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HomeMy WebLinkAbout1988-3092 ISSUANCE & SALE OF UNLIMITED TAX BONDS ORDINANCE NO. 3 0 92 AN ORDINANCE of the City Council of the City of Yakima, Washington, providing for the issuance and sale of unlimited tax general obligation bonds of the City in the principal sum of $2,250,000 for the purpose of providing funds to pay the cost of acquiring, constructing and installing improvements to City park and recreation facilities; providing the date, form, terms and maturities of said bonds; providing for the disposition of the proceeds of sale of such bonds; providing for the annual levy of taxes to pay the principal of and interest on said bonds; providing for the sale thereof and declaring an emergency. WHEREAS, the City of Yakima, Washington (the "City") by Ordinance No. 3045, passed on September 8, 1987, has found it necessary for the welfare of the residents of the City that a plan for improvements to certain of the City's swimming pools and to the parks of the City be implemented (the "Project"); and WHEREAS, at an election held on November 3, 1987, the voters of the City authorized issuance of unlimited tax levy general obligation bonds in the principal amount of $2,250,000 (the "Bonds") to pay the costs of the Project; and WHEREAS, the City Council has received an offer to purchase the Bonds from Seattle-Northwest Securities Corporation pursuant to the terms and conditions contained herein and desires to accept such offer; 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: (a) "Bond Fund" means the "City of Yakima Unlimited Tax 41 1 General Obligation Bond Fund, 1988" created by Section 9 of this ordinance; (b) "Bond Register" means the books or records main- tained by the Bond Registrar containing the name and mailing address of the owner of each Bond or nominee of such owner and the principal amount and number of Bonds held by each owner or 410 nominee; (c) "Bond Registrar" means the fiscal agency of the State of Washington in either Seattle, Washington, or New York, New York, for the purposes of registering and authenticating the Bonds, maintaining the Bond Register, effecting transfer of ownership of the Bonds and paying interest on and principal of the Bonds. (d) "Bonds" means the $2,250,000 principal amount of the City of Yakima, Washington, Unlimited Tax General Obligation Bonds, 1988, issued pursuant to this ordinance for the purpose of providing part or all of the funds to pay the costs of carrying out the Project; (e) "Capital Improvements Fund" means the City's Parks Capital Fund, Fund No. 331; (f) "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; (g) "Council" means the general legislative authority of the City as the same shall be duly and regularly constituted from time to time; (h) "Finance and Budget Director" means the City's Director of Finance and Budget or any successor to his functions and duties; (i) "Project" means the construction, acquisition and installation of the improvements to City Parks and Recreation Facilities as described in Ordinance No. 3045 of the City. -2- FWW86 88/04/13 SECTION 2. Authorization of Bonds. The City hereby authorizes the issuance and sale of the Bonds in the aggregate principal amount of $2,250,000 to provide funds to pay part of the cost of acquiring, constructing and equipping the Project, includ- ing all costs of engineering, architectural, planning, financial, legal and other services lawfully incurred incident thereto and to the issuance of the Bonds. The Bonds shall be general obligations of the City; shall be designated "City of Yakima, Washington, Unlimited Tax General Obligation Bonds, 1988," shall be dated April 15, 1988; shall be issued in fully registered form in the denomination of $5,000 or any integral multiples thereof, provided that no Bond shall represent more than one maturity; shall be numbered separately and in the manner and with any additional designation as the Bond Registrar deems necessary for purposes of identification; shall bear interest from their date, until the Bonds have been paid or their payment duly provided for, at the following rates per annum payable on June 1, 1989, and semiannu- ally thereafter on the first day of each succeeding June and December; and shall mature on December 1 of each year as follows: Principal Maturity Year Amount Interest Rate 1991 $100,000 7.50% 1992 100,000 7.50 1993 100,000 7.50 1994 100,000 7.50 1995 100,000 7.25 1996 100,000 6.60 1997 100,000 6.70 1998 100,000 6.90 1999 100,000 7.00 2000 350,000 7.20 2001 500,000 7.40 2002 500,000 7.50 The City hereby specifies and adopts the system of registra- tion for the Bonds approved by the State Finance Committee, and 111 the fiscal agencies of the State of Washington in the cities of -3- FWW86 88/04/13 Seattle, Washington, and New York, New York, shall act as authen- ticating trustee, transfer agent, paying agent and registrar for the Bonds (collectively, the "Bond Registrar"). Both principal of and interest on the Bonds shall be payable in lawful money of the 110 United States of America. Interest on the Bonds shall be paid by check or draft of the Bond Registrar mailed (on the date such interest is due) to the registered owners or nominees at the addresses appearing on the Bond Register on the fifteenth (15th) day of the month preceding each interest payment date. Principal of the Bonds shall be payable upon presentation and surrender of the Bonds to the Bond Registrar by the registered owners or nominees at the principal offices of either of the fiscal agencies of the State of Washington in the cities of Seattle, Washington, or New York, New York. The Bonds may be transferred only on the Bond Register maintained by the Bond Registrar for that purpose upon the sur- render thereof by the registered owner or nominee or his/her duly authorized agent and only if endorsed in the manner provided thereon, and thereupon a new fully registered Bond of like prin- cipal amount, maturity and interest rate shall be issued to the transferee in exchange therefor. Such transfer shall be without cost to the registered owner or transferee. The City may deem the person in whose name each Bond is registered to be the absolute owner thereof for the purpose of receiving payment of the prin- cipal of and interest on such Bonds and for any and all other purposes whatsoever. Upon surrender thereof to the Bond Registrar, the Bonds are interchangeable for Bonds in any authorized denomination of an equal aggregate principal amount and of the same interest rates and maturities. -4- FWW86 88/04/13 7- SECTION 3. Optional Redemption of Bonds. The Bonds maturing on and after December 1, 1997, are subject to redemption at the option of the City on and after December 1, 1996, in whole at any 411 time, or in part on any interest payment date (maturities to be selected by the City and by lot within a maturity) at a price of par plus accrued interest, if any, to the date of redemption. Portions of the principal amount of any Bond, in installments of $5,000 or any integral multiple of $5,000, may be redeemed. If less than all of the principal amount of any Bond is redeemed, upon surrender of such Bond at the principal office of the Bond 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, regis- tered owner, of like maturity and interest rate in any denomina- tion authorized by this resolution. SECTION 4. Notice of Redemption. Unless waived by any holder of Bonds to be redeemed, official notice of any such redemption shall be given by the Bond Registrar on behalf of the City by mailing a copy of an official redemption notice by first class mail, postage prepaid, at least 30 days and not more than 60 days prior to the date fixed for redemption to the registered owner of the Bond or Bonds to be redeemed at the address shown on the Bond Registrar or at such other address as is furnished in writing 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 110 -5- FWW86 88/04/13 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 110 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 surren- dered for payment of the redemption price, which place of payment shall be the principal office of the Bond Registrar. 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 which are to be redeemed on that date. Official notice of redemption having been given as aforesaid, the Bond or portions of Bonds so to be redeemed shall, on the redemption date, become due and payable at the redemption price therein specified, and from and after such 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. Upon surrender for any partial redemption of any Bond, there shall be prepared for the registered owner a new Bond or Bonds of the same maturity in the amount of the unpaid principal. All Bonds which have been redeemed shall be cancelled and destroyed by the Bond Registrar and shall not be reissued. 410 -6- FWW86 88/04/13 In addition to the foregoing notice, further notice shall be given by the City as set out below, but no defect in said further notice nor any failure to give all or any portion of such further 111 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 information required above for an official notice of redemption plus (i) the CUSIP numbers 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 redeemed; and (v) any other descriptive information needed to identify accurately the Bonds being redeemed. 2. Each further notice of redemption may be sent at least 30 days before the redemption date by registered or certified mail or overnight delivery service to all regis- tered securities depositories then in the business of holding substantial amounts of obligations of types comprising the Bonds (such depositories now being Depository Trust Company of New York, New York, Midwest Securities Trust Company of Chicago, Illinois, Pacific Securities Depository Trust Company of San Francisco, California and Philadelphia Depository Trust Company of Philadelphia, Pennsylvania) and shall be sent to one or more national information services that disseminate notices of redemption of obligations such as the Bonds (such as Moody's Investors Service and Standard & Poor's Corporation at their respective offices in New York, New York). SECTION 5. Form of the Bonds. The Bonds shall be in sub- stantially the following form: 410 -7- FWW86 88/04/13 UNITED STATES OF AMERICA NO. STATE OF WASHINGTON CITY OF YAKIMA UNLIMITED TAX GENERAL OBLIGATION BOND, 1988 INTEREST RATE: MATURITY DATE: CUSIP NO: SEE REVERSE SIDE FOR CERTAIN DEFINITIONS REGISTERED OWNER: PRINCIPAL AMOUNT: DOLLARS The City of Yakima, Washington, a municipal corporation organized and existing under and by virtue of the laws and Consti- tution of the State of Washington (the "City"), hereby acknowl- edges itself to owe and for value received promises to pay to the Registered Owner identified above, or registered assigns, on the Maturity Date identified above, the Principal Amount specified above, unless redeemed prior thereto as provided herein, together with interest on such Principal Amount from the date hereof or the most recent date to which interest has been paid or duly provided for at the Interest Rate set forth above payable June 1, 1989, and semiannually thereafter on each December 1 and June 1 until payment of the principal sum has been made or duly provided for. Both principal of and interest on this bond are payable in lawful money of the United States of America. Interest on this bond is payable by check or draft of the Bond Registrar mailed (on the date such interest is due) to the Registered Owner hereof at the address appearing on the records maintained by the Bond Registrar as of the fifteenth (15th) day of the month preceding the interest payment date. Principal shall be paid to the registered owner hereof upon presentation and surrender of this bond at the prin- cipal offices of either of the fiscal agencies of the State of Washington in Seattle, Washington or New York, New York (col- lectively, 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. Reference also is made to the Bond Ordinance (hereinafter defined) as more fully describing the covenants with and the rights of registered owners of the bonds or registered assigns and the meanings of capitalized terms appearing on this bond which are defined in the Bond Ordinance. This bond shall not be valid or become obligatory for any purpose or be entitled to any security or benefit under the Bond Ordinance (as hereinafter defined) until the Certificate of Authentication hereon shall have been manually signed by the Bond Registrar. The City hereby irrevocably covenants and agrees with the owner of this bond that it will include in its annual budget and 411 -8- FWW86 88/04/13 levy taxes annually, without limitation as to rate or amount, amounts sufficient, together with all other money legally avail- able therefor, to pay the principal of and interest on this bond as the same shall become due. All of such taxes so collected and any of such other money shall. be paid into the Bond Fund, and none of the money therein shall be used for any other purpose than the 10 payment of principal of and interest on the bonds of this issue. The full faith, credit and resources of the City are hereby irrevocably pledged for the annual levy and collection of such taxes and the prompt payment of such principal and interest. It is hereby certified and declared that this bond is issued pursuant to and in strict compliance with the Constitution and laws of the State of Washington and ordinances and resolutions of the City, that all acts, conditions and things required to be done precedent to and in the issuance of this bond and the bonds of this issue have happened, been done and performed and that this bond and the bonds of this issue do not exceed any constitutional or statutory limitations. IN WITNESS WHEREOF, the City of Yakima, Washington, has caused this bond to be signed on behalf of the City with the facsimile signature of the Mayor, to be attested by the facsimile signature of the Clerk of the City, and a facsimile of the seal of the City to be reproduced or impressed hereon, as of this fif- teenth day of April, 1988. CITY OF YAKIMA, WASHINGTON 7 — 1 - BY ,A1/0.1 Ael( Mayor ATTEST: Clerk of the City CERTIFICATE OF AUTHENTICATION Date of Authentication: This bond is one of the bonds described in the within- referenced Bond Ordinance of the City of Yakima, Washington, and is one of the Unlimited Tax General Obligation Bonds, 1988, dated April 15, 1988, of the City. WASHINGTON STATE FISCAL AGENCY As Bond Registrar By Authorized Officer -9- FWW86 88/04/13 ADDITIONAL BOND PROVISIONS This bond is one of an issue of unlimited tax general obliga- tion bonds of the City of like date and tenor, except as to number, interest rate and date of maturity, in the aggregate principal amount of $2,250,000, issued pursuant to Ordinance No. of the City, passed , 1988 (the "Bond Ordi- nance"), to provide funds to finance certain improvements to the park and recreation facilities of the City. The bonds maturing on and after December 1, 1997, are subject to redemption at the option of the City on and after December 1, 1996, in whole at any time, or in part on any interest payment date (maturities to be selected by the City and by lot within a maturity) at a price of par plus accrued interest, if any, to the date of redemption. Notice of any such intended redemption as provided about shall be given not less than thirty (30) nor more than sixty (60) days prior to said redemption date by registered or certified mail, postage prepaid, to the registered owner of any bond to be redeemed at the address appearing on the Bond Register. The requirements of the Bond Ordinance 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 the bond. Inillrest on any bond so called for redemption shall cease on such redemption date unless the same is not paid in full upon presenta- tion made pursuant to such call. 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 $5,000 each or any integral multiple thereof, provided that no bond shall represent more than one maturity. Upon surrender to the Bond Registrar, bonds are inter- changeable 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 main- tained 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 prin- cipal 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 hereof for the purpose of receiving payment of the principal of and interest on this bond and for any and all other purposes whatsoever. The City has designated the bonds of this issue as qualified tax-exempt obligations under Section 265(b) of the Internal 410 Revenue Code of 1986 so that banks, thrift institutions and other financial institutions will not be denied a deduction of 100% of their interest and expenses allocable to this bond. -10- FWW86 88/04/13 ASSIGNMENT FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto PLEASE INSERT SOCIAL SECURITY OR TAXPAYER IDENTIFICATION NUMBER OF TRANSFEREE / / (Please print or typewrite name and address, including zip code of Transferee) the within bond and all rights thereunder and does hereby irrevoc- ably 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: , 19 SIGNATURE GUARANTEED: NOTE: The signature of this Assign- ment 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. SECTION 6. Execution of the Bonds. 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 signa- ture of the City Clerk, and shall have the official corporate seal of the City impressed or imprinted thereon. 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 li r the Bonds so authenticated have been duly executed, authenticated -11- FWW86 88/04/13 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 Bond 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. Any Bond may also be signed and attested on behalf of the City by such persons as at the actual date of execution of such Bond shall be the proper officers of the City although at the original date of such Bond any such person shall not have been such officer. SECTION 7. Bond Registrar. The Bond Registrar shall keep, or cause to be kept, at its principal corporate trust office, sufficient records 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 authenti- cate and deliver Bonds transferred or exchanged in accordance with the provisions of such Bonds and this ordinance and to carry out all of the Bond Registrar's powers and duties under this ordinance. The Bond Registrar shall be responsible for its representa- tions contained in the Certificate of Authentication on the Bonds. The Bond Registrar may become the owner of any Bonds with the same rights it would have if it were not the Bond Registrar, and to the extent permitted by law, may act as depositary for and 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. -12- FWW86 88/04/13 SECTION 8. Application of Proceeds of Bonds. The City has heretofore created the Capital Improvements Fund. At the time of delivery of the Bonds, the proceeds of the Bonds shall be 111 deposited as follows: (a) The accrued interest to the date of delivery shall be deposited in the Bond Fund and used to pay the interest on the Bonds coming due on June 1, 1989. (b) The remainder of the proceeds shall be deposited into the Capital Improvements Fund and used to pay the costs of acquisition, construction, and installation of the Project, including all costs of legal, engineering, architectural, inspec- tion, and supervision services incidental to such improvements or expenses incidental to the issuance of the Bonds, and for the purpose of reimbursing any fund or funds of the City for which advances may have been made to pay any such costs. Money remaining in the Capital Improvements Fund after all of the Bonds have been paid may be used to pay costs of other legally authorized expenditures of the City or shall be deposited in the Bond Fund. Money in the Capital Improvements Fund may be invested as permitted by law and in a manner consistent with this ordi- nance. All interest earned and profits derived from such invest- ments shall be retained in and become a part of the Fund from which such investments were made. SECTION 9. Creation of Bond Fund and Provision for Tax Levy Payments. A special fund of the City known as the "City of Yakima Unlimited Tax General Obligation Bond Redemption Fund, 1988" (the "Bond Fund"), is hereby authorized and directed to be created in the office of the Finance and Budget Director. The Bond Fund shall be drawn upon for the sole purpose of paying the principal of and interest on the Bonds. 110 -13- FWW86 88/04/13 The City hereby irrevocably covenants, for as long as any of the Bonds are outstanding and unpaid, that each year it will include in its budget and levy an ad valorem tax, without limita- tion as to rate or amount, upon all the property within the City subject to taxation in an amount which will be sufficient, together with all other revenues and money of the City which 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 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 Bond Fund. The full faith, credit and resources of the City are hereby 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 10. Defeasance. 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 suffi- cient to redeem and retire the Bonds, or any of them, in accor- dance 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 Obligations are irrevocably set aside and pledged for such purpose, then no further payments need be made into the Bond Fund for the payment Oil -14- FWW86 88/04/13 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. SECTION 11. 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 Bonds from federal income taxation. The City hereby covenants that it will not make any use of the proceeds of sale of the Bonds or any other funds of the City which may be deemed to be proceeds of such Bonds pursuant to Section 148 of the federal Internal Revenue Code of 1986 and the application Regulations thereunder which will cause the Bonds to be "arbitrage bonds" within the meaning of said section and said Regulations. The City will comply with the requirements of Section 148 of the Internal Revenue Code of 1986 (or any successor provision thereof applicable to the Bonds) and the applicable Regulations thereunder throughout the term of the Bonds. The City further covenants that it will not take any action or permit any action to be taken that would cause the Bonds to constitute "private activity bonds" under Section 141 of the federal Internal Revenue Code of 1986. The City hereby designates the Bonds as "qualified tax-exempt obligations" under Section 265(b) of the federal Internal Revenue Code of 1986. The City does not expect to issue tax-exempt obligations in an aggregate principal amount in excess of $5,000,000 during calendar year 1988. SECTION 12. Sale of the Bonds. The Bonds shall be sold to Seattle-Northwest Securities Corporation and Grigsby Brandford & -15- FWW86 88/04/13 Co., Inc., Seattle, Washington, at the terms and under the condi- tions set forth herein and in its offer to purchase the Bonds, dated 1988. Said offer is hereby approved, con- firmed and accepted. The Finance and Budget Director is hereby 110 authorized and directed to execute and deliver such offer on behalf of the City. The appropriate City officials, agents and representatives are hereby authorized and directed to do everything necessary for the execution and delivery of the Bonds, and for the proper use and application of the proceeds of the sale thereof. The Finance and Budget Director is hereby authorized and directed to review and approve on behalf of the City an official statement for the issuance of the Bonds, to make such changes as he deems appropri- ate, and to execute and deliver such official statement on behalf of the City. SECTION 13. Authorization of Temporary Bond. Until the definitive Bonds are prepared, the City may, if deemed necessary by the City Council, utilize a temporary Bond 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 as the defini- tive Bonds. The temporary Bond shall be dated April 15, 1988, shall be in the denomination of $2,250,000, shall be numbered T-1, shall be substantially of the tenor of such definitive Bonds, but with such omissions, insertions and variations as may be appropri- ate to temporary bonds, and shall be signed by the Mayor and the City Clerk. Upon surrender to the City of the temporary Bond, the City without charge to the holder, shall execute and deliver to the holder of the temporary Bond, in exchange therefor, definitive -16- FWW86 88/04/13 Bonds of the same maturities, interest _rates,- redemption 'provi- sions and aggregate principal amount as the temporary Bond, if any surrendered. Until so exchanged, the temporary Bond shall be in all respects entitled to the same benefit and security as defini- tive Bonds executed and issued pursuant to this resolution. . SECTION 14. Lost or Destroyed Bonds. In case the Bonds or any of them shall be lost, stolen or destroyed, the Bond Registrar may execute and deliver a new Bond or Bonds of like amount, date, and tenor to the registered owner thereof upon the owner paying the expenses and charges of the City and the Bond Registrar in connection therewith and upon his filing with the Finance and Budget Director and the Bond Registrar evidence satisfactory to said Finance and Budget Director and Bond Registrar that such Bond or Bonds were actually lost, stolen or destroyed and of his/her ownership thereof, and upon furnishing the City and Bond Registrar with indemnity satisfactory to the Finance and Budget Director and Bond Registrar. SECTION 15. Severability. If any one or more of the cove- . nants 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 cove- nants, 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 16. Finding of Emergency and Effective Date. This ordinance is one to provide for the immediate preservation of the public peace, property and health of the people of the City of Yakima and an emergency is hereby ordered to exist, and this ordinance shall be in full force and effect immediately upon its Ilk • -17- • FWW86 88/04/13 passage, approval and publication as provided by law and the City Charter. PASSED by the Council of the City of Yakima, Washington, at a regular meeting thereof, this or" day of a , 1988. CITY OF YAKIMA, WASHINGTON 7 BY Mayor ATTEST: City Clerk 410 -18- FWW86 88/04/13 CERTIFICATE I, the undersigned, Clerk of the City of Yakima, Washington (herein called the "City") •and keeper of the records of the City Council of the City (herein called the "Council"), DO HEREBY CERTIFY: 1. That the attached ordinance is a true and correct copy of Ordinance No. of the City (herein called the "Ordi- nance"), as finally passed at a regular meeting of the City Council of the City held on the day of ; 1988, and duly recorded in my office. 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 of the Council was present throughout the meeting and a legally sufficient number of members of the City Council voted in the proper manner for the passage of said Ordinance; that all other requirements and proceedings incident to the proper adoption or passage of said 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 , 1988. City Clerk City of Yakima, Washington [Seal] FWW86 88/04/13