HomeMy WebLinkAboutR-1992-D6095 Pionner National Bank / Housing Bond IssueA RESOLUTION
RESOLUTION NO. 1-6095
of the Council of the City of Yakima, Washington
fixing the interest rate of the City's Limited Tax
General Obligation Bond, 1992 in the principal
amount of $400,000.
WHEREAS, by Ordinance No. 3438, adopted March 10, 1992, the
Council of the City of Yakima (the "City") authorized the issurance of the
City's Limited Tax General Obligation Bond in the Principal amount of
$400,000 (the "Bond") and provided that the interest rate on such Bond
would be fixed by later resolution of the city Council; and
WHEREAS, Pioneer National Bank, the purchaser of the Bond has
offered to buy the Bond if it bears interest at 8.613% per annum; and
WHEREAS, The City council believes the interest rate of 8.613% per
annum is a fair and reasonable rate to be borne by the Bond given
prevailing market conditions;
Now Therefore Be it Resolved by the Council of the City of Yakima as
follows:
Section 1. Interest Rate. The City of Yakima Limited
Tax General Obligation Bonds, 1992 in the aggregate principal amount of
$400,000 shall bear interest at the rate of 8.613 percent per annum.
Section 2. Effective Date. This resolution shall be in
full force and effect immediately upon its adoption by the City Council.
ADOPTED BY THE CITY COUNCIL this 14 day of Apr;1 , 1992.
ATTEST:
Mayor
City Clerk