HomeMy WebLinkAbout0707 OrdinanceCITY OF PASCO, WASHINGTON
ORDINANCE NO. 211�21
AN ORDINANCE amending Ordinance No. 697 passed on
August 29, 1951, relating to Local Improvement
District No.. 61; repealing Section 12 thereof;
providing the method of assessment in said
District; .providing for the issuance and sale
of Local Improvement District warrants redeem-
able in cash and Local Improvement District
bonds; and accepting the bid of Terry Thompson
to purchase the same.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF PASCO, WASHINGTON,
AS FOLLOWS:
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Section 1. That Section 5 of Ordinance No. 697 is hereby
amended to read as follows*4
"SECTION 5. Local Improvement District warrants
shall be issued in payment of the cost and
expense of the improvement herein ordered, such
warrants to be payable out of the "Local Improve-
ment Fund, District No. 61". hereinafter created,
to bear interest from date thereof at the rate of
five percent (5/) per annum, and to be redeemed
in cash and by Local Improvement District Bonds
herein authorized to be issued. Bonds bearing
interest at the rate of five percent (5%) per
annum, payable on or before twelve (12) years
from the date of issuance, shall be issued in
exchange for and in redemption of any and all
warrants issued hereunder not redeemed..in cash
within a period of not to exceed sixty (60) days
after the first publication by the City Treasurer
of notice that the assessment roll for Local
Improvement District No. 61 is in his ,'hands for
collection. Said bonds shall be redeemed by the
collection of special assessments to be levied
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and assessed upon the property within said
district payable in ten (10) equal annual
installments with interest at the rate of
five percent (5%) per annum, under the mode
of "Payment by Bonds," a -s defined by law and
the ordinances of the City of Pasco. In case
of default of the payment of any assessment
when the same shall become due there shall
be added a penalty of five percent (5%) which
shall also be collected, and if a certificate
of delinquency shall be issued the same shall
draw interest at the rate of six percent (6%)
per annum. The exact amount, form, date,
maturity and denominations of said bonds shall
be fixed hereafter by ordinance of the City
Council."
Section 2. That Section 8 or Ordinance No. 697 is hereby
amended. -.to read as follows:
"SECTION 8. The call for bids for work author-
ized pursuant to this Ordinance shall include
a statement that payment for said work will be
made in cash warrants drawn upon the Construc-
tion Fund of Local Improvement District No. 61
of the City of Pasco."
Section 3. That Section 11 of Ordinance No. 697 is hereby
amended to read as follows:
"SECTION 11. There are hereby created in the
office of the City Treasurer of the City of
Pasco for Local Improvement District No. 61
the following funds, to -wit:
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repealed.
(a) Local Improvement Fund, District
No. 61, into which fund shall be
deposited all payments made upon assess-
ments in said district for the redemp-
tion of the warrants and bonds herein
authorized; and
(b) Construction Fund, into which fund
shall be deposited, the principal amount �.
plus accrued interest, if any, received
from the sale of the Local Improvement
District warrants of said District herein
authorized, and against which fund
warrants shall be issued to the contrac-
tor or contractors in payment of the work
to be done by them in connection with said
improvement and against which fund warrants
shall be issued in payment of all other
items of expense in connection with'said
im r ovement s .
Section 4. That Section 12 of Ordinance No. 697 is hereby
Section 5. That Ordinance No. 697 is hereby amended by
adding thereto a new section to be known as SECTION 13 and to read
as follows:
"SECTION 13. The nature of the improvement herein
ordered is such that the special benefits conferred
upon the property are not fairly reflected by the
use of the termini and zone method of assessment
provided by statute and the assessments shall,
therefore, be made against the property in said
Local Improvement District No. 61 in accordance
with the special benefits it will derive from the
improvement without regard to the termini and zone
method provided for by law."
Section 6. That Terry Thompson of Seattle, Washington, has
heretofore submitted a bid for the purchase of said Local Improve-
ment District warrants of Local Improvement District No. 61 and the
bonds to be issued in redemption thereof at a price of 5100.00 per
each $1.00.00 principal amount, plus accrued interest from the date
Of issuance to the date of delivery, if any. The City Council,
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deeming that no lower or better bid could be received for said
warrants and bonds and that it was for the best interest of said
City that said bid be accepted, duly accepted the same by Resolu-
tion adopted on September 4, 1951, and said action in accepting
said bid is hereby ratified and confirmed. Said warrants shall be
issued :from time to time, in such amounts as the City may determine,
in payment of the cost and expense of the improvement ordered to be
made in said local improvement district, as more fully set forth
in Ordinance No. 697 of said City, said warrants to be designated
as "Local Improvement District No. 61 Warrants," bearing interest
at five percent (51) per annum. Said warrants shall be delivered
to the Peoples National Bank of Washington, main office, Seattle,
Washington, with instructions to deliver the same to Terry Thompson
upon his paying therefor the sums herein provided, which sums so
paid shall be remitted by'said bank to the City Treasurer of the
City of Pasco, Washington, for deposit in the Construction Fund of
said local improvement district. The City shall furnish said war-
rants and the bonds issued in redemption thereof, and Terry Thompson
shall pay for the approving legal opinion of !ATeter, Roberts &
Shefelman, municipal bond counsel of Seattle, 1.ashington.
PASSED by the City Council and APPROVED BY the Mayor of
the City of Pasco, Washington, this/da of lember,51.
ATTEST:
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CITY CLERK
J1d�g
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