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HomeMy WebLinkAbout0617 Ordinance'r ► f . . .1 ORDINANCE NO. 42/� AN ORDINANCE of the City of Pasco, Washington, providing for the issuance and sale of water revenue bonds in the total principal sum of $200,000.00 to provide funds for the payment of the costs of the improvements, additions and extensions as provided in Ordinance No. 610 of said City, passed and adopted January 6, 1948, pro- viding for the terms, form and date of said bonds and creating a fund for their payment' and for the payment of the improvements, betterments and additions pro- vided for by said Ordinance No. 610. WHEREAS the City of Pasco, Washington, by Ordinance No. 610 passed and approved January 6, 1948, provided for the issu- ance and sale of water revenue bonds in the total principal sum of $200,000.00 to provide funds for the payment of the costs of certain improvements, additions and betterments to the existing water system of the City of Pasco, and therein did adopt and specify the plan therefor, hiltl WHEREAS it is deemed in the best interests of the City of Pasco that these bonds now be issued, now therefore, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF PASCO: Section 1. That there now be issued water revenue bonds of the City of Pasco in the principal sum of $200,000.00 for the purpose of providing funds for the improvement, betterments and additions provided for in said Ordinance No. 610 above referred to. Said bonds shall be in denominations of 01,000.00 each, shall bear interest at the rate of 5,34o per annum, shall be numbered 1 to 200, inclusive, shall be dated March lst, 1948, with interest thereon payable semi-annually on the first day of September and March of each year and shall mature serially in order of their number as follows March 1; 19.50 Nos. 1 to 8 83,000 March 1; 1951 It 9 to 16 8,000 March 1, 1952 it 17 to 24 8,000 March 1, 1953 " 25 to 32 3,000 March 1, 1954 it 33 to 41 9,000 March 1; 1955 it 42 to 50 9;000 March 1, 1956 " 51 to 59 90000 March 1, 1957 " 60 to 69 10,000 March 1, 1958 " 70 to 79 10,000 March 19 1959 " 80 to 89 10,000 -1- March 12 1960 Nos. 90 to 100 11,000 March 1, 1961 " 101 to 111 11;000 March 1, 19-62 " 112 to 122 11,000 March 1, 1963 " 123 to 134 12;000 March 1, 1964 " 135 to 146 12.9 March 1, 1965 " 147 to 159 ]:3,000 March 12 1966 " 160 to 172 13,000 March 12 1967 " 173 to 186 14,000 March 1, 1968 " 187 to 200 14,000 The City of Pasco reserves the right to redeem all or any part of the bonds numbered 176 to 200, inclusive, on any interest payment date on or after one year from the date of issue, and further reserves the right to redeem any other bonds on any interest payment date on or after seven years from the date -of issue, redemption of any or all bonds under the provisions of this section shall be at par and accrued interest in inverse numerical order. Thirty days notice of any intended redemption shall be given by publication thereof in a newspaper of general circulation in the City of Pasco. Interest on any bonds so called for redemption shall cease on such redemption date. Both 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. Section 2. Said bonds shall be in substantially the following form: No. $1,000.00 UNITED STATES OF AMERICA STATE OF WASHINGTON PASCO WATER REVENUE BOND 1948 KNOW ALL MEN BY THESE PRESENTS: That the City of Pasco, a municipal corporation of the State of Washington hereby acknowledges itself to owe and for value received promises to pay to bearer on the first day of March, 19 --TD the principal sum of $1,000.00, together with interest thereon at' the rate of 3gf per annum, payable semi -:annually on the first day of Septbmhen ;and March of each year as evidenced by and upon presen- tation and surrender of the annexed interest coupons 'as they sever- ally become due. Both principal and interest are payable in lawful money of the United States of America at the office of the Treasurer of the City of Pasco solely out of the special fund known *?-or "Pasco Water Revenue Bond Fund of 1948" created by Ordinance No* of said City. TheCity of Pasco reserves the right to redeemo rest any part of the bonds numbered 176 to 200, inclusive, on any 'interest payment date on or after one year from the date of issue, and further reserves the right to redeem any other bonds on any -interest payment date on or after seven years from the date of issue, redemption of any or all bonds under the provisions of this section shall be at par and accrued interest in inverse numerical order. -2- kD This bond is one of a total issue of water revenue bonds aggregating the principal sum of $2009000.00 issued by said City of Pasco for the purpose of providing funds for the making of certain additions and improvements to the existing water system of said City and is payable solely out of the gross revenue of said water system. The City of Pasco hereby covenants and agrees with holder of this bond that it will keep and'perform all of the covenants of this bond* and of said Ordinance No. 610 and 6 / Ito be by it kept and performed, and said City does hereby pledge and -bind itself to set aside from the gross revenue of said water system and all additions thereto and pay into the Pasco Water Revenue Bond Fund of 1948s created by Ordinance No. the various amounts required by said, Ordinance to be paid into and maintained in the said fund all with- in the time provided by said Ordinance. The amounts so pledged are hereby declared to be a prior lien and charge upon all the gross revenues of the water system, including all additions and improve- ments thereto superior to all other charges of any kind or nature except the necessary cost of maintenance and operation of said water system and the amounts necessary to pay the principal and interest of water sewage revenue bonds heretofore issued by the City of Pasco and now outstanding The City of Pasco further binds itself to establish from time to time and maintain such rates for water service as will provide sufficient revenues to permit the payment of said sums into such special fund which said City has pledged to be set aside for the payment of principal and interest, as herein provided, to be applied to the payment of the principal and interestw of the bonds herein authorized, until- such bonds shall have been paid in full, and, in addition thereto, all costs of operation and maintenance, and all bonds, warrants and indebtedness -for which any revenues of such system have heretofore been pledged. It is hereby certified and declared that said bonds are issued pursuant to and in strict compliance with the Constitution and Laws of the State of Washington and Ordinances of the City of Pasco, that all acts, conditions and things required to be done prededent to and in the issuance of said bonds have happened, been done and performed. as required by law. IN WITNESS WHEREOF the City of Pasco.. Washington, has caused this bond to be signed by its Mayor and attested by its Clerk and its corporate seal to be hereto affixed and interest coupons attached hereto to be signed with the facsimile signatures of said officials this first day of March, 1948, CITY OF PASCO, WASHINGTON By Mayor Attes /-&.- City C er f.. The interest coupons to be attached to said bonds shall be in substantially the following form: No. On the day of , 19 , the City of Pasco, Washington, will pay to bearer at the off ce o7 -the Treasurer of said City, the sum of Dollars, in lawful States o erica, from a money of the United special fund of said -3- City known as "Pasco Water Revenue Bond Fund of 1948", said sum being the semi-annual interest due that date on its water revenue bond dated March 12 1948, and numbered • CITY OF PASCO$ WASHINGTON By Mayor Attest y Clark Section 3. These bonds shall be known as "City of Pasco Water Revenue Bonds of 1948", shall be signed by the Mayor, attested by the City Clerk, sealed with the corporate seal; and the coupons annexed thereto shall be signed with the lithographed signa- tures of said Mayor and City Clerk. Section 4, There is hereby created a special fund to be designated as the Pasco Water Revenue Bond Fund of 1948". All of the proceeds received from the sale of bonds provided for and referred to herein and in Ordinance No. 610 of the City of Pasco shall be paid into and credited to said fund. Said funds so deposited in said fund shall be used for the purpose of paying the cost of making the betterments, extensions and additions herein and in said Ordinance No. 610 referred to. The "Pasco Water Revenue Bond Fund of 1948" is to be drawn upon for the sole purpose of paying the interest, or principal and interest of the bonds. From and after the date of the bonds and so long thereafter as obligations are outstanding against such fund, the City Treasurer shall set aside and pay into the fund, certain amounts as hereinafter specified: (a) commencing with May 15, 1948 and each month thereafter on the 15th day of such month there shall be deposited in this said Bond Fund one-sixth of the interest requirement for the next semi-annual interest payment date. Any deficiency in said !Bond .Fund for the first semi-annual period shall be appk6piiiated from other available funds anddeposited in the Bond Fund before September 1, 1948. (b) There shall be deposited in said Bond Fund a further payment on the 15th day of each month a sum equal in amount to one -twelfth of the aggregate amount of the bond principal which will be payable during, and at the expiration -4- 0 of, each such year.during the life of the said bonds herein author- ized commencing with April 15, 1948. Any deficiency in said Bond Fund for the first semi-annual period shall be appropriated from other available funds and deposited in the Bond Fund before September 1, 1948. The said revenues are hereby pledged to such semi-annual payments, which shall constitute a charge upon such revenues prior and superior to all other charges whatsoever, except the necessary cost of maintenance and operation, and the charges upon such revenues heretofore created for the payment of principal and interest of bonds heretofore authorized and payable from the earnings of the municipal waterworks system. The City Treasurer is hereby directed to make payment of such bonds and coupons herein authorized, as the same fall due, from the moneys in said "Pasco Water Revenue Bond of 1948", and from no other source, and the payment of said bonds and coupons, as they fall due, is hereby declared to be the only charge which has been made upon said fund, or which will ever be made thereon, until all the said bonds, and interest thereon, shall have been paid. Section 5, The City of Pasco hereby binds itself not to sell, lease, or in any manner dispose of the municipal waterworks system now belonging to it, or which may hereafter belong to it, in- cluding the additions, betterments and extensions herein provided for, until all obligations outstanding against, or payable from, said special fund hereby created shall have been paid in full; or, in case it shall sell or dispose of the same before such payment, not to make any such sale or disposition without then or theretofore pro- viding that from the proceeds of such sale or disposition, after the payment of all prior charges, there shall be placed in such special fund a sum sufficient in amount to discharge, and to be used for no other purpose than the discharge of, principal and interest of all bonds issued hereunder and then remaining unpaid, and not, in any -5- event, to sell or dispose of such municipal waterworks system, or any substantial part thereof, for a sum less than enough to dis- charge and pay the bonds herein authorized, and the interest thereon. The City will at all times maintain and keep the water -- system and additions and extensions thereof in good repair, working order and condition and will at all times operate the system in an efficient manner and at a reasonable cost. The City of Pasco further binds itself to establish from time to time and maintain such rates for water service as will provide sufficient revenues to permit the payment of said sums into such special fund which said City has pledged to be set aside for the payment of principal and interest, as herein provided, to be applied to the payment of the principal and interest of the bonds herein authorized, until such bonds shall have been paid in full, and, in addition thereto, all costs of operation and maintenance, and all bonds, warrants and indebtedness for which any revenues of such system have heretofore been pledged. Section 6. The City Council and corporate authorities of the City of Pasco hereby declare that in fixing the amounts to be paid into the Water Revenue Bond Fund, established by this ordinance, they have exercised due regard to the cost of operation and mainten- ance of the water system as constructed and added to, and to the ex- isting obligations against the revenues thereof, and that they have not hereby obligated and bound the City to set aside into such special fund a greater amount from the revenues for the water system than in their judgment will be available over and above such cost of mainten- ance and operation and the existing obligations against such revenues, Section 7. The written offer of William P. Harper & Son & Company and associates, dated February 19, 1948, including by reference the terms and provisions of a previous written offer dated February 17, 1948, to purchase said bonds at the price of $100.07 per each $100.00 par value of said bonds and accrued interest and the interest rates, maturities and other terms and provisions as set forth in said written offer is hereby accepted, ratified and confirmed -6-• . - c 0 and the corporate authorities of the City are hereby authorized to execute said bonds and deliver them to the purchasers upon payment of the purchase price thereof. PASSED by the Council of the City of Pasco, and approved by its Mayor this __day of , 1948. Ordinance Introduced: Ordinance Given its Fi Ordinance Given its Se Ordinance Given its Tr Ordinance Passed by C1 and Approved by Mayor: The foregoing Ordinance approved as to form before passage: City Attorney,dJ4�-A cf-, — , 1948. CITY OF PASCO, WASHINGTON 9