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HomeMy WebLinkAbout1957-B-2101 PP 604 ORDINANCE NO. B -2101 AN ORDINANCE providing for the borrowing of money in the sum of 35,000.00 by the City of Yakima, and issuing its general negotiable serial interest - bearing coupon bonds therefor for the purpose of paying for the remaining costs incurred in enlarging and improving the Yakima Municipal Airport and for acquiring the necessary rights of way for the installation of an approach lighting system at said airport; prescribing the form of said bonds; and creating a fund to redeem said bonds and interest; WHEREAS, the City of Yakima has recently enlarged and improved the Yakima Municipal Airport by extending runway 9 -27 and installing high intensity lighting on s id runway; and WHEREAS, certain necessary costs incurred in making the aforementioned im- provements have not yet been paid; and WHEREAS, the United States Government, acting through the Civil Aeronauti s Administration, has offered to install and maintain high intensity approach lights at the Municipal Airport at an estimated total cost of $ 250,000.00, and as a condition thereto, the City of Yakima would be required to acquire the necessary rights of way for the in- stallation of said approach lights; and WHEREAS, the City of Yakima does not have sufficient availbale funds to pay the balance of costs and expenses remaining unpaid on the airport improvements outlined hereinabove, and for the acquisition of the necessary rights of way for the approach light ing system, and WHEREAS, it is necessary that money be procured by the City of Yakima and that its general negotiable serial interest - bearing coupon bonds be issued to secure funds for the purposes mentioned hereinabove, and that it is deemed to be in the best interest of the City to issue said bonds; and WHEREAS, the indebtedness to be incurred, together with all other existing indebtedness within the statutory limitation of 12% of the assessed valuation of all of the taxable property of the City of Yakima, including the amount for which the aforesaid bonds are issued, will not exceed the limit prescribed by law; and WHEREAS; general bonds with a low rate of interest can now be sold if provi- sion is made whereby annual taxes can and will certainly be levied sufficient in amount to pay the installments of interest and principal as the same shall become due; and wh7e- as WHEREAS; by reason of the statute limiting the amount of taxes that can be levied by the City of Yakima without a vote of the people, to 15 mills, there is no way in which said City can assure purchasers of bonds that a suffieient annual tax will be levied as aforesaid except by said city irrevocably pledging itself to include in the bud- get made each year for the purpose of levying of taxes, a sufficient amount to pay the principal and interest of said bonds accruing 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 int stallments maturing in the year in which the tax levy is payable, and further irrevoca ly pledging said city to make said appropriation in the budget and the necessary tax levy to pay such annual principal and interest installments of said bonds within and as a part of the 15 mill tax levy which the City of Yakima is authorized to levy annually without a vote of the people; and WHEREAS,'it is not necessary to submit this question to a vote of the peo le; now, therefore, BE IT ORDAINED BY THE CITY OF YAKIMA: . Section 1. That there shall be borrowed by the City of Yakima the sum of 35,000.00 for the purpose of paying the unpaid costs and expenses due in connection with the recent municipal airport improvements; to -wit, extending runway 9 -27 and installing high intensity lighting on said runway, said unpaid costs and expenses totalling the a0pr- oximate sum of 3 20,000.00; and further for the purpose of acquiring the necessary rights of -way for the installation of and, approach lighting system at the Yakima Municipal Airport at an estimated cost of $ 15,000.00, said costs and expenses to include, in addition t the actual costs of the land or easements thereto, all administrative, engineering and - legal costs in connection therewith. Section 2. That the general negotiable interest - bearing coupon bonds of the City of Yakima,' Washington, be and they are hereby directed to be issued in the aggregate sum of not exceeding THIRTY FIVE THOUSAND DOLLARS (4 35,000.00) bearing interest at not to exceed five per cent (5%) per annum, payable semiannually. Said bonds shall be serial in form and maturity, in the denomination of ONE THOUSAND ($ 1,000.00) each, and shall be 35 in number, numbered from one upward consecutively, and shall be dated and mature serially in the order of their numvers as follows: Number Date Payable Amount 1 to 3 inclusive January 1, 1960 $ 3,000.00 4 to 6 " Tt 1, 1961 3,000.00 7 to 9 „, it 1, 1962 3,000.00 10 to 12 " it 1 3,000.00 13 to 15 it " 1, 1964 3,000.00 II 16 to 1$ " tt 1, 1965 3,000.00 19 to 21 " It 1, 1966 3,000.00 22 to 25 " IT 1 1967 4,000.00 26 to .30 " " 1, 1968 5,000.00 31 to 35 " TT 1, 1969 5,000.00 Provided, however, that on January 1st of any year on or after January 1, 1960, said City may at its option call for payment and retire said bonds or any portion thereof by payment thereof in the inverse order of the numbers of said bonds, prior to the actual maturity date of the particular bond so called for payment. • 6051 ORDINANCE -NO. B -2101 Section 3. The laid bonds and coupons shall be in substantially the follow- ing form: BOND OF THE CITY OF YAKIMA YAKIMA COUNTY,WASHINGTON • $ 1,000.00 NO. 11 The CITY OF YAKIMA, in Yakima County, S of Washington, a municipal corp- oration 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 acknowledged itself in- debted, and for value received, promises to pay to the bearer the sum of ONE THOUSAND DOLLARS • ($1,000.00) in lawful money of the United States of America at the office of the City Treasurer of the City of Yakima, Washington, on the 1st day of January, 19 , together with interest thereon at the rate of 5 per cent, per annum, payable semi- annually in like money at the office of said treasurer on the 1st day of January and July 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 faity, credit and resources of the City of Yakima are hereby irrevocably pledged. This bond is one of an issue aggregating $ 35,000.00 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 S of Washington for the purpose of providing funds for certain strictly municipal purposes, ali as provided in Ordinance No. B -2101 of the City of Yakima. Any bond of said issue maturing subsequent to January 1, 1960, is subject to retirement and payment at the optional call of said city prior to maturity on January 1st of any year on or after January.1, 1960. 11 It is hereby certified and recited that.all. acts, conditions and things re- quired to be done precedent to, and in the issuance of this bond, have happened, been done and performed, as required by law; that provision has been made for the annual levy and collection of a tax upon all of the taxable property in said city as a part of the tax mileage levy it is authorized to make annually without a vote of the people, sufficient in amount to pay the principal and interest of this bond as the same accrues, and that the total indebtedness of the City of Yakima including this bond does not exceed any constitutional or statutory limitations. . IN WITNESS WHEREOF, the said City of Yakima, by authority of the City Comm- ission, 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 January, 1958. CITY OF YAKIMA B ATTEST: Mayor City Clerk INTEREST COUPON COUPON NO. . 5 The City of Yakima, Washington, will pay to the Bearer the sum of $ in lawful money of the United States at-the office of the City Treasurer in said City, on the 1st day of. , 19 , being six (6) months' interest due on the bond to which this coupon is attached, issued for indebt- edness incurred for enlartement and improvement of the Yakima Municipal Airport of said City.. :CITY OF YAKIMA B 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 in- cluded 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 $ 35,000.00 Airport Bond Redemption 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 interest of said bonds; that said City of Yakima further irrevocably pledges itself that the annual tax provided for in this paragraph to be levied for the payment of said bonds shall be within and as a part of the fifteen mills limitation of taxes permitted to cities without a vote of the people, and a sufficient portion of each annual levy hereafter made by said city prior to the full pay- ment of the principal and interest of said bonds, together with all net revenue of said fity from. said Yakima Municipal Airport that may be available for such purpose, are here- by irrevocably set aside, appropriated, and pledged to the payment of said bonds as afore- said. r606 ORDINANCE NO. B -2101 Section 6. The money derived from the sale of said bonds shall be applied and used only for the purposes outlined hereinabove and paying necessary incidental ex penses of said bond issue. That there is a fund known as the Municipal Airport Improve- ment Fund into which shall be paid all moneys derived from the sale of said bonds. Section 7. That the proper authorities of said City of Yakima are hereby authorized to take all proceedings that may be necessary for the issuance and sale of said bonds, including the giving of the statutory Notice of Sale thereof. Section $. This ordinance shall take effect and be in full force thirty days from and after tis passage, approval and publication. PASSED BY THE CI'T'Y COMMISSION, signed and approved this 4th day of December, 1957. - ATTEST: J.A. SMITH ( SEAL ) JOE K. ALDERSON CITY CLERK MAYOR I hereby certify that the foregoing is a true, full and correct copy of Ordinance No. B -2101 entitled "AN ORDINANCE providing for the borrowing of money in the sum of 35,000.00 by the City of Yakima, and issuing its general negotiable serial interest - bearing coupon bonds therefor for the purpose of paying the Yakima Municipal Airport a d for acquiring the necessary rights of way for the installation of an approach lighting system at said airport; prescribing the form of said bonds; and creating a fund to re- deem said bonds and interest;", as passed on the 4th day of December, 1957, and that the same has been published as required by law. " T'Y C L E R K • 1