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Home My WebLink About0746 OrdinanceCITY OF PASCO, WASHINGTON ORDINANCE �NO� AN ORDINANCE fixing the amount, form, date, interest rate, maturity and denominations for Local Improvement District No. 61 bonds, and directing the issuance and sale of said bonds to Terry Thompson in accordance with his offer heretofore accepted. BE IT ORDAINED BY THE CITY COUNCIL -OF THE CITY OF PASCO, WASHINGTON, AS FOLLOUS: Section 1, That the total amount of the Assessment Roll in Local Improvement District No. 61, as approved and confirmed by the City Council, was the sum of $73,814,41. The thirty -day period for making cash payment of assessments without interest in said Dis- tract expired on April 3, 1953, and the total amount of assessments paid in cash was the sum of $,1.6,468.38, leaving a balance of assess - meats unpaid on the Assessment Roll in the sum of $57,346.03. Local Improvement District bonds of Local Improvement District No. 61 shall, therefore, be issued in the total principal amount of $57,346.03. Bond'No, 1 of said issue shall be in the denomination of $346.03 and the remaining bonds, to -wit, bonds numbered 2 to 115, inclusive, shall be in the denomination of $500.00 each. Said bonds shall be dated the 15th day of May, 1953, and shall be payable on or before the 15th day of May, 1965, with the right heserved to the City to redeem said bonds prior to maturity on any interest payment date, in numerical order, lowest numbers first, whenever there shall be suffi- cient money in the "Local Improvement'Fund, District No, 61", created by Ordinance No. 697, as amended by Ordinance No, 707, to pay the bonds so called and all earlier numbered bonds over and above the amount required for the payment of the interest on all unpaid bonds, by publishing notice of such call once in the official newspaper of the City, not less than 30 nor more than 45 days prior to such call date, and upon said date interest upon bonds so called shall cease and each and every coupon representing said interest not accruing on said date shall be void® Said bonds shall bear interest at the rate of 5% per annum, payable annually, beginning with the 15th day of May, 1954, with interest coupons to maturity attached to each bond. Section _2. That each of said bonds and interest coupons attached thereto shall be in substantially the following form: No, Foran of Bond UNITED STATES OF AKERICA STATE OF WASHINGTON LOCAL IMPROVEMENT BOND OF CITY OF PASCO LOCAL IMPROVEMENT DISTRICT NO. 61 N.B. This bond is issued by virtue of the provision&,of R.C.W* 35.45.010 et seq., Section 35.45.070,/which reads as follows: "Neither the holder nor the owner of any bond or warrant issued under the provisions of this act shall.have any claim therefor against the city or town by which the same is issued, except for payment from the special assessments made for the improvement for which said bond or warrant was issued, and except as against the local improvement guaranty fund of such city or town, and the city or town shall not be liable to any holder or owner of such bond or warrant for any loss to the guaranty fund occurring in the lawful operation thereof by the city or town. The remedy of the holder or owner of a bond or warrant in case of non-payment, shall be confined to the enforcement of the assessment and to the guaranty fund . . .11 -2- ($346.03) 4500,00) THE CITY OF P:ASCO2 a municipal corporation of the State of Washington, hereby promises to pay to bearer, on or before May 152 1965, FIVE HUNDRED DOLLARS in lawful money of the United States, with in- terest thereon at the rate of 5 per cent per annum, payable annually, out of the fund estab- lished by Ordinance No. 697, as amended by Ordinance No. 707,of said City and known as 11%ocal Improvement Fund, District No. 6111 and not otherwise. Both principal of and interest on this bond are payable at the office of the City Treasurer of the City of Pasdo. . A coupon is hereto attached for each install- ment of interest to accrue hereon and said interest to maturity shall be paid only on presentation and surrender of such coupons to the City Treasurer. The City Council of said City, as the agent of the said Local Improvement District established by Ordinance No. 697, as amended by Ordinance No, 707, has caused this bond to be issued in the name of said City, as the bond of said Local Improvement District, the bond or the proceeds thereof to be applied in part payment of so much of the cost and expense of the construction of a sewer system of laterals and mains in Meridian Addition, Columbia Additiony, Helm's Addition and Helm's Second Addition, under Ordinance No. 697, as amended by Ordinance No. 707, as is levied and assessed against the property included in said Local Improvement District and benefited by said improvement and the said Local Improvement Fund has been established by ordinance for said purpose; and the holder or holders of this bond shall look only to said Fund and to the Local Improvement Guaranty Fund of the dity of Pasco for the payment of either the princi- pal of or the interest on this bond. This bond is one of a series of 115 bonds, aggregating in all the principal sum of $57,346.03, issued for said Local Improvement District, all of which bonds are subject to the same terms and condi- tions as herein expressed. This bond is payable on or before the 15th day of May, 1965, but is subject to call by the City Treasurer for prior redemption on any interest pay- ment date, which call for payment shall be made by said Treasurer by publishing the same once in the official newspaper of said City and when such call is made this bond will be paid on the day the next interest coupon thereon shall became due after said 52 call and upon said day interest upon this bond shall cease and each and every coupon represent— ing interest not accrued upon this bond shall be void. IN WITNESS WHEREOF, the City of Pasco has caused these presents to be signed by its Mayor and attested by its Clerk, and sealed with its corporate seal, this S day of, 1953. CITY OF,PASCO, WASHINGTON BY1 / ' Mayor Attest: &. zef- Clerk COUPON FORM On the 15th day of May, 19 , THE CITY OF PASCO, WASHINGTON, promises to pay to bearer at the office of the City Treasurer, ($ ) DOLLARS being one year's interest due that day on Bond No. of the bonds of Local Improvement Dis— trict No. 61, and not otherwise, PROVIDED that this Coupon is subject to all the terms and conditions contained in the bond to which it is annexed. CITY OFF PASCO, 'WASHINGTON Mayor Attest: Cler COUPON NO. Section 3. Said bonds shall be printed on lithographed forms, shall be signed by the Mayor and attested by the Clerk and shall have the seal of the City of Pasco affixed thereto, and the coupons shall bear the facsimile signatures of the Mayor and the Clerk. -4- I l Section 4, Said bonds shall be sold with the unqu a lified approving legal opinion of Messrs. Weter, Roberts & Shefelman, bond counsel of the City of Seattle, furnished to the bond purchaser at 1 ,oS vN. the expense of tg. �r N �/�7 v ?�'� G? Section 5. In accordance With the provisions of Ordinance No. 707, said bonds shall immediately upon their execution be delivered to Terry Thompson, municipal bond dealer of the City of Seattle, Washington, in exchange for an equal amount of the outstanding Local Improvement District No, 61 Warrants, par for par, plus accrued interest from the date of issuance of said bonds to the date of their delivery to such purchaser. Section 6. That all ordinances or parts of ordinances in conflict herewith are hereby'repealed. Section 7. This ordinance shall take effect and be in force from and after its passage and approval. PASSED by the City Council and APPROVED by the Mayor, this S day of *V 1953. Mayor Attest: ZZ e City Clerk -5- I, ADA H. PERRY, Clerk of the City of Pasco, Washington,.a do hereby ceftify that the attached Ordinance, being Ordinance No.2—ALIL is a full true, complete.and correct copy of the original Ordinance passed on /✓, �9�� _ as said Ordinance appears on the Minute Book of the City. DATED this day of ,Ap 1953. Clerk of City of Pasco,Wash ' gton