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Home My WebLink About0582 OrdinanceLOW ORDINANCE NO. J All ORDINANCE PROVIDIs,'G FO'O THE AfflEr,lISL.tM^,.T I S.ALE z�ID ISSUANCE OF ��132'000.00 OF G'.��RAL OBLIG.,11,TIO1NT 1l:EGOTIA3LE`' SERIAL COUP01T BONDS, FOR THE CAPITAL PUiRPOS;J CF CONSTRUCTING A :°CATER F ILT_RA.TION PLANT,. IN ACCORD- S 1`ITT""0 ("'J 1 '! , 'l "'1 THE 10TCE T; ITH THS. PROPOSITION SUBE:ITTED BY ORDINANCE NO. 579 Qi+ lids CITY OF PASCO, PASS11D AIM APPROVED SEPTE1;@3ER 172 1946, AND ADOPTED BY -11'.HE QUALI- FIED ELECTORS OF THE CITY OF PA.SCO Y2 1111:�,1,ECTI0IT. i ST LD THEREIII ONOVEM- BER 52 1946. TMEREAS, this city council of the City of Pasco, Washington, here- tofore enacted Ordinance No. 579 on September 17, 1946, and said Ordi- nance, upon passage and approval was published on September 19, 1946,, in the "Pasco Herald", a newspaper published in said city, and became in full force and effect at the expiration of five days from and after the date of said publication; and WHEREAS, in accordance with said Ordinance No. 579, and in accord - ante with the applicable provisions of law, the following Proposition: PROPOSITION SHALL THE CITY OF PA.SCO CONSTRUCT A WATER FILTRATION PLANT AT AN ESTIITATED COST OF $300,000.002 A1.,4 -D FOR THAT . CAPITAL. PURPOSE, ONLY.BECO1,21].IhMEBTED 1.1TD ISSUE GEI�TERAL OBLIGATION NEGOTI SLE . SERIAL COUPON BONDS IKTliEE ATvIOUNT OF $1321000.00, TO BEAR INTEREST NOT EXCEEDING THREE PER CMM TUIVI (3%) PER 10-1,VU1.1 A D TO BE . PAID IN FULL IN TWENTY ( 20 ) =4 ARS, . i1aTH PRINCIP_.L 1:11kTU]RITIES PAYABLE CO -JEENCING-A.'T.THE END OF THE SECO:11D YEAR 1JEi TER DATE OF SAID . BOi�TDS. la�TD THE�.EA.FTER A1irR1�'�LLY AT THE END OF .EACH _FURi'1~-R YEAR, TO THE LITD OF THE TZENTIETH YEAR, AND MEET kTD PAY. THE PRINCIPAL -AND INTEREST THEREOF BY APPROXI1v TELY. E QUAL AHNUA.L TAX LEVIES IN EXCESS OF.ANY STAT- UTORY AND CONSTITUTIO-INTAI, LIMITATIONS, ALL AS PROVIDE]) BY, ORDININICE NO. 579? was submitted to the qualified voters of the City of Pasco for their ap- proval and ratification or rejection at a special election held within said city on Tuesday, November 5, 1946, in conjunction with the general election held on said date; and VMEREAS, at said special election qualified voters of the City of Pasco, in the number and in the Majority required by the Constitution and lags of the State of Washington, approved and ratified said Proposi- tion for the issuance of said `b�end-s;- NO"I, THEREFORE,, TIS CITY COUETCIL OF THE CITY Cf PASCO DO OR.DJaN AS FOLLOWS: u F -V:* �A Section 1. That the City of Pasco shall sell and issue its gen- eral obligation negotiable serial coupon bonds in the principal amount of $132,000.00 in order to pay so much.of the cost to the City of Pasco of the municipal water filtration plant and facilities provided for in Ordinance No. 579 of said city, in accordance with the plan as set forth in said Ordinance No. 579 and approved and ratified by the electors of the City of Pasco at said special election; and said bonds and the pro- ceeds from the sale thereof shall be used exclusively for the capital purpose set forth in said Ordinance No. 579. Section 2. Said bond issue of X132,000.00 shall consist of 132 bonds of the denomination of $1,000.00 each, numbered from One (1) to One -Hundred Thirty -Two (132), both inclusive, shall be serial in form and shall run for twenty ( 20 ) years from date of issue thereof, shall bear interest (which shall be evidenced by interest coupons attached to each bond) payable semi-annually after date of said bonds at a rate, or rates, whether singly or wholly, of not in excess of three per centum per annum; and said bonds shall mature and be payable serially and an- nually within said period of twenty (20) years in their numerical order, commencing at the end of the second year after date of said bonds, and thereafter, annually, in such annual amounts, as nearly as practicable, until and including to the end of the said twentieth year after date, as will, together with interest on all of said bonds at any time outstanding and unpaid, be met by approximately equal annual tax levies for the pay- ment thereof; each of which annual tax levies may, and if necessary in any year, shall, be in excess of any statutory or constitutional limita- tions. The officials now or hereafter charged by law with the duty at any time of levying taxes for the payment of said bonds and interest thereon, shall, in the manner provided by laws, make annual levies upon all of the taxable property within said city sufficient in amount to.meet the annual payments of bond principal and the semi-annual payments of interest on said bonds accruing and maturing as above provided, as provided by exist- ing law, and having always in mind the power and authority of the city to have levied said "excess tax levies," according to the result of the aforesaid special election held on November 5, 1946. Said bonds shall -2.. be general obligation bonds of the City of Pasco, and shall bear on their face a declaration to that effect. The City of Pasco hereby covenants and agrees to levy taxes, as provided in this paragraph of this Ordinance, sufficient in amount to meet the aforesaid payments of principal and in- terest; and said bonds shall bear on their face said covenant. Section 3. All such bonds shall be sold at public sale, and a notice calling for bids for the purchase of said bonds shall, commencing on December 26, 1946, be published once a week for four consecutive weeks in the "Pasco Heraldtt, a newspaper published in the City of Pasco,ington. Such notice shall specify Room , City Hall, Pasco, 'Jashing- ton, and shall designate January 28, 19462 2130 p.m., Pacific Standard Time, as the place, date and hour when sealed bids will be received and publicly opened for the purchase of said bonds. A copy of such notice shall, at least three Meeks prior to the date fixed for the sale, be mailed to the State Finance Committee, Olympia, Washington, The notice shall specify three per centum (3l) per annum as the maximum rate of interest such bonds shall bear, and shall specify the terms of said bonds set forth in Section 2 of this Ordinance. The notice shall require bidders to submit a bid specifying ( a ) the lowest rate of interest and premium, if any, above per, at which such bidder will purchase said bonds; or (b) the lowest rate of interest at which the bidder will purchase said bonds at par. The bonds shal-1 be sold to the bidder making the best bid, subject to the right of the corporate authorities of said City of Pasco to reject any and all bids and -re-advertise, none of such bonds shall be. sold at less than per and accrued interest, nor shall any discount or commission be allowed or paid on the sale of such bonds. All bids shall be sealed and, except the bid of the State of Washington, if one is re- -ceived, shall be accompanied by a deposit of 5%, either cash or certified check, of the amount of the bid, which shall be returned if the bid is not accepted; and if the successful bidder shall fail or neglect to com- plete the purchase of said bonds within thirty days following the accept- ance of his bid, the amount of his deposit shall be forfeited to said City of Pasco, and in that event said corporate authorities may accept the bid of the one making the next best bid, or if all bids be rejected, said -3 corporate authorities shall re -advertise said bonds for sale in the same manner as herein provided for the original advertisement. If there be two or more equal bids and such bids are the best bids received, and not less than par and accrued interest, said corporate authorities shall de- termine which bids will be accepted. The City Clerk of the City of Pasco shall attend to the prepara- tion, publication and mailing of said notice, in accordance with the pro- visions of this section of this Ordinance. Section 4. This Ordinance, upon its passage and approval, shall be published once in the "Pasco Heralds', a newspaper published in said City of Pasco, and shall be in full force and effect at the expiration of five days from and after the date of said publication. laayor ATTEST: . Perry, City Ordinance introduc((d/- December- , 1946 Ordinance Given its first Reading: December_, 1946 Ordinance Given its Second Reading; December 1946 Ordinance Given its Third Reading: December, 1946 Ordinance Passed by City Council and Approved by Llayor: December 1946 The foregoing Ordinance approved as to form before passage: City Attorney, December 1946. l ' f -4- Graves Kizer & Graves Transcript Ord 582 Affidavit Filtration Plant Gen 011igation File Pd by voucher 21820 Jan.30/47 Fev.8.47