HomeMy WebLinkAbout4741 Ordinance - Creating PMC 3.245 TIF Bond FundOrdinance Creating PMC Chapter 3.245 TIF Debt Service Fund- 1
ORDINANCE NO. 4741
AN ORDINANCE OF THE CITY OF PASCO, WASHINGTON,
ESTABLISHING A DEBT SERVICE FUND FOR THE TAX INCREMENT
FINANCING (TIF) BOND DEBT SERVICE FUND AND CREATING A NEW
CHAPTER 3.245 “TIF BOND DEBT SERVICE FUND” IN THE PASCO
MUNICIPAL CODE.
WHEREAS, Ordinance No. 4720 authorized issuance of limited tax general obligation
bond not to exceed $39,000,000 for the purpose of funding capital projects and improvements in
the Broadmoor Tax Increment Financing (TIF) Area; and
WHEREAS, the revenues generated from the increased assessed valuation of properties
within the Broadmoor TIF Area are allocated to fund debt service payments for the duration of
bonds; and
WHEREAS, property tax revenues have been recorded in the General Fund thus far and
the biennial operating budget shall be adjusted to reflect the separation of this activity; and
WHEREAS, the City desires to establish a dedicated fund to accumulate resources
required for annual debt service in a transparent and accountable manner.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PASCO,
WASHINGTON, DO ORDAIN AS FOLLOWS:
Section 1: The City Council does hereby incorporate the above “Whereas” recitals as
findings in support of this Ordinance.
Section 2. That a new Chapter 3.245 entitled “TIF Bond Debt Service Fund” of the
Pasco Municipal Code, which establishes the fund for the purpose of accumulating resources
required for annual debt service in a transparent and accountable manner, shall be and hereby is
created and shall read as follows:
Chapter 3.245
TIF BOND DEBT SERVICE FUND
Sections:
3.245.010 Created.
3.245.020 Purpose.
3.245.010 Created.
The revenues generated from the increased assessed valuation of properties within
the Broadmoor TIF Area are allocated to fund debt service payments for the
duration of bonds.
Ordinance Creating PMC Chapter 3.245 TIF Debt Service Fund- 2
3.245.020 Purpose.
The purpose of the fund is to accumulate debt service payments (TIF property tax
revenue and agreements w/partners) and make annual debt service payments.
Section 3. Severability. If any section, subsection, sentence, clause, phrase or word
of this Ordinance should be held to the invalid or unconstitutional by a court of competent
jurisdiction, such invalidity or unconstitutionality thereof shall not affect the validity or
constitutionality of any other section, subsection, sentence, clause phrase or word of this
Ordinance.
Section 4. Corrections. Upon approval by the city attorney, the city clerk or the code
reviser are authorized to make necessary corrections to this Ordinance, including scrivener’s errors
or clerical mistakes; reference to other local, state, or federal laws, rules, or regulations; or
numbering or referencing of ordinances or their sections and subsections.
Section 5. Effective Date. This Ordinance shall take full force and effect five (5) days
after approval, passage and publication as required by law.
PASSED by the City Council of the City of Pasco, Washington, on this 18th day of
November, 2024.
_____________________________
Pete Serrano
Mayor
ATTEST: APPROVED AS TO FORM:
_____________________________ ___________________________
Debra Barham, MMC Kerr Ferguson Law, PLLC
City Clerk City Attorneys
Published: November 24, 2024