HomeMy WebLinkAbout1953-B-1482 509
ORDINANCE NO. B -1482
AN ORDINANCE providing for the borrowing of money in the sum of $76,000.00 by the City
of Yakima and issuing its general negotiable serial interest - bearing coupon
bonds therefor, for the purpose of enlarging and improving the Yakima
Municipal Airport, prescribing the form of said bonds, and creating a fund
to redeem said bonds and interest.
WHEREAS, it is necessary for the proper and efficient operation of the Yakima. Mun-
icipal Airport that the same be enlarged and improved ad hereinafter stated, at the
estimated cost of $76,000.00; and there are no funds of said city now available therefor:
and
WFEREAS, it is necessary that money be procured by said city and its general negoti-
able serial interest - bearing coupon bonds be issued to secure funds for said purposes;
and
WHEREAS, the indebtedness to be incurred, together with all other existing indebted-
ness within the statutory limitation of l of the assessed valuation of all of the tax-
able property of the City of Yakima, including the amount for which the aforesaid bonds
are issued, will not exceed the limit prescrived by law; and
WHEREAS, general bonds with a low rate of interest can now be sold if provision is
made whereby annual taxes can and will certainly be levied sufficient in amount to pay
the installments of interest and principal as the same shallbecome due; and
WHEREAS, by reason of the statute limiting the amount of taxes that can be levied
by the City of Yakima without a vote of the people, to 15 ,mills, there is no way in
which said City can assure purchasers of bonds that a sufficient annual tax will be
levied as aforesaid,except by said city irrevocably predging itself to include in the
budget made each year for the purpose of levying of taxes, a sufficient amount to pay
the principal and interest of said bonds accruing in the year for which the budget is
made, and to levy a tax each year sufficient in amount to pay the principal and interest
installments maturing in the year in which the tax levy is payable, and further
irrevocably pledging said city to make said appropriation in the budget and the necessary
tax levy to pay such annual principal and interest installments of said bonds within and
as a part of the 15 mill tax levy which the City of Yakima is authorized to levy annually
without a vote of the people; and
WHEREAS, it is not necessary to submit this question to a vote of the people; now,
therefore,
BE IT ORDAINED BY THE CITY OF YAKIMA:
Section le There shall be borrowed by the City of Yakima the sum of SEVENTY -SIX
THOUSAND DOLLARS ($76,000.00), for the purpose of paying the cost and expense of
acquiring approximately 7.64 acres of additional land north and south of Washington Ave.
for the extension of the main runway westerly to increase its total length to 7500 feet,
constructing and improving roads, remodeling the airport terminal building, and making
other miscellaneous improvements at said Yakima Municipal Airport, for which there shall
be issued by said City its ntgotiable bonds.
Section 2. That general negotiable interest - bearing coupon bonds of the City of
Yakima, Washington be and they are hereby directed to be issued in the aggregate sum of
not exceeding SEVENTY -SIX THOUSAND DOLLARS ($76,000.00), . bearing interest at not to
exceed six per cent (6 %). per annum, payable semiannually. Said bonds shall be serial
in form and maturity, in the denomination of ONE THOUSAND DOLLARS ($1,000.00) each,, and
shall be 76 in number, numbered from one upward consecutively, and shall be dated
October 1, 1953, .and mature serially in the order of thier numbers as follows:
Number Date Payable Amount
I. to 4 Inclusive October 1, 1955 $4,000.00
5 to 8 .Inclusive .f 1, 1956 4,000.00
9• to 12 Inclusive . " 1, 1957 . 4,,000.00
1a to 16 Inclusive '! 1, 1958 " . 4,000.00
17 to 21 Inclusive 4 1,. 1959 5,000.00
22 to 26 Inclusive `!' 1, 1960 5,000.00
27 to 31 Inclusive +! 1, 1961 5,000.00
3.2 to 37 Inclusive ' °' 1, 1962 6,000.00
38 to 43 Inclusive to 1, 1963 6,000.00
44 to 49 Inclusive " 1., 1964 6,000.00
50 to 55 Inclusive ` 1, 1965 6,000.00
56 to 62 Inclusive : t1 1, 1966 7,000.00
6a to 69 Inclusive to 1, 1967 7,000.00
70 to 76 Inclusive 1, 1968 7,000.00
Provided, however, that on October 1st of any year on or after October 1, 1958
said City may at its option call for payment and retire the said bonds or any protion
thereof by payment thereof in the inverse order of the numbers of said bonds, prior to
the acutal maturity date of the particular bond so called for payment.
Section 3. The said bonds and coupons shall be in substantially the following form:
BOND OF THE CITY OF YAKIMA
YAKIMA COUNTY, WASHINGTON
$1 0 000.00 No.
The CITY OF YAKIMA, in Yakima County, State of Washington, a municipal corporation
of the first class, organized and existing under and by virtue of the laws of the State
of Washington under a commission form of government, hereby acknowledges itself indebted,
and for value received, promises to pay to the bearer the sum of
ONE THOUSAND DOLLARS
($1,000.00)
in lawful money of the United States of America at the office of the City Treasurer of
(Continued on page 510)
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ORDINANCE NO. B -1482
(Continued from page 509)
the City of Yakima, Washington, on the 1st day of October, 19 s together with interest
thereon at the rate of per cent, per annum, payable semi - annually in like money at
the office of said treasurer on the 1st day of April and October in each and every year,
upon presentation and surrender of the annexed coupons as they severally become due. For
the prompt payment hereof, both principal and interest, as the same matures, the full
faith, credit and resources of the City of Yakima are hereby irrevocably pledged.
This bond is one of an issue aggregating $76,000.00 in amount of the City of Yakima,
issued under the aurhority of and in full compliance with its charter and the laws and
constitution of the State of Washington for the purpose of providing funds for certain r,
strictly municipal purposes, all as provided in Ordinance No. B- of the City of
Yakima. Any bond of said issue maturing subsequent to October 1, 1958 is subject to
retirement and payment at the optional call of said city prior to maturity on October 1st
of any year on or after October 1, 1958.
It is hereby certified and recited that all acts, conditions and things required to
ve done precedent to, and in the issuance of this bond, have happened, been done and
performed as required by law; that provision has been made for the annual levy and collect-
ion of a tax upon all of the taxable property in said city as a part of the tax millage
levy it is authorized to make annually without a vote of the people, sufficient in amount
to pay the principal and interest of this bond as the same accrues, and that the toal
indebtedness of the City of Yakima including this bond does not exceea any constitutional
or statutory limitation.
IN WITNESS WHEREOF, the said City of Yakima, by authority of the City Commission,
has caused this bond to be sealed with its seal, signed by its Mayor, and attested by the
City Clerk, and has caused the coupons annexed to be signed with a facsimile of the sign-
atures of said officers, this 1st day of October, 1953.
CITY OF YAKIMA
By G. W. BURNS
Mayor
ATTEST: PEARL BENJAMIN
CITY CLERK
INTEREST COUPON
COUPON NO.
The City of Yakima, Washington will pay to the Bearer the sum of $ in lawful
money of the United States at the office of the City Treasurer in said City, on the 1st
dya of , 19 , being six (6) months' interest due on the bond to which
this coupon is attached, issued for indebtedness incurred for enlargement and improvement
of the Yakima Municipal Airport of said City. .
CITY OF YAKIMA
By
Mayor
ATTEST:
CITY CLERK
Section 4. The bonds shall b e signed by the Mayor and attested by the City Clerk
under the seal of said City, and the coupons annexed thereto shall be signed with the
facsmimile signatures of said officers, and such signatures are hereby adopted as
sufficient signatures of said officers on said coupons.
Section 5. There shall be levied each year by said City of Yakima and included in
each annual tax levy a tax upon all of the property in said city subject to taxation, in
an amount sufficient to pay the principal and interest of said bonds as the same accrue,
and all such taxes as collected shall be paid into a special fund which is hereby created
and established to be known as the "Municipal Airport Bond Fund" and no part of such
dund shall be used for any prupose other than the payment of the principal and interest of
said bonds, and the full faith, credit and resources of said city are hereby irrevocably
pledged for the annual levy and collection of such tax and the prompt payment, as they
mature, of the principal and interest of said bonds; that said City of Yakima further
irrevocably pledges itself that the annual tax provided for in this paragraph to be levied
for the payment of said bonds shall be within and as a part of the fifteen mills limitaticn
of taxes permitted to cities without a vote of the people, and a sufficeient portion of
each annual levy hereafter made by said city prior to the full payment of the principal
and interest of said bonds, together with all net revenue of said city from said Yakima
Municipal Airport that may be available for such purpose, are hereby irrevocabley set
adide, appropriated, and pledged to the payment of said bonds as aforesaid.
Section 6. The money derived from the sale of said bonds shall be applied and used
only for the prupose of enlarging and improving the Yakima Municipal Airport as herein
provided and paying necessary incidental expenses of said bond issue. That there be and
is hereby created a fund to be known as 'Municipal Airport Improvement Fund ", into which
shall be paid all moneys derived from the sale of said bonds.
Section 7. That the proper authorities of said :City of Yakima are hereby authorized
to take all proceedings that may be necessary for the issuance and sale of said bonds,
including the giving of the statutory Notice of Sale thereof.
Section 8. This ordinance is one to provide for the immediate preservation of the
public peace, property, health and safety, and an emergency is declared to exist and this
ordinance shall be in full force and effect immediately upon its passage, approval, and
publication as provided by law and the City Charter.
PASSED BY THE CITY COMMISSION, signed and approved this 10th day of August, 1953.
ATTEST: PEARL BENJAMIN ( SEA L ) G. W. BURNS
City Clerk Mayor
(Continued on page No. 511)
511
ORDINANCE .NO.. B -1482:
(Continued from page 510)
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I hereby certify that the foregoing is a full, true and correct copy of Ordinance
No. B -1482 entitled "AN ORDINANCE providing for the borrowing of money in the sum of
$76,000.00 by the City of Yakima and issuing its general negotiable serial interest -
bearing coupon bonds therefor, for the purpose of enlarging and improving the Yakima
Municipal Airport, prescribing the form of said bonds, and creating a fund to redeem said
bonds and interest.", as passed this 10th day of August, 1953, and that same has been
published as required by law._
C I T Y L E R K
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