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HomeMy WebLinkAbout3613 Ordinance CITY OF PASCO, WASHINGTON ORDINANCE NO.3673 AN ORDINANCE relating to the waterworks utility of the City, including the sanitary sewerage system and the system of storm or surface water sewers as a part thereof; authorizing water and sewer revenue bonds and interim financing to pay the cost of carrying out a portion of the system or plan of additions to and betterments and extensions of the waterworks utility; and creating Utility Local Improvement District No. 138. WHEREAS, the City of Pasco, Washington (the "City"), by Ordinance No. 531, passed March 7, 1944, provided that the system of sewerage of the City,including all additions, extensions and betterments thereto, should be operated as a part of and as belonging to the waterworks utility of the City pursuant to the provisions of Chapter 193 of the Laws of 1941 of the State of Washington (RCW 35.67.320 et seq.) (the"Waterworks Utility"); and WHEREAS, by Ordinance No. 3104, passed on August 21, 1995, the City Council adopted the City of Pasco Comprehensive Plan 1995-2015, including as a part thereof the City of Pasco Comprehensive Sewer Plan,November 1992 (the"Comprehensive Sewer Plan"); and WHEREAS, by Ordinance No. 3239, passed on June 16, 1997, the City Council specified and adopted the Comprehensive Sewer Plan as the system or plan relating to sewers for the Waterworks Utility(the "System or Plan") and declared the estimated cost of the System or Plan to be$79,125,000; and WHEREAS, the Comprehensive Sewer Plan provides in part for the expansion and extension and improvement of the sewer collection system of the City on West Park Street between Road 60 and Road 62 as legally described in Exhibit A hereto by the construction of sanitary sewer lines, sewer stubs, a street overlay and all. other work necessary for or incidental to the provision of sewer service to those areas(the"Improvements"); and WHEREAS, by Resolution No. 2734 adopted March 3, 2003, the City Council declared its intention to initiate the formation of a utility local improvement district to be known and designated as Utility Local Improvement District No. 138 of the City for the construction and installation of the Improvements, and fixed April 7, 2003, at 7:00 p.m., local time, in the Council Chambers of the City Hall as the time and place for hearing all matters relating to the Improvements applicable to Utility Local Improvement District No. 138 and for hearing all objections thereto and for determining the method of payment for the Improvements; and WHEREAS, the City Engineer caused an estimate to be made of the cost and expense of the proposed Improvements applicable to Utility Local Improvement District No. 138 and certified that 50205472.01 -1- estimate to the City Council,together with all papers and information in his possession touching the proposed Improvements, a description of the boundaries of the utility local improvement district and a statement of what portion of the cost and expense of the Improvements should be borne by the property within the proposed district; and WHEREAS, that estimate is accompanied by a diagram of the proposed Improvements showing thereon the lots,tracts,parcels of land, and other property which will be specially benefited by the proposed Improvements and the estimated cost and expense thereof to be borne by each lot, tract and parcel of land or other property; and WHEREAS, due notice of the above hearing was given in the manner provided by law, and the hearing was held by the City Council on the date and at the time above mentioned, and all objections to the proposed Improvements were duly considered and overruled by the City Council, and all persons appearing at such hearing and wishing to be heard were heard; and WHEREAS,the City Council has determined it to be in the best interests of the City that the Improvements as hereinafter described be carried out and that a utility local improvement district be created in connection therewith;NOW,THEREFORE, THE CITY COUNCIL OF THE CITY OF PASCO, WASHINGTON, DO ORDAIN as follows: Section 1. The estimated cost of the expansion and extension and improvement of the sewer collection system of the City on West Park Street between Road 60 and Road 62 as legally described in Exhibit A hereto by the construction of sanitary sewer lines, sewer stubs, a street overlay and all other work necessary for or incidental to the provision of sewer service to those areas (the "Improvements") is declared to be, as nearly as may be, the amount of$92,425.17, and such estimated costs shall be met and defrayed from the issuance and sale of water and sewer revenue bonds of the City in the total amount of approximately $92,425.17. Such Water/Sewer Fund shall be supported by assessments to be levied and assessed against properties specially benefited by the improvements to be included in one or more utility local improvement districts authorized to be created pursuant to the provisions of RCW 35.43.042. Section 2. The City may issue one or more series of water and sewer revenue bonds at such times as the City Council shall deem advisable. Such revenue bonds shall bear such designation as the City Council hereafter shall determine;shall be issued in such series; shall be in such form; shall bear such date or dates and interest rate or rates; shall be payable at such place or places; shall mature at such time or times; shall have such option or options of paying prior to maturity; shall guarantee such coverage and collection of rates; shall provide for such additional funds and accounts; and shall contain and be subject to such provisions or covenants as hereafter shall be provided by ordinance. The bonds shall be sold in such manner as the City Council shall deem to be in the best interest of the City. The bonds shall be payable from the gross revenues of the Waterworks Utility and from the receipt of payments of assessments levied in Utility Local Improvement District No. 138 herein created to support the payment of the bonds herein authorized to be issued and any parity bonds hereafter issued. 50205472.01 -2- Section 3. In the judgment of the City Council, the gross revenues and benefits to be derived from the operation and maintenance of the Waterworks Utility and the Improvements herein provided, at the rates to be charged for utility services furnished, will be more than sufficient to meet all expenses of operation and maintenance thereof, debt service on outstanding Waterworks Utility obligations and to permit the setting aside into a special fund,out of the gross revenues of the Waterworks Utility in addition to the special assessments to be levied and collected in Utility Local Improvement District No. 138 herein created to fund this project or to support the payment of the bonds herein authorized to be issued, of sufficient amounts to pay the principal of and interest on those bonds. Section 4. The Finance Director is authorized and directed to create and establish in his office a special fund to be known and designated as "Construction Fund - ULID No. 138" (the "Construction Fund") for the sole purpose of paying the cost of carrying out the Improvements and of paying the costs and expenses connected therewith and into which fund shall be deposited the proceeds received from the issuance and sale of the bonds herein authorized to be issued. The City, through its proper officers and agents,shall proceed with the making of those Improvements and the calling of bids therefor in the manner provided by law. Pending the sale of the bonds herein authorized to be issued, the City may issue interest-bearing warrants drawn upon the Construction Fund to pay duly authorized and proper costs incurred in carrying out such Improvements, those warrants to bear such interest as may be agreed upon between the City and any bank or investment banking firm agreeing to make a market for such warrants and such warrants to be paid out of the proceeds received from the sale of the bonds herein authorized to be issued and from any other money available to the City in cash to finance the Improvements. In the alternative, the City hereafter may provide by ordinance for the issuance of other short-term obligations pursuant to chapter 39.50 RCW. The City Council declares that to the extent, if any, the City prior to the date bonds or other short-term obligations are issued to finance the Improvements shall make capital expenditures for the Improvements from funds that are not (and are not reasonably expected to be) reserved, allocated on a long-term basis, or otherwise set aside by the City under its existing and reasonably foreseeable budgetary and financial circumstances to finance the Improvements, those capital expenditures are intended to be reimbursed out of proceeds of the bonds or other short-term obligations issued in an amount not to exceed the principal amount provided by this ordinance. Money in the Construction Fund shall be invested until needed in any investments permitted to the City by law, but in no event shall any investment be made in any obligation maturing later than one year after the investment therein or later than such money is needed for the purpose of the Construction Fund, whichever is the lesser time, nor shall any investments exceed the applicable yield limitations imposed by Section 148 of the Internal Revenue Code of 1986, as amended, and applicable regulations thereunder relating to arbitrage. Income from such investments shall be deposited in the Construction Fund. Section 5. To carry out the Improvements there is created and established Utility Local Improvement District No. 138 of the City of Pasco, Washington (the "District"), the boundaries or territorial extent of which District are more particularly described in Exhibit A attached hereto. 502D5472.01 -3- Section 6. Unless otherwise provided by future ordinances, the entire cost and expense of the Improvements shall be borne by and assessed against the property specially benefited by such Improvements included in the District embracing as nearly as practicable all property specially benefited by such Improvements. The assessments in the District shall be for the sole purpose of payment into the Water and Sewer Revenue Bond Redemption Fund, if water and sewer revenue bonds authorized herein are issued on a parity of lien with the outstanding bonds payable from such fund or into a special bond redemption fund hereafter created for the payment of water and sewer revenue bonds to be issued by the City to provide the funds required to pay the cost and expense of carrying out the Improvements. Section 7. In accordance with the provisions of RCW 35.44.047, the City may use any method or combination of methods to compute assessments which may be deemed to more fairly reflect the special benefits to the properties being assessed than the method provided by RCW 35.44.030, RCW 35.44.040 and RCW 35.44.045. It is the City's intention to compute assessments based on a single sewer service to each property included within the boundaries of the District. If a property included within the District shall require additional service, that property shall be required to pay prior to any additional. connection a charge in lieu of assessment which shall be at least the equivalent of the assessment which would have been applied to that property if that property had required the additional service at the time of confirmation of the final assessment roll for the District. Section 8. No property, any portion of which is outside the District, may connect to those Improvements constructed or made a part of the District unless either that property shall have been subject to the special assessments on the assessment roll for that District or the owners of that property shall have paid prior to such connection a charge in lieu of assessment which shall be at least the equivalent of those assessments which would have been applied to that property had it been included within that District. Section 9. Within 15 days of the passage of this ordinance there shall be filed with the Finance Director of the City the title of the improvement and District number,a copy of the diagram or print showing the boundaries of the District and the preliminary assessment roll or abstract of such roll showing thereon the lots, tracts and parcels of land that will be specially benefited thereby and the estimated cost and expense of such Improvements to be borne by each lot,tract or parcel of land. The Finance Director shall immediately post the proposed assessment roll upon his index of local improvement assessments against the properties affected by the local improvement. 50205472.01 -4- 7 i Section 10. This ordinance shall take effect and be in force from and after its passage and five days following its publication as required by law. PASSED by the City Council and APPROVED by the Mayor of Pasco, Washington, at a regular open public meeting thereof, this 7h day of April, 2003. Michael 1. G son, Mayor ATTEST: City Clerk APPROVED AS TO FORM; City At 50205472.01 -5- EXHIBIT A Boundary Description of ULID 138 Park Street from Road 60 to Road 62 LEGAL: Beginning at a point on the western right-of-way line of Road 60, said point being the northeast corner of Lot 6, Summers Park Addition; thence westerly along the north lot line of said Lots 6, 5, 4, 3, 2, and 1 to the northwest corner of Lot 1, said addition; thence continuing west along the projection of the north line of Lot 1, to the west Right-of-Way line of Road 62, thence southerly along the west Right-of-Way line of Road 62 to a point being the westerly projection of the south lot line of Lot 12, said addition; thence easterly along the said projection of the south line of Lot 12 to the southwest corner of Lot 12; thence easterly along the south lot line of Lots 12, 11, 10, 9, 8 and 7 to the southeast corner of Lot 7; thence continuing easterly along the projection of the south line of Lot 7 to the easterly Right-of-Way line of Road 60; thence north along the Right- of-Way line of Road 60 and continuing northerly across Park Street to a point being the easterly projection of the north line of Lot 6 to the easterly Right-of-Way line of Road 60; thence westerly along the said projection of the north line of Lot 6, to the northeast corner of Lot 6, of said addition, said point also being the Point of Beginning, all within Section 27, Township 9 North,Range 29 East, W.M..