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HomeMy WebLinkAbout1957-B-1993 471 ORDINANCE NO. B -1993 AN ORDINANCE of the City of Yakima, Washington, providing for the issuance and sale of $400,000 of general obligation bonds of the city for the purpose of pro- viding funds to contribute toward the cost of constructing and equipping a new Regional Library Building as provided in Ordinance No. B -1924 and as approved by the qualified electors of the city at a special election held therein on November 6, 1956, providing the date, form, terms and maturities of said bonds and for unlimited tax levies to pay the principal thereof and interest thereon and declaring an emergency. WHEREAS, at a special election held in the City of Yakima., Washington, on the 6th day of November, 1956, the number and proportion of the qualified electors of the city required by law for the adoption thereof voted in favor of a proposition aut- horizing the issuance of general obligation bonds of the city in the amount of $400,000 to provide funds to be used with a like amount to be provided by the Rural County Lib- rary District of Yakima County, Washington, to acquire, construct, equip and make cer- tain capital improvements to the facilities of the Yakima Valley Regional Library as authorized by Ordinance No. B -1924, passed and approved August 27, 1956; and WHEREAS, it is deemed necessary and advisable and to the best interests of the city and its inhabitant's that the city now issue and sell said bonds for such purpose; NOW, THEREFORE, BE IT ORDAINED BY THE CITY OF YAKIMA as follows Section 1. That there now be issued and sold the $400,000 of general ob- ligation bonds of the city authorized by the qualified electors thereof at a special election held on November 6, 1956, for the purpose of providing funds to be used with a like amount provided by the Rural County Library District of Yakima County, Washing - ton, to pay part of the cost of acquiring, constructing, equipping and making those certain capital improvements to the facilities of the Yakima Valley Regional Library as provided by. Ordinance No. B -1924 of the city, passed and approved August 27, 1956. 11 Said bonds shall be dated March 1, 1957, shall be in denominations of $1,000 each, shall be numbered from 1 to 400 inclusive, and shall bear interest at a rate of not to exceed 6% per annum payable semiannually on the first days of March and September of each year as evidenced by coupons to be attached to said bonds. Both principal of and interest on said bonds shall be payable in lawful money of the United States of America at the office of the City Treasurer in Yakima, Washingbn. Said bonds shall mature in order of their number as follows: March. 1, 1959 $15,000 March 1, 1969 $21,000 March 1, 1960 15,000 March 1, 1970 22,000 March 1, 1961 16,000 March 1, 1971 23,000 March 1, 1962 16,000 March 1, 1972 24,000 March 1, 1963 17,000 March 1, 1973 25,00q March .1, 1964 18,000 _ March 1, 1974 26,000 March 1, 1965 18,000 March 1, . 1975 27,000 March 1, 1966 19,000 March 1 1976 28, 000 March 1, 1967 20,000 March 1, 1977 29,000 March 1, 1968 21,000 The City hereby reserves the right to redeem any or all of the outstand- ing bonds of this issue at par in inverse numberical order on any interest payment date on and after ten years from date thereof. Notice of any such intended redemption shall, be given by one publication hereof in the official city newspaper not more than forty nor less than thirty days prior to said redemption date and by mailing a like notice at the same time to the purchaser or the account manager of the purchasers of said bonds at their sale by the city or to the business successor, if any, of said purchaser or account manager at its main place of business. Interest on any bond or bonds so called for redemption shall cease upon such redemption date unless such bond or bonds are not redeemed upon presentation made pursuant to such call. Section 2. Said bonds shall be known as "City of Yakima Library General Obligation Bonds, 1957 ", and shall be in substantially the following form: UNITED STATES OF AMERICA NO. $1,000 STATE OF WASHINGTON CITY OF YAKIMA GENERAL OBLIGATION LIBRARY BOND 1957 KNOW ALL MEN BY THESE PRESENTS: That the City of Yakima, Washington, is justly indebted and for value received hereby promises to pay to bearer on the 1st day of March, 19 , the principal sum of ONE THOUSAND DOLLARS together with interest thereon at the rate of per annum payable semiannually on the 1st days of March and September of each uear upon presentation and surrender of the attached interest coupons as they severally become due. Both principal and interest of this bond are payable in lawful money of the United States of America at the office of the City Treasurer in Yakima, Washington. 11 The City has reserved the right to redeem any or all of the outstanding bonds of this issue at par in inverse numerical order on any interest payment date on and after ten years from date hereof by giving notice of any such intended redemption by one publication thereof in the official city newspaper not more than forty nor less than thirty days prior to said redemption date and by mailing a like notice at the same time to This bond is one of_an issue of $400,000 of general obligation bonds of the city of like amount, date and tenor and is issued pursuant to a vote of the qualif- ied electors of the city and Ordinances No. B -1924 and No. for the purpose of providing funds to be used to construct and equip a new library building, all as pro- vided in said Ordinance No. B -1924. The City of Yakima has irrevocably covenanted by said Ordinance No. that it will levy taxes annually upon all the taxable property within the city without F • ORDINANCE NO. B -1993 limitation as to rate or amount and in amounts sufficient to pay the principal of and interest on said bonds as the same shall become due. For the prompt payment of said principal and interest the full faith, credit and resources of the city are hereby irrevocably pledged. It is hereby certified and declared 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 and that the total indebtedness of the city, including this bond, does not exceed any constitutional or statutory limitation. IN WITNESS WHEREOF, the City of Yakima, Washington, has caused this bond to be signed by its Mayor;. attested by its Clerk, under the official seal of the city and the interest coupons attached hereto to be signed with the facsimile signatures of said officials this 1st day of March, 1957. OF YAKIMA, WASHINGTON By JOE K. ALDERSON ATTEST : Mayor City Clerk The interest coupons to be attached to said bonds shall be sub- stantially the following form: NO. On the 1st day of , 19 , the City of Yakima, Washington, will pay to bearer at the office of the City Treasurer in Yakima, Washing- nS ton, the sum of in lawful money of the United States of America, said sum being the semiannual inter- est due that date on its general obligation bond dated MIrch 1, OFY1 57 an numbered adASHIbrd • By ATTEST: Mayor City Clerk Section 3. Said bonds shallbe signed on behalf of the city by its Mayor, shall be attested by .its .Clerk and shall have the official seal of the city im- pressed thereon. Interest coupons attached thereto shall be signed with the facsimile signatures of said officials. S ertion 4. All of the moneys derived from the sale of the bonds herein authorized shall be expended solely for the purposes set forth in Ordinance No. B -1924 of the city, passed and approved August 27, 1956, and none of the said moneys shall be used f or the replacement of equipment or for any other than a capital purpose'. . Section 5. That there be and hereby is created a special fund of the city in the office of the City Treasurer to be known as the "City of Yakima 1957 General Obligation Library Bond Redemption Fund ". The city hereby irrevocably coven- ants that it will make annual levies of taxes upon all the taxable property within the city without limitation as to rate or amount and in amounts sufficient to pay the principal of and interest on the bonds authorized herein as the same shall become due. The city further irrevocably covenants that all Such taxes so collected shall be paid into said Bond Redemption Fund in amounts sufficient to pay such principal and interest at least thirty days prior to the dates upon which any sash interest or principal and interest shall become due and payable and that no part of such fund shall be used for any other purpose than the payment of the principal of and interest on said bonds. The full faith, credit and resources of the city are hereby irrevocably pledged for the annual levy and collection of such taxes and theprompt payment of such principal and interest as aforesaid. Section 6. The City Clerk is hereby authorized and directed to advertise these bonds for sale in the manner required b y law and upon the sale of said bonds the proper city officials are hereby authorized and directed to do everything necessary for the prompt issuance and delivery of said bonds and for the proper use and application of the proceeds of such sale. Section 7. By reason of the facts set forth above, a public emer- gency exists for the immediate preservation of the public peace, property, health and safety of the people of the City of Yakima, Washington. An emergency is hereby declar- ed to exist and this ordinance is hereby declared to be in full force and effect from and after its passage, approval and publication as provided by law and the City Charter. PASSED unanimously by the City Commission of the City of Yakima, Washington, at a regular meeting thereof and approved by the Mayor thereof this 28th day of January, 1957. ATTEST: J. A. SMITH ( S E A L ) JOE K. ALDERSON CITY CLERK MAYOR I hereby certify that the foregoing is a true, full and correct copy of Ordinance No. B -1993 entitled "AN ORDINANCE of the City of Yakima, Washington, providing for the issuance and sale of $400,000 of general obligation bonds of the city for the .purpose of providing funds to contribute toward the cost of constructing and equipping a new R Library Building as provided in Ordinance No. B -1924 and as approved by the qualified electors of the city at a special election held therein on November 6, 1956, providing the date, form, terms and maturities of said bonds and for unlimited tax levies to pay the principal thereof and interest thereon and declaring an emergency as passed on the 28th day of January, 1957, and that the same has been published as re- quired _by law. 040'44.. � AMP. L E R K