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HomeMy WebLinkAbout1956-B-1843 r ORDINANCE NO. B -1$43 AN ORDINANCE of the City of Yakima, Washington, providing for the submission to the ' qualified electors of the city at a special election to be held therein of a proposition authorizing the issuance of general obligation bondsin the principal sum of .$400,000 to pay part of the cost of piping, covering, and/ or fencing certain open irrigation ditches and the Racific Power & Light Wasteway within the city. WHEREAS, there presently exists within the City of Yakima approximately seven miles of open irrigation ditches and the Pacific Power & Light Wasteway, and WHEREAS, over the last several years numerous childred and others have acci- dentally fallen in said ditches and wasteway, and WHEREAS, said accidents have resulted in numerous drownings, and WHEREAS, it is deemed necessary to the public health, welfare, benefit and safety that said ditches and wasteway be piped, covered, and /or fenced to prevent such accidents and drownings in the future, and . hMEREAS, in order to provide funds to pay part of the cost of said piping, covering, and/or fencing, it is deemed necessary and advisable that the city issue and sell its unlimited tax levy general obligation bonds in the principal sum of $400,000, and WHEREAS, the Constitution and laws of the State of Washington provide that the question of whether or not Bach bonds may be issued and sold for such purposes must be submitted to the qualified electors of the city for their ratification or rejection; NOW, THEREFORE, BE IT ORDAINED by the city of Yakima as follows: Section 1. That for the public health, welfare, benefit and safety, the city shall pipe, cover, and /or fence the presently existing open irrigation ditches and the Pacific Power & Light Wasteway within the city of Yakima, and to provide funds neces- sary to pay part of the cost of said improvements, shall issue its general obligation bonds in the principal sum of $400,000. In the event the proceeds of the sale of said bonds plus any or all other moneys the city may have on hand and available for such purposes are insufficient to pipe, cover, and /or fence all of said open irrigation ditches and the said Pacific Power & Light Wasteway, the city shall use the available funds for paying the cost of those improvements deemed most necessary to the safety of the inhabitants of the city by the City Commission. Section 2. Said bonds shall be sold in such amounts and at such time or times as deemed necessary by the City Commission and as permitted by law, shall bear in- terest-at a rate of not to exceed six, per cent per annum, and shall mature in from two to twenty years from date of issue, in such amounts as will as nearly as practicable together with the interest on said bonds be met by equal annual tax levies for the payment of the principal thereof and interest thereon. Both principal and interest shall be payable out of annual tax levies to be made upon all the taxable property within the city, with- out limitation as to rate or amount. The exact date, form, terms, and maturities of said bonds shall be as hereafter fixed by the City Commission. Section 3. It is hereby found and declared that an emergency exists requir- ing the submission to the qualified electors of the city of the proposition of vnether or not the city shall issue said bonds for their ratification or rejection at a special election to be held within the city on the 13th day of March, 1956, in conjunction with the city general election to be held on the same date.; provided, however that in the event this ordinance does not become effective in sufficient time to allow said special election to be held on said date, the said proposition shall be submitted to the electors at a special election at a time fixed by the City Commission, not later than 120 days after the effective date of this ordinance. The proposition to be submitted at said special election shall be in the following form: "PROPOSITION IRRIGATION DITCH COVERING BONDS "Shall the City of Yakima, Washington, pipe, cover, and /or fence the exist- ing open irrigation ditches and the Pacific Power & Light Wasteway within the city, and to pay part of the cost thereof issue it's general obligation bonds in the principal sum of $400,000, both principal and interest thereof to be payable by annual tax levies, to be made without limitation as to rate or amount, to bear interest at a rate not to exceed 6% per annum, and to mature in from 2 to 20 years from date of issue, all as more specifically provided in Ordinance No. B- of the City of Yakima? BONDS, YES g BONDS , NO rr The precincts, polling places, and election officials for such special election shall be as later fixed by the City Commission. The polls for said special election shall be open from $:00 a.m. to $:00 p.m. PASSED BY THE CITY COMMISSION, signed and approved this 14th day of February, 1956. ATTEST: PEARL BENJAMIN (S E A L) G. W. BURNS City Clerk Mayor I hereby certify that the foreoing is a full, true and correct copy of Ordinance No. B -1$43 entitled "AN ORDINANCE of the City of Yakima, Washington, providing for the • 295 ORDINANCE NO.. B -1843 submission to the qualified electors of the city at a special election to Ix held therein of a proposition authorizing the issuance of general obligation bonds in the principal sum of 3400,000 to pay part of the cost of piping, covering, and /or fencing certain open irrigation ditches and the Pacific Power & Light Wasteway within the city." as passed this 14th day of February, 1956, and that same has been published as required by law. exsei r ' C ITY CL'E.RK • • • •