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HomeMy WebLinkAbout1976-1957 TAX LEVY GENERAL OBLIGATION BONDS IN THE AMOUNT OF $550,000 FOR IMPROVING STREETS. • • • ORDINANCE NO. /957 • AN ORDINANCE of the City . Council of the City of Yakima, Washington, providing for the issu- ance and sale of limited tax levy general obligation bonds of the city .in the principal • • amount of $550,000 for the purpose of pro - viding funds for improving streets and. acquiring, constructing and improving off- .street parking facilities within the central business district of the city. WHEREAS, it is deemed necessary and advisable that the City of Yakima, Washington (hereinafter called the "City "), improve streets and acquire, construct and improve off - street parking facilities within the central business district of the city; and WHEREAS, in order to provide part of the money for such purposes it is deemed necessary and advisable that the City now • issue and sell its limited tax levy general obligation bonds in the principal amount of $550,000. NOW, THEREFORE, BE IT ORDAINED by the City of Yakima, • Washington, as follows: Section 1. It is hereby found and declared that the public • interest, welfare and benefit require the City to improve streets and acquire, construct and improve off - street parking facilities . within the central business district of the City. • Section 2. For the purpose•of`providing'the,money necessary to pay part of the cost of improving streets and acquiring, con - • structing and improving off - street parking facilities within •the central business district of the city, all as. provided in plans therefor, designated Central Business District General Improvement Project and Central Business District Parking • Improvement Project and now on file with the City. The City shall issue and sell its'limited tax levy general obligation bonds in the principal amount of $550,00.0 (hereinafter called the "Bonds"). • • • • The Bonds shall be dated July 1, 1976, shall be in the denomination of $5,000 each, shall bear interest at such rate or • rates as, shall be fixed by the City Council upon the sale thereof, payable on the first day of January, 1977 and semiannually on the first days of January and July of each year thereafter, and shall. be numbered and mature•on July 1 of each of the-following years in the following amounts: Bond Nos. • Years- Amounts 1 -3 1978 $ 15,000 4 -6 1979 .15,000 •7 -10 1980 20,000 11 -14 • 1981 20,000 15 -18 1982 20,000 19 -22 1983 20,000 23 -27 1984 25,000 - 28 -32 • 1985 25,000. 33 -37 1986 25,000 38 -43 1987 30,000 • 44 -49 1988 30,000 50 -55 1989 30,000 • 56 -62 1990 35,000. • 63 -69 1991 35,000 70 -76 1992 35,000 • 77 -84 1993 - 40,000 85 -92 • 1994 40,000 93 -101 1995 45,000 102 -110 1996 45,000 (The above schedule has been computed on an assumed interest rate . of 6% per annum.) • Both principal of and interest on the Bonds shall be payable i,n'lawful money of the United States of America at the office of the Treasurer of the City in the City Hall in Yakima, Washington, • or, at the option of the holder, at either of the fiscal agencies of the State of Washington, in the Cities of Seattle, Washington, or New York, New York. Section 3. The City hereby reserves the right to redeem any or all of the Bonds outstanding on the following interest payment . • dates and at the following prices expressed as a, percentage of • principal amount: -2- Redemption Date - Redemption Rate On July 1, 1986 and January 1, 1987 at 101% On July 1, 1987 . and January 1, 1988 at 100-3/4% • On July 1, 1988 and January 1, 1989 at 100-1/2% On July 1, 1989 and January 1, 1990 at 100-1/4% On July 1, 1990 and any interest payment date thereafter at 100%. Notice of any such intended redemption shall be given 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 the main office of the purchaser or account manager of the purchasers of the Bonds at their sale by the City or to the business successor or successors, if any, of said purchaser or account manager at its main office. Interest on any Bond or Bonds so called for redemption shall cease on such redemption date unless the same are not redeemed upon presentation made pursuant to such call. • In addition to such publication and mailing, the City Treasurer shall also mail notice of any such intended redemption to Moody's Investors Service, Inc., and Standard.& Poor's Corporation, New York, New York, or to their successors, if any. The mailing of such notice shall not, however, be a condition precedent to the call of any Bonds for redemption. _ Section 4. The Bonds shall be in substantially the following form: UNITED STATES OF AMERICA NO. $5,000 STATE OF WASHINGTON CITY OF YAKIMA LIMITED TAX LEVY • GENERAL OBLIGATION BOND, 1976A The City of Yakima, Washington, a municipal corpora- tion of the State of Washington (hereinafter called the "City "), hereby acknowledges itself to owe and for value -3- 'received promises to pay to bearer on the first 'day .of July, 19 the principal amount of • ,FIVE THOUSAND DOLLARS together with interest thereon at the rate of % per annum payable on the first day of January, 1977 and semi- annually on the first days of January and July of each year thereafter as evidenced by and upon presentation and surrender of the attached interest coupons as they severally become due or until such principal sum shall have been paid or duly provided for. Both principal of and interest on this bond are payable in lawful money of the United States of America at the office of the Treasurer of the City in the City Hall in Yakima,. Washington, or, at the option of the holder, at either of the fiscal agencies of the State of Washington, in • the Cities of Seattle, Washington, or New York, New York. The City has reserved the right to redeem any or all of the Bonds outstanding on the following interest payment dates and at the following prices expressed as a percentage of the principal amount: Redemption Date Redemption Rate On July 1, 1986 and January 1, 1987 at 101% On July 1, 1987 and January 1, 1988 at 100 -3/4% On July 1, 1988 and January 1, 1989 at 100 -1/20 On July 1, 1989 and January 1, 1990 at 100 -1/40 On July 1, 1990 and any interest payment date thereafter at 100 %. Notice of any such intended redemption shall be given by one publication thereof in the official City newspaper not more than forty nor less than thirty days prior to said 4 redemption date and by mailing a like notice at the same time. to -4- This bond is one of an issue of 110 bonds of like amount, date and tenor except as to number, rate of interest . and date of maturity in the aggregate principal amount of $550,000 and is issued pursuant to Ordinance No. of the City under and in strict compliance with the provisions of the Constitution of the State of Washington, and provisions of the City Charter and duly adopted ordinances of the City. The City hereby irrevocably covenants that it will include in its annual budgets and levy taxes annually within and as a part of the tax revenue permitted the City without a vote of the people amounts which, with other moneys of the City legally available therefore, will be sufficient to pay the principal of and interest on the bonds of this issue as the same shall become due. • The full faith, credit and resources of the City are hereby irrevocably pledged for the annual levy of such taxes and for the prompt payment of such principal and interest. 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 and the bonds of this issue, does not exceed any constitutional or statutory limitation. IN WITNESS WHEREOF, the City of Yakima, Washington, has caused this bond to be signed on behalf of the City with the facsimile signature of its Mayor, to be attested by the manual signature of. its Clerk, the official seal of the City • to be impressed hereon and the interest coupons attached -5- • • • hereto to 'be signed with the facsimile said 'officials first "day of July, 1976. • III . .CITY OF YAKIMA, WASHINGTON • • • • By Mayor • • . ATTEST: • City Clerk The interest coupons attached to the Bonds shall be in substantially the following form: • No. $ On, the first day of • , 19 , the City of Yakima, Washington, will pay to bearer at the office of the Treasurer of the City in the City Hall in Yakima, • •Washington, the amount shown hereon in lawful money of the • United States of America, said amount being the semiannual interest due that date on its Limited Tax Levy General . Obligation Bond, 1976A, dated July 1, 1976 and numbered • • CITY OF YAKIMA, WASHINGTON • By Mayor, • ATTEST: • • City Clerk . • . Section 5. The Bonds shall be signed on behalf of the City by the facsimile .signature of the City Clerk and shall have the official seal of the City impressed thereon. Each of the interest coupons attached thereto shall, be signed with the facsimile signatures of said. officials. • • • • -6- Section 6. There is hereby created a special fund of the City to be known as the "Street and Parking Improvement Fund." • All moneys received from the sale of the Bonds (except for accrued interest, if any, which shall be paid into the Bond Redemption Fund hereinafter created) and any moneys which the City may now have on hand or may later receive which are to be used for the purpose of paying part of the costs of acquiring, constructing and equipping the facilities described in Section 1, shall be paid into such Improvement Fund. The moneys in such Account shall be used for the purpose provided in this ordinance and, if necessary, for redeeming and retiring any warrants drawn thereon or for reimbursing any other fund or account of the City which may have been drawn upon to pay any part or all of the costs of acquisition and construction of • the hereinbefore authorized improvements. Section 7. There is hereby created a special fund of the City to be known as the "1976 CBD Improvement General Obligation Bond Redemption Fund," which Fund shall be drawn upon for the sole purpose of paying the principal of and interest on the Bonds. The City covenants and agrees for as long as any of the Bonds are outstanding and unpaid that each year it will include in its budget and cause to be levied annually a tax upon all the property within the City subject to taxation in an amount which, with other moneys of the City which may legally used and which the City applies for such purposes, will be sufficient to pay the principal of and interest on the Bonds as the same shall become • due. All of such taxes so collected and any of such other moneys shall'be.paid into the Bond Redemption Fund, and. none of the . moneys therein shall be used for any other purpose than the • payment•of the principal of and interest on the Bonds. The City hereby irrevocably pledges that the annual tax provided for herein to be levied for the payment of such principal and interest shall be within .and as a part of the tax levy permitted • the City without a vote of the people and that a sufficient portion of each such. annual tax to be levied and .collected by the City prior to the full payment of the principal of and interest . on the Bonds will be and is hereby irrevocably set aside, pledged and appropriated for the payment of the principal of and interest • on the Bonds as aforesaid. The full faith, credit and resources of the City are hereby • pledged for the annual levy and collection of such taxes and for the prompt.payment of the principal of and interest on the Bonds as the same'shall become due. • Section 8. The City Clerk is hereby authorized and directed to advertise the Bonds for .sale in the manner required by law. • Sealed bids for the purchase of said Bonds will•be received by the City Clerk in the City Hall in Yakima, Washington, until 1:00 o'clock p.m. Pacific Daylight Time on Jurie , 1976, at which time said bids will be publicly opened, read and evaluated. Said bids will be considered and acted upon by the City Council at a regular meeting thereof to be held in the Council Chambers in the City Hall at. 3:00 o'clock p.m. Pacific Daylight Time on the same date. Upon the sale of the Bonds the proper City officials are ill hereby authorized and.directed to do everything necessary for the prompt issuance, execution and delivery thereof and for the proper'application and use of the proceeds•of such sale. . • -8 -. • • :Section '9. The actual value of the taxable property within the City as ascertained by the last preceding assessment for' City Al, purposes .is .$538,57.6,627. The principal amount of existing non- voted general obligation bond indebtedness of the City, including the principal amount of the Bonds, is $2,050,000. The principal . • amount of existing voted general obligation bond indebtedness of . • the City is $4,489,000. • Section 10. In order to permit the City to proceed with the acquisition and construction of the improvements for which the Bonds are being issued as soon as possible, it is necessary that • this ordinance become effective at the earliest possible date. • For the above reasons and for the immediate preservation of the • public interest, welfare, peace, property, health and safety it is hereby found and declared that an emergency exists and this ordinance shall become effective immediately upon its passage and • approval and publication as required by law. . PASSED by the Council of the City of Yakima, Washington, and approved by its Mayor at a regular meeting of said Council held this A day of 41111Lyi , 1976. CITY OF YAKIMA, WASHINGTON • By ayor • ATTEST: • City C rk • APPROVED AS -TO FO4 • A% \ ,� • i` y A torney • • • • -9- • I, IRIS..LITZENBERGER,.City Clerk of the City of Yakima, Washington, DO HEREBY CERTIFY that the foregoing is a true and correct copy of Ordinance No. 1957of said city, duly adopted by the City Council of the City of Yakima, Washington, and approved by its Mayor, at a regular meeting held' on the lst day of June. , 1976. • City C1,: rk /J . Yakima, Wa ington