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HomeMy WebLinkAbout0402 OrdinanceORDINANCE NUMBER cU6 AN ORDINANCE PROVIDING FOR THE BORROWING OF $1000 FDR 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 SAPda AND THEREBY PROVIDING EMPLOY- MENT FOR THE UN TLOYED CITIZENS OF SAID CITY AND PROVIDING FOR THE ISSUANCE OF NEGOTIABLE BONDS OF SAID CITY FOR THE SUM OF $10001 FIXING A MAXIMUM RATE OF INTEREST FOR SAID BONDS, DI- RECTING THE GIVING OF NOTICE OF THE PROPOSED ISSUANCE THEREOF, AND CALLING FOR BIDS THEREON. WHEREAS the streets and alleys of the City of Pasco are in serious need of improvement by grading, gravelling, oiling, and otherwise surfacing the sane, 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 WHEREAS the City Council has determined that it would be to the best interest of the City of Pasco to provide work for such unemployed citizens by improvind the streets and alleys as aforesaid and WHEREAS the 6ity Council deem it advisable to issue bonds to provide the money and means for the doing of said work and the afford- ing of such employment relief, and WHEREAS the existing in- debtedness of such city is the sum of $379500, and the assessed value of the propery of said city, according to the last assessment of said property made for City purposes is the sum of $1,578,437.00, and whereas the issuance of said bonds in the sum of $1000 would, with the said existing indebtedness, create an. indebtedness against said city of less than one and one-half per centum of the taxable value of said property in said city: NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PASCO DO ORDAIN AS FOLLOWS SECTION ONE: That the City of Pasco will issue its negotiable coupon bonds for the sum of $1000.00. 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. 500 three years after date. SECTION THREE: Said bonds shall be known and designated as General Street Improvement Bonds of the City of Pasco and shall be ten (10) in number and shall bear interest from date of issue. The principal and interest is to be payable at the office of the Treasurer of the City of Pasco .,��i—n Pasco, Washington., The said bonds shall bear date of the �%ay of 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 week for four successive weeks; that the said, notice shall state for what purpose and the total mount 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 duty of the City Clerk at least three weeks prior to the day fixed for the sale of said borer? s to mail a copy of such notice to the State Financing Committee at Olympia, Washington. 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 dam, g33. ayor. Attest: City Clerk. Approved as to form: f c;�/S� City Attorney.