HomeMy WebLinkAbout0589 OrdinanceORDINANCE NO.
AN ORDINANCE ESTABLISHING THE.RATE OF INTEREST TO BE PAID UPON THE
ISSUE OF $132,000 GENERAL OBLIGATION BONDS AUTHORIZED TO BE ISSUED BY
THE CITY OF PASCO UNDER. THE PROVISIONS OF ORDINANCES NO. 579 AND No. 552;
AND FIXING THE DATE, THE ANNUAL MATURITIES AND THE FORM OF SAID BONDS.
WHEREAS, Ordinance No. 579, passed by the city council on Septem-
ber 17, 1946, provided for the construction of a municipal water fil-
tration plant and facilities and a general obligation bond issue of
$132,000.00 for the capital purpose of paying so much of the cost to
the City of Pasco of said project; and said proposed project and bond
issue were approved, ratified and authorized at the special municipal)
election held on November 52 1946;' and Ordinance No. 582 passed by said
city council on December 17, 1946 provided for the advertisement, sale
and issuance of said bonds; and
WHEREAS, said Ordinances No. 579 and No. 5$2 Provided that the said
bonds should bear interest at a rate not exceeding 3 per cent. per annum;
and
WHEREAS, pursuant to the provisions of said Ordinance No. 582 and
the laws of the State of Washington) said -bonds were duly advertised
for sale; and at such sale the National Bank of Commerce of Seattle and
Associates became the purchaser thereof on the basis of an interest rate
of 2 per cent. per annum;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PASCO DO ORDAIN AS
FOLLOWS:
Section 1.. That the bonds authorized to be issued by said Ordi-
nance No. 579, said special election held November 5, 1946 and said
Ordinance No. 582, shall bear interest at the rate of 2 per cent. per
annum,
and shall bear the
date of March 1, 1947•
Section
2. Both.the
principal and
interest of said
-bonds are to
be paid
in lawful money of
the United
States of America
at the office
of the
Treasurer of the City of Pasco.
Said bonds shall
be serial in
form and,
1923 Session
in conformity with the provisions
Laws of Washington, shall
of Chapter 151
mature annually as
of the
follows (the
city council
finding that
as.nearly as
practicable such
annual matur-
ities
will, together with
interest upon
all outstanding
bonds) be met
by equal
annual tax levies):.
Date of
Bond Nos.
Amount
March
12
1949
1 to
6
61000,00
March
12
1950
7 to
12
18
61000.00
6,000.00
March
March
1,
11-1952
1951
13 to
19 to
24
6,000.00
March
11
1953
25 to
30
61000.00
March
1,
1954
31 to
36
6,000.00
7,000.00
March
March
1,
1,
1955
1956
37 to
44 to
43
50
7,000.00
March
1,
1957
51 to
57
71000.00
March
1,
1958
58 to
-64
71000.00
March
1,
195965
to
71
7)000-00
March
1,
1960
72 'to
78
7,000.00
March
1,
1961
79'to
86 to
85
92
71000.00
71000.00
March
March
1,
1,
1962
1963
93'to
100
8,000.00
March
1,
1964
101,'to
108
8,000.00
March
1,
1965
109 to
116
51000.00
March
1,
1966
117 to
124
8,000.00
March
11
1967
125'to
132
8,000.00
Total . .
. $1322000.00
Section 3. Said bonds shall be known as t?City of Pasco General
Obligation Bonds of 1947,11 shall be signed by the Mayor, countersigned
by the City Treasurer, sealed with the corporate seal and attested by
the City Clerk; and the coupons annexed thereto shall be signed with
the lithographed signatures of said Mayor, City Treasurer and City
Clerk; and said bonds shall be substantially in the following form:
UNITED STATES OF AFRICA
STATE OF WASHINGTON
CITY OF PASCO
NO. $1000.00
CITY OF PASCO GETv,ERAL OBLIGATION BOND OF 1947
KNOW ALL TEEN BY THESE PRESENTS: That the City of Pasco, a mu-
nicipal corporation within the County of Franklin, State of Washing-
ton, is justly indebted and for value received hereby promises to
pay to the bearer, on the first day of-TjIarch, 19_- , the principal
sum of ONE THOUSAND DOLLARS, with interest thereon -.from the date
hereof at the rate of 2 per cent. per annum, payable --semi-annually
on the first day of March and the first day of September in each year
upon the presentation and surrender of the annexed interest coupons,
as they _respectively mature. Both principal and interest of this
bond are payable in lawful money of the United States of America, at
the office of the Treasurer of the City of Pasco.
This bond is one of a series of bonds of like date, tenor and
amount, except as to maturities, aggregating $132,000, issued for the
capital purpose of paying 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 and approved and ratified by the
electors of the City of Pasco at a special election held within said
city on Tuesday, November 5, 1946; and is issued under the authority
of, and in strict compliance with, the Constitution and applicable
laws of the State of Washington, and pursuant to the provisions of
Ordin nce No.535? , passed by the City Council of said city on the
day of Fe ruary, 1947.
The City of Pasco covenants and agrees with the holder of this
bond, and with each and every person_ who may become the holder there-
of, that so long as any of said issue of bonds are outstanding, 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 law, 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 as the same accrue and mature, as provided
in existing law, and that each of said annual tax levies may, and if
-necessary in any year, shall, be in excess of any statutory or con-
stitutional limitations, in accordance with -the result of said special
municipal election held in said city on November 5, 1946. Said bonds
are,.and are hereby declared to be, valid and binding general obliga=
tions of the City of Pasco; and the full faith, property and credit
of the City of Pasco are hereby irrevocably pledged for the full pay-
ment of said bonds and interest coupons according to the tenor thereof.
It is hereby recited and declared that all acts, things, ordi-
nances, resolutions and conditions precedent, necessary or requisite
to the validity of this bond and of the issuance of bondb of which it
forms a part, have happened, existed and have been done and performed
Drior to the issuance thereof.
-2-
IN TESTIMONY TATHEREOF, the said City of Pasco has caused this bond
to be signed by its Mayor, countersigned by its Treasurer, sealed with
its corporate seal, and attested by its City Clerk, and the coupons
annexed hereto to be signed with the lithographed signatures of said
Mayor, Treasurer and City Clerk, this 1st day of March, 1947.
Attest:
Countersigned:
City-ClerkTreasurer
of the City of Pas of the City of Pasco
COUPON NO.
City of Pasco, a
municipal corporation,
ayor
of the City of Pasco
On 19 , the City of Pasco, 17ashing-
ton, will? pay to . bearer, at t_ ef i
. o ced the Treasurer of the City of
Pasco, the sum of Dollars ( ), in
lawful money of the United -States of America, being six mo� nt�s T inter-
est that day due on its "City of Pasco General Obligation Bond of 1947,'?
numbered a -
Attest:
Countersigned:
t
City Clerk
City Treasurer
Section 4. Said bonds shall be executed and the transaction with
the purchaser completed in conformance with the applicable law and the
purchaser's bid.
Attest :
a erry
Ordinance Introduced: February
gro; W, F RA 01 Wj Oat W, Ed 4 roz - OF" I W..
1, 1947
Ordinance Given its First Reading: February I - L, 1947
Ordinance Given its Second Reading: February /.Z, 1947
Ordinance Given .its Third Reading: February ,/Y, 1%7
Ordinance Passed by City Council
and Approved by Mayor: February, 1947
The foregoing Ordinance approved as to form before passage:
_--- _, City Attorney, February 1947
CZ
-3-