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HomeMy WebLinkAbout1987-3045 GENERAL OBLIGATION BONDS ISSUED BY CITY ORDINANCE NO. 3045 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 3, 1987, of the proposition of whether or not the City should issue its general obligation bonds in the aggre- gate principal amount of $2,250,000, for the purposes of making certain improvements to the park 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 improve certain of the City's public swimming pools and make other improvements to the parks of the City; 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 $2,250,000; 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 re- jection; NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF YAKIMA, WASHINGTON, as follows: 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. Section 2. Authorization of Project. The following project of improvements to the park and recreation facilities of the City is authorized and ordered to be carried out: Improve certain City pools, expand the Senior Center, procure and install automated irrigation systems for City parks, develop soccer fields, and implement certain other park improvements. Such facilities are herein called the "Project". 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 princi- pal amount of not to exceed $2,250,000 (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 pro- visions of this ordinance, approve the plans and specifications for construction of the Project, and the Project shall be accom- plished in such stages as may be determined by the Council. If the Council shall determine that it has become impracti- cal 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 411 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. -2- JG22:01 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 111 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 of whether or not the City shall issue said general obligation bonds for their rati- fication or rejection at a special election to be held on November 3, 1987. 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. GENERAL OBLIGATION BONDS, $2,250,000 For the purposes of improving certain City pools, expanding the Senior Center, installing irrigation systems for City Parks, developing soccer fields and 411 implementing other park improvements, shall the City of Yakima issue $2,250,000 of general obligation bonds payable, both principal and interest, out of annual tax levies in excess of regular property tax levies and - -3- JG22:01 maturing within a maximum term of twenty years from date of issue, all as provided in City Ordinance No. BONDS, YES. . . . . . . . . 1 BONDS, NO 1 I The City Clerk is hereby authorized and directed to deliver a certified copy of this ordinance to the Yakima County Auditor. Section 6. Effective Date. This ordinance shall go into effect thirty (30) days after the date of its publication as required by law. PASSED by the City Council of the City of Yakima, Washington, at a regular meeting thereof held on the 8th day of September , 1987. CITY OF YAKIMA, WASHINGTON ayor ATTEST: City Clerk Publication Date 9/11/87 Effective Date 10/11/87 -4- JG22 :01