HomeMy WebLinkAbout1989-3206 HOME OWNERSHIP PROGRAM LINES OF CREDIT r
CITY OF YAKIMA
WASHINGTON
IIP HOME OWNERSHIP PROJECT LINES OF CREDIT
ORDINANCE NO. 32
32 06
AN ORDINANCE OF THE COUNCIL OF THE CITY OF
YAKIMA, WASHINGTON, PROVIDING FOR THE
ESTABLISHMENT OF LINES OF CREDIT FOR THE
PURPOSE OF FUNDING OF A HOME OWNERSHIP
PROGRAM; AUTHORIZING THE EXECUTION OF NOTES
OF THE CITY IN THE PRINCIPAL AMOUNT OF NOT TO
EXCEED $500,000; PROVIDING FOR THE
DISPOSITION OF THE PROCEEDS OF SUCH LINE OF
CREDIT; FIXING THE FORM, MAXIMUM INTEREST
RATE, TERMS, MATURITY AND COVENANTS OF SUCH
LINES OF CREDIT; AND CREATING A FUND FROM
WHICH THE PRINCIPAL OF AND INTEREST ON SUCH
NOTES SHALL BE PAID.
PASSED , 1989
Prepared by:
PRESTON, THORGRIMSON,
ELLIS & HOLMAN
5400 Columbia Seafirst Center
701 Fifth Avenue
Seattle, Washington 98104 -7011
41,
TABLE OF CONTENTS`
Page
Recitals 1
SECTION 1. Definitions 1
SECTION 2. Issuance of Notes 2
SECTION 4. Request for Draw 4
SECTION 5. Note Redemption Fund 4
SECTION 6. Payment Prior to Maturity 5
SECTION 7. Application of the Proceeds of Sale of
the Note 5
SECTION 8. Form of the Note 5
SECTION 9. Execution of the Notes 8
SECTION 10. Delivery of the Notes 8 4110
SECTION 12. Notes Designated °Qualified Tax - Exempt
Obligations.° 8
SECTION 13. Lost or Destroyed Notes . . . . . . . . . . . . 8
SECTION 14. The Program 8
SECTION 15. Severability 10
SECTION 16. Effective Date 10
This Table of Contents and the preceding cover page are
not part of the ordinance. They are provided for convenience of
the reader only.
ORDINANCE NO.' 3 2 u 6
AN ORDINANCE OF THE COUNCIL OF THE CITY OF YAKIMA,
WASHINGTON, PROVIDING FOR THE ESTABLISHMENT OF
LINES OF CREDIT FOR THE PURPOSE OF FUNDING OF A
HOME OWNERSHIP PROGRAM; AUTHORIZING THE EXECUTION
OF NOTES OF THE CITY IN THE PRINCIPAL AMOUNT OF
NOT TO EXCEED $500,000; PROVIDING FOR THE
DISPOSITION OF THE PROCEEDS OF SUCH LINES OF
CREDIT; FIXING THE FORM, MAXIMUM INTEREST RATE,
TERMS, MATURITY AND COVENANTS OF SUCH LINES OF
CREDIT; AND CREATING A FUND FROM WHICH THE
PRINCIPAL OF AND INTEREST ON SUCH NOTES SHALL BE
PAID.
WHEREAS, the City of Yakima (the "City ") is a city of the
first class of the State of Washington; and
WHEREAS, RCW 35.21.685 authorizes cities to assist in the
development or preservation of publicly or privately owned
housing for persons of low income by providing loans to the
owners or developers of housing;
WHEREAS RCW 39.46.050 authorizes the City to establish lines
of credit with any qualified public depository to be drawn upon
in exchange for its notes or other obligations, the interest
rates on which may be a fixed rate or rates set periodically or a
variable rate or rates determined by agreement of the parties;
and
WHEREAS, in order to borrow funds to fund a program of loans
for the purposes authorized by RCW 35.21.685 at a favorable rate
of interest, the City deems it advisable to establish lines of
credit with certain qualified public depositories secured by the
issuance of its limited tax general obligation notes in the
principal amount of not to exceed $500,000, pursuant to
RCW 39.46.050; and
WHEREAS, the City has sought indications of interest from
various qualified public depositories for the establishment of a
line of credit with each such depository through the purchase of
the City's limited tax general obligation notes;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY OF YAKIMA, AS
fia 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:
(a) "Banks" means the qualified public depositories listed
on Exhibit A, attached hereto and incorporated by reference
herein.
(b) "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.
(c) "Code" means the federal Internal Revenue Code of 1986,
as amended.
41111
(d) 'Council' means the Council of the City as the same
shall be duly and regularly constituted from time to time.
(e) 'Finance Director' means the Director of Finance and
Budget of the City, or any successor to the functions and duties
of such Director of Finance and Budget.
(f) 'Interest Rate' means the per annum rate of interest on
the Note to be determined by resolution of the Council pursuant
to Section 2 of this ordinance.
(g) 'Notes' means the limited tax general obligation notes
of the City in the aggregate principal amount of $500,000 to be
issued pursuant to this ordinance to the Banks in the respective
amounts set forth on Exhibit A.
(h) 'Note Fund' means the 'City of Yakima Housing Note
Redemption Fund,' created by Section 5 of this ordinance.
(i) 'Outstanding Principal Balance' means the aggregate of
the funds that the City has drawn from any Bank pursuant to a
Note less the aggregate of all principal payments on such Note
made by the City.
(j) 'Program' means the home ownership demonstration
project set forth in Section 14 of this ordinance.
(k) 'Request for Draw° means an oral or written request by
an authorized representative of the City for a draw from the
lines of credit authorized to be established pursuant to this
ordinance (in substantially the form set forth in Exhibit B).
SECTION 2. Issuance of Notes. The City shall, for the
purpose of funding the Program, issue its Notes to the Banks in
the principal amounts set forth in Exhibit A. Said Notes shall
be designated the 'City of Yakima, Washington, Limited Tax
General Obligation Notes, 1989," shall be dated the date of their
delivery to the respective Banks, shall be issued in 1989 in
fully registered form, and shall mature on December 31, 2009.
The Notes shall secure lines of credit established by the City
with any one or more of the Banks.
The Finance Director is hereby authorized and directed to
determine the amount of credit to be utilized by the City
pursuant to a line of credit established with any Bank. The
Finance Director is authorized to establish such line of credit
with any Bank or Banks subject to the provisions of this
ordinance. Each Bank shall execute an 'Agreement to Establish a
Line of Credit,' in substantially the form attached as Exhibit C,
and deliver the same to the Finance Director as a condition
precedent to the establishment of a line of credit with such
Bank.
The City hereby appoints the Finance Director as the Note
registrar. The City shall cause a Note register to be maintained
by the Note registrar. So long as any Notes remain outstanding,
the Note registrar shall make all necessary provisions to permit
the exchange or registration or transfer of the Notes at its
office. The Notes shall be transferable only upon the Note
register by the registered owner thereof in person or by his
attorney duly authorized in writing, upon surrender thereof,
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together with a written instrument of transfer satisfactory to
the Note registrar duly executed by the registered owner or his
duly authorized attorney. Upon the transfer of a Note, the Note -
registrar shall issue in the name of the transferee, a new Note
in the same denomination.
Each Note shall bear interest on the Outstanding Principal
Balance at a rate not to exceed 9 %, as hereafter fixed by
resolution of the City Council (the "Interest Rate"), except as
expressly provided in Section 3 of this Ordinance. The principal
of and interest on the Note shall be payable as follows: Upon
each Request for Draw, a portion of the Outstanding Principal
Balance equal to such Request for Draw, and the interest thereon,
shall be payable in level monthly payments of principal and
interest sufficient to amortize such draw at the Interest Rate
over the period of time remaining until maturity of the Note.
This period shall be determined from the date of the advance of
Note proceeds to the City pursuant to the Request for Draw by
which the City drew that principal amount from the Bank. Such
level payments of principal of and interest on the Note with
respect to each such Request for Draw shall be payable on the
tenth day of each month beginning with the month next following
the month in which the City makes such Request for Draw. Final
payment of the principal of and interest on the Notes shall
., nonetheless be due on December 31, 2009. Payments of the
principal of and interest on the Note corresponding to each and
every Request for Draw shall be aggregated into a single monthly
payment.
Both principal of and interest on the Notes shall be payable
in lawful money of the United States of America. Principal. of
and interest on the Notes shall be paid by check or draft mailed
to the registered owners or assigns at the address appearing on
the Note register on the 15th .day of the month preceding the
principal and interest payment date. The final payment of
principal of and interest on the Notes shall be payable upon
presentation and surrender thereof by the registered owners at
the office of the Finance Director.
,SECTION 3. Tax Covenants. The City shall comply with the
provisions of this section unless, in the written opinion of
nationally- recognized bond counsel to the City, such compliance
is not required in order to maintain the exemption of the
interest on the Notes from federal income taxation.
411111 The City covenants that it will not take or permit to be
taken on its behalf any action which would adversely affect the
exemption from federal income taxation of the interest or
discount, if any, on the Notes and will take or require to be
taken such acts as may reasonably be within its ability and as
may from time to time be required under applicable law to
continue the exemption from federal income taxation of the
interest and discount, if any, on the Notes provided, however,
that the City does not represent, warrant, covenant or agree that
'interest on the Notes will not be taken into account for purposes
of computing the corporate or individual alternative minimum tax
under Section 55 of the Code, or for purposes of computing the
environmental tax on corporations under Section 59A of the Code
or under any other similar treatment of interest on the Notes.
Without limiting the generality of the foregoing, the City
covenants that it will not take any action or fail to take any
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action with respect to the investment of the proceeds of any line
of credit secured by any Note, or other funds, which would result
in constituting a Note to be an 'arbitrage bond" within the
meaning of such term as used in Sections 103 and 148 of the Code
or which would violate Treasury Regulations under Sections 103,
143 and 148 of the Code applicable to the Notes. The City will
comply with the requirements of Sections 103, 143 and 148 of the
Code (or any successor provision thereof applicable to the Notes)
and the applicable Regulations thereunder throughout the term of
the Notes. The City further covenants that it will not take any
action or permit any action to be taken that would cause the
Notes to constitute 'private activity bonds" under Section 141 of
the Code.
The Council hereby finds and declares, with respect to
Section 148(f)(4)(C) of the Code, that ninety -five percent or
more of the net proceeds of the Notes will be used for local
governmental activities of the City.
SECTION 4. Request for Draw. A Request for Draw pursuant
to a Note may be made by the City either orally or in writing at
any time on or before October 1, 1990. Oral Requests for Draw
may include requests by telephone, telegraph, telex or any other
means of communication by an authorized representative of the
City. The Director of Finance and Budget is hereby authorized to
determine the amount of credit to be extended and to make written
or oral Requests for Draw pursuant to this Ordinance. Promptly
following each Request for Draw the Director of Finance and
Budget shall send by registered or certified mail, a confirmation
of the Request for Draw, substantially in the form of Exhibit B
attached hereto and incorporated by reference herein. The Bank
shall incur no liability to the City or to any other person in
acting upon any oral or written notice or other communication
which the Bank believes in good faith to have been given by an
official or other person authorized to borrow on behalf of the
City, or in otherwise acting in good faith in making advances
pursuant to this Ordinance.
SECTION 5. Note Redemption Fund. A special fund of the
City to be known as the "City of Yakima Housing Note Fund," (the
"Note Fund ") is hereby authorized to be created by the Finance
Director. The Note Fund shall be drawn upon for the sole purpose
of paying the principal of and interest on the Notes. Moneys on
deposit in the Note Fund not immediately needed to pay such
interest or principal may temporarily be deposited in such
institutions or invested in such obligations as are legal
investments for City funds. Any interest or profit from the
investment of such moneys shall be deposited in the Note Fund.
Any moneys remaining in the Note Fund after payment in full of
the principal of and interest on the Notes may be transferred to
the General Fund of the City, and the Note Fund shall be closed.
The City covenants and agrees that for as long as the Notes
are outstanding and unpaid it will include in its budget and make
annual levies of ad valorem taxes, within and as a part of the
tax levy permitted to cities without a vote of the people, upon
all taxable property within the City subject to taxation in
amounts that, with other monies legally available therefor, will
be sufficient to pay the principal of and interest on the Note as
the same shall become due and payable. Such taxes and other
monies so pledged shall be paid directly into the Note Fund in
amounts sufficient to pay the principal of and interest on the
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Notes, and none of the money in such Fund shall be used for any
other purpose than the payment of the principal of and interest
11. on the Notes. The full faith, credit and resources of the City
are hereby pledged for the prompt payment of the principal of and
interest on the Notes as the same shall become due.
SECTION 6. Payment Prior to Maturity. Any Note may be
redeemed in advance of its scheduled maturity at any time without
premium or penalty upon thirty days' written notice to the
registered owner at par plus accrued interest to the date of
redemption.
SECTION 7. Application of the Proceeds of Sale of the
Notes. Immediately upon receipt of a Request for Draw, the
amount requested shall be deposited by the Bank in the City of
Yakima General Fund held by the Finance Director and may be used
by the City to pay the cost and expenses of the Program.
SECTION 8. Form of the Notes. The Notes shall be in
substantially the following form:
UNITED STATES OF AMERICA
NO.
STATE OF WASHINGTON
YAKIMA COUNTY
CITY OF YAKIMA
LIMITED TAX GENERAL OBLIGATION NOTE
Registered Owner:
City of Yakima, Washington (the "City"), a municipal
corporation organized and existing under and by virtue of the
laws and Constitution of the State of Washington, hereby acknowl-
edges itself to owe and for value received promises to pay to the
Registered Owner identified above no later than
solely from the sources hereinafter mentioned, the Outstanding
Principal Balance (as defined below) of this note at the times
hereinafter specified with interest thereon provided until such
principal sum is paid.
This note is issued pursuant to duly adopted ordinances and
resolutions of the City, including Ordinance No. adopted on
(the "Note Ordinance"), for the purpose of
financing a City of Yakima home ownership program, all in
conformity with the Constitution and laws of the State of
Washington and the ordinances of the City.
This note bears interest at the rate of % (the
"Interest Rate") on the Outstanding Principal Balance of this
note (as defined in the Note Ordinance), except as expressly
provided in the Note Ordinance. The principal of and interest on
the Note shall be payable as follows: Upon each Request for
Draw, a portion of the Outstanding Principal Balance equal to
such Request for Draw, and the interest thereon, shall be payable
in level monthly payments of principal and interest sufficient to
amortize such draw at the Interest Rate over a period of
months. This month period shall be determined from the date
of the advance of Note proceeds pursuant to the Request for Draw
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41111
by which the City drew that principal amount from the Bank. Such
level payments of principal and interest on the Note with respect
to such Request for Draw "shall be payable on the tenth day of
each month beginning with the month next following the month in
which the City makes such Request for Draw. Final payment of the
principal of and interest on the Note shall nonetheless be due on
. Payments of the principal of and interest on the
Note corresponding to each and every Request for Draw shall be
aggregated into a single monthly payment.
The City hereby covenants and agrees with the registered
owner of this note that it will keep and perform all of the
covenants of this note of the Note Ordinance.
Both the principal of and interest on this note are payable
in lawful money of the United States of America by check or draft
mailed to the registered owner or assigns at the address
appearing on the Note register on the 15th day of the month
preceding the interest payment date. The final payment of
principal of and interest on the Note shall be payable upon
presentation and surrender hereof by the registered owner at the
office of the Director of Finance and Budget.
The City has reserved the right to redeem this note at any
time without premium or penalty on thirty days' written notice to
the registered owner hereof at par plus accrued interest to the
date of redemption.
The City hereby irrevocably covenants that it will include
in its budget and levy ad valorem taxes within and as a part of
the tax levy permitted to cities without a vote of the people,
upon all the taxable property with the City subject to taxation,
in amounts sufficient, with other monies legally available
therefor, to pay the principal of and interest due on this note
as the same shall become due and shall deposit such funds into
the City of Yakima Housing Note Fund authorized to be maintained
by the Note Ordinance.
The full faith, credit and resources of the City are hereby
irrevocably pledged for the prompt payment of such principal and
interest.
This note shall not be valid or become obligatory for any
purpose or be entitled to any security or benefit under the Note
Ordinance until the Certificate of Authentication thereon shall
have been manually signed by the Note Registrar.
It is hereby certified and declared that this note is issued
pursuant to and in strict compliance with the constitution and
laws of the State of Washington, the charter of the City, and
duly adopted ordinances of the City, and that all acts,
conditions and things required to have happened, been done and
performed precedent to and in the issuance hereof have happened,
been done, and performed.
IN WITNESS WHEREOF, the City of Yakima, Washington, has
caused this note to be signed with the manual or facsimile
signature of the Mayor, to be attested by the manual or facsimile
signature of the City Clerk, and the seal of the City to be
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impressed or imprinted hereon, all as of this day of
, 1989.
CITY OF YAKIMA, YAKIMA COUNTY
By Jsj manual or facsimile signature
Mayor
ATTEST:
at or f.c.i'le si. ature
City Clerk
CERTIFICATE OF AUTHENTICATION
This note is one of the notes described in the within -
mentioned Note Ordinance of the City of Yakima, Washington,
dated , 1989.
DIRECTOR OF FINANCE AND BUDGET,
CITY OF YAKIMA
Note Registrar
By
Authorized Officer
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned hereby sells, assigns
and transfers unto
(name and address of assignee)
the within note and does irrevocably constitute and appoint the
Note registrar to transfer said note on the books kept for
registration thereof with full power of substitution in the
premises.
Date:
NOTE: The signature of thij
must correspond with the name of the
registered owner as it appears upon the
face of the within bond in every
particular, without alteration or
enlargement or any change whatever.
Promptly following each Request for Draw, the Note shall have
endorsed thereon by the registered owner the following
certification:
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41111
PRINCIPAL AND INTEREST PAYMENTS UPON UAW
Monthly First Lest Signature
Deis Amount Principal and Month of Month of of Regis-
• D aw • o Draw • Int; ee snt 'a t • a , =nt tared Owner
•
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SECTION 9. Execution of the Notes. The Notes shall be
executed 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 Clerk of the Council and shall have
the corporate seal of the City impressed or imprinted thereon.
SECTION 10. Delivery of the Notes. The delivery of the
Notes to the Banks pursuant to their written proposals, and
pursuant to this ordinance, is hereby approved and confirmed.
Such proposals are hereby accepted on the terms and conditions
set forth therein and herein.
SECTION 11. Authorization to Officials and Accents;
t'f'cat'o of •rior Act'o_s. The appropriate City officials,
agents and representatives are hereby authorized and directed to
do everything necessary for the prompt issuance, execution and
delivery of the Notes, and for the proper use and application of
the proceeds of draws thereunder as provided in this ordinance.
All actions heretofore taken by the City's officials, agents
and representatives in connection with the issuance of the Notes
and in connection with the City's request for proposals to extend
the lines of credit provided for herein are hereby ratified,
approved and confirmed.
SECTION 12. Notes Designated "Qualified Tax - Exempt
Obligations." The Notes are hereby designated as "qualified tax -
exempt obligations" as defined in Section 265(b) of the Code.
The City finds and declares that it does not reasonably
anticipate that it will issue tax - exempt obligations (other than
private activity notes) in the calendar year of 1989 in an
aggregate principal amount exceeding $10,000,000.
SECTION 13. Lost or Destroyed Notes. In case a Note shall
be lost, stolen or destroyed, the Note registrar may execute and
deliver a new Note of like amount, date, and tenor to the
registered owner thereof upon the owner's paying the expenses and
charges of the City an the Note registrar in connection therewith
and upon his filing with the Note registrar evidence satisfactory
to said Note registrar that such Note was actually lost, stolen
or destroyed and of his /her ownership thereof, and upon
furnishing the City with indemnity satisfactory to the Note
registrar.
SECTION 14. The Program. In order to conserve the supply of
decent, safe and sanitary housing within the City, the city
hereby establishes the Program to provide below- market rate
financing for the acquisition of residential property by persons
or families of low- income.
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The proceeds of draws made by the City pursuant to the lines
of credit secured by the Notes shall be utilized to make loans to
home - buyers within the City. Such loans would be made pursuant
to the Program as set forth in this section. The Program shall,
in all respects, comply with the provisions of Section 143 of the
Code.
Eligibility guidelines for the Loan - In order to be
eligible for funding under the Program, each loan must meet the
requirements of the program handbook (the "Program
Handbook')which is incorporated by reference herein and all
requirements of Section 143 of the Code for maintaining the tax -
exempt status of the Notes. Pursuant to the Program Handbook, x
each loan must meet other standards with respect to the
eligibility of the property to be acquired, the borrower, and
deed of trust, and the terms and conditions of the note and deed
of trust securing the loan by the City to the borrower.
__Properties. Each property to be acquired must be
located within a targeted area as designated by the City
and included in Exhibit D, be a permanent structure used
exclusively for year -round owner occupied, single family
residential use only.
Borrowers. Each borrower must:
(a) Acquire the residence to be financed in fee simple
title subject to a deed of trust in favor of the City securing
the loan;
(b) Occupy the property to be acquired as the principal
residence of the borrower within sixty (60) days from the date of
the Loan and for at least five years thereafter.
(c) Have an annual income below eighty percent (80 %) of
median income, for the standard metropolitan statistical area in
which the City is located, adjusted for family size in accordance
with the Program Handbook.
These income limits may hereafter be changed by the City,
subject to compliance with Section 143 of the Code and state law.
Loan Terms and Conditions. The maximum amount of a loan
will be equal to the fair market appraisal plus closing costs.
The maximum term for each loan is 30 years.
All loans, regardless of amount, must be secured by a
recorded security instrument, which may be a junior lien upon the
property.
Loan Origination. The City of Yakima, Office of Housing and
Neighborhood Conservation shall be responsible for receiving
applications for the loans, reviewing the applications for
completeness and compliance with program eligibility
requirements, making credit determinations, closing the loans and
disbursing loan proceeds. Independent escrow companies may be
used for loan closings. Such office will not charge the
borrowers for application fees or costs of originating,
processing and closing the Loans, but will charge for actual
recording fees and title insurance charges incorporated in the
closing costs.
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Council ArprovAl Any loan made pursuant to the Program
shall first be approved by the City Council. Such approval may
be by motion or resolution.
SECTION 15 Sever@tjlity. 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
Notes.
SECTION 16 Effective _Date. This ordinance shall be in full
force and effect from and after thirty (30) days after the date
of its publication, adoption and approval as required by law.
ADOPTED by the City Council of City oYakima, Jashington,
at a regular meeting thereof held this ]L ay of
1989.
CITY OF YAKIMA,
YAKIMA COUNTY, WASHINGTON
.
Mayor
ATTEST:
C ty Clerk
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ExHIBTT A
Bank Principal Amount of
Line of Credit
Yakima Federal Savings $ 30,000
Security Pacific Bank 75,000
Benj. Franklin Federal Savings & Loan 30,000
Catholic Credit Union 30,000
Pioneer National Bank 30,000
Seattle -First National Bank 90,000
U.S. Bank 65,000
First Federal Savings Bank 30,000
Yakima Valley Bank 30,000
First Interstate Bank 30,000
Washington Mutual Savings 30,000
$ 470,000
(=:2)
EXHIBIT D
CITY OF YAKIMA'S DESIGNATED PROJECT'S TARGET AREA
The homeownership project's target area will be
designated to be all single family, owner occupied homes
East of 16th Avenue, North, South and East within the
City Limits of Yakima.
t ,
r,
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CLERK'S CERTIFICATE
111111 I, the undersigned, the duly chosen, qualified and acting
City Clerk of the City of Yakima, Washington (the 'City'), and
keeper of the records of the City Council (herein called the
"Council"), DO HEREBY CERTIFY:
1. That the attached ordinance (herein called the
'Ordinance') is a true and correct copy of Ordinance No. of
the City, as finally adopted at a meeting of the
Council held on the day of , 1989, and duly
recorded in the offices of the City.
2. That said meeting was duly convened and held in all
respects in accordance with law, and, to the extent required by
law, due and proper notice of such meeting was given; that a
quorum was present throughout the meeting and a legally
sufficient number of the members of the City voted in the proper
manner for the adoption of the Ordinance; that all other
requirements and proceedings incident to the proper adoption of
the Ordinance have been duly fulfilled, carried out and otherwise
observed; and that I am authorized to execute this certificate.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed
the official seal of the City this day of
1989.
ty Clerk
C
(S E A L]
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