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HomeMy WebLinkAbout1952-B-1384 3 ORDINANCE NO. B -1384 AN ORDINANCE submitting to the qualified voters of the City of Yakima, Washington, at a special election to be held in said City on September 9, 1952, the proposition of creating an indebtedness in the sum of $400,,000.00 ;. creating a Lenox Avenue, overpass fund, for the issuance and sale therefor of general, negotiable, interest - bearing coupon bonds of said City in said amount, for the purpose of improving Lenox Avenue in the City of Yakima, Washington, by extending Lenox Avenue across the right -of -way of the Northern Pacific Railway Company and the right -of -way of the Union Pacific Railroad Company in the City of Yakima, Washington, by the construction of a two -lane over- pass over and across said railway rights-of-way; providing for the terms and method of payment of said bonds, and providing for the calling and holding of such election, and declaring an emergency, BE IT ORDAINED BY THE CITY OF YAKIMA: Section 1. That there be submitted to the qualified voters of the City of Yakima, Washington, at a special election to be held in said City on Tuesday, September 9,. 1952, the proposition of creating an indebtedness in the sum of $400,000.00, and that general, negotiable bonds of the City of Yakima, W be issued in the aggregate sum of $400;000.00, bearing interest at a rate not to exceed four (4%) percent per annum, and payable semiannually, which said bonds shall be serial in form and maturity, and shall run for a period of twenty (20) years, and the various annual naturities shall commence with the second year after the date of the issuance of such bonds and shall, . as nearly as practicable, be in such amounts as will, together with interest on all outstanding bonds, be met by an equal, annual tax levy for the payment of said bonds and interest, ' the principal and interest of which bonds shall be payableout of annual tax levies to be made without limitation of rate or amount, all of which said bonds shall be numbered from one (1) upward consecutively, shall be payable, both principal and interest, at the officeof the City Treasurer of the City of Yakima, Washington, or at the fiscal agency of the State of Washington in New York City, at the option of the holder, and shall bear such date and be in such foram and denominations and exact maturities as the City Commission shall hereinafter by ordinance prescribe, for the purpose of providing funds for the improvement of Lenox Avenue, in the City of Yakima, Washington, by extending Lenox Avenue across the right -of -way of the Northern Pacific Railway Company, and the right -of -way of the Union :Pacific Railroad Company, in the City of Yakima, Washington, by the construction of a two -lane overpass over said railway rights-of-way. The life of said improvement and overpass is hereby declared, in the judgment of the City Commission, to be forty years. The estimated cost of such improve- ment and construction of said two -lane overpass is the sum of 400;000.00. The total indebtedness incurred hereunder, with the assent of the voters, shall be a part of the indebtedness which may be incurred under the constitution, by vote in excess of one and one -half (12) percent and up to five (5) percent of the taxable property within said city. Section 2. That__a special election be, and the same is hereby called to be held in the City of Yakima, Washington, on Tuesday, September 9, 1952, at which election there shall be submitted to the qualified voters of said City, for their ratification or rejection, the proposition of borrowing money and issuing bonds for the improvement set out in Section 1 of this ordinance. Not more than ten (10) nor less than three (3) days' notice of suchi election shall be given in the official newspaper of said City by publication, in each issue of said paper during said time. At such election, the polls shall be open from 8 :00 o'clocl A.M.,., until 8 :00 o'clock P.M. Said election shall be conducted by ballot, and the City Commission shall be resolution hereafter prescribe the form of ballot, designate the polling places, and appoint the officers of the election. Sjection 3 -. Every voter at said election desiring to vote in favor of the ratification of the above proposition shall make a cross in the square opposite the Al words "Bonds -- Yes," and every elector desiring to vote against said proposition shall make a cross in the square opposite the words "Bonds-- No.. ". In the event said propo- sition is carried in accordance with the laws and statutes.relative thereto, the same shall constitute and be ratification and adoption of said proposition, and shall constitute full power and, authority in said City to issue said bonds. Section 4. That there be and is hereby created a fund, to b e known as "Lenox Avenue overpass fund," into which shall be paid all money derived from the sale of said bonds.) Siection 5. The money derived from the sale of said bonds shall be applied and used only for the purpose of extending Lenox Avenue across the right -of -way of the Northern Pacific Railway Company, and the right -of -way of the Union Pacific Railroad Company,, in the City of Yakima, Washington, by the construction of a two -lane overpass over said railway rights-of-way. Section 6. This ordinance is declared to be one necessary for the immediate protection and preservation of the public health, peace and safety of the people of the City of Yakima, and an emergency is hereby declared to exist, and said ordinance is declared to be in full force and effect from and after its passage, approval and public- ation as provided by ,law and the City Charter. PASSED BY THE CITY COMMISSION, signed and approved this 23rd day of July, 1952. ATTEST: PEARL BENJAMIN ( S E A L ) G. W. BURNS City Clerk Mayor I hereby certify that the foregoing is full, true and correct copy of Ordinance No. B -1384 entitled "'AN ORDINANCE submitting to the qualified voters of the City of Yakima, Washington, at a special election to be held in said City on September 9, 1952, the proposition of creating an indebtedness in the sum of 0400,000.00;. creating a Lenox Avenue overpass fund, for the issuance and sale therefor of general, negotiable, interest- bearing coupon bonds of said City in said amount, for the prupose of improving Lenox Avenue in the City of Yakima, Washington, by extending Lenox Avenue across the right- of-way of the ;Northern Pacific Railway Company and the right -of -way of the Union Pacific Railroad Company in the City of Yakima, Washington, by the construction of a two -lane overpass over Viand across said railway rights -of -way; providing for the terms and method of (Continued on page 391) :391_ ORDINANCE NQ. E -1384 (CONTINUED FROM PAGE 390) payment of said bonds, and providing for the calling and holding os such election, and declaring an emergency." as passed this 23rd day of July, 1952, and that sane has been published as required by law. • C I T Y CLERK • • • • •