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Home My WebLink About0904 Ordinancece ORDINANCE -N 0.1&# AN ORDINANCE fixing the amount, form, date, interest•rate, maturity and denominations for Local Improvement District No. 62 bonds, and directing the issuance and sale of said bonds to the City of Pasco. ; THE CITY -COUNCIL OF.THE CITY, OF PASCO DO ORDAIN AS FOLLOWS: Section 1. That the total, amount of the Assessment Roll in Local Improvement District No. 62, as approved and confirmed by the City Council, was the sum 'df $20, 391. 72. The thirty=day period for, making cash payment of assessments without interest in said District expired on August 23, 1957, and the total amount of a.s.sessments paid in cash was the sum of $934. 95 leaving a balance of assessments unpaid on the Assessment Roll in the sum of $19, 456. 77. , Local Improvement District bonds of Local Improvement District No. 6:2 ;shall, therefore, be issued in, the total principal amount of $19, 456. 77. Bond No. 1 of said issue shall be in the denomination of $862. 73; Bond No. 2 shall be in the denomination of $ 375. 99, Bond No. 3 shall be in the denoinina- tion of $218. 05; and the remaining bonds TO WIT, Bonds numbered 4 to 39, inclusive, shall be in the denomination of $500. 00 each. Said bonds shall be dated the lst day, of October, 1957, and shall be payable on or before the lst day .of October, 1969, with the right: reserved to the City to redeem said bonds prior 'to maturity on any interest payment date, in.numericalorder, lowest numbers first, whenever there shall be sufficient money in the "Local Improvement Fund, District No. 62", created by Ordinance No. 884, to pay the bonds so called and all earlier numbered bonds over and above the amount - required for the payment of interest on all unpaid bonds, and upon .said date interest upon bonds s'o called -shall cease and each dnd .everycoupon represent- ing 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 lst: day of October, 1958, with interest coupons to maturity attached to each bond. 5 Section 2.. That each of said bonds and interest coupons attached thereto shall be -in substantially the following form: Form of Bond No. ($862. 73) ($500. 00) UNITED STATES OF AMERICA STATE OF WASHINGTON LOCAL IMPROVEMENT BOND OF CITY ,OF PASCO. LOCAL IMPROVEMENT DISTRICT NO. 62 N. B. This bond is issued by virtue of the provisions of R. C. W. •35.45. 010 et seq., Section 35.45. 070 of 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 guar- anty '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. . . . " THE CITY OF PASCO, a .municpalcorporation of the State of Washington, hereby -promises to pay to bearer, on or before .October 1, 1969, FIVE HUNDRED DOLLARS in lawful money of the United States, with, interest thereon at the rate, -of 5% per annum, payable annually, out of the fund established by Ordinanc.e.No. 884,, of' said City and. known as "Local Improvement Fund, District No. 62" and not otherwise. Both principal and interest on this bond are payable at the office of the City Treasurer of_ the City of Pasco. A coupon is hereto attached for each installment of interest to accrue, hereon and said iritere:st 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. 884, 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 lateral sanitary sewer and water system in Perry's Addition, Terrace Heights, Kurtzman's First r Addition to Pasco, and Acre Park Addition to Pasco, under Or- dinance No. .884,.as is levied and assessed against the property included in said.Local'Imp.rovement District and benefited by said improvement and'"the said Local'Improvement Fund has been es- tablished. by`.ordinance -for said purpose; and the holder or holders -of this bond shall look only to said Fund.and to the. Local Improve- ment Guaranty Fund of the City of Pasco for the payment of either the principal of or the interest on this bond. This bond is one of`a series of 39 bonds, aggregating in all the principal sum of $19, 456. 77, issued for said Local Improvement District, all,of:which bonds .are -subject to the same �:termsand con- ditions as herein expressed. This .bond is payable -on or before the 1st day of October, 1969, but is subject to call by- the City. Treasurer for prior redemption on any interest payment date, which call for paymentshall be made by said Treasurer, and. when such -call is made this bond will be paid on the day the .next in.te.rest coupon thereon shall become due after said. call and upon .said day: interest upon this bond shall cea'se.and each and .every coupon representing interest not accrued .upon this bond shall be void. IN WITNESS WHEREOF, the City of Pasco has caused these presents to be signed by its Mayor and attested by its Clerk, and sealed with. its corporate seal, this 17th day of September, 1957. CITY OF PASCO, WASHINGTON BY r r AYOR ATTEST: Clerk COUPON FORM On the 1st day of October, 19 THE.CITY OF PASCO, WASHINGTON, promises to pay to bearer at the office of the City Treasurer, ($ )DOLLARS being one year's interest due that day on Bond No. of the bonds of Local Impr overnent. Di strict No. 62, and not otherwise, PROVIDED that this Coupon is subject to all the terms and con- ditions contained in the bond to which it is annexed. ATTEST: Clerk CITY OF PASCO, rWASHINGTON MA" -Y-0 R -3- COUPON NO. Section 3. Said bonds shall be printed on lithographed forms, shall be signed by the Mayor and attested by the Clark 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 4. Said bonds shall immediately upon their execution be sold to the City of Pasco. Bond No. 1. and -Bond Nos. 4 to 26, inclusive, shall be held to reimburse the.Firemen's Relief and Pension Fund in the amount of $12, 362. 73, which sum includes interest to October 1, 1957, on moneys bor- rowed from said fund during construction under Resolution No. 389. Bond No. 2 and Bond Nos. 27 to 33, inclusive, shall be held to reimburse the General Obligation Bond Cash Fund in the amount of $3, 875. 99, which sum includes interest to October. 1, 1957, on monies borrowed from said Fund during con- struction under Resolution No. 389. Bond Nos. 3, and 34 to 39, inclusive, shall be held to reimburse the G,eneral.Obligation Bond Cash Fund in the further amount of $3, 218. 05 to be transferred to the Local Improvement Fund, District No. 62. Section 5: That all ordinances or.parts of ordinances in conflict herewith are hereby repealed. Section 6. This Ordinance shall be:.in full force and effect five (5) days after its passage and publication. . . PASSED by the City Council and APPROVED by the Mayor this 17th day of September, 1957. /--, MAY ATTEST: City Clerk AP QED AS T FO M: City Attorney Published: 'September 24, 1957