HomeMy WebLinkAbout0351 OrdinanceORDINANCE .90.3,rl .
AIS ORDIWCE providing for the issuance of $66,000 of Special
Water Revenue Hands in accordance with the proposition sub-
mitted by Ordinance No. 350 of the City of Pasco, passed and
approved December 16, 1924, and adopted by the votes of said
City of Fasoo at an election held therein on January 20, 2925,
providing for the form and details of such bonds and the es-
tablishment of a proper fund for the payment of the principal
and interest thereof, ratifying the sale thereof and provid-
ing for the delivery of said bonds.
VI h'REAS, heretofore, by Ordinance No. 350 the City
Council of the City of Pasco specified and adopted a system
or plan for additions and improvements to the municipal water
system of said city; and
T11MRRAS, at a special election held in said city on
January 209 1925, pursuant to said ordinance No. 350, the qual-
ified voters of said city voting at said election voted in
favor of constructing sirch additions and improvements to eaid
water system, and for the issuance of bonds in the sum of
966,000 for the purpose of paying therefor;
NORP THEREFORE, the City Council of the City of Pasco
DO ORDAIN as follows:
Section 1. That the proposition of borrowing the sum
of $660000 and issuing special water revenue bonds as evidence
of such indebtedness, as authorised by e vote of the ejual ifled.
voters o.f the said City of Pasco, voting at the election held
therein on January 209 1925, be and the same is hereby ratified
and confirmed, and the plan or system proposed for additions
and improvements to said nater system adopted by the voters
of the said City at such election is hereby ratified and adopted,
and the Mayor and City Clerk of tiie City of pasco be and they
are hereby authorized and directed to issue negotiable special
water revenue bonds of the City of Pasco for the principal sum
of Ob6,000, numbered from 1 to 132, inclusive, to be dated
March 1, 1925, and. 'year interest at the rate of six per cent
per annum, payable semi --annually on the first days of march and
Sep+ember of each year, said bonds to be in the denomination of
$500 each, maturing serially in the order of their number, as
foil oars
:3,000.00
om
March
lst,
3931v
a3; 000.00
oniiarch
lst,
1932✓
3; 000.00
on
March
1st9
1933
500.00
on
7_"arch
let,
1934✓
32-500.00
on
;;larch
1st,
193V
4, 000.00
on
Earch
1 st,
19361
41000.00
on
March
lst,
1937✓
.34-9500.00
on
118rch
ist,
1938,/
�41500.00
on
Harch
let,
19391/
5 ,1000.00
N5,000.00
on
March
1st,
194-0,1
on
Farah
1st,
1941+
5,500.00
on
rarah
let;
1342..E
X 5,500.00
on
March
1st,
1943,4/
96, 000.00
on
March
lst,
1944'x(
06,000.00
on
Iferch
1st,
194 d
Section 2. Said special
grater
revenue bonds shall be
sayable, both principal and
interest,
from a special fund hereby
created for that purpose, to be known as "Pasco ,Special hater
Revenue Bond Fund No. 2", into which fund said City hereby ir-
revocablybinds and obligates itself to set aside and pad f om
the gross revenue of its waterworks system from time to time as
required, and not less than thirty days prior to the respective
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elates on which interest or principal of said bonds shall become
due and payable, certain fL�ed amoi)nts, without regard to any
fixed proportion of said revenue, sufficient to ley such Princi-
pal and interest as the s:ime become due, which amounts to pledged
are hereby made and shall continue to be a first and prior lien
and charge upon the gross revenues of said waterworks system and
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all additions and extensions hereafter thereto made, subject only
to the necessary charges for maintenance and operation, as pro-
vided by laws and subject also to the X150,000 in special water
bonds !ieretofore issued to pay for acquiring said waterworks aye -
tem, :L ich are payable out of the eater revenues of seid system.
In creating such special fund the corporate authorities
of said city hereby declare that they have exercised due regard
for the cost of the maintenance and operation of said waterworks
system; that no portion of the revenues of said system have been
previously pledged for any other indebtedness excepting that portion
of the gross revenues necessary to pay the .150,000 of water rev-
enue bonds heretofore issued to pey for acq iring said system;
and they hereby declare that they have not hereby bound and ob-
ligated said city to set aside and y,ay into such special fund
a greater amount out of tEe gross revenues of said waterworks
system than in their judgment will be available over and above
the cost of maintenance and operation thereof and the payment of
said prior issue of .153,000 risiter revenue bonds.
Said city hereby irrevocably binds and obligates itself
not to sell, lease, or in any manner dispooe of said waterworks
system, or any additions, extensions, or betterments hereafter
made theretor until all such bonds, with interest thereon, shell
have been fully paid, and said city hereby covenants and agrees
to and with Vie holders of each and- event of said. bonds, in the
event said bonds, or any portion thereof, be issued, to maintain
in good condition, and operate said waterworks system, and to es-
tablish and maintafti rates and charges for water sufficient to
produce the gross revenues rauired to maet the obligations of
said city as herein set forth.
Section 3. That the special water revenue bonds hereby
authorized to be issued shall be in substantial ly the following
form, except as to the date of payment:
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No. V500.OQ
UNITED STAT ES OF AUERICA
State of 1ashington
County of Franklin,
City of Pasco.
FiSCO S ;;CIS ',7AT-3R REVERUE BO-11DS
OF 1925.
KNOT AIL 1-ULN 3Y THESE PRESENTS: That the City of Pasco,
a municipal oo-poration of the State of hashington, acknowledges
itself to owe and for value received hereby promises to pay to
bearer on the first day of March, 19�, the principal sum
of ; 500.00; with interest thereon at the rate of six per cent per
annum, payrable semi-a::nun? ly on the first days of March and Sep-
tember of each year, tis evidenced. by and upon presentation and �
surrend.e-r of the annexed interest coupons as they, severally be-
come due", both principal and interest payable in gold coin of
the United States of America of the present standard of weight
and fineness, at the office of the City Treasurer of said City of
Pasco in the State of IJashington, or, at holder's option, at the
fiscal agency of the State of Aashington in the City of Clew York,
both principal and interest being payable et—of the gross reve-
nues of the water supply system of the said. City of Pasco, as
provided by Ordinance No. 350 of said City of Pasco, passed and
approved December 16, 1924, and Ordinance No. 3./ of said city,
passed and approved : 19253, snd the City Treasurer of
said city is hereby directed to pty the same as herein provided.
This bond is one of an issue of special water revenue
bonds in the sum of ;66,000 authorized by the voters of said City
of Pasco at an election held therein on jm uary 20, 13,5, pursuant
to Ordinance Pio. 350 of said city, for the purpose of providing
funds for additions and improvements to the municipal water system,
and is issued pursuant to said Ordinance Ido. 350 and to Ordinance
No. 3,5/ of said city, passed and approved Htfrah .Z , 1925;
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14,111,44
and isp avabl out of the special fund created by said last named
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ordinance, called " Pasco Special Yater Revenue Bond Fund No. 211,
which fund is to be drawn upon for the sole purpose of paying the
principal and interest of said bond: .
The City of ::aseo hereby coveuents with the holder
of this bond that it will keep and le rform all the covenants
and promises in the said ordinances contained, to be by it kept
and performed, and sn id City does hereby irrevocably obligate
and bind itself to set aside and pay into said bond fu:Ad o.1q the
gross revenues of said mater system at !east thirtJ d ,y s prior to
the respective dates upon which intereet or principal and interest
of the bonds of this issue .;hall bedome due, a sum eq'iel to .tllca
amounts of such interest or such principal and interest, as the
case may be, r-1hich amounts so pledged are hereby declared to be a
lien and charge upon the gross revenues of said waterworks system,
and all additions, enlargements and extensions hereafter thereto
made.
City of i'r�r�co
The r farther binds itself to estahlieh and
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maintain rates for water service which chull provide sufficient
revenues to permit the payment into egWs sa.ch special fund of
the said sums which the city has pledged to be setaside for the,
payment of the principal and interest of said bonds until such
bonds have been paid in full.
It is hereby found, certified and declared that said
bonds are issued pursuant to and in strict compile -nee with the
lave and constitution of the ~tate of washingtcn. and of the or-
dinances of the City of Pasco, and that all acts, conditions and
things rewired to be done precedent to and in the issuance of
this bond have happened, been done and performer?, as required by
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law.
A
I?r WITNESS bHKW', the City of Pasco tins caused this
bond tc be signed by its Mayor and attested by its City Clerk,
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and its corporate seal to be hereto affixed, and the interest
coupons attached to be signed and sealed with the lithographed
signatures of said officers and the seal of said city, this
first day of I -larch, 1925.
CITY OF PASCO
ATTEST: By
its Mayor
Its City Clerk.
The interest coupons attached to said bond shall be
substantially in the following form, except as to dates of
payment:
No. $15.00
On the first day of , 1.9 , the City of
Pasco, State of Washington, will pay to bearer, at the
office of the City Treasurer of said City of Pasco in
the State of Washington, or, at holder's option, at
the fiscal agency of the State of Washington in the
City of New 'York, the sum of ; 15.00 in gold coin of
the United States of .America solely from the special
` fund known as "Pasco Special Eater Revenue Bond Fund
No. 2", said sum bring the semi-annual interest due
that day on its special eater Revenue Bond. dated
March 1, 1925, numbered ,
CITY OF PASCO
ATTESl' : By
'ITE Mayor
Its City Clerk
Section 4. All of said bonds shall be signed by the
Mayor and attested by the City Clerk under the seal of said
city, and each of said interest coupons shall be signed with
the facsimile of the signatures of said officers, attested
with the facsimile of said seal, and such facsimile signatures
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and seal shall be binding to all intents and purposes upon the
said city of Pasco.
Section 5. That there be and is hereby created and
established a special fund to be called "Pasco Special Tater
Revenue Bond Fund Ho. 2", which fund is to be drawn upon for
t'e sole purpose of paying the principal and interest of said
Special 7,eter evenue Ponds. From and after the dste of such
bonds, and so long thereafter as any of said bonds are ontstand-
ing, the City Treasurer of said. City of Pasco is hereby authorized
and directed, at least thirty days prior to the respective dates
upon which the interest or principal and interest of the bonds
of this isene shall become due, to set aside and pay from the
gross revenues of said grater system into each special fund a sum
equal to the amounts of such interest or such principal and inter-
est, as the ease may be. Said City hereby binds itself not to
use any portion of said Special eater Bond fund for any other pur-
pose than the payment of the principal and interest of said Spe-
cial Bonds until all of said bonds, both principal and interest,
shall have been paid.
Section 6. That the Mayor and City Clerk of said city
are hereby authorized and directed to have said boas issued in
accordance herewith and to deliver the same to any purchaser or
purchasers th ereuf upon payment of the purchase price as fixed
and determined by any contracts which may be made by said City
for the sole and delivery of said bonds, inclu6 ing the contract
heretofore made with the Cascade ripe it Flume Co. under date of
Wider
March 3, 1925,/`w`ffch said pipe company agrees to tape payment
for material in such bonds at par and accrued interest.
Section 7. That the proceeds derived from the sold
of said bonds shall be used so? ely to pay the cost and expense
of making such additions and improvements to said water system
as are specified in said Ordinance No. 350 of said City of Pasco.
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I
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Section 8. This ordinance shall take effect five days
from and after its passage and approval by the Mayor., and due
publication at the time and in the manner provided by law.
i
�a ATTPI;u1:
Passed and approved this day o f ikk.a�r--Av 1925.
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City Clerk
,Approved as to fora
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