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HomeMy WebLinkAbout0414 Ordinanced f ORDINANCE NO. 414 AN ORDINANCE PROVIDING FOR THE BORROWING OF ELEVEN THOUSAND DOLLARS FOR THE CITY OF PA.SCO, WASHINGTON FOR THE PURPOSE OF PURCH- ASING FIRE FIGHTING EQUIPMENT AND FOR THE PURPOSE OF DeROVING THE STREETS AND ALLEYS OF SAID CITY, BY GRADING AND GRAVELING AND OTHER- WISE SURFACING THE SAME IN CONNECTION WITH THE FEDERAL WORKS PROGRESS ADMINISTRATION AND THEREBY PROVIDING EMPLO'DIENT FOR THE UNEOLOYED CITIZENS OF SAID CITY; AND PROVIDING FOR 'i'HE ISSUANCE OF NEGOTIABE BONDS OF SAID CITY FOR THE SUM OF ELEVEN THOUSAND DOLLARS FIX IIM A MAXIMUM RATE OF INTEREST FOR SAID BONDS, DIRECTING THE GIVING OF NOTICE OF THE PROPOSED ISSUANCE THEREOF AND FOR CALLING FOR BIDS THEREON. WHEREAS, the City of Pasco is without adequate or sufficient fire fighting equipment and the property of said city is thereby endangered from fire and the insurance rates on such property are by reason thereof excessively high, and, WHEREAS, the city is without sufficient funds with which to purchase the necessary fire fighting equipment, 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 sustenance of themselves and families, and, WHEREAS, the Federal Works Progress Administration has pro- posed to assist in the providing of such employment by giving such citizens employment upon. the streets of said city upon condition that the city shall provide certain necessary materials and equip - meat therefor, and, WHEREAS, the city is without means to provide such materials and equipment, and, WHEREAS, the City Council has determined that it would be to • the best interests of the city of Pasco to purchase the necessary fire fighting equipment and to provide the said materials and e quip- ment for the work on said streets, thereby affording its unemployed citizens with labor to the end that they might properly provide for themselves and their families, and, WHEREAS, The City Council deem it advisable to issue bonds to provide the money and means for the purchase of said fire fight- ing equipment and the purchase of materials and equipment for the doing of said street work and affording such employment relief, and, WHEREAS, the existing indebtedness of the City of Pasco is $2500.00 and the existing value of the property of the city, accord- ing to the last assessment of property made for city purposes is the sum of $1,459,650.00, and, WHEREAS, the issuance of bonds in the sum of $11,000.00 would, with the existing indebtedness create an indebtedness against said city of less than 12 per centum of the taxable value of the property in said city: NOW, THERFORE, THE CITY COUNCIL OF THE CITY OF PASCO DO ORDAIN AS FOLLOWS: SECTION ONE: That the.City Council will issue its negotiable coupon bonds for the sum of $11,000.00. SECTION TWO: Said bonds shall be twenty two in number of $500.00 each, serial in form and numbered from one up consecutively and mature in the order of their numbers as follows: 1 and 2 payable 2 years after date 3 and 4 " 3 5 and 6 " 4 7 and 8 " 5 9 and 10 " 6 n n rr 11 and 12 n 7 n rr 13 and 14 " 8 15 and 16 " 9 17 and 18 n 10 19 and 20 " 11 21 and 22 " 12 r " The Council deems that such bonds and such maturities can be :*net by an equal annual tax levy for the payment of the bonds and interest. The maximum rate of interest shall not exceed 5% per annum. The City will reserve the right to call and pay any or all of said bonds in the order of their maturity at any interest paying date after two years from the date of their issue. SECTION THREE: Said bonds shall be known and designated as fire protection bonds of the City of Pasco and shall be 22 in number and shall bear interest from date of issue, payable semi-annually, and shall be payable at the fiscal agency of the State of Washington in New York City, New York; said bonds shall bear date January t, 1936. 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 of said city once every week for foiz suc- cessive weeks; that the.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 duty of the City Clerk 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 Finance 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 by the affirmative vote of _members of the City Council this day of o� �� 193s and approved by the Mayor on said date. G Mayor ATTEST: City C er V • Approved as to Form: y onney