HomeMy WebLinkAbout1954-B-1529 y .
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ORDINANCE NO. B-1529
AN ORDINANCE .providing for the borrowing of money in the sum of $400,000.00 by the City
of Yakima and issuing its general, negotiable, serial.interest- bearing
coupon bonds therefor, for the purpose of construction of the Lenox Avenue
overpass, prescribing the form of said bonds, and creating a fund to re-
.deem said bonds! and interest, and providing for the construction of said
Lenox Avenue Overpass, and declaring an emergency.
WHEREAS, on the 23rd day of July, 1952, the'City Commission of the City .
of Yakima, Washington, duly passed Ordinance, No. B -138L, and Resolution No. C -1026,
calling a special election of the qualified voters of the City of Yakima, Washington,
to be held in said City on September 9, 1952, at all polling places in said City, upon
the proposition whether or not the City of Yakima should issue its general obligation
bonds in the aggregate sum of FOUR HUNDRED THOUSAND DOLLARS .($400,.0.00.00), bearing
interest at a rate not to exceed four percent (4 %)per annum, payable semi-annually, for
the purpose ofprov.iding 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; and ,'
WHEREAS, said bond issue was approved at said election by a vote of 7,026
votes in favor.thereof and 3,146 votes against the same, the total number of votes cast
at said special election of.the City of Yakima being 10,172 votes; and the total of the
registered voters who voted at said special election constituting more than fifty per-
cent of the.to.tal registered voters who voted at the general election in the City of
Yakima on November 7, 1950„ 13,43o registered. voters of said City having voted at said
general election; and,
WHEREAS, it is, deemed for the best interests of the people of the City of
Yakima that said Lenox Avenue overpass be promptly constructed, and ,there are no funds
of said City now available therefor, and it is necessary that money be borrowed by said
City, and its general, negotiable, serial, interest - bearing coupon bonds be issued to
secure funds for said purposle; now, therefore,
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BE IT ORDAINED,BY THE CITY OF YAKIMA:
Section 1. There shall be borrowed by the City of Yakima the sum of FOUR
HUNDRED THOUSAND DOLLARS ($4po,000.00), for the purpose of paying the cost and expense
of construction of the Lenox Avenue pverpass_according.to the plans and specifications
therefor prepared by Homer M. Hadley, as revised and amended, and for the construction
' and improvement of access streets thereto,. the purchase of right -of -way therefor, and
the payment of right -of -way damages in connection therewith, for which there shall be
• issued by said City its negotiable 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 aggre-
g ate sum of FOUR HUNDRED THOUSAND DOLLARS ($400,000.00), bearing interest at not to
.exceed four,percent (4 %) per annum, payable semi - annually. Said bonds shall be serial
in form and maturity., in the denomination of ,ONE THOUSAND DOLLARS (1,000.00) each, and
shall be 400 in number, numbered from one upward consecutively, and shall be dated
March.1, 1954, and mature serially in the order of their numbers as .follows:
Number Date Payable Amount
1 -to 14 Inclusive March 1, 1956 $15,000.00
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15 to 29 Inclusive .. 1, 1957 15,000.00
30 to 45 Inclusive , " 1, 1958 X16,000.00
46 to 62 Inclusive • " 1 , 1959 17,000.00
63 to 80 Inclusive II 1, 1960 18,000.00
81 to 99 Inclusive , " 1, 1961 $19,000..00
100 to 119 Inclusive • " 1, 1962 420,000..00
120 to 139 Inclusive , " 1, . $ 20,000.00
140 to 160 Inclusive , " 1, 1964 $21,000.00
161 to 181 Inclusive !! 1, 1965 214000.00
.182 to 203 Inclusive, n 1, 1966 22,000,00
204 to 225 Inclusive " 1, 1967 22,000.00
226 to 247 Inclusive , " 1, -1968 $22,000.00
248 to 270 Inclusive " 1, 1969 $23,000.00
271 to 294 Inclusive " 1, 1970 24,000.00
295 to 319 Inclusive , " 1, 19 71 $25,000.00
320 to 345 Inclusive " 1, 1972 $26,000.00
346 to 372 Inclusive " 1, 1973 $27,000.00
373 to 400 Inclusive " 1, 1974 $28,000,.00
Section 3 The said bonds and coupons shall be in substantially the
following form: ,
,BOND OF THE CITY OF YAKIMA
YAKIMA COUNTY,WASHINGTON
$1,000.00 No.
The CITY OF YAKIMA, in Yakima County, State of Washington, a municipal corpora-
. tion 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 sum of
ONE THOUSAND DOLLARS
($1,000.00)
in..lawful money - of-the.:United States of ..America at the Fiscal 'Agency of the State .
Washington, in -the -City; of New York or .at.,,the office of the .City Treasurer of the'City
of:Yakima, at the Ho option, on_the..lst day of March, 19 , together with interest
thereon at the rate of lIpercent, per annum, payable semi- annually in like money at
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said Fiscal. Agency, in the,City of New.York, or at the office of said City Treasurer,
on the 1st day of March and September 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 X400,000000 in amount of the City of
Yakima, issued under the authority- 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 strictly municipal purposes, all.as provided in Ordinance No. B -1529 of the City
o f ;Yakima. _
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The said bond i ssue was approved by vote of the qualified electors of the City of
Yakima on September 9, 1952 by more than the necessary legal majority; and consequently,
the principal and interest thereon are payable from annual tax levies to be made without
limitation as to rate or amount,. insofar as. may be necessary for the payment of the
principal and interest of said bond issue.. The said bond issue represents indebtedness
which may be lawfully incurred by vote of the people in excess of one and one-half (10)
per cent and up to five (5 %) per cent of the taxable property within said city.
It is•hereby certified and recited that all acts, conditions and things required
to,,be done precedent to and in the issuance of this bond, have happened,.been done and
performed as regtiir:ed by law; that provision has been made for the annual levy and col-
. lection of a tax upon all of the taxable property in said city, sufficient in amount to
pay the principal and interest of this bond as the 'same accrues,.and that the total in-
debtedness of the City of Yakima including this bond does not exceed 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
signatures of said officers, this 1st day of March, 1954
CITY OF YAKIMA
By
. Mayor
ATTEST:
City Clerk . .
INTEREST COUPON •
COUPON NO.
On the 1st day of ,19 , the City of Yakima, State of Washington, for
value received, will pay to Bearer, at the Fiscal Agency of the State of Washington,
in the City of New+York, or at the office of the City Treasurer of the City of Yakima,
at the Holder °s option, the sum of $ in gold coin of the United States
of America, such sum being .the semi- annual,inter-est due that day on the "Lenox Avenue
Overpass Bond" No .. .
Dated this 1st day of March, 1954.
CITY OF YAKIMA
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By
Mayor
ATTEST: .
City Clerk
Section 4.. The bonds .shall be 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 facsimile 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 "Lenox Overpass Bond Fund ", and no
part. of :such fund shall be used for any purpose 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 interestof said bonds; and that said City •
of Yakima further .irrevocably pledges itself to include in the budge made each year for
the purpose of levying of taxes, a sufficient amount to pay the principal and interest
of said bonds assuring 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 installment maturing in the
year in which the tax levy is payable, and, a sufficient portion .of each annual levy of
taxes hereafter made by said city prior to the full payment of the principal and inter-
est of said bonds, are hereby irrevocably set aside, appropriated and pledged to the
payment of the principal and interest of said bonds as aforesaid; said annual tax levies
to be made without limitation as to rate or amount, in so far as may be necessary for
the payment, of the principal and interest of said bond issue.
Section 6. The life of said improvement and overpass is hereby de-
clared, in the judgment of the City. Commission, to be forty years. The total indebted-
ness incurred hereunder, with the assent of the voters, shall be a part of the indebted-
nese which may be incurred under the constitution, by vote in excess of one and one -
half percent (12) and up to five percent (5) of the taxable'property within said city.
S.ection,7. The money derived from the sale of said bonds shall be
applied and used only for the purpose of construction of said Lenox Avenue overpass,
including the approaches thereof, and for the acquisition of rights -of -way therefor, and
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for the payment of damages, if any, in connection therewith. That there be and there
is hereby created a fund to be known as "Lenox Overpass Construction Fund ", into which
shall be paid all moneys derived from the sale of said bonds,
Section 8. That the proper authorities of said City of Yakima are hereby
authorized to take all proceedings that may be necessary for the calling for bids for
the construction of said Lenox Avenue overpass in accordance with said revised plans
and specifications, which are hereby approved and adopted, and the letting of the con-
tract therefor to the lowest and beat bidder, and proceed expeditiously with the con-
' struction of said Lenox Avenue Overpass in said manner.
Section 9. This ordinance is one to provide for the immediate preserva-
tion 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 pass-
age, approval, and publication, as provided by law and the City Charter,
PASSED BY THE CITY COMMISSION, signed and approved this 5th day of
January, 1954.
ATTEST: PEARL BENJAMIN (S E A L) . G. W. BURNS
City Clerk Mayor
I hereby certify that the foregoing is a true, full and correct copy of Ordinance
No. B -1529 entitled "AN ORDINANCE providing for the borrowing of.money in the sum of
4400,000.00 by the City of Yakima and issuing its general, negotiable, serial interest -
bearing coupon bonds therefor, for the purpose of construction of the Lenox Avenue
overpass, prescribing the form of said bonds, and creating a fund to redeem said bonds
and interest and providing for the construction of said Lenox Avenue overpass, and de-
claring an emergency." as passed this 5th day of January, 1954, and that same has been
published as required by law. •
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C IT /jY CLERK
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