HomeMy WebLinkAbout1953-B-1428 4416 • .
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ORDINANCE N0. B -1428
AN ORDINANCE submitting to the qualified voters of the City of Yakima, Washington, at the
general election to be held in said City on March 10, 1953, the proposition
of creating an indebtedness in the sum of $300,000.00; creating a- municipal
airport expansion 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 and enlarging the Yakima Municipal Airport, acquiring
land, extending runways, moving buildings, moving Washington Aceenue, and
. making other necessary improvements; 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 general election to be held in said City on Tuesday, March 10,
1953, the proposition. of creating an indebtedness in the sum of $300,000.00, and that gen-
eral, negotiable bonds of the City of Yakima, Washington, be issued in an aggregate sum
of $300,.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 maturities 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 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 payable out 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
office of the City Treasurer of the City of Yakima, Washington, or at the 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 form and denominations and exact maturities as the City Commiss-
ion shall hereinafter by ordinance prescribe, for the purpose of providing funds for the
improvement and enlargement of the Yakima Municipal Airport, by acquiring land, extending
runways, moving buildings, moving Washington Avenue, and making other necessary improve-
ments. The life 6f said improvement is hereby declared, in the judgment of the City
Commission, to be forty years. The estimated cost of such improvement and construction
of said municipal airport is the sum of S300,000.00. The total indebtedness incurred
hereunder, with. the assent of the voters, shall be a part of the indebtedness which may
be incurred under the constitutuion, 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. general election be, and the same is hereby called to be
held in the City of Yakima, Washington, on Tudsday, March 10, 1953, at which election
there shall be submitted to the qualified voters of said City, for their ratification or
rejection, the w oposition 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 (31 day's
notice of such election shall be given in the offi.cial newspaper of said City by
publication in each issue of said paper during said time. At such election, the polls
be on from 8 :00 o'clock A.M.., until 8 :00 ol clock P.M. Said election shall b e conducted
by bal lot, and the City Commission shall by resolution hereafter prescribe the form of
ballot, designate the polling places, and appoint the officers of the election.
Section 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
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 pe oposition
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 be known a.s
"'Municipal Airport Expansion Fund', into which shall be paid all moneys: derived from the
sale of said bonds.
Section 5. The money derived from the sale of said bonds shall be q plied
and used only for the purpose of improving and enlarging the Yakima Municipal Airport,
acquiring land, extending runways, moving buildings, moving Washington Avenue, and
making other necessary improvements.
Section 6. This ordinance is declared to b e 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 a dinance is
declared to be in full force and effect from and after its passage, approval and publicat-
ion as provided by law and the City Charter.
PASSED BY THE CITY COMMISSION, signed and approved this`..9th day of February,
1953.
ATTEST: PEARL BENJAMIN ( SEAL ) G. W. BURNS
City Clerk Mayor
I hereby certify that the foregoing is full, true and correct copy of
Ordinance No. B -1428 entitled "AN ORDINANCE submitting to the qualified voters of the City
of Yakima, Washington, at the general election to be held in said City on March 10, 1953,
the proposition of creating an indebtedness in the sum of $300,000.00; creating se
municipal airport expansion fund, for the issuance and s ale therefor of general negotiable
interest- bearing coupon bonds of said City in said amount, for the purpose of improving
and enlarging the Yakima Municipal Airport, acquiring land, extending runways, moving
buildings, moving Washington Avenue, and making other necessary improvements, providing
for the terms and method of payment of said bonds, and pr• aviding_,for the calling and
holding of such election, and declaring an emergency. ", as passed this 9th day of
February :1953, and that same has been published as required by law.
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� C I ' T% � CLERK