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Home My WebLink About0878 OrdinanceORDINANCE NO.- AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE OF GENERAL OBLIGATION BONDS OF THE CITY OF PASCO IN THE PRINCIPAL SUM OF $20, 000. 00 FOR THE PURPOSE OF C,ONSTRUCT,IN.G AND FURNISHING A SECOND FIRE STATION, PROVIDING THE DATE, FORM,.. TERMS AND MATURITIES OF SAID BONDS AND FOR ANNUAL TAX LEVIES TO PAY. THE. PRINCIPAL AND INTEREST THEREOF, AND CREATING A FUND FOR THE PAYMENT OF SUCH PRINCIPAL. AND INTEREST; WHEREAS, the City of Pasco is contemplating the'construction of'a second fire- ,station, and WHEREAS, the City of Pasco does•'not have sufficient funds on hand available for such, purpose, and WHEREAS, the outstanding general indebtedne.ss of the City as of 11 September 1, 1956, is the total sum of $82, 000. 00,. to which should be added the amount for which bonds are hereinafter'authorized to be issued, to -wit: $20,.000, making a total of $102, 000, 00, and the assessed' valuation of the taxable property in the•City, as ascertained by the last preceding assessment for City purposes', is $12, 324. 790. 00, NOW, THEREFORE-, THE CITY COUNCIL OF THE CITY OF PASCO DO ORDAIN AS FOLLOWS: Section 1: The. City of Pasco, Washington, shall.c'onstruct and furnish a second fire station, the estimated cost of which, as near as may be ascertained, is $20; 000. 00. The City shall borrow money on the credit of the City and issue negotiable general obligation bonds in payment thereof. Section 2. The bonds shall be called. 11195 7 General Obligation Bonds for Fire. Station No. 211; shall be dated as of January 1, 1957; shall be numbered from one to twenty, inclusive; shall be in denominations' of $1, 000. 00 each; and shall bear interest at a rate of not to- exceed 676 per annum, ' payable annually on the first day of January of each year as evidenced by coupons to be attached to said bonds. Both principal. and interest.shall be payable in lawful money of the tI United States of America at the office. of the City Treasurer in Pasco, Washington, and said bonds, shall mature in :order ,of'.their number as follows: January 1, 1959 $2,000.00 January --.1, 1960 $2,000.00 January,l,• 19'61. $,2,000.00 January `l; 196.2 $2, 000.00 January 1, 1963 $,2,00 , 0. 00• January 1, 1964 $2,•000. 00 January 1, 196.5 $2, 00'0. 00• January 11 1966. $2, 000. 00. January 1, 1967. $2,000-00 January 1, 1968. $2,000.00 The City hereby reserves the .right to- redeem. any or, all of. the out -4 standing bonds of this issue at par in inverse numerical order on.any interest payment date after January 1, 1959, by' giving notice of such intended redemp tion by one publication thereof in. the official City newspaper, not more than forty, nor less. than. thirty days prior to said redemption date, and by mailing a like notice at the "same time to the. purchasers of said bonds'at the. sale by the City at the place of business of said purchaser. Interest on any bond or bonds so called"for redemption shall cease on said redemption date. Section 3. 'The issue of bonds shall be in substantially the following form: UNITED STATES OF AMERICA. No. $1, 000.00 STATE OF WASHINGTON CITY OF PASCO GENERAL OBLIGATION..BOND 1957 KNOW ALL MEN BY THESE PRESENTS:' That the City of Pasco, a municipal corporation of the State of Wash.., ington,, is justly' indebted and for value received hereby promises: to pay to bearer on the 'fir'st day of January 19 the.principal sum of : ONE. THOUSAND DOLLARS together with interest thereon at the. rate of 4% per annum, payable annually 2. on the first day of January of each year as. evidenced by and upon presentation and surrender of the attached interest coupons as. they severally become due. Both principal and interest of this bond are payable. in lawful money of the United States of America at the office of the City Treasurer in Pa.sco, Washing» ton, and for the prompt payment of the principal and interest of this bond, as the same shall.become due, ' the full faith, credit and resources of the City are hereby irrevocably pledged. The City has reserved theright to redeem any or all of the out- standing bonds of this issue at par,, in, inverse .numerical order, . on any, in,.. terest payment date on and after, January* 1, 1959, by giving notice of such intended redemption by _one publication thereof in the official City newspaper, not more than forty nor'less than thirty days prior to said redemption date, and by mailing a like notice at the same time to the 'purchaser- of said bonds at their sale by the,,,City,_t the place of.business ;of said purchaser. This 'bond' -is one of an issue of: ^general obligation bonds of the City of like date and tenor in the total principal sum of $2:0, 000.. 00, and isissued pursuant to Ordinance No. 878 of the City for the purpose of providing funds to construct and furnish a second fire station. The City of Pasco hereby irrevocably pledges- itself to include in its budget , and levy taxes annually within and as. a part of the tax millage levy permitted. to cities. without a vote of the peop.e, an .amount .sufficient to pay the principal of and interest on said bonds as the same shall -become- due. It is hereby certified and declared that all acts, conditions and things. required to bedone precedent to and- in -the issuance of this bond have happened, been done and performed as required by law, and that the total indebtedness of the City of Pasco, including these bonds and all of the bonds of this issue, does not exceed any constitutional or statutory limitation. 3. IN WITNESS WHEREOF, the City of Pasco,. Washington has caused this. bond to be signed by its.Mayo.r.•.and,attested by its Clerk, with the corporate seal of the City impressed he.reon,' and the interest coupons attached hereto to be signed with the facsimile signatures of said officials, this first day of January, 1957. : "CITY OF PASCO, .WASHINGTON $y� Mayor Attest: City. Clerk AvFor' City.Attorney The interest coupons to be attached to said bonds shall be in sub- stantially the following form: No $ On the. firstday of 19 the.. City .of Pa.s c o, Washington will pay to bearer, in. lawful money of the United States, of. America, at the office of the City Treasurer in Pasco, the. sum of Dollars, said sum being the annual interest due that day on its General Obligation Bond dated. January 1, 1957, and numbered CITY OF PASCO, WASHINGTON M.y . ; y 7> / ay.or Atte st; G" City Clerk Section 4. Said bonds: shall be signed by the Mayor on- behalf of the City and attested by the City Clerk, and shall have the City seal impressed thereon. Each of the interest coupons.attached hereto shall be signed with 4. the fac simile. signatures of said City officials-. Section 5. The pro.ceed.s of the sale of these. bonds (except for accrued interest, which shall be paid into the bond, redemption fund) shall be paid into the "Fire Station No.., 2 C'onstruction'and Furnishing.s Fund" of the City and shall, be used solely for the, purposes.„provided in this Ordinance. Section 6. Therei•shereby created a •-speciHal fund of the City to be known as 111957 Fire Station No. 2 Genera lObligation Bond Redemption Fund”, a:nd.each year, .the corporate. authorities of the City of Pasco shall include .in ,its budget and levy a, tax upon all the property within the City sub-, ject to taxation in an amount sufficient to pay the principal and interest of the bonds authorized herein as- the -same shall become due. All of such taxes• so collected shall be paid into said Bond'Redemption Fund, and no part of such Fund shall be used, for, any other purposes than the payment of the principal and in, teres.t of said•bonds; The City :of,Pasco. hereby pledges that.the annual tax provided for herein, to be -levied for the payment of the .principal and interest of said bonds, shall be -within and as a part of the tax :millage levy permitted to cities without a vote of the people, and that a sufficient portion of each annual levy to be. made by the City prior to the. full payment of the principal and interest of 'said .bonds will, be and is hereby irrevocably: set aside, pledged and appxo r priated for the payment of the principal and interest of said bonds as aforesaid. Section 7. In the event the aforesaid General Obligation Bonds are not purchased by the City, the City Clerk is hereby authorized and directed to advertize these bonds. -for sale in the manner required by law, and the proper City officials..are hereby.authorized.and'directed•to do. everything necessary for the proper execution and delivery,:of said bond upon their sale and.for the proper application and .use of the'proceeds of..s.uch sale, Section 8. This Ordinance shall take effect five days after its.passage and publication as required by law. 91 li PASSED b the City Council and APPROVED by the Mayor this Jr= day of 1956. ayor Atte gt-. City Clerk Approved as to form•/ City Attorney Published;