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HomeMy WebLinkAboutLID 149 Installment NoteNo. R -3 UNITED STATES OF AMERICA STATE OF WASHINGTON CITY OF PASCO LOCAL IMPROVEMENT DISTRICT NO, 149 INSTALLMENT NOTE $236,628.04 Interest Rate: 4.00% Maturity Date: 4/1/2024 Registered Owner: CITY OF PASCO BOULEVARD MAINTENANCE FUND Principal Amount: $236,628.04 N.B. The laws of the State of Washington under which this Note is issued contain the following section (RCW 35.45.070): Neither the holder nor owner of any bond, interest coupon, warrant or other short-term obligation issued against a local improvement fund shall have any claim therefore against the city or town by which it is issued, except for payment 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 guaranty fund of that city or town. The city or town shall not be liable to the holder or owner of any bond, interest coupon, warrant or other short-term 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 written, printed or an graved 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 identified 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 April 1, 2015 to the maturity or earlier prepayment of this Note. If this Note 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. 149 (the "Note Fund "), and this Note has been called for payment. This Note, designated the Local Improvement District No. 149 Installment Note, is issued by the City in fully registered form pursuant to and in full compliance with the Constitution and laws of the State of Washington and ordinances of the City, including Ordinance No. ql `N (the "Note Ordinance"). This Note is issued for the purpose of providing the funds necessary to pay the costs of constructing the improvements within Local Improvement District No. 149 of the City as ordered to be carried out by Ordinance No. 4035 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 interest payment date to the Registered Owner at the address appearing on the registration books of the City (the "Note Register') maintained by the Finance Services Manager of the City (the "Note Registrar"). The final installment of principal 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 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 assessments 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. 149. 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 17 day of March, 2014. CITY OF PASCO, WASHINGTON Mayor (SEAL) City Clerk Date of Authentication: H�6 1 Z .2-61 " CERTIFICATE OF AUTHENTICATION This Note is the fully registered City of Pasco, Washington, Local Improvement District No. 149 Installment Note described in the Note Ordinance. sy Financial Services Manager, Note Registrar Interest Payment Date Payment Received Beginning principal balance: 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 LID NO. 149 INSTALLMENT NOTE PAYMENT RECORD Interest Principal Paid Prepaid Principal Balance Due Note Registrar