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For the records of the City
ORDINANCE NO.�
AN ORDINANCE AUTHORIZING.THE ISSUANCE OF THE "CITY OF PASCO
SPECIAL FUND WAT s.—SEu AGE REVENUE BOND OF 1944-1946,SERIES B"
IN THE PRINCIPAL A.1.110UNT OF q"'20.,000.00, BLV I11G A Ph.T OF THE "CITY
OF PASCO SPECIAL FUND oIAT IR—SIVMTAGE REVENUE BOND of 1944", AUPHaa ICED
BY ORDINA 4CE NO. 531 OF SAID ;'TTY, PASSED AND APPROVED AT A REGULAR.
WEFT I dG OF THE CITY COUNCIL -ON MARCH 7, 1944, DECLARII-m THE DENOla—
NATIONS AND MATURITIES OF SAID BONDS AND THE TERTAS THFTEOF : P?-,.E—
SCRIBING THE SUBSTANT IAL FORM OF SAID BONDS AND INTEREST COUPONS,
PROVIDING THAT 'THE SAE--;_)3HALL_ 3E, _,,`PhYABLE:OUT OF -'THE-.. SPECIAL FUND
KNO10 AS"THE WATER REVENUE SPECIAL BOND FUND OF 194411CREATED BY
SAID ORDIN,U CE NO. 531 AND THIS ORDINANCE, AND PROVIDING FOR
THE PAYMENT OF SAID BONDS OF SERIES B OUT OF AND FROM THE EARN—
INGS AND REVENUES OF THE PLATER WORKS SYSTEMM 1M SEavlt:GE DISPOSAL
SYSTEM OF THIS CITY AND CONFLIMING THE SALE OF SAID BONDS TO
PAINE, RICE & COLa-'ANY OF SPOKANE, WASHINGTON: PROVIDING FOR THE
PUBLICATION OF THIS ORDINANCE AND ITS EFFECTIVE DATE.
4 �'
ORDIT '.NCE TATO. cs�
I; EuS, this Council of the City of Vasco, 1.ashington, has he-reto.Lore enacted
Ordinance No. 531 on March 7, 1944, and said Ordinance vias a )p -roved by the Llayor of
said City on said date, arra the Ordinance, upon its passage and approval, vias pub-
lished once in the "Pasco Herald", a newspaper published in sz,id City, and became
in full force and effect at the expiration of five days from and after the date of
such publication, which said Ordinance No. 531 Vias entitled as follows:
"ORDINIjNCE T30. 531.
rr
�T3 T DINAIJIC.E PROV I DINIG FOR THE TILKING OF CERTAIN TAIN ADDIT IONS, EXTENSIONS,
BF,TTa,jj=::SIa S, AND Il,r t0`JEI;I,I?TS TO THE E LISTING SEEOhkGE SYST 11 OF THF,
CITY OF PASCO, INCLUDING A SE AGE TRE ;TI. IItIT - ND L)ISPOSrL PLANT AND
CONSIDERING hKTD KING TILE S2 1E !`:S A Pid OF, AND .) LONGING TO, THE
IdrTE ..'ORIS DLPZRT'v:UIwT AND SYST L OE S��ID CTi'Y: rDOPIING THE PL.',N OF
ALL THE FOREGOING :.0 :K, DECLARING THE I;STIIITD COST 'I'H EEOF: i:LT`I'HUR-
IZING THE ISSUYI.ICE AND SALE OF THE RuIJET,JUE BONDS OF SAID CM IN THE
AGGRF]Gr�TE PRINCIPAL r ;UTI OF $300,000-00., PAYABLE ONLY OUT OF THE
EARNINGS AND REVENUES OF S -ID z,iJ1 ",o0�'LKS ;YS' `EI=I TO PROVIDE FUINDS
11IERL ITH TO PAY THE COST i -M ' J)ENSE OF ALL SC -.ID (R. _S1 '_ND AUTHOR
-
IZItyG AND EMPO:+a1,tING SAID CITY, .EE"iy, <-,N-,D IF, KmCESSAP�Y, TO PAY
PORTIONS OF TILE COST OF SAID ORK IN PART OUT OF REVENUES CHAR.GSD AND
COLL:EC'? ED FOR THE USE OF SAID SERVICE RENDERED BY THE SE,i,GE SYSTEM
Tom' ND DELIV k, O F X125, 000 UO OF
OF SAID CITY: rUTHORIZINIG THE Sty '
SAID P�EVENIDE BONDS AT THIS -TIME, r ND PRESCRIBING THEIR DIEDIOT,f MIMONS,
FIXED i�TURITIIIS, OF INTMEST t+10 RIGHTS OF PRIOR REDELYTION AIM
PRIOR CLL OF , 'M OTHLi DET. ILS WITH RES.PaT TO, SID BONDS NOr"I TO BE,
T-SSUED: CREATING A S•'%CjAL. FUND FOR THE PAYEM7 OF tilD BONDS AND PRO-
VIDING FOR THE LAKING OF PAYlMMS OF CERTAIN AIDUNTS AVID PROPORTIONS
(OUT OF THE EARNINGS FROI:I S.:.ID UTILITIES) INTO SAID SPECIAL FUND FOR
THE PAYT��",t'�IT OF S`ID BONDS aND INT'EEVEST THE E014: AUTHORIZING CERTAIN
COVENANTS AND ; GREET -!.,NTS BY SAID Cf,_Y '.ND THEE FRI14`TING TH e"T vOF UPON
Sr ID BONDS AND FOR THE PUBLIC_yTION OF THIS ORDINE:NC ) ,ND THE EFFECTIVE
DATE THEREOF. "-
and bonds authorized by said Ordinance in the princi )al amount of Jp125,000.00,
maturing as Provided in said Ordinance, represented by Bonds `yos. 1 to 125, both in-
clusive, of thedenomination of X1000.00 each, have been duly issued, and it is now
z20,000.00 of said bonds, authorized by said `'rdinance
desired to issue an additional F
No. 531 and for the purposes therein expressed and to sell the same in accordance
with the prior agreement had with the purchaser of said former bowls, as expressed
in said Ordinance No. 531,
—1—
A,
NOS+d, �I�EFOR,, THIS CI`T'Y COUiv'CIL OF THE CITY -OF' PASCOO DO ORD�IPd AS FOLLOWS:
Section 1: That there shall be issued at this time X20,000.00 of the City of
Pasco Special Fund slater -Sewage Revenue :bonds of 1944-1946, Series B, which shall
be dated January 1, 1946, shall be of the denomination of X1000.00 each, maturing
in numerical order, lowest numbers first, as shown by the following Schedule, viz:
S C H E D U L E
Bond Numbers
Inclusive)
Denomination
Maturity
Total
1
,1000.00
January
1,
1948
$1000.00
2
1000.00
January
11
1949
1000.00
3
1000.00
January
11
1950
1000.00
4
1000.00
January
1,
1951
1000.00
5
1000.00
January
1,
1952
1000.00
6
1000.00
Jnnuary
1,
1953
1000.00
7
1000.00
January
1,
1954
1000.00
8
1000.00
January
1,
1955
1000.00
9
1000.00
January
11
1956
1000.00
10
1000.00
January
1,
1957
1000.00
11
1000.00
January
1,
1958
1000.00
12
1000.00
January
1,
1959
1000.00
13
1000.00
January
1,
1960
1000.00
14
1000.00
January
1,
1961
1000.00
15
1000.00
January
1,
1962
1000.00
16
1000.00
January
1,
1963
1000.00
17
1000.00
Jdnuary
1,
1964
1000.00
18 - 20
1000.00
January
1,
1965
3000.00
20000.00
and Bonds Nos. 1 to 6, both inclusive, maturing January 1, 1948 to 1953, both in -
elusive, six bonds, shall bear interest at the rate of 2-,.��-o per annum, payable semi-
annually on January lst and July 1st at the office of the City Treasurer of Vasco,
in Pasco, v±ashington; and Bonds 'dos. 7 to 20, both inclusive, maturing January 1, 1954
to 1965, 'both inclusive, shall bear interest at the rate of 3% per annum, payable
semi-annually on January 1st and July 1st of each year at the office of the City
Treasurer of Pasco, in Pasco, TV7ashington; and all bonds Nos. 6 to 20, inclusive, shall
be redeemable at rear and accrued interest thereon on January 1, 1952, or an any int-
erest:payment date thereafter upon thirty days prior published notice of the intention
of the City thus to redeem, such redemption to be in the inverse order of the numbering
of said bonds, highestnumbers first, which said bonds shall be in substantially the
following form, viz:
EPA!
4
(Form of Bond)
UNITED STI TES OF ALIIIRIC:`.
No._ STATE OF $1000.00
CITY OF PASCO SP ECIPL FUND IAT!i—SZ,7AGE
Rl;' IEN'UE BOND OF 1944-1946
S�IMIES B
KNOI-V ALL MEN BY TS E FfiMEINTS: That the City of Pasco, Franklin County,
ington, for value received hereby promises to pay to bearer on the first day of
January,. 19 , the principal sum of
O N E T H 0 U S A N D D 0 L L A h S
('01000.00) with interest thereon from the date hereof at (2p/�" upon bonds 1 to 6,inc.)
0• upon bonds 7 to 20,inc)
per centum per annum, payable semi—annually on the first day of January and Jule in
each year upon the presentation and surrender of the annexed interest coupons as they
respectively mature; both principal and interest of this bond being payable in lawful
money of the United States of America at the office of the City Treasurer of Pasco, in
Pasco, Nashington.
This bond and the interest thereon are payable solely from a special fund named
and known 'as the t"ilater Revenue Special Bond Fund of 1944" created by Ordinance No. 531
and Ordinance No. of said City, passed and approved March 7, 1944 and
i
1946, respectively, providing for the monthly payment into said Special Fund
from the earnings and revenues of the dater :Iorks System of said City, and, in certain
contingencies, from the earnings and revenues of the Sewage System of said City, of
fixed and definite sums sufficient to pay annually maturing principal of aryl interest
accruing upon the issue of bonds of which this is one, as the same become payable, and
as provided in said Ordinances and other proceedings of said City; and the City of
Pasco hereby covenants and agrees with the holder of this bond, and with each and every
person who may become a holder thereof, that it will pay into said Special Fund monthly
from such revenues said fixed amounts sufficient to pay such principal and interest at
maturity, and i,ill keep and perform all the covenants and provisions of said Ordinances;
that said City shall not sell, lease, or in any manner dispose of, said Ilater works
system (as now owned and operated) or as the same may be improved, bettered or extended
hereafter) or any substantial part or unit thereof, until this bond and the bond issue
of which it is one, together with interest thereon, shall be paid in full, unless and
until provision shall have been made for the full payment of all of said bonds and
3—
interest; that said City (until all of said bonds and the interest thereon shall have been
fully paid) shall not reduce the rates demanded by it for v ater delivered to consumers
from said system so that the gross revenues of said system (after paying the cost of
operation and maintenenee thereof) shall be insufficient to pei°rAt the making of hhe
payments into said Special Fund as required by said Ordinances; that if at any time
the gross revenues of said water works system or as hereafter bettered,extended,
added to and improved, or of said serfage system, shall not be sufficient to pay said
costs of operation and maintenance and the charge thereon by said Ordinances created
in favor of the bonds authorized by said Ordinances, it, the said City, shall increase
its said rates to such rates and amounts as will be sufficient to provide for the pay-
ment of all such costs of operation and maintenance and of the bonds authorized by
said Ordinances; that, in order to preserve the priority of the said Special Fund, the
said City shall not create, or permit to be created,.so longus any of said bonds
shall be outstanding and unpaid, any indebtedness or charge ilhatsoever which shall
be a charge against the revenues of" said water works system and sewage system superior
to the charge created by said Ordinances; that any future charge or special fund in-
debtednesa which may be created by said City to be payable out of the revenues of
said water works system and sewage system, shall constitute a charge and lien subject
and junior to the charge and lien thereon created by said Ordinances.
This bond and the interest thereon are and i,,ill continue to be a first lien
and charge against the gross revenues of said water works system and sewage system
in accordance with the provisions of the foregoing Ordinances, prior to the charge or
lien of any other or future indebtedness which may be created by said City, payable
out of the revenues of said water works system.
This bond is one of an ---issue of the Special -Fund %dater—Sewage Revenue Bonds
authorized by said Ordinance�No. 531 of said City, this issue and series being knovm
as the "Special Fuad Water -Sewage Revenue Bonds of 194 ;-1946, Series B", of said
City, of like date, tenor and effect, except as to rates of interest, maturities,
and provisions for redemption and prior call, aggregating Ttirienty Thousand Dollars
(0-20,000.00), numbered from One (1) to Twenty (20),both inclusive, of the denomina-
tion of X1000.00 each, maturing in numerical order, lowest numbers first on January
1st in each year as follows:
01000.00 in each of the years 1945 to 1964, both in-
clusive, and 90000.00 on a similar date in the year 1965; Provided that bonds Nos.
maturing on January 1, 1953, and thereafter
;6 to 20, both inclusive, or any of them, ;
-4-
shall be redeemable prior to their dates of fixed maturity, at the option of the
City of Pasco, on any interest payment date on January S, `10.52;`. or �tkrereafter-'; ri the
inverse order of their numbering, highest numbers first, upon and after prior publi—
cation of notice of the intention thus to redeem published at least once in a'news—
paper of general circulation published within Pasco, Franklin County, Washington,
such publication to be had at least two reeks prior to the date of such intended
redemption, all of which bonds, including also the bonds heretofore issued under
Ordinance I40. 531, have been issued by said City for the purpose of paying the cost
and expenses of additions, extensions, betterments, and improvements to the existing
sewage system of the City of Pasco and the construction and installation therein of
a sewage treatment and disposal plant as an extension of, and by slid Ordinance leo.
531 made a part of, said rater works system; and this bond has been issued under the
authority of and in strict compliance -,pith the Constitution and Laws of the State'of
Washington Lind the foregoing Ordinance No. 531 and Ordinance No4l� and the resolu—
tions of said City.
It is hereby certified that all acts, conditions and things required by the Con—
stituion and laws of said State and by the ordinances and resolutions of said City
to happen, exist, and to be done and performed precedent to and in the issuance of
this bond have duly happened, have existed and do exist, and have been done and per—
f orated.
IN WITNESS °: IEREOF the said City of Pasco, Washington, has caused this bond to
be signed in its corporate name by its Mayor., and to be attested by its City Clerk
under the seal of said City, and the coupons hereto annexed to be signed -i.th the
facsistiile signatures of said payor and City Clerk, -which facsimile signatures are
hereby adopted by said City and by slid officials as the signatures of said Layor and
City Clerk, as of the first day of January, 1946.
~CITY OF PASCO., �4ASHIMGTON
ATTEST:
(DO NOT SIGN)
City Clerk
-5-
BY ( DO NOT SIG.d
Mayor
11
(Form of Interest Coupon)
No._ $--
(January)
On the first day of (July ), 19 , the City of Pasco, Washington, will pay
bearer at the office of its City Treasurer in Pasco, Vlashington,
Dollars ("„ ) lawful money of the United States of America solely from the
"?A;ater Revenue Special Bond Fund of 1944" created by Ordinance No. 531 and Ordinance
No. of said City and solely from the earnings and revenues of the Kater Works
System of said City and in certain contingencies from the earnings and revenues of
its Sewage Sybtem, as specifically provided in said Ordinances, being the semi—
annual interest then payable on its Special Fund Water—Sewage Revenue Bond of 1944-
1946, Series B, dated January 1, 1946, Bond No.
(Facsimile Signature)
Mayor
Attest:
(Facsimile Signature)
Clerk. .
(The following additional lahguage shall be printed upon all proper interest oaupons
upon those bonds which are subject to prior redemption, being bonds Nos. 6 to 20,
inclusive, viz:
"In the event of prior redemption of the annexed bond all unearned
interest evidenced hereby as of the date of such prior redemption
shall crease to be payable")
There shall be printed upon the back of each bond the following:
CERTIFICATE OF REGISTR"TION
I hereby certify that the `r ithin bond before its delivery and issuance to
the purchaser thereof has been duly registered by me in the public iecord bond
registration book kept in the office of the Treasurer of the City of Pasco,
Washington, as required by law.
(DO NOT SIGN)
Treasurer of the City of Pasco,
Washington.
(End of Bond Form)
Sect. on 2: All the provisions of said bonds, as set forth in Section 1 hereof
and in the bond and interest.coupon forms, which are a part of said Section 1
hereof, are hereby enacted and said bonds and interest thereon shall.be payable
solely from the Special Fund heretofore created by Ordinance No. 531 of this City,
referred to in said bond form, which Special Fund is hereby continued in existence
for the purpose of paying also the bonds of this issue of $20,000.00, which is a
part of said originally authorized bond issue of $300,000.00; into which Special
Fund this City Council shall pay, and cause to be paid, and by this Ordinance
does hereby obligate and bind the City of Pasco to set aside and pay out of the
earnings and revenues of the eater I'norks System and Sewage Disposal Systeig. being
the l'c:ombined systemil referred to in said Ordinance No. 531 (as diminished by
the required deduction therefor of sums sufficient to pay the cost of operation
and maintenanee of such combined utility) a definite sum monthly (in each month
on and after January 1, 1946, until the full payment of said bonds and interest
thereon) equal in amount(in each such month in each year during said period of
monthly payment) to one -twelfth of the aggregate amount of bond principal of the
instant bond issue, which will be payable during, -and at the e.Xp iration of each
such year during the life of said bonds of :20,000.00, plus one -twelfth (in each
such year) of the bond interest accrued and being payable upon said Issudd bonds
of $20,000.00 within each year of its life, such monthly payments of said revenues,
for bond principal and interest to be in addition to the amounts now payable into
said Special Fund from said combined systems for the payment of bonds heretofore
authorized and heretofore issued; which said special Fund and all moneys paid
therein under this Ordinance and under said Ordinance No. 531, shall be used solely
for thepurpose of the payment of the principal of said aggregate bonds as they
mature andfor the payment of the interest thereon as the same 'oecoms payable
without preference or priority of one bond over another bond by reason of its
maturity, priority of issuance or otherwise. The foregoing Special Fund shall be
known and described by the name heretofore given to said Special Fund, viz: "THE
10MER REVENUE SPECIAL BUND FUND OF 1944".
All of the covenants and agreements expressed in Section 7 of said Ordinance
No. 531 are hereby reenacted in this Ordim-nee, including subparagraphs (a), (b)
and (c) thereof.
-7-
Section 3: The foregoing bonds of iP20,000.00 have been sold to Maine,
Ride & Company of Spokane, Vlashington, according to the foregoing prescribed
maturities at the foregoing prescribed rates of interest at the price of u/0 D, S
for each 4100.00 par value thereof, and said sale is hereby confirmed; and immediately
after the effective date of this Ordinance the layor, City Clerk and City Treasurer
are hereby authorized and directed to obtain the printing and execution of said
bonds in accordance with the foregoing required terms arra provisions thereof, and,
immediately upon the payment of the purchase price thereof to deliver said bxecuted
bonds to said purchaser.
Section 4: This Ordinance, upon its passage and a;)proval, shall be published
once in the "Pasco Herald", a newspaper published in said City, and shall be in
Hill force and effect at the expiration of five days from and after the dote of
such publication.
ATT'E!jST : Mayor
City Clerk
Ordinance Introduced: 1946
Ordinance Given its First Readin C� , 1946
Ordinance Given its Second Reading' ` _6--, 1946
Ordinance Given its Third Reading,;r _1f , 1946
Ordinance Passed by City Council:1946
The foregoing
Urdina nce approved as to form before passage:
City Attbri ey
MRM