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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: 9 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 j 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: -2- 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, -3- 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: i CITY CLERK J1d�g -4-