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Home My WebLink About1991-3381 Creating an Environmental Fund 4 y ORDINANCE 10.x' 3 3 8 1 AN ORDINANCE relating to funds and accounts; creating an environmental fund; designating the sources of revenue and permissible expenditures from such fund; and enacting Chapter 3.90 "Environmental Fund" and Sections 3.90.010, 3.90.020, and 3.90.030 as a new chapter and sections thereof all of the City of Yakima Municipal Code. BE IT ORDAINED BY THE CITY OF YAKIMA: Section 1. Chapter 3.90 "Environmental fund" and Sec- tions 3.90.010, 3.90.020, and 3.90.030 thereof are hereby enacted as a new chapter and sections of the City of Yakima Municipal Code as follows: "Chapter 3.90 ENVIRONMENTAL FUND Sections: 3.90.010 Fund created -- Purposes. 3.90.020 Source of funds. 3.90.030 Expenditures. 3.90.010 Fund created -- Purposes. There is created a fund to be known as the "Environmental fund." Money in this fund shall be expended only to pay costs of studies, surveys, tests, and cleanup of environmentally contami- nated areas in addition to costs associated with hazard- ous waste management and the removal, monitoring, repair or alteration of underground storage tanks. 3.90.020 Source of funds. From time to time, the City Council shall budget, appropriate or otherwise authorize the transfer of money from any available source into such fund. 3.90.030 Expenditures. Expenditures from such fund shall be only for the purposes mentioned in Section 3.90.010. No expenditures shall be made from such fund unless the City Council approves such expenditure by passing an ordinance appropriating money within the fund for the purpose for which the expenditure is to be made, or by including an appropriation for such purpose in the budget." (ord /envrnmtl.jv) Section 2. This ordinance shall be in full force and effect 30 days after¢4its p44sage, approval, and publication as provided by law and by the City Charter. PASSED BY THE CITY COUNCIL, signed and approved this �J.J2oC day o f /' , 1991. 1 Ma or ATTEST: City Clerk Publication Date: 7/-'/9 Effective Date: dAc/ l (ord /envrnmtl.jv)� ' CITY OF YAKIMA, WASHINGTON SECOND LIEN WATER AND SEWER REVENUE BONDS 1991 $8,000,000 ORDINANCE NO. 3 AN ORDINANCE of the City of Yakima, Washington, authorizing the issuance and sale of water and sewer revenue bonds of the City in the aggregate principal amount of not to exceed $8,000,000 for the purpose of providing portion of the funds necessary to refund certain outstanding obligations of the City and to acquire, construct and install certain additions and improvements to the combined water and sewerage system of the City; fixing the date, form, terms, maturities, covenants and conditions under which the bonds shall be issued; providing for the disposition of the proceeds thereof including the purchase of certain obligations from such proceeds; providing for the redemption of certain outstanding bonds; and establishing certain funds and accounts. PASSED July 16, 1991 Prepared by: PRESTON THORGRIMSON SI-IIDLER GATES & ELLIS 5400 COLUMBIA SEAFIRST CENTER 701 FIFTH AVENUE SEATTLE, WASHINGTON 98104 -7011 TABLE OF CONTENTS Page ARTICLE I DEFINITIONS Section 1.1. Definitions 4 Section 1.2. Interpretation 22 ARTICLE II PLAN AND FINDINGS Section 2.1. Plan of Additions, Improvements to and Extension of the System 23 ARTICLE III ISSUANCE OF 1991 BONDS Section 3.1. Issuance of the City of Yakima Water and Sewer Revenue Bonds, 1991 24 Section 3.2. Execution of Bonds; Validity of Signatures Thereon 25 Section 3.3. Temporary Bonds 26 Section 3.4. CUSIP Identification Numbers 27 Section 3.5. Appointment of Bond Registrar 27 Section 3.6. Duties of Bond Registrar 28 Section 3.7. Registration Books 29 Section 3.8. Transfer of 1991 Bonds 29 Section 3.9. Exchange of 1991 Bonds 31 Section 3.10. Mutilated, Lost, Stolen or Destroyed 1991 Bonds 31 Section 3.11. Disposition and Destruction of 1991 Bonds 34 Section 3.12. Redemption of Refunded Bonds 34 Section 3.13. Finding of Defeasance 36 Section 3.14. Form of 1991 Bond 37 ARTICLE IV REDEMPTION OF 1991 BONDS Section 4.1. Redemption Prior to Maturity 37 Section 4.2. Notice of Redemption 37 Section 4.3. Partial Redemption of 1991 Bonds 40 Section 4.4. Effect of Redemption 40 Section 4.5. Cancellation of Redeemed 1991 Bonds 41 Section 4.6. Purchase of 1991 Bonds 41 i 41/ ARTICLE V FUNDS AND ACCOUNTS; DEFEASANCE Section 5.1.. Revenue Fund; Priority of Payments 41 Section 5.2. Bond Fund 43 Section 5.3. Defeasance 51 Section 5.4. Use of Bond Proceeds . . 52 ARTICLE VI PARTICULAR COVENANTS OF THE CITY Section 6 1. Rate Covenant 55 Section 6.2. Maintenance and Operation 56 Section 6 3. Sale or Disposition of the System 57 Section 6.4. Liens or Encumbrances 58 Section 6.5. Insurance 59 Section 6.6. Books and Accounts 60 Section 6.7. Additions and Improvements 60 Section 6.8. Tax Covenants 61 Section 6.9. Arbitrage Rebate 61 ARTICLE VII ADDITIONAL BONDS • Section 7.1. Additional Bonds 63 Section 7.2. Pledge Effected Ordinance 67 ARTICLE VIII DEFAULTS AND REMEDIES Section 8.1. Events of Default 69 Section 8.2. Formation of Bondowners Committee 71 Section 8.3. Books of City Open to Inspection 72 Section 8.4. Suits at Law or in Equity 73 Section 8.5. Direction of Actions of Bondowners Committee by Owners of Majority of Bonds . . . 75 Section 8.6. Suits by Individual Bondowners 76 Section 8.7. Waivers of Default 77 Section 8.8. Remedies Granted in Ordinance Not Exclusive 77 ARTICLE IX BONDOWNERS MEETINGS Section 9.1. Call of Bondowners Meetings 78 Section 9.2. Notice to Bondowners 79 Section 9.3. Proxies; Proof of Ownership of Second Lien Parity Bonds 79 ii Section 9.4. Execution of Instruments by 41 Bondowners 80 ' Section 9.5. Appointment of Officers at Bondowners Meetings 81 Section 9.6. Quorum at Bondowners Meetings 82 ARTICLE X AMENDMENTS TO ORDINANCE Section 10.1. Amendments 82 Section 10.2. Obtaining Approval of Amendments at Bondowners Meeting 85 Section 10.3. Alternate Method of Obtaining Approval of Amendments 87 Section 10.4. Amendment of Ordinance in Any Respect by Approval of All Bondowners . . . . 88 Section 10.5. Exclusion of Bonds Owned by City 89 Section 10.6. Endorsement of Amendment on Bonds 89 ARTICLE XI MISCELLANEOUS Section 11.1. Severability 90 Section 11.2. General Authorization 90 Section 11.3. Ordinance and Laws a Contract with Bondowners 91 Section 11.4. Benefits of Ordinance Limited to City, Bondowners, and Paying Agents 92 Section 11.5. Article and Section Headings; Table and Contents 92 Section 11.6. Prior Acts 92 Section 11.7. Effective Date 92 Exhibit A Form of Bond Exhibit B Escrow Agreement iii