accordance with this section are deemed to be appropriated for
the purposes specified, Money remaining in the accounts specified herein after all of such costs
have been paid may be used to pay costs or other legally authorized expenditures of the City or
may be deposited in the Bond Fund. Money in such accounts may be invested as permitted by
law and in a manner consistent with this ordinance. All interest earned and profits derived from
such investments shall be retained in and become a part of the account from which it was invested.
Section 16. Sale of the Bonds: Approval of Official Statement. The Bonds shall be sold
to Seattle- Northwest Securities at negotiated sale in accordance with the terms and conditions set
-17- rwW0444.1X0 san,rn
► forth herein and in their final Bond Purchase Agreement which shall be subject to approval by
resolution of the City Council, The City Manager is hereby authorized to execute a final Bond
Purchase Agreement on behalf of the City following such approval by resolution of the City •
► Council. The City Manager and Finance Director are authorized to do all things necessary for the
issuance and sale of the Bonds.
Following the sale of the Bonds, the City shall cause definitive Bonds to be prepared,
executed and delivered, which Bonds shall be lithographed or printed with engraved or
lithographed borders, Until the definitive Bonds are prepared, the City may execute one or more
temporary bonds which shall be typewritten, and which shall be delivered to the purchaser or
purchasers of the Bonds in lieu of definitive Bonds, but subject to the same provisions, limitations
and conditions, The temporary bonds shall be dated as of the date of the Bonds, shall be fully
registered, shall be in the aggregate principal amount of not to exceed $6,800,000, shall be
substantially of the tenor of such definitive Bonds, but with such omissions, insertions and
variations as may be appropriate to temporary bonds, and shall be signed by the Mayor and Clerk
of the City
Upon surrender to the City of any such temporary Bond, the City, without charge to the
registered owner, shall execute and deliver to the registered owner of the temporary Bonds in
exchange therefore definitive Bonds of the same series, maturities, interest rates, redemption
provisions and aggregate principal amount as the temporary Bonds, if arty, surrendered. Until so
exchanged, the temporary Bonds shall be in all respects entitled to the same benefit and security
as the definitive Bonds executed and issued pursuant to this Ordinance.
Section 17. assessed Value and Existing Bonded Debt. The actual value of the taxable
property within the City as ascertained by the last preceding assessment for City purposes is
$1,636,530,000 The City has outstanding nonvoted general obligation indebtedness in the
amount of $6 292. The total amount of outstanding general obligation bonded indebtedness
.18- FlMWD1M.DOC ,sn iI
. t
•
of the City, whether voted or nonvoted, including the principal amount of the Bonds will be
• $18,818,992
Section 18. Severability. The covenants contained in this Ordinance shall constitute a
contract between the City and the owners of each and every Bond. If any one or more of the
covenants or agreements provided in this Ordinance to be performed on the part of the City shall
be declared by any court of competent jurisdiction to be contrary to law, then such covenant or
covenants, agreement or agreements, shall be null and void and shall be deemed separable from
the remaining covenants and agreements of this ordinance and shall in no way affect the validity of
the other provisions of this Ordinance or of the Bonds.
Section 19. Effective Date. This Ordinance shall take effect and be in force 30 days after
its passage, approval and publication as required by law Any action taken pursuant to this
Ordinance before its effective date and after its passage are hereby ratified, approved and
confirmed
Adopted by the Council of the City Yakima at a regular meeting thereof held this 2 3 r d
41111 day of November , 1993.
CITY OF YAKIMA, WASHINGTON
y
Mayor
ATTEST'
City Clerk
APPROVED AS TO FORM.
City Attorney
PUBLICATION DATE: 11 -26 -93
III EFFECTIVE DATE: 12 -26 -9 °19- FVW M.Doc rpm=
. N
City of Yakima, Washington
Limited Tax General Obligation Bonds 1993
Police Canter Portion
DEBT SERVICE SCHEDULE
= aMOal.
DATE PRINCIPAL COUPON INTEREST PERIOD TOTAL PISCAL TOTAL
12/ 1/94 255,370.00 255,370 00 255,370 00
12/ 1/95 185,000 CO 3 200000 255,370 00 440,370 00 440,370.00
12/ 1/96 195,000.00 3 400000 249,450 00 444,450 00 444,450 00
12/ 1/97 200,000 00 3 600000 242,820 00 442,820 00 442,820 00
12/ 1/98 205,000.00 3 800000 235 ,620 CO 440,620 00 440,620 00
12/ 1/99 215,000 CO 4 000000 227,830 00 442,830 00 442,830 00
12/ 1/ 0 225,000 00 4 100000 219,230 00 444,230 00 444,230 00
12/ 1/ 1 235,000 00 4 250000 210,005 00 445,005 00 445,005 00
12/ 1/ 2 245,000 00 4.400000 200,017.50 445,017 50 445,017 50
12/ 1/ 3 255,000 00 4 550000 189,237 SO 444,237 SO 444,237 50
12/ 1/ 4 265,000 00 4 750000 177,635 00 442,635 00 442,635 00
12/ 1/ 5 275,000 00 4 900000 165,047 SO 440,047 SO 440,047 50
12/ 1/ 6 290,000 00 5 050000 151,572 50 441,572 50 441,572 50
12/ 1/ 7 305,000 00 5 200000 136,927 50 441,927 SO 441,927 SO
12/ 1/ 8 320,000 00 5 300000 121,067 50 441,067 50 441,067 SO
12/ 1/ 9 340,000 00 5 400000 104,107 50 444,107 50 444,107 50
12/ 1/10 355,000 00 5 550000 85,747 50 440,747 50 440,747 50
12/ 1/11 375,000 00 5 550000 66,045 00 441,045 00 441,045 00
12/ 1/12 395,000 00 5 550000 45,232 50 440,232 50 440,232 50
12/ 1/13 420,000 00 5 550000 23,310 00 443,310 CO 443,310 00
5,300,000 00 3,361,642 50 8,661,642 SO
ACCRUED 19,152 75 19,152 75
5,300,000 00 3,342,489,75 8,642,489 75
411 Doted 12/ 1/93 with Delivery of 12/28/93
Bond Years 65,465 000
Average Coupon 5 135023
Average Life 12 351887
N I C X 5 215982 % Using 99 0000000
T I C X 5 195746 % From Delivery Date
PREPARED BY SEATTLE NORTHWEST SECURITIES
RUNDATE; 11 -18 -1993 0 15.50'36 FILENAME; YAKIMA KEY 93POLICE
•
t 1
City of Yakima, Washington
Limited Tex General Obligation Bonds 1993
1 -82 Portion
= SER SER SCHEDULE
DEBT E SCHEDULE
IIIP
DATE PRINCIPAL COUPON INTEREST PERIOD TOTAL FISCAL TOTAL
12/ 1/94 62,705 00 - - -- 62,705 00 62,705 00
12/ 1/95 45,000 00 3 200000 62,70500 107,705 00 107,705 00
12/ 1/96 45,000 00 3 400000 61,265 CO 106,265 00 106,265 00
12/ 1/97 50,000 00 3 600000 59,735 00 109,735 00 109,735 00
12/ 1/98 50,000 00 3.800000 57,935 00 107,935 00 107,935 00
12/ 1/99 55,000 CO 4 000000 56,035 00 111,035 00 111,035 00
12/ 1/ 0 55,000 00 4 100000 53,835 00 108,835 00 108,835 00
12/ 1/ 1 55,000.00 4.250000 51,580 00 106,580 00 106,580 00
12/ 1/ 2 60,000 00 4.400000 49,242 50 109,242 50 109,242 SO
12/ 1/ 3 60,000 00 4 550000 46,602 50 106,602 SO 106,602 50
12/ 1/ 4 65,000 00 4 750000 43,872 50 108,872 SO 108,872 50
12/ 1/ 5 70,000 00 4 900000 40,785 CO 110,785 00 110,785 00
12/ 1/ 6 70,000 00 5 050000 37,355;00 107,355 00 107,35500
12/ 1/ 7 75,000 00 5 200000 33,820 00 108,820 00 108,820 00
12/ 1/ 8 80,000 00 5 300000 29,920 00 109,920 00 109,920 00
12/ 1/ 9 85,000 00 5 400000 25,680 00 110,680 00 110,680 00
12/ 1/10 90,000 00 5 550000 21,090 CO 111,090 00 111,090 00
12/ 1/11 90,000 00 5 550000 16,095 00 106,095 00 106,095 00
12/ 1/ 95,000 00 5 550000 11,100 00 106,100 00 106,100 00
12/ 1/13 105,000 00 5 550000 5,827 50 - -M 110,827 50 110,827 50
- ° 1,300,000 00 ° -- 827,185 00 2,127,185 00
ACCRUED 4,702.88 4,702 88
1 00 822,482 12 2,122,482 12
Dated 12/ 1/93 with Delivery of 12/28/93
Bond er age veers
Coupon 5 000
137795
III
Average Life 12 384615
N I C X 5 218540 X Using 99 0000000
T I C X 5 198628 X From Delivery Date
PREPARED BY SEATTLE NORTHWEST SECURITIES
RUNDATE 11 - 18 - 1993 a 15'51 20 FILENAME YAKIMA KEY 93POLICE
•