HomeMy WebLinkAbout4005 Ordinance ORDINANCE NO. q6-65--
AN ORDINANCE RELATING TO LOCAL IMPROVEMENT DISTRICT NO. 146
FIXING THE AMOUNT, FORM, DATE, INTEREST RATE AND MATURITY OF
THE LOCAL IMPROVEMENT DISTRICT NO. 146 INSTALLMENT NOTE;
PROVIDING FOR THE PURCHASE OF SUCH NOTE BY THE CITY FROM
FUNDS ON DEPOSIT IN THE FIRE PENSION FUND AND FIXING THE
INTEREST RATE ON LOCAL IMPROVEMENT DISTRICT NO. 146
ASSESSMENT INSTALLMENTS
WHEREAS, pursuant to RCW 35.45.150, the City Council of the City of Pasco,
Washington (the "City"), has determined to issue its Local Improvement District No. 146
Installment Note in the aggregate principal amount of$89,352 and finds it is in the best interest
of the City that such note be purchased by the City from funds on deposit in the Fire Pension
Fund of the City and available for investment.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PASCO,
WASHINGTON, DO ORDAIN AS FOLLOWS:
Section 1. ATHORIZATION AND DESCRIPTION OF NOTE. The total amount of
the assessment roll in Local Improvement District No. 146 in the City of Pasco,Washington(the
"City"), created under Ordinance No. 3991 which passed February 7, 2011 was $124,673. The
3o-day period for making cash payments of assessments without interest in the District expired
on March 24, 2011 and the total amount of assessments paid in cash to date is$35,322 leaving a
balance of assessments unpaid on the assessment roll in the sum of $89,351. The Local
Improvement District No. 146 Installment Note(the"Note") shall, therefore,be issued pursuant
to RCW 35.45.15o as a single installment note in the total principal sum of$89,351• The Note
shall be dated May 2, 2011 shall mature on May 2, 2021 shall be in fully registered form; and
shall be numbered R-1. The Note shall bear interest at the rate of 4.1%per annum(computed on
the basis of a 36o-day year of twelve 3o-day months), payable annually on each May 2,
beginning May 2, 2012.
Section 2. APPOINTMENT OF NOTE REGISTRAR; REGISTRATION AND
TRANSFER OF NOTE. The Financial Services Manager of the City is appointed Note
Registrar for the Note. The Note shall be issued to the City's Fire Pension Fund(the"Registered
Owner") only in the registered form as to both principal and interest and shall be recorded on
books or records maintained by the Note Registrar (the "Note Register"). The Note Register
shall contain the name and mailing address of the Registered Owner. The Note may not be
assigned or transferred by the Registered Owner. When the note has been paid in full, both
principal and interest, it shall be surrendered by the Registered Owner to the Note Registrar,
who shall cancel the Note.
The Note Registrar shall keep, or cause to be kept, at her office, sufficient books for the
registration of the Note. The Note Registrar is authorized, on behalf of the City, to authenticate
and deliver the note in accordance with the provisions of the Note and this ordinance, to serve
as the City's paying agent for the Note and to carry out all of the Note Registrar's powers and
duties under this ordinance. The Note Registrar shall be responsible for the representations
contained in the note registrar's Certificate of Authentication on the Note.
Section 3. PAYMENT OF NOTE. Both principal of and interest on the Note shall be
payable solely out of the Local Improvement Fund, District No. 146(the"Note Fund"),and from
the Local Improvement Guaranty Fund of the City, and shall be payable in lawful money of the
United States of America. Interest on the Note, and any prepaid principal thereof, shall be paid
by check,draft or interfund transfer on the interest payment date to the Registered Owner at the
address appearing on the Note Register. The final installment of principal of and interest on the
Note at maturity or prior repayment is payable at the office of the Note Registrar in Pasco,
Washington, upon presentation and surrender of the Note.
Section 4. PREPAYMENT PROVISIONS. The City reserves the right to prepay
principal of the Note prior to its stated maturity on any interest payment date, at par plus
accrued interest to the date fixed for prepayment, whenever there shall be sufficient money in
the Note Fund to prepay the principal of the Note over and above the amount required for the
payment of the interest then due on the Note. No notice of prepayment to the Registered owner
is required. Interest on the principal of the Note so prepaid shall cease to accrue on the date of
such prepayment.
Section 5. PLEDGE OF ASSESSMENT PAYMENTS. Assessments collected in
Local Improvement District No. 146 together with interest and penalties, if any, are pledged to
the payment of the Note, and shall be deposited in the Note Fund. The Note is payable solely
out of the Note Fund and the Local Improvement Guaranty Fund of the City in the manner
provided by law and constitutes a lien and charge upon such Note Fund and Local Improvement
Guaranty Fund. The Note is not a general obligation of the City.
Section 6. FAILURE TO REDEEM NOTE. If the Note is not redeemed when
properly presented at its maturity or prepayment date,the City shall be obligated to pay interest
on the Note at the same rate provided therein from and after its maturity or prepayment date
until the Note, both principal and interest, is paid in full or until sufficient money for its
payment in full is on deposit in the Note Fund and the note has been called for payment by
giving notice of that call to the Registered Owner.
Section 7. FORM AND EXECUTION OF NOTE. The Note shall be printed,
lithographed or typed on good bond paper in a form consistent with the provisions of this
ordinance and state law, shall be signed by the Mayor and the City Clerk,either or both of whose
signatures may be manual or in facsimile, and the seal of the City or a facsimile reproduction
thereof shall be impressed or printed thereon.
Only the Note bearing a Certificate of Authentication in the following form, manually
signed by the Note Registrar, shall be valid or obligatory for any purpose or entitled to the
benefits of this ordinance.
CERTIFICATE OF AUTHENTICATION
This Note is the fully registered City of Pasco, Washington, Local Improvement District
No. 146 Installment Note described in the Note Ordinance.
Financial Services Manager
Note Registrar
The authorized signing of the Certificate of Authentication shall be conclusive evidence that the
Note has been duly executed, authenticated and delivered and is entitled to the benefits of this
ordinance.
Section 8. PURCHASE AND SALE OF NOTE. The City will purchase the Note
from funds available for investment on deposit in the Fire Pension Fund of the City at a price of
par plus accrued interest from the date of the Note to the date of its transfer to the City. The
proper City officials are authorized and directed to do everything necessary for the prompt
delivery of the Note and for the proper application and use of the proceeds of the sale thereof.
Section g. FIXING INTEREST RATE ON ASSESSMENTS. The interest rate on
the installments and delinquent payments of the special assessments in Local Improvement
District No. 146 are revised and fixed at the rates of 4.1% per annum and 8.00% per annum,
respectively.
Section io. EFFEC'T'IVE DATE OF ORDINANCE. This ordinance shall take effect
and be in force five(5)days from and after its passage and five(5) days following its publication
as required by law.
Adopted by the City Council of the City of Pasco,on this 2th day of May, 2011.
City of Pasco:
Matt Watkins, Mayor
Attest: Approved As To Form:
Debra Clark,City Clerk Leland B. Kerr, City Attorney
LID 146
KURTZMAN PARK STREET IMPROVEMENTS
PROJECT NUMBER 09-3--07
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No.R-1 $89,402
UNITED STATES OF AMERICA
STATE OF WASHINGTON
CITY OF PASCO
LOCAL IMPROVEMENT DISTRICT NO. 146 INSTALLMENT NOTE
Interest Rate: 3.6°/a Maturity Datc: 5/2/2021
Registered Owner: CITY OF PASCO FIRE PENSION FUND
Principal Amount:$89,351
N.B. The laws of the State of Washington under which this Note is issued contain the following section (RCW
35.45.070):
'Ne-ither the holder nor owner of any bond, interest coupon, warrant,or other short-term obligation issued
against a local improvement furor shall have any claim therefore against the city or town by which it is issued, except
forpayment,from the special assessments made.for the improvement,for which the bond or warrant was issued and
except also for payment from the local improvement guaranty fund of the city or town as to bonds issued after the
creation of a local improvement quaranty fund of that city or towns. The city or town shall not be liable to the holder or
owner of any bond, interest coupon,warrant,or other short-teen.obligation for any loss to the local improvement
guaranty fund occurring in the lawful operation thereof. A copy of the foregoing part of this section Shall be plainly
writf ;printed or engraved on.each bond.'
The CITY OF PASCO,WASHINGTON(the"City"),a municipal corporation of the State of Washington,promises to pay
to the Registered Owner identified above on the Maturity Date indentified above the Principal Amount identified above and to
pay interest(computed on the basis of a 360-day year of twelve 30-day months)thereon from the date of this Note or from the
most recent interest payment date to which interest has been paid at the Interest Rate per annum identified above,payable
annually beginning May 2,2012 to the maturity or earlier prepayment of this Note. If this Notc is not redeemed when property
presented at its maturity date,then interest shall continue to accrue at the Interest Rate identified above until this Note,both
principal and interest,is paid in full or until sufficient money for its payment in full has been deposited in Local Improvement
Fund,District No. 146(the`Note Fund'),and this Note has been called for payment.
This Note,designated the Local Improvement District No. 146 Installment Note,is issued by the City in fully
registered form pursuant to and in full comph Pan ce with the Constitution and laws of the State of Washington and ordinances
of the City,including Ordinance No. '15(thc`Note Ordinance'). This Notc is issued for the purpose of providing the funds
necessary to pay the costs of constructing the improvements within Local Improvement District No. 146 of the City as ordered
to be carried out by Ordinance No. 3932 of the City.
The City,has reserved the right to prepay principal of this Note prior to its stated maturity date on any interest
payment date,at par plus accrued interest to the date fixed for prepayment,whenever there is sufficient money in the Note
Fund to prepay the principal of the Note over and above the amount required for the payment of the interest then due on the
unpaid Note- No notice of prepayment to the Registered Owner is required. Interest on the principal of this Note so prepaid
shall cease to accrue on the date of such prepayment.
Both principal of and interest on this Note are payable in lawful money of the United States of America. Interest on
this Note,and any prepaid principal thereon,shall be paid by check,draft or interfund transfer on the intcrest payment datr
to the Registered Owner at the address appearing on the registration books of the City (the'Note.Rcgistcr")maintained by the
Finance Services Managcr of the City(the'Note Registrar"). The final installment of principal and intcrest on the Note at
maturity or prior repayment is payable,at the office of the Note Registrar in Pasco, Washington,upon Presentation and
surrender of this Note.
The funds deposited in the Note Fund and the Local Improvement Guaranty Fund of the City have been and are
pledged irrevocably to the payment of the principal of and interest on this Note. This note is not a general obligation of the
City.
This Note shall not be valid or become obligatory for any purpose until the Certificate of Authentication hereon has
been signed by the Note Registrar.
The principal of and interest on this note shall be paid only to the Registered Owner and to no other person or entity,
and this Note may not be assigned or transferred.
The City and the Note Registrar may deem and treat the Registered Owner of this Note as its absolute owner for the
purpose of receiving payment of principal and interest and for all other purposes, and neither the City nor the Note registrar
shall be affected by any notice to the contrary, As used herein,Registered Owner means the person or entity named as
Registered Owner of this Note on the first page hereof and on the Note Register.
It is certified,recited and declared that all acts,conditions and things required to be done precedent to and in the
levying of any awasments and the issuance of this Note have been done properly,have happened and have been performed in
regular and due form,as required by law,and that this Note has not been issued in an amount in excess of the cost of
improvements in Local Improvement District No. 146.
IN WITNESS WHEREOF,the City has caused this Note to be executed on behalf of the City by its Mayor and City
Clerk,and the seal of the City to be impressed hereon,this 2 day of May,2011.
CITY OF PASCO,WASHINGTON
Mayor
(SEAL)
By Lac,,—.
City Clerk
Date of Authentication-
CEMFICATE OF AUTHENTICATION
This Note is the Hilly registered City of Pasco,Washington,Local Improvement District No. 146 Installment Note described in
the Note Ordinance.
I3y
Financial Services Manager, Note Registrar
LID NO. 146 INSTALLMENT NOTE
PAYMENT RECORD
lntercat Principal
Payment Date Payment Interest Principal Balance Nate
Received Paid $gpgid pM Reeistrar
Beginning principal balance.
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021