HomeMy WebLinkAbout0774 Ordinancer .r
CITY OF PASCO,-WASHINGTON a'
ORDINANCE NO.
AN ORDINANCE amending Ordinance No. 768 to
change the designation of the bonds auth:rized
therein from "Water and Sewer Revenue Bonds, 1953"
to ".dater and Sewer Revenue Bonds, 195411, and to
similarly change the designation of the bond
redemption fund created therein and amending the
provision relating to the issuance of additional
parity bonds; providing for the issuance of
$800,000.00 par value of "Water and Sewer Revenue
Bonds, 1954" for the purpose of obtaining funds
required to pay a portion of the cost of the
system or plan of additions to and betterments
and extensions of the sewerage system of the City
of Pasco, which has become a part of the water-
works utility of the City, and of additions to
and betterments and extensions of the waterworks
system of the City, as adopted in Ordinance No.
768; fixing the date, form, maturities, maximum
interest rate, covenants and terms of said bonds;
and providing for the calling of bids for the
sale thereof.
WHEREAS, the City of Pasco, by Ordinance No. 768, passed the
6th day of October, 1953, adopted a system or plan of additions to and
betterments and extensions of the sewerage system of the City, which has
become a part of the waterworks utility of the City, and of additions to
and betterments and extensions of the waterworks system of the City, and
authorized the issuance and sale of Water and Sewer Revenue Bonds in the
amount of not to exceed $800,000.00 par value to provide the funds required
to pay a portion of the cost of said system or plan; and
WAEREAS, the City Council now deems it advisable to issue and
sell the total authorized issue of bonds to obtain the funds required to
pay a portion of the cost of said system or plan, NOW, THEREFORE,
THE CITY COUNCIL OF THE CITY OF PASCO, WASHINGTON, DOES
ORDAIN AS FOLLOWS:
Section 1, Section 5 of Ordinance No. 768 is hereby amended
to read as follows:
"Section 5. The estimated cost, as near as may be,
of the aforesaid system or plan of additions, extensions
and betterments of the sewerage system is hereby declared
to be $325,000,00. The estimated cost, as near as may be,
of the aforesaid system or plan of additions, extensions
and betterments of the waterworks system is hereby declared
to be $6509000.00. The cost of acquiring, constructing and
-1-
completing the foregoing additions to and betterments
and extensions of the sewerage system, which has be-
come a part of the waterworks utility of the City,
and the foregoing additions to and betterments and
extensions of the waterworks systema, including the
contribution of $50PD0.00 towards the cost of the
construction of the new City Hall, shall be paid as
follows:
(a) $225,000.00 of the cost thereof from moneys
presently available in the "Construction Fund" of the
City created pursuant to Ordinance No. 625 and from
any other moneys available for such purpose;
(b) The balance from the proceeds received from
the issuance and sale of water and sewer revenue bonds
in the amount of not to exceed $800,000.00 par value.
It is the intention of the City to acquire, construct
and complete such portions of the foregoing system or
plan of additions, extensions and betterments as the
City Council shall from time to time deem advisable.
Said bonds shall be issued in one or more series at
such times as the City Council shall deem advisable.
Said bonds shall be entitled "mater and Sewer Revenue
Bonds, 1954" with the series designation following,
shall bear interest at a rate or rates not to exceed
5% per annum, payable semiannually, and shall be num-
bered from 1 upwards consecutively within each series
as issued. Said bonds shall be issued in such series,
shall be in such denominations and form, shall bear
such dates and interest rate or rates, shall be payable
at such place or places, shall mature serially in accord-
ance with such schedule beginning not earlier than one
year after date of issuance and ending not later than
thirty years thereafter, shall have such option of pay-
ment
ayment prior to maturity, shall guarantee such coverage
and collection of rates, shall provide for such addi-
tional funds and accounts, and shall contain and be sub-
ject to such provisions and covenants as shall hereafter
be provided by ordinance."
Section 2. Section 8 of Ordinance No. 768 is hereby amended to read
as follows:
"Section 8. There shall be and hereby is created and
established in the office of the City Treasurer a special
fund to be known as "Nater and Sewer Revenue Bond Fund,
1954", which fund is to be drawn upon for the sole purpose
of paying the principal of and interest upon said bonds
from and after the date thereof; and so long thereafter as
bonds are outstanding against such fund the City Treasurer
of the City of Tasco shall set aside and pay into said
fund out of the gross revenues of the waterworks utility,
including the sewerage system as a part thereof, now be-
longing to or which may hereafter belong to the City,
including all additions, extensions and betterments there-
of at any time made, a fixed amount without _,regard to
any fixed proportion, namely, an amount sufficient to pay
the principal of and interest on the said bonds herein
authorized as they respectively become due, and to create
such surplus and reserve, if any, that may hereafter be
prescribed by ordinance. The gross revenues from said
waterworks utility, including the sewerage system as a
part thereof, are hereby pledged to such payment and the
bonds herein authorized shall constitute a charge upon
-la-
such revenues prior and superior to any other charges
whatsoever, excluding charges for maintenance and opera,
tion, except that the lien and charge /upon said gross
revenues shall be subordinate and inferior to the prior
lien or charge against the same for the outstanding
"Special Find Mater -Sewage Revenue Bonds, Series A",
dated March 1, 1944, the "Special Fund �i4ter-Sewage
Revenue Bonds, 1944-1946, Series B," dated January 1,
1946, and the "Water Revenue Bonds, 1948t', dated March
1, 1948, and except further, that the lien and charge
upon said gross revenues for the bonds herein authorized
shall be on a parity with the lien and charge upon said
gross revenues for any additional water and sewer revenue
bonds that may be hereafter issued pursuant to the pro-
visions of Section 13 hereof.
Section 3, Section 13 of Ordinance No. 768 is hereby amended
to read as follows:
"Section 13. The City of Pasco may issue addi-
tional water and sewer revenue bonds which shall con-
stitute a charge and lien upon the revenues of the
waterworks utility, including the sewerage system as a
part thereof, and including all additions, betterments
and extensions thereof at any time made, on a parity
with the bonds of this issue; PROVIDED, the following
conditions shall be met and complied with at the time
of the issuance of such additional bonds:
(a) That all payments required to be made into
the bond redemption funds for the outstanding "Special
Fund Water -Sewage Revenue Bonds, Series A", dated March
11 1944, the "Special Fund'Water-Sewage Revenue Bonds,
19"-1946, Series B11, dated January 1, 1946, and the
"dater Revenue Bonds., 194811, dated March 1, 1948, shall
have been made; and
(b) That all payments required by this ordinance
or any ordinance hereafter enacted pertaining to the
bonds of this issue shall have been made into the "dater
and Sewer Revenue Bond Fund, 1954"; and
(c) That the ordinance providing for the issuance
of such additional bonds shall further provide for the
creation of a reserve fund or account for such additional
bonds into which fund shall be accumulated an amount equal
to the average annual debt service requirements of the
additional bonds proposed to be issued, which amount shall
be accumulated no later than five years after the date of
issuance of such additional bonds.
(d) That the revenues of the said waterworks utility,
including the sewerage system as a part thereof, includ-
ing the additional revenues reasonably anticipated to
be received as a result of the making of the improve-
ments in connection with which the additional revenue
bonds are proposed to be issued, shall be deemed suffi-
cient, after the payment of operation and maintenance
costs and taxes, to equal at least 1.4 times the average
annual principal and interest requirements of all out-
standing water revenue bonds or water and sewer reve-
nue bonds, including the bonds of this issue and of
the additional revenue bonds proposed to be so issued.
Such determination of the sufficiency of the revenues
shall be made and certified to by either a certified
public accountant of professional engineer experienced
-2-
in municipal utilities and licensed to practice in the
State of Washington; PROVIDED, HOWEVER. that this certi-
ficate shall not be required in the event that the
additional bonds proposed to be so issued are issued
for the purpose of refunding outstanding 'Nater Revenue
Bonds or dater and Sewer Revenue Bonds and the aver-
age
verage annual debt service requirements of such proposed
additional revenue bonds are not increased over the
requirement for the bonds being so refunded. "
Section 4. For the purpose of obtaining the funds required
to pay a portion of the cost of carrying out the system or plan of addi-
tions to and betterments and extensions of the sewerage system of the
City, which has became a part of the waterworks utility of the City,
and of additions to and betterments and extensions of the waterworks
system of the City, as specified and adopted in Ordinance No, 768, there
shall be issued and sold "dater and Sewer Revenue Bonds, 1954" of the
City of Pasco in the principal amount of S800,000.00e Said bonds shall
be in denominations of $1,000.00 each, shall be numbered from 1 to 800,
inclusive, shall be dated January 1, 1954, and shall bear interest at a
rate or rates not to exceed 5% per annum, interest to be payable semi-
annually on January 1st and July lst of each year, interest to maturity
to be evidenced by coupons to be attached to said bonds with full obliga-
tion on the part of the City to pay interest at the same rate or rates
from and after the bond maturity dates until said bonds with interest are
paid in full. Both principal and interest of said bonds shall be payable
solely out of the special fund created by Ordinance No. 7681, as herein
amended, and known as "Mater and Sewer Revenue Bond Fund, 1954", and
said bonds shall be a valid claim of the holder thereof only as against
said fund and the fixed amount of the revenues of the waterworks utility,
including the sewerage system as a part thereof, pledged to such fund,
and shall not be a general obligation of the City of Pasco. Said bonds
shall mature serially, annually, in accordance with the following
schedule, to -wit;
—3—
Bond Numbers
Amounts
Maturities
1
to
5,
Inclusive
$5,000
January 1,
1956
6
to
10
"
$%000
January 19
1957
11
to
15p
a
$5,000
January 1,
1958
16
to
20,
it
$5,000
January 1,
1959
21
to
25
"
$5,000
January 1,
1960
26
'to
30,
a000
$5,
Januar 1
y V
1961
31
to
36
"
$6,000
January 1,
1962
37
to
42,
"
$6,000
January 1,
1963
43
to
48
"
$6,000
January 1,
1964
49
to
61,
"
$13,000
January 1,
1965
62
to
78,
$17,000
January 1,
1966
79
to
95,
it
$17,000
January 1,
1967
96
to
113
"
$18 000
January 1,
1968
114
to
146,
"
$33,000
January 1,
1969
147
to
1809
"
$349000
January 1,
1970
181
to
215,
"
$35,000
January 13,
1971
216
to
251,
"
$36,000
January 1,
1972
252
to
289,
"
$38,000
January 1,
1973
290
to
328,
"
$39,000
January 1,
1974
329
to
368,
"
$40,000
January 1,
1975
369
to
410,
$42,000
January 1,
1976
411
to
453,
a
$43,000
January 1,
1977
454
to
4989
"
$45,000
January 19
1978
499
to
5449
"
$4.63,000
January 1,
1979
545
to
592,
"
$48,000
January 1,
1980
593
to
6419
"
$49,000
January 1,
1981
642
to
692,
"
$513*000
January 1,
1982
693
to
745,
"
$53,000
January 1,
1983
746
to
800,
"
$6559000
January 19
1984
Section.
The City of Pasco reserves
the right to redeem
any or all of the outstanding bonds of said issue at par plus accrued
interest, on any semiannual interest payment date on or after January 1,
1964, in inverse numerical order, highest numbers first, by giving at
least thirty days notice of such intended redemption by publication thereof
in the official newspaper of said City, which notice is to be published
once not bass than thirty nor more than forty-five days prior to the call
date. Interest on any bonds so calked for redemption shall cease on the
date fixed for such redemption.
Section The "Water and Sewer Revenue Bond. Fund, 1954"
created and established in Ordinance No. 768, as herein amended, is
hereby divided into two accounts, namely, a "Principal and Interest
Account" and a "Reserve.(Account". So long as bonds are outstanding
against such fund, the City Treasurer of the City of Pasco shall set
aside and pay into said fund out the gross revenues of the waterworks
utility, including the sewerage system as a part thereof, now belonging
to or which may hereafter belong to the City, including all additions,
extensions and betterments thereof at any time made, a fixed amount,
without regard to any fixed proportion, as follows:
(a) Into the "Principal and Interest Account", monthly,
beginning on February 1, 1954, one-sixth of the next ensuing six months'
requirement for interest, and, monthly, beginning on February 1, 1955,
one -twelfth of the next ensuing twelve months► requirement for both
principal and interest;
(b) Into the "Reserve Account", monthly, beginning on
February 1, 1954, at least $966.67 until the sum of $58,000.00 has been
accumulated therein, which total sum shall be accumulated by no later
than January 1, 1959. Said "Reserve Account" may be accumulated from
any other moneys which the City of Pasco may have available for such pur-
pose in addition to using said revenues therefor. Said "Reserve Account"
shall be maintained in such amount at all times so long as any of said
bonds are outstanding; provided, that when the total amount in said
special fund shall equal the total amount of principal and interest on
all outstanding bonds of said issue to the last maturity thereof, no
further payments need be made into said special fund,
In the event that there shall be a deficiency in the "Princi-
pal and Interest Account" in said special fund to meet maturing install-
ments of either principal or interest, as the case may be, such
deficiency shall be made up from the "Reserve Account" by the withdrawal
of cash therefrom for that purpose, .Any deficiency created in the
"Reserve Account" by reason of any such withdrawal shall then be made
up frcm moneys from the revenues of said waterworks utility, including
the sewerage system as a part thereof, first available after making
necessary provision for the required payments into the "Principal and
Interest Account", The moneys in the "Reserve Account" shall otherwise
be held intact and may be ap}lied against the last outstanding bonds of
this issue,
-5-
All money in the "Reserve Account" above provided for may be
kept on deposit in the official bank depository of the City of Pasco or
in any national bank or may be invested in United States Government obliga-
tions maturing not later than twelve years from the date of purchase.
Interdst on any such investment or on such bank accounts ahall be deposited
in and become a part of the "Reserve Account" until there shall be
$583,000.00 therein as aforesaid.
Section 7, The City of Vasco shall establish, maintain and
collect such rates and charges for water and for sewerage service, as long
as any of the bonds herein authorized to be issued are outstanding, as
l
will make available for the payment of the principal'of and interest on
all such bonds as the same shall accrue, an amount equivalent to at least
1.4 times the average annual debt service, both principal and interest,
of the said bonds and of the outstanding "Special Fund Water -Sewerage
Revenue Bonds, Series A", dated March 1, 1944, the "Special Fund Water -
Sewerage Revenue Bonds, 1944-1946, Series B" dated January 1, 1946, and
the "Nater Revenue Bonds, 1948" dated March 1, 1948, after deducting the
necessary cost of maintenance and operation and taxes from the gross reve-
nues of its waterworks utility, including the sewerage system as a part
thereof.
Section 8. The bonds shall be known as "dater and Sewer
Revenue Bonds, 1954", and shall be in substantially the following form:
No.
UNITED STATES OF AMERICA
STATE OF WASHINGTON
CITY OF PASCO
WATER AND SEER REVENUE BOND, 1954
KNOW ALL MEN BY THESE PRESENTS that the City
of Pasco, Franklin County, State of Washington,
hereby acknowledges itself to owe and for value
$1.,000.00
received hereby promises to pay to bearer on the
1st day of January, 19_, the principal sum of
ONE THOUSAND DOLLARS
together with interest thereon at the rate of
____,,,% per annum, payable semiannually on the
1st days of January and July of each year, upon
the presentation and surrender of the attached
interest coupons as they severally mature up to
the bond maturity date and with full obligation on
the part of the City td pay interest at the same
rate, from and after the maturity date, until this
bond with interest is paid in full. Both princi-
pal
rincipal and interest are payable in lawful money of
the United States at the office of the City Treasurer -
of Pasco, 'Washington, solely out of the special
fund created by Ordinance No. 7683, as amended by
Ordinance No2d, known as "dater and Sewer
Revenue Bond , 1954", into which fund the
City of Pasco hereby irrevocably binds itself to
pay certain fixed amounts out of the gross reve-
nues of the waterworks utility, including the
sewerage systems as a part thereof, now belonging
or which may hereafter belong to the City, includ-
ing all additions, replacements, extensions and
betterments now or at any time hereafter made or
constructed, without regard to any fixed propor-
tion, namely, an amount sufficient to pay the
principal of and interest on this issue of bonds
as they respectively become due, all at the
times and in the anner set forth in Ordinances
Nos. 768 and -7
This bond is one of an issue of $8003,000.00
par value of bonds, all of like date, tenor and
effect, except as to interest rates and maturities,
all payable from the said %i:later and Sewer Revenue
Bond Fund, 1954v of the City of Pasco, and all
issued by the said City under and pursuant to the
laws of the State of Washington and Ordinances Nos.
768 and -77
7fuof the City of Pasco for the purpose
of provi nds to pay a portion of the cost of
making certain additions to and extensions and
betterments of the sewerage system of the City,
which has become a part of the waterworks utility
of the City, and of certain additions to and better-
ments and extensions of the waterworks system of
the City. Reference is made to said ordinances as
more fully describing the covenants with and rights
of holders of bonds of this issue.
The City of Pasco reserves the right to redeem
any or all of the outstanding bonds of this issue at
par plus accrued interest, on any semiannual interest
payment date on or after January 1, 1964, in inverse
numerical order, highest numbers first, by giving at
least thirty days notice of such intended redemption
by publication thereof in the official newspaper of
the City, which notice is to be published once not
-7-
less than thirty nor more than forty-five days
prior to call date. Interest on any bonds so
called for redemption shall cease on the date
fixed for such redemption.
The bonds of this issue constitute a charge
or lien upon the gross revenues of the waterworks
utility, including the sewerage system as a part
thereof, prior and superior to any other charges
whatsoever, excluding charges for maintenance
and operation, except that the lien and charge
upon said gross revenues are subordinate and in-
ferior to the prior lien or charge against the
same for the outstanding "Special Fund Water -
Sewerage Revenue Bonds, Series All dated March 1,
19", the "Special Fund Water Sewerage Revenue
Bonds, 1944P-1946, Series B", dated January 1, 1946,
and the "dater Revenue Bonds, 1918", dated March 19
1948, and except further that the lien and charge
upon said gross revenues for this issue of bonds
shall be on a parity with the lien and charge upon
said gross revenues for any additional water and
sewer revenue bonds that may be heretter issued
pursuant to the provisions of Section 13 of
Ordinance No. 768, as amended by Ordinance Noi-Z'.
The City of Pasco hereby binds itself irrevo-
cably not to mortgage, sell, lease or in any manner
encumber or dispose of the waterworks utility,
including the sewerage systema as a part thereof, now
belonging to or which may hereafter belong to it,
including all additions, betterments and extensions
thereof at any time made, until all of the bonds of
this issue with interest thereon shall have been
fully paid; and the said City hereby covenants and
agrees to maintain in good condition and to operate
said waterworks utility, including the sewerage
system as a part thereof, and to establish, maintain
and collect such rates and charges in connection
therewith as will produce gross revenues sufficient
to meet the obligations of the City as herein set
fort and as set forth in Ordinances Nos. 768 and
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 Washing-
ton and the ordinances of the City of Pasco and that
all acts, conditions, and things required to be done
precedent to and in the issuance of this bond 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 the interest coupons attached to
be signed with the facsimile signatures of said
officials this 1st day of January, 1954.
CITY OF PASCO, WASHINGTON
BY'17';
PY a y o r
Attest:
C l e r k
0
The interest coupons attached to said bonds shall be in
substantially the following form:
(Unless this bond has been called for prior. redemption)
On (January)(July) 1st, 19_, THE CITY OF PASCO,
WASHINGTON, upon presentation and surrender of this
coupon, will pay to bearer at the office of the City
Treasurer the sum of
Dollars ( ) in law-
ful money of the United States of .America from the
special fund of said City known as "Water and Sewer
Revenue Bond Fund, 1954", said sum being six months?
interest then due on its "Water and Sewer Revenue
Bond, 1954", dated January 1, 1954, and numbered
s
Coupon No.
CITY OF PASCO, WASHINGTON
BY
M a y o r
Attest:
Clerk
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.
Section 9, The Clerk of the City of Pasco is hereby directed
to publish in the Tri -City Herald and in the Lily Journal of Commerce
of Seattle, 'Washington, a Notice of Sale of said bonds calling for bids
for the purchase thereof at the City Hall, Pasco, Washington, said
notice to be published once in each newspaper at least ten days prior
to the bid opening date.
Bidders are required to submit proposals for the purchase
of said bonds fixing the interest rate or rates that the same shall
bear. Said bids shall specify either (a) the lowest rate or rates of
interest and premium above par at which the bidder will purchase said bonds, or
-9 41
-
(b) the lowest rate or rates of interest at which the bidder will pur-
chase said bonds at par, or (c) the lowest rate or rates of interest at
which the bideer will purchase said bonds at a discount of not more
than 2$.
Each bidder shall seal his bid in an envelope with a good
faith deposit in the form of a certified or cashiers check made payable
to the Treasurer of the City of Pasco in the amount of at least 5% of
the amount of his bid. Good faith deposits of unsuccessful bidders will
be returned when bids are evaluated and that of the successful bidder,
if any, will be retained for forfeit to the City in the event such
successful bidder shall fail or refuse to accept said bonds within thirty-
five days after the acceptance of his bid.
Each bid shall show the total amount of interest to be paid
over the life of the bonds from the date of issue, less the premium, if
any, or plus the discount, if any, and the effective interest rate over
the life of the said bonds.
The.City reserves the right to reject any or all bids sub-
mitted or to waive any informality in the bidding, and, if all bids be
rejected, said bonds may be readvertised for sale by the City Council
in the manner herein provided.
Said bonds shall be furnished by the City and shall be sold
with the opinion of deter, Roberts & Shefelman, bond counsel of Seattle,
Washington, approving the legality of the same, all at Vthe expense of
the City.
Said bonds will be delivered to the purchaser thereof in
Seattle, Washington.
The bids shall be received by the City Clerk of the City
of Pasco at the City Hall at Pasco, Washington, until 8:00 o'clock p.m.,
on the evening of Tuesday, December 1, 1953, at which -time all bids will
be publicly opened by the said Clerk at the regular meeting of the City
Council of the City of Pasco then to be held in said City Hall.
-10-
PASSED by the City Council at a regular meeting thereof
and APPROVED by the Mayor of the City of Pasco, Washington, this
17th day of November, 1953.
.0 ;J
M a y o r
Attest:
C i t y C l e r
GT
Appr as to form• �-
C i t y A t t o r n e y
NOTICE OF BOND SALE
CITY OF PASCO, WASHINGTON
WATER AND SEWER REVENUE BONDS, 1954
$800,000100
NOTICE IS HEREBY GIVEN that the City of Pasco, Washington,
proposes to issue as of January 1, 1954, its "glater and Sewer Revenue
Bonds", in the principal sum of $800,000.00, payable both principal and
interest in lawful money of the United States of America at the office
of the City Treasurer of the City of Disco, lashington.
Said bonds will be in denominations of $1,000.00 each, will
be numbered from 1 to 800., inclusive, will bear interest at a rate or
rates to be hereafter fixed by ordinance, payable semiannually on
January 1st and July 1st of each year, interest to maturity being evidenced
by coupons to be attached to said bonds,and will mature serially, annually,
in accordance with the following schedule:
Bond Numbers
Amounts
Maturities
1 to
5,
Inclusive
$5,000
January 1,
1956.
6 to
10,
"
$5,000
January 1,
1957
11 to
15,
$5,000
January 1,
1958
16 to
20,
"
$59000
January 19,
1959
21 to
259
"
$5,000
January 1,
1960
26 to
30,
"
$5,000
January 1,
1961
31 to
36,
�'
$6,000
January 119
1962
37 to
42,
"
$6,000
January 1,
1963
43 to
48,
"
$6,000
January 19
1964
49 to
61,
"
$13,000
January 1,
1965
62 to
78,
$17,000
January 1,
1966
79 to
95,
"
$17,000
January 1,
1967
96 to
113,
"
$18,000
January 12
1968
114 to
146,
"
$33,000
January 1,
1969
147 to
180,
$34,000
January 1,
1970
181 to
2152
"
$35,000
January 11,
1971
216 to
251,
"
$369000
January 1,
1972
252 to
2899
h
$38,000
January 1,
1973
290 to
3289
"
$399000
January 1,
1974
329 to
368,
$40,000
January 1,
1975
369 to
4109
if
$429000
January 1,
1976
411 to
453,
a
$43,000
January 1,
1977
454 to
498,
"
$45,000
January 11
1978
499 to
5449
"
$46,000
January 19
1979
545 to
592,
"
$48,000
January 1,
1980
593 to
641,
"
$49,000
January 1,
1981
642 to
69219
"
$51,000
January 19
1982
693 to
7451
"
$53,000
January 1,
1983
746 to
8002
n
$55,000
January 1,
1984
The City of Pasco has reserved the right to redeem any or
all of the outstanding bonds of said issue at par plus accrued interest
on any semiannual interest payment date on and after January 1, 1964, in
inverse numerical order, highest numbers first, by giving at least thirty
days notice of such intended redemption by publication thereof in the
official newspaper of the City, which notice is to be published once not
less than thirty nor more than forty-five days prior to the call date.
Interest on any bonds so called for redemption shall cease on the date
fixed for such redemption.
Information regarding the gross revenues of the combined
water and sewerage systems of the City, expenses of maintenance and
operation, rates being and to be charged for water and sewerage service,
payments to be made into the Bond Redemption Fund and Reserve Account and
all covenants safeguarding the payments of the principal and interest of
said bonds may be found in the report prepared by 1h, P, Harper & Son &
Co. of Seattle, Washington, and in the bond ordinances adopted by the City
Council, copies of which will be furnished upon request made to Mrs. Adah
M. Perry, City Clerk, Pasco, Washington#
Said bonds when issued shall constitute a charge or lien upon
the revenues from the waterworks utility of the City, including the sewer-
age system as a part thereof, prior and superior to any other charges what-
soever, excluding charges for maintenance and operation, except that the
lien and charge upon said gross revenues shall be subordinate and inferior
to the prior lien or charge against the same for the outstanding "Special
Fund*Water-Sewerage Revenue Bonds, Series A", dated March 1, 1944, the
"Special Fund Water -Sewerage Revenue Bonds, 1944-1946, Series B", dated
January 1, 1946, and the "Water Revenue Bonds, 1948". dated March 1, 1948,
and except further, that the lien and charge upon said gross revenues for
said bonds shall be on a parity with the lien and charge upon said
gross revenues for any additional U&ter and Sewer Revenue Bonds that may
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ti
be hereafter issued pursuant to the provisions of Section -13 of
Ordinance No. 7681, as amended by Ordinance No. �.
NOTICE IS FURTHER GIVEN that sealed bids for the purchase
of said bonds will be received at the office of the City Clerk of Pasco,
'Washington, at the City Hall in Pasco, Washington, until 8:00 o'clock
p.m. on.Tuesday, December 1, 1953, -at which time all bids will be
publicly opened by the said Clerk at the meeting of the City Council
of the.City of Pasco then held at said City Halle
Bidders are required to submit a bid for the purchase of
said bonds fixing the interest rate or rates that the same shall bear.
Said ,,.,bids shall specify either (a) the lowest rate or rates of interest
and premium above par at which the bidder will purchase said bonds, or
(b) the lowest rate or rates of interest at which the bidder will pur-
chase said bonds at par, or (c) the lowest rate or rates of interest at
which the bidder will purchase said bonds at a discount of not more
than 2%.
Each bidder shall seal his bid in an envelope with a good
faith deposit in the form of a certified or cashierst check made payable
to the Treasurer of the City of Pasco in the amount of at least 5% of
the amount of his bid. Good faith deposits of unsuccessful bidders will
be returned when bids are evaluated and that of the successful bidder,
if any, will be retained for forfeit to the City in the event such
successful bidder shall fail or refuse to accept said bonds within thirty-
five days after the acceptance of his bid.
Each bid shall show the total amount of interest to be paid
over the life of the bonds from the date of issue, less the premium, if
any, or plus the discount, if any, and the effective interest rate over
the life of the said bonds.
The City reserves the right to reject any or all bids sub-
mitted or to waive any informality in the bidding, and, if all bids be
rejected, said bonds may be readvertised for sale by the City Council in
the manner herein provided.
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Said bonds shall be furnished by the City and shall be sold
with the opinion of Meter, Roberts & Shefelman, bond counsel of Seattle,
'Washington, approving the legality of the same, all at the expense of
the City.
Said bonds will be delivered to the purchaser thereof in
Seattiz 'Uashington.
DRIED at the City of Pasco, Washington, this /-2 �y of
November, 1953.
City Clerk
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