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HomeMy WebLinkAbout0401 Ordinanceh' ORDINANCE NUMBER 401. AN ORDINANCE PROVIDING FOR THE BORROWING OF $10,000 FOR THE CITY OF PASCO, 'WASHINGTON, FOR THE PURPOSE OF IMPROVING THE STREETS AND ALLEYS OF SAID CITY BY GRADING, GRAVELLING, OILING, AND OTHERWISE SURFACING THE SAME AND THEREBY PROVIDING EMPLOY - KENT FOR THE UNEMPLOYED CITIZENS OF SAID CITY AND PROVIDING FOR THE ISSUANCE OF NEGOTIABLE BONDS OF SAID CITY FOR THE SUM OF $1'.09000, FIXING A 2.IAXIMUM RATE OF INTEREST FOR SAID BONDS, DIRECTING THE GIVING OF NOTICE OF THE PROPOSED ISSUANCE THEREOF, AND CALLING FOR BIDS THEREON. WHBREAS the streets and alleys of the City of Pasco are in serious need of improvement,by grading, gravelling, oiling, and otherwise surfacing the same, and WHEREAS the said City is without sufficient funds with which to do said work, and WHEREAS a large number of the citizens of said.city, owing to -.the existing financial depression, are without employment, and.accordingly without means to properly provide for the sus- tenance of themselves and their families, and AREAS the City Council has determined that it would-be to the best interest of thefCity of Pasco to provide work for such unemployed citizens by improving the streets and alleys as aforesaid and AREAS theCity Council deem it advisable to issue bonds to provide the -:money and means for the doing of said work and the afford- ing'bf such employment relief, and AREAS the existing in- debtedness of such city is the sum of $37,500, and the assessed value of the property of said city, according to the last assessment ofp said property made for City purposes is the sum of%!�� , and AREAS the issuance of said bonds in the sum of $10,000 would, with the said existing indebtedness, create an indebtedness against said city of less than one and one kalt per centum of the taxable value of said property in said NOWT, THEREFORE, THE CITY COUNCIL OF THE CITY OF PASCO DO ORDAIN AS FOLLOWS: SECTION ONE,: That the City of Pasco will issue its negot2able coupon bonds for the sum of $10,000. SECTION TWO: Said bonds shall be serial in form and numbered from "one" up, consecutively, and mature serially in the order of their numbers, as follows: 500 two years after date. 1000 three years after date .1000 four years after date 1000 five years after date 1000 six years after date 1000 seven years after date 1500. eight years after date 1500 nine years after date 1500 ten years after date On and after January 1, 1938, said bonds can be called serially at par, SECTION THREE: Said bonds shall be known and desig- nated as General Street Improvement Bonds of the City of Pasco, and shall be �Z D in number and shall bear interest at a rate not exceeding six (6%) per cent per annum, payable semi- annually with interest coupons attached, interest payable on the 15th days of January and June of each year. The principal and interest is to be payable at the office of the Treasurer of the City of Pasco In Pasco, ashington., he said bonds � qday shall bear date of the of January, 1933. SECTION FOUR: It shall be the duty of the City Clerk to cause a notice of the proposed issuance of said bonds to be published in the official newspaper in said city once each for four that the week successive weeks; said notice shall state for what purpose and the total amount for which it is � proposed to issue said bonds; it shall specify a place and the day and hour subsequent to the date of the last publication thereof when sealed bids will be received and publicly opened for the purchase of said bonds. It shall further specify the maximum rate of interest which said bonds shall bear and said, interest shall be payable semi-annually and shall require a bid of (A) the lowest rate of interest and premium, if any,, above par at which such bidder will purchase said bonds, and (B) the lowest rate of interest which said bidder will purchase said bonds at par. It shall further be the,du�y of the City Clerk _T at least three weeks prior to the day fixed for the sale of said bonds to mail a copy of such notice to the State Financing Committee at Olympia, Washington. The City Council may, in its discretion, offer said bonds either as a whole or from time to time in lots or blocks of not less than es as the money for the prosecution of said work is required. In the event of the sale in lots or blocks, then notice of each said sale shall be given as above provided, dates of sale to be fixed by the City Council a sufficient time in advance therefor. The bonds shall be sold to the bidder making the best bid, subject to the right of this City to reject any and all bids and -re -advertise. None of the bonds shall be sold for less than par and accrued interest, nor shall any discount or commission be allowed or paid on sale of such bonds. Passed and approved this day of ZI A �Jr 1932. P ayor. Attest: City Clerk. Approved as to form: ,'City.Attorney.