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HomeMy WebLinkAbout1994-034 General Obligation Bonds/ City Streets r • ORDINANCE NO. 94- 34 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 $9,800,000, for the purposes 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 $9,800,000; 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, • 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 to two key street intersections within the City, including, but not limited to, signal, turn lanes, widening, street lights, handicap access ramps, and curb radius changes; B To make pavement improvements at eleven important street sections where pavement failure currently exists; G To make widening improvements and reconstruction of three principal street sections, including, but not limited to, widening and replacement curbs, sidewalks, street lights, base material, and pavement; and D. If excess funds are available, to make other capital improvements • to the streets within the City of Yakima. Page 1 (Is ord /streets bond issue rp • Such projects are more fully described on Exhibit A, attached hereto and incorporated by reference herein. 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 $9,800,000 (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 (ls)ord /streets bond issue rp 4 • 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 STREET IMPROVEMENT BONDS, $9,800,000 For improvements to City streets and intersections, including signals, turn lanes, widening, lights, handicap access ramps, and curb radius changes, shall the City of Yakima issue $9,800,000 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 ... •• •••• •• •••• �/ Bonds No .... .... ... .. ... ••• ••• .... ,L/ 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 .T•mi y • 1994 g,e6tt ATTEST Mayor p u City Clerk Publication Date: r7-2 Effective Date: Page 3 (isiord streets bond issue rp • SUMMARY OF STREET BOND ISSUE PROPOSAL Signal Improvements Summitview at N 48th Ave. Mead Ave. at S. 16th Ave. Rehab Pavement W Lincoln Ave.: Pierce to N 24th Ave. Yakima Ave.. 1st St. to 7th Ave. Lincoln Ave. Pierce to N. 1st St. S. 3rd Ave. Washington Ave. to Nob Hill Blvd. 16th Ave. 500 S. of Lincoln Ave. to Roosevelt St. N 5th Ave. Lincoln Ave. to "I" St. Yakima Ave. 7th Ave. to 16th Ave. • S. 1st Street: Mead to Washington Ave. Naches Ave. Walnut to Lincoln Ave. Yakima Ave. 1st Street to 6th Street Yakima Ave. 6th Street to 10th Street Widen/Reconstruct Mead. 16th Ave. to 11th Ave. Washington Ave.: 16th Ave. to 45th Ave. Nob Hill Blvd.. S. 1st Street to 10th Street • EXHIBIT A • 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. STREET IMPROVEMENT BONDS, $9,800,000 For improvements to City streets and intersections, including signals, turn lanes, widening, lights, handicap access ramps, and curb radius changes, shall the City of Yakima issue $9,800,000 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 .... •••• •L/ 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•aac streets Asrion notics.ry SUMMARY OF • STREET BOND ISSUE PROPOSAL Signal Improvements -- Nob Hill Blvd. at S. 48th Ave. Funded Summitview at N 48th Ave 300,000 Mead Ave. at S 16th Ave. 178,000 $ 478,000 _ Rehab Pavement W Lincoln Ave Pierce to N 24th Ave. 1,261,000 Yakima Ave. 1st St. to 7th Ave. 980,000 Lincoln Ave. Pierce to N 1st St. 747,000 S 3rd Ave. Washington Ave. to Nob Hill Blvd. 1,346,000 16th Ave. 500 S. of Lincoln Ave to Roosevelt St. 345,000 N 5th Ave. Lincoln Ave to "I" St. 1,057,000 Yakima Ave. 7th Ave to 16th Ave 656,000 S. 1st Street: Mead to Washington Ave 1,556,000 Naches Ave. Walnut to Lincoln Ave. 380,000 Yakima Ave. 1st Street to 6th Street 650,000 Yakima Ave. 6th Street to 10th Street 714,000 • $9,692,000 Widen/Reconstruct Mead. 16th Ave. to 11th Ave 1,035,000 Washington Ave 16th Ave to 45th Ave. 2,785,000 Nob Hill Blvd. S 1st Street to 10th Street 1,480,000( $5,300,000 Bond Issuance Costs 130,000( Total Cost $15,600,000 * Less Other Funding (5,800,000) Net Local Bond. Amount $9;800( ) : 1 State and Federal grants may be available. Funds not applied for at this time. "Signals" typically include new traffic signal system, street lights, intersection improvements of minor widening, providing handicap access ramps and improving curb radius. "Rehab Pavement" typically includes surface finding, approximately 2" to 3" of material, curb repairs/replacement, drainage improvements, and new surfacing. "Widen/Reconstruct" typically includes items to completely remove the existing road section for approximately 14" and widening and replacing the road with curbs, sidewalks, street lights, base, pavement and all other street appurtenances. (1) Originally $1,566,000 -- reduced by $86,000 to apply toward bond issuance costs. (2) New item reflecting total bond issuance costs ($86,000 allocated from Nob Hill Project and $44,000 in additional estimated expenses). 411 (3) Originally $9,756,000 -- increased to $9,800,000 to reflect bond issuance costs as noted above.