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ORDINANCE NO. .3—73 O
AN ORDINANCE of the City of Pasco, Washington, amending Ordinance
No. 3377.
WHEREAS, the City of Pasco, Washington (the "City"), by Ordinance No. 3377, passed
by the City Council on September 20, 1999 (the "Bond Ordinance"), authorized the issuance and
sale of its $1,700,000 par value Unlimited Tax General Obligation Bonds, 1999 (the "Bonds"),
pursuant to the terms of a Purchase Agreement dated September 20, 1999 (the "Purchase
Agreement"), with Banc of America Securities LLC and an Official Statement dated
September 28, 1999 (the "Official Statement"); and
WHEREAS, the terms of the Purchase Agreement and the Official Statement specified
that the Bonds maturing in the year 2019 are to bear interest at the rate of 5.60% but Section 2 of
the Bond Ordinance due to typographical error incorrectly states such interest rate as 5.50% and
such interest rate should be corrected to conform to the terms of sale of those Bonds;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PASCO,
WASHINGTON, DO ORDAIN AS FOLLOWS:
Section 1. Amendment of Section 2 of Bond Ordinance. Section 2 of the Bond
Ordinance shall be amended to read as follows:
"Section 2. Description of Bonds. The bonds shall be called Unlimited
Tax General Obligation Bonds, 1999, of the City (the "Bonds"); shall be in the
aggregate principal amount of$1,700,000; shall be dated October 1, 1999; shall
be in the denomination of$5,000 or any integral multiple thereof within a single
maturity; shall be numbered separately in the manner and with any additional
designation as the Bond Registrar (collectively, the fiscal agencies of the State of
54589298.1
Washington) deems necessary for purposes of identification; shall bear interest
(computed on the basis of a 360-day year of twelve 30-day months) payable
semiannually on each June 1 and December 1, commencing June 1, 2000, to the
maturity or earlier redemption of the Bonds; and shall mature on December 1 in
years and amounts and bear interest at the rates per annum as follows:
Maturity Interest
Years Amounts Rates
2002 $35,000 5.250%
2003 65,000 5.150
2004 100,000 5.150
2005 100,000 5.150
2006 100,000 5.200
2007 100,000 5.250
2008 100,000 5.300
2009 100,000 5.400
2010 100,000 5.200
2011 100,000 5.250
2012 100,000 5.300
2013 100,000 5.350
2014 100,000 5.400
2015 100,000 5.450
2016 100,000 5.500
2019 300,000 5.600
The life of the Project to be acquired with the proceeds of the Bonds exceeds the
term of the Bonds."
Section 2. Ratification of Terms and Conditions of the Bonds. All other provisions,
terms and conditions of the Bond Ordinance and of the Bonds, not inconsistent with the
provisions of this ordinance, are hereby ratified and confirmed in all respects.
Section 3. City Officials Authorized to Proceed. The proper City officials are authorized
and directed to do all things reasonable and necessary to carry out the provisions, terms and
conditions of the Bonds, of this ordinance and Ordinance No. 3377, as amended.
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Section 4. Effective Date of Ordinance. This ordinance shall take effect and be in force
from and after its passage and five (5) days following its publication by title only as required by
law.
PASSED by the City Council and APPROVED by the Mayor of the City of Pasco,
Washington, at a regular open public meeting thereof,this 7h day of November, 2005.
/ Mayor
ATTEST:
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yam..
City Clerk
APPROVED AS TO FORM:
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Foster Pepper& Shefehnan PLLC
Bond Counsel
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