HomeMy WebLinkAbout1956-B-1835 5
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ORDINANCE_ NO. B -1835
AN ORDINANCE submitting to the qualified voters of the City of Yakima, Washington, a
special election to be held in said City on March 13, 1956, the proposoti-
tion of creating an indebtedness in • the sum of 1L50,000.00; 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 by ex-
tending the same across the right -of. -war of the Northern Pacific Railway
Company and the right -of -way of the Union Pacific Railroad Company by the
construction of a two -lane overpass over and across said railway rights -of-
way; providing for the terms and method of payment of said bonds, the prin-
cipal and interest o.f which bonds shall be payable out of annual tax levies
to be made without limitation as to rate or amount, 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 beheld in said city on Tuesday, March 13,
1956, the proposition of creating an indebtedness in the sum of $450,000.00, and that
• general negotiable bonds.of the City of.Yakima., Washington, be issued in the aggregate
sum of $450,000.00 bearing interest at_ an.effective rate over the life of the bonds of
not to exceed four percent (4 %) 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 all outstanding bonds, be met by an equal 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 as to rate or amount,
all of which said bonds shall he numbered from one (1) upward consecutively, shall be
payable, both principal and interest, .at.the.of fice of,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 form and denomina-
tions and exact maturities as the City Commission shall hereafter by ordinance prescribe
for the purpose of providing_ funds. for the improvement of Lenox Avenue by extending the
same across the right -of -way of the Northern Pacific Railway Company, and the right -of-
way of the Union Pacific Railroad Company.by the construction of atwo -lane overpass
over said railway rights -of -way. The life of said improvement 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 1450,000.00. 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 percent (i2 %) and up to five percent (5 %) 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, March 13, 1956, 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 such election shall be given by publication in the official newspaper
of said city. At such election the polls shall be open from $:00 o'clock a.m. until
$:00 o'clock p.m. Said election shall be conducted by ballot, and the City Commission
shall by resolution hereafter prescribe the form of said ballot.
Section 3. Every voter of said election desiring to vote in favor of the
ratification of the above proposition shall make a cross in the square opposite the
words 1Bonds - -- 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 pro -
position is carried in accordance with the laws and statutes relative thereto, the same
shall constitute and be a ratification and adoption of said proposition, and shall con-
stitute full power and authority in said city to issue said bonds.
Section 4. 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 by the construction of a two -lane overpass over said railway rights -of -way, in-
cluding the approaches thereof for the acquisition of rights -of -way therefor, and for
the payment of damages, if any, in connection therewith.
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 de-
clared to be in full force and effect from and after its passage, approval and publica-
tion as provided by law and the City Charter.
PASSED BY THE CITY COMMISSION; signed and approved, this 30th day of
January, 1956.
ATTEST: PEARL BENJAMIN (S E A L) G. W. BURNS,
City Clerk Mayor
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j I hereby certify that the foregoing is a full, true and correct copy of Ordinance
No. B -1$35 entitled "hN ORDINANCE submitting to the qualified voters of the City of
Yakima, Washington, at a special election to be held in said City on March 13, 1956,
the proposition of creating an indebtedness in the sum of 1450,000.00; 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 by extending the same across the
right -of -way of the Northern Pacific Railway Company and the right -of -way of the Union
Pacific Railroad Company by the construction of a twn lane overpass over and across said
railway rights -of -way; providing for the terms and method of payment of said bonds; the
principal and interest of which bonds shall be payable out of annual tax levies to be •
made without limitation as to rate. or amount, and providing for the calling and holding
of such election, and declaring an emergency." as passed this 30th day of January, 1956,
and that same has been published as required by law.
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