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Home My WebLink About1955-B-1777 ORDINANCE NO. B- 1777 AN ORDINANCE of the City of Yakima, Washington, specifying and adopting a plan and system for making additions to and betterments and extensions of the existing airport facilities at the Yakima Municipal Airport; declaring the estimated cost thereof as near as may -be; providing for the borrowing of 050,000, and issuing and selling negotiable general obligation' bonds to pay a part of the cost thereof, the bonds to be payable by annual tax ' levies without limitation as to rate or amount; providing for the submis- sion of the proposition of incurring such indebtedness and issuing such bonds to the qualified electors of the City at a special election; and • declaring an emergency. WHEREAS, the City of Yakima now owns and operates an airport commonly known as "Yakima Municipal Airport" and it is deemed essential to the operation of said airport and to the best interests of the City that certain additions to and extensions , of the airport facilities be immediately made and the City does not have available sufficient funds to pay the cost of making such additions and betterments; and WHEREAS, the assessed valuation of the taxable property of the City of Yakima, as ascertained by the last assessment for City purposes previous to the passage of this Ordinance, is the sum of #34,569,729.00, and the existing indebtedness of the City of Yakima at the date of the passage of this Ordinance, which indebtedness includes the amount for which the bonds herein authorized are to be issued, is the sum of $443,000.00; NOW,THEREFORE, BE IT ORDAINED BY THE CITY OF YAKIMA, WASHINGTON, as follows: Section 1. The City of Yakima hereby specifies and adopts a plan and system for making additions to and betterments and extensions of the existing airport facilities at the Yakima Municipal Airport which shall consist of the following: (1) Additional land shall be acquired by purchase or condemnation for enlargement of the airport. (2) The principal airport runway, taxi strip, aprons, and ramp shall be extended, ballasted, drained, and surfaced. (3) A clear zone shall be acquired. (4) Additional lighting shall be installed on said airport as enlarged. (5 ) . The airport administration building shall be enlarged. (6) A fire station and equipment garage shall be constructed at the airport. . (7) An emergency crash truck shall be acquired for the airport. (8) The lighting system of the airport shall be revised and improved by e stablishing an emergency cut -in power plant. The City Commission may modify the details of the foregoing plan and system where in its judgment it appears advisable, provided such modifications do not substantially alter the purposes hereinbefore set forth. Section 2. The estimated cost, as near as may be, of the aforesaid plan and system is hereby declared to be $700,00.00. Section 3. The life of the facilities to be acquired pursuant to the foregoing plan and system of additons to and betterments and extensions of the airport facilities of the City is hereby declared to be at least twenty years. Section 4. The cost of acquiring, constructing and making the foregoing additions to and betterments and extensions of the airport facilities of the City at the Yakima Municipal Airport shall be paid in part from the proceeds received from the issuance and sale by the City of. $350,000 of negotiable, general obligation bonds, and the balance with funds obtainable from the State of Washington or the United States of America, or any agency thereof, or funds of the City of Yakima otherwise avilable for such purpose. Section 5. The City of Yakima shall borrow the sum of $350,000 on the credit of the City and issue and sell its negotiable, general obligation bonds therefor, for strictly municipal capital purposes, other than the replacement of equipment, to -wit: for the purpose of providing a part of the funds necessary to make the additions to and betterments and extensions of the airport facilities of the City at Yakima Municipal Airport as specified in Section 1 hereof. The indebtedness herein authorized to be incurred shall be a part of the indebtedness permitted by law to be incurred by the City with the assent of the voters in the City, and shall not be a part of the indebted- ness permitted to be incurred without such assent. Section 6. The bonds shall be serial in form, shall_bear interest at a rate or rates not exceeding 4% per annum, payable semiannually and shall mature in from two to not more than twenty years from date of issue, in such amounts, as near as practicable, as will, together with interest on the outstanding bonds, be met by equal annual tax levies made in excess of the constitutional and statutory forty -mill limitations, to -wit: without limitation as to rate or amount, sufficient in amount to pay the interest on and principal of the bonds when due, and the bonds shall so pro - vide. The bonds shall be redeemable at. the option of the City at such times as shall P Y be hereafter determined by ordinance. The date, interest rate, or rates, maturities, form and covenants of the bonds shall be hereafter fixed by ordinance of the Commission of the City and the bonds shall be issued and sold in one or more series when required. Section 7. The City,Commission finds that the inadequacy of the present airport facilities at the Yakima Municipal Airport has created an emergency, and an emergency is hereby declared to exist, and a special election is hereby called to be held in the City of Yakima as provided by law on the 28th day of December, 1955, at which there shall ,be.• submitted to the qualified electors of the City of Yakima, for their ratification or reiec.tion, the following proposition, to -wit: I14 ORDNANCE NO. B - 1777 "AIRPORT GENERAL OBLIGATION BONDS -- , $350,000 . ,Shall the City of Yakima, Washington, borrow ` $350,000.00 and issue its negotiable General Obligation Bonds therefor, payable by annual tax levies to be made without limitation as to rate or amount, bearing interest at a rate or rates not to exceed 4% per annum, payable semi- annually, and maturing in; from two to not more ' than twenty years from date of issue, for municipal capital purposes only, other than the replacement of equipment, to -wit: for the purpose of making additions to and betterments and extensions of the Yakima Municipal Airport, all as provided by Ordinance No. B-1777 said City? . BONDS' YES n -7 " BONDS NO / 1" The polls of the special election shall be open : to. $:00 o'clock P.M. The City Clerk of the City of Yakima is directed (a) to certify to the County Auditor of Yakima County, ex- officio supervisor of elections of said County, a copy of this Ordinance showing its passage by the City:Commission, and (b) to perform such other duties as are necessary or required by law to the end that the question of whether or not said indebtedness shall be incurred and said bonds issued shall be sub- mitted to the electors of the City at the aforesaid election. Section 8. This Ordinance is deemed to be an emergency ordinance providing for the immediate preservation of the public peace, property, health or safety and shall take effect immediately upon its passage-and publication, as provided by law. PASSED by the unanimous vote of the City Commission of the ° City of Yakima, Washington, at a regular meeting thereof and APPROVED by the Mayor thereof, this 9th day of November, 1955. ATTEST.: PEARL BENJAMIN - (S E A L) G. W. BURNS, City Clerk MAYOR APPROVED AS TO FORM: ELWOOD HUTCHESON City Attorney I hereby certify that the foregoing is a full, true and correct copy of Ordinance No. B -1777 entitled "AN ORDINANCE of the City of Yakima., Washington, specifying and . adopting a plan and system for making additions to and betterments and extensions of the existing airport facilities at the Yakima Municipal Airport; declaring the estimat- ed cost thereof as near as may be; providing for the borrowing of $350,000, and issuing and selling negotiable general obligation bonds" to pay a part of the cost there- of, the bonds to be payable by annual tax levies without limitation as to rate or amount; providing for the submission of the proposition of incurring such indebtedness and issuing such bonds to the qualified electors of the City at a special election; and declaring an emergency." as passed on the 9th day of November 1955 and that the same has been published as required by law. • - /. 'C If Y C L E R K