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HomeMy WebLinkAbout0359 Ordinance1 � Aja ORDINANCE. NO.t��r�% + AN ORDINANCE CREATING S INKING FUNDS FOR THE RETIREIVMNT OF GENERAL OBLIGATION AND PUBLIC UTILITY BONDS OF THE CITY OF PASCO AND PROVIDING FOR THE INVESTMEM OF MONIES OF SAID FUNDS IN MUN IC IPA1 BONDS AND WARRANTS BY THE CITY TREAS URER . WHEREAS; heretofore by Ordinance No. 149 of the City of Pasco, the City Council of the City of Pasco did cause to be issued Thirty Thousand Dollars in Gemeral obligation bonds due and payable im 1931, and. heretofore by Ordinance No. 241 of the City of Pasco, the City Council of the City of Pasco did cause to be issued Twenty Seven Thousand Five Hundred Dollars in. General obligation bonds due and payable in 1934, and, WHEREAS; heretofore by Ordinance No 345 of the City of Pasco, the City Council of the City of Pasco did cause to be issued One Hundred Fifty Thousand Dollars in Public Utility bonds due' serially from 1929 to 1943 inclusive, and, WHEREAS; heretofore by. Ordinance No. 351 of the City of Pasco, the City Council of the City of Pasco did cause to be issued Sixty Six Thousand Dollars in Public Utility bonds due serially from 1931 to 1945 inclusive. NOW THEREFORE THE CITY COUNCIL OF THE CITY OF PASCO DO ORDAIN AS FOLLOWS;, SECTION 1. That there be and is hereby created a fund to be known as the "City Hall Bond Redemption Fund; this fund to be supplied by a tax levy on all the taxable property within the City of Pasco. SECTION 2. That there be and is hereby created a fund to be known as the "Refunding Bond Redemption Fund; this fund to be supplied by a tax levy on. all the taxable property within the City of Pasco. SECTION 3. That there. -be and is hereby created a fund to be know. �1 as the "Pasco Special Water Revenue Bond Fund; this fund to be supplied by paying into it from the gross revenue of the City Water Department of the City of Pasco, a sufficient sum to meet the principal of the bond issues as they become due as set out in ordinances of the City of Pasco numbered 345 and 351. SECTION 4. It shall be the duty of the City Treast.rer to invest all monies in any Bond Redeipption Fund so far as posnible in any of the following secureties payable prior to the date the ?monies invested are to be applied; lst, General obligation bonds of the State of Washington. 2nd, General obligation bonds of Counties of the state of Washington.. 3rd. School District bonds of Franklin County Washington. 4th. Current Expense warrants of Franklin County lashington. 5th. School District warrants of Franklin County ";ashington. 6th. General obligation bonds of the City of Pasco, VTas.hington. 7th. Public Utility bonds of the City of Pasco, Washington. 8th. Current Expense warrants of the. City of Pasco, 71ashington. SECTION 5. 'This ordinance shall take effect five days from and after its passage and publication. Passed and approved Pasco, this -d!t►�,aday of 1't Attest, City Clerk . by the City Council of the City of A.D. 1926. Approved as to forma, Mayor i y orney-.