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HomeMy WebLinkAbout1994-033 General Obligation Bonds/Parks and Rec Facility • ORDINANCE NO. 94- 33 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 8, 1994 of the proposition of whether or not the City should issue its general obligation bonds in the aggregate principal amount of $5,000,000, for the purposes of making certain improvements to the parks and recreation facilities of the City. WHEREAS, it is deemed necessary and advisable by the City Council of the Cit) of Yakima, Washington (the "City "), that the City address needed improvements and renovations at existing City park facilities and construct improvements and enhancements to other City park properties; 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 $5,000,000; 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 must • be submitted to the qualified electors of the City for their ratification or rejection, nom, 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 parks and recreation facilities of the City is hereby authorized and ordered to be carried out: A. To make improvements and renovations in the City parks and facilities, B. To finish development of Chesterly Park; G To construct and equip three parks on property already owned by the City as part of the parks system, namely, Kissel, Gailleon, and Swan, D. To add a number of enhancements to existing City parks, including, but not limited to, outdoor basketball courts, sport field lighting, water slide at Washington Pool, new picnic shelters and building additions to • the Yakima Senior Center, Page 1 (1s)ord /bond issue rp E. If excess funds are available, to make other capital improvements to the parks and recreations facilities of the City 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 $5,000,000 (the "Bonds ") None of the proceeds of said bonds shall be used for the 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 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 bear interest at a rate or rates not to exceed the maximum rate permitted by law at the 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 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 • Page 2 (1a)ord /bond issue rp • • 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 8, 1994 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 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. PARK AND RECREATION BONDS, S5,000,000 For improvements to City parks and facilities and constructing additional park facilities and enhancements on existing City park properties, including Chesterly, Kissel, Gailleon, and Swan Parks, shall the City of Yakima issue $5,000,000 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, as provided in City Ordinance # ? Bonds, Yes .. ...... �... .L/ • ... / Bonds, No .. ••• ...... .....- ......... � The City Clerk is hereby authorized and directed to deliver a certified copy of this ordinance to the Yakima County Auditor 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 5th d o f July 1994 ATTEST Mayor A�. 1 , De•ut < City Clerk Publication Date: 7 - 8 - 94 Effective Date: 8 - - 94 Page 3 (ls)ord /bond issue rp NOTICE OF SPECIAL ELECTION CITY OF YAKIMA, WASHINGTON NOVEMBER 8, 1994 NOTICE IS HEREBY GIVEN that on Tuesday, November 8, 1994, 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 NO. PARK AND RECREATION BONDS, $5,000,000 For improvements to City parks and facilities and constructing additional park facilities and enhancements on existing City park properties, including Chesterly, Kissel, Gailleon, and Swan Parks, shall the City of Yakima issue $5,000,000 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 ••• ••• ••• •L/ 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 • Ils)misc election notice rp • SUMMARY OF PARKS BOND ISSUE PROPOSAL Playground Equipment $ 265,000 Park Lighting 185,000 Sports Fields /Courts 402,000 Park Restrooms 510,000 Pathway Repairs 85,000 Parking Lots /Areas 490,000 Tennis Court Repairs 94,000 Tennis Court Lights 90,000 Swimming Pool Improvements 560,000 Picnic Shelters 30,000 Spray /Wading Pools 220,000 • Park Development 1,150,000 Automatic Irngation 60,000 Building Repairs/Expansion 260,000 g Park Fencing Projects 40,000 General Park Improvements 66,000 Architectural Fees /Contingency 1,023,000(1) Bond Issuance Costs 70,000( Total Cost $ 5,600,000 (600,000) *Less Other Funding ( f Net Local Bond Amount $5,000,000 * State grants, etc. (1) Originally $1,093,000 including S70,000 in bond issuance costs ■tich have now been separately listed. • Office of the City Manager - • ORDINANCE NO. 94- 33 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 8, 1994 of the proposition of whether or not the City should issue its general obligation bonds in the aggregate principal amount of $5,000,000, for the purposes of making certain improvements to the parks and recreation facilities of the City 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 and renovations at existing City park facilities and construct improvements and enhancements to other City park properties; 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 $5,000,000; and WHEREAS, the Constitution and laws of the State of Washington provide that the question of whether on not the City may issue such bonds for such purposes 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 parks and recreation facilities of the City is hereby authorized and ordered to be carried out: A. To make improvements and renovations in the City parks and facilities; B. To finish development of Chesterley Park; G To construct and equip three parks on property already owned by the City as part of the parks system, namely, Kissel, Gailleon, and Swan, D. To add a number of enhancements to existing City parks, including, but not limited to, outdoor basketball courts, sport field lighting, water slide at Washington Pool, new picnic shelters and building additions to 411, the Yakima Senior Center, Page 1 (ls)ord /bond issue rp • E. If excess funds are available, to make other capital improvements to the parks and recreations facilities of the City 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 $5,000,000 (the "Bonds ") None of the proceeds of said bonds shall be used for the 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 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 bear interest at a rate or rates not to exceed the maximum rate permitted by law at the 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 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. ID 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 Page 2 (ls)ord /bond issue rp • 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 8, 1994 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 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 PARK AND RECREATION BONDS, $5,000,000 For improvements to City parks and facilities and constructing additional park facilities and enhancements on existing City park properties, including Chesterley, Kissel, Gailleon, and Swan Parks, shall the City of Yakima issue $5,000,000 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, as provided in City Ordinance # 94 -3 3? • 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 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 5th day of July 1994 ATTEST Mayor j0 cam. De uty City Clerk Publication Date: 7/8/94 Effective Date: 8/7/94 • Page 3 (ls)ord /bond issue rp • NOTICE OF SPECIAL ELECTION CITY OF YAKIMA, WASHINGTON NOVEMBER 8, 1994 NOTICE IS HEREBY GIVEN that on Tuesday, November 8, 1994, 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 NO. PARK AND RECREATION BONDS, $5,000,000 For improvements to City parks and facilities and constructing additional park facilities and enhancements on existing City park properties, including Chesterley, Kissel, Gailleon, and Swan Parks, shall the City of Yakima issue $5,000,000 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 # 94-33 ? Bonds, Yes •L-/ 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 P.M. Yakima County Auditor • Ils)misc /election notice rp