HomeMy WebLinkAbout0920 OrdinanceFOLLOWS.:
CITY OF PASCO, WASHINGTON
ORDINANCE NO.. 9:20
AN ORDINANCE amending Ordinance No. 914, passed by the
City Cour�,il and approved by the Mayor on the 3rd day of
December, .1957,' and entitled:
"AN ORDINANCE specifying and adopting a system or
plan of additions to and betterments and extensions
of the waterworks utility of the City, including as
a part thereof the system of sewerage of the City;
declaring the estimated cost thereof as near as may
be; providing for the issuance of $650,000.00 par
value of *Water and Sewer Revenue Bonds, 1957,', to
pay the cost thereof; creating a special fund to pro-
vide for the payment of said bonds; fixing the date,
form, maturities.,, interest.rate, covenants and terms
of said bonds; and providing for the sale of said
bonds to Terry Thompson & Co., of Seattle,,Washington,,
and for the immediate delivery -of the first,$249,000.00
par value thereof to said purchaser."
to increase the amount of the required reserve for the..
"Water and Sewer Revenue Bonds, 1957,".from $35,000.00 to
$45,000.00.
THE CITY COUNCIL OF THE CITY OF P.ASCO, WASHINGTON, DO ORDAIN AS
A/ 9
Section 9 of Ordinance No. 914, passed by the City Council and approved
by the Mayor on the 3rd day of December, 1957, and entitled:
t1.AN ORDINANCE specifying and adopting a system or plan
of additions•to and betterments and extensions of the.
waterworks utility of the City, including as a part
thereof the system of sewerage of the City; declaring the
estimated cost thereof as near as may be; providing.for
the issuance of $650,000.00 par value of ''Water and Sewer
Revenue Bonds, 1957,1 to pay the cost thereof; creating a
special,fund to provide for the payment of said bonds;
fixing the date, form, maturities; interest rate, covenants
and terms of said bonds; and providing for the sale of.said
bonds to Terry Thompson & Co., of Seattle, Washington, and.
for the immediate delivery of the first $249,000.00 par
value thereof to said purchaser."
and reading as follows:
"Section 9. The entire gross revenues of the waterworks
utility of the City, including the system of sewerage as a
part thereof, and including all additions, extensions and
betterments thereof at any time made, as received, shall be
deposited in the *Water and Sewer Revenue Fund'' of the City.
There shall first be paid out of said fund all expenses of
maintenance and operation of the utility. Maintenance and
operation expenses shall include all expenses reasonably
incurred in the normal operation of the.utility as it exists on
a day-to-day basis, including paying agents* fees, if any, but
shall not include the cost of additions to or extensions of the
utility or other -capital improvements or depreciation.
i _+
"The Bond Fund is hereby divided into two accounts, namely.,
a "Principal and Interest:Account'" and a'"Reserve Account.* So
long as Bonds are outstanding against the Bond Fund, the City
Treasurer.of the City of Pasco shall set aside and pay into the
Bond Fund, after the payment of the expenses of maintenance and
operation of the utility, out of the }Water and Sewer Revenue
Fund," a fixed amount without regard to any fixed proportion, as
follows:
"(a) Into the '''Principal and Interest.Account,"' monthly,
beginning on January 1, 1958, one-seventh of the first seven
months' interest requirements on the Bonds, and monthly,
beginning on August 1, 1958, one -twelfth of the next ensuing
twelve months'' requirements of both principal of and interest
on the Bonds; and
"(b) Into the "Reserve Account,'' monthly, beginning on
January 1, 1958, not less than $585.00 until the total sum
of $35,000.00 shall have been accumulated therein, which
total sum shall be accumulated by no later than December 1,
1962. .
The 'Reserve Account's may be accumulated from any other monies
which the City of Pasco may -have available for such purpose, in
addition to using said revenues deposited in the ''Water and Sewer
Revenue Fund.'' The City further agrees that when said total sum
of $35,000.00 has been paid into theReserve Account," it will
at all times, except for withdrawals therefrom as authorized
herein, maintain that amount therein until there is a sufficient
amount in the Y'Principal and Interest Account*' and the `Reserve
Account" to pay the principal of and interest to maturity on all
the outstanding Bonds.
"In the event that there shall be a deficiency in the 'Principal
and Interest :Account''' in the Bond Fund to meet the maturing
installments 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 from the monies from the revenues of the
waterworks utility, including the sewerage system as a part
thereof, first available after making necessary provisions for the
required payments into the 'Principal and Interest Account.'"
Monies in the "Reserve Account" shall otherwise be held intact and
may be applied against the last outstanding Bonds.
".All money in the °'Reserve Account," above provided for, shall
be kept on deposit in the official bank depository of the City of
Pasco or in any national bank as trust funds for the holders of
outstanding Bonds, or shall be invested in United States
Government obligations, maturing not later than one month prior to
the final maturity date of any outstanding Bonds. Interest earned
on any such investment or on such bank account shall be deposited
in and become a part of the "Reserve.Account' until there shall be
the said sum of $35,000.00 accumulated therein, after which such
interest shall be deposited in the "Principal and Interest Account.'
"Surplus monies in the "Water and Sewer Revenue Fund,': after
making necessary provisions for the payment of the expenses of
maintenance and operation of the utility and the required deposits
to the Bond Fund, may be used to make emergency repairs and/or
extentions of and improvements to the utility when certified by the
City Engineer to be necessary and economically feasible, and/or for
the redemption or purchase in the open market of outstanding Bonds.
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"If the City shall fail to set aside and pay into the Bond
Fund the amounts which*it has obligated itself by this Section
to set aside .and pay therein, the holder of any Bond may bring
suit against the City to compel it to do so."
is hereby amended to read as follows:
"Section 9. The entire gross revenues of the waterworks
utility of the City, including the system of sewerage as a part
thereof, and including all additions, extensions and betterments
thereof at any time made, as received, shil be deposited in the
¢Water and Sewer Revenue Fund* of the City. There shall first
be paid out of said fund all expenses of maintenance and opera-
tion of the utility. Maintenance and operation expenses shall
include all expenses reasonably incurred in the normal operation
of the utility as it exists on a day-to-day basis, including
paying agents! fees, if any, but shall not include the cost of
additions to or extensions of the utility or other capital
improvements or depreciation.
"The Bond Fund is hereby divided into two accounts, namely a
"Principal and Interest Account'' and a ''Reserve Account.'' So
long as Bonds are outstanding against the Bond Fund, the City
Treasurer of the City of Pasco shall set aside and pay into the
Bond Fund, after the payment of the expenses of maintenance and
operation of the utility, out of the "Water and Sewer Revenue
Fund,` a fixed amount without regard to any fixed proportion, as
follows:
"(a) Into the *Principal and Interest Account," monthly,
beginning on January 1, 1958, one-seventh of the fast seven
months*' interest requirements on the Bonds, and monthly,
beginning on August 1, 1958, one -twelfth of the next ensuing
twelve months' requirements of both principal of and interest
on the Bonds; and
"(b) Into the *Reserve Account,* monthly, beginning on
January 1, 1958, not less than $750.00 until the total sum
of $45,000.00 shall have been accumulated therein, which
total sum shall be accumulated by no later than December 1,
J
1962.
The"*Reserve Account* may be accumulated from any other monies
which the City of Pasco may have available for such purpose, in
addition to using said revenues deposited in the *Water and
Sewer Revenue Fund.'' The City further agrees that when said
total sum of $45,000.00 has been paid into the tReserve Account,'''
it will at all times, except for withdrawals therefrom as
authorized herein, maintain that amount therein until there is a
sufficient amount .in the 'Principal and Interest Account* and
the *'Reserve Account't to pay the principal of and interest to
maturity on all the outstanding Bonds.
"In the event that there shall be a deficiency in the
'Principal and Interest Account'' in the Bond Fund to meet the
maturing installments 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 from the monies from the
revenues of the waterworks.utility, including the sewerage system
as a part thereof, first available after making necessary pro-
visions for the required payments into the "Principal and Interest
Account." Monies in the kReserve Account" shall otherwise be held
intact and may be applied against the last outstanding Bonds.
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".All money in the "Reserve.Account,t above provided for, shall
be kept on deposit in the official bank depository of the -City of
Pasco or -in any national bank as trust funds for the holders of
outstanding Bonds, or:sh all.be invested in United States
Government. obligations, maturing not later than one month prior to
the final maturity date of any outstanding Bonds: Interest earned
on any such investment or on such bank account shall be deposited
in and become a part of the ''Reserve_ Account°` until there shall be
the said sum of $45,000.00 accumulated therein, after which such
interest .shall be deposited in the a'Principal and.Interest Account.
"Surplus monies in the "Wates and Sewer Revenue Fund," after
making necessary provisions for the payment. of the expenses of
maintenance and operation of'the utility and the required deposits
to the Bond Fund, may, be used to make emergency repairs and/or
extensions of and improvements to the utility when.certified by
the City Engineer to be necessary and.ec.onomically feasible,, and/or
for the redemption or purchase in the open market of outstanding
Bonds.
"If the City shall..fail to set aside and pay into the Bond Fund
..the amounts whi.ch:it has obligated itself by this Section to set
aside and pay therein, the holder of any Bond may bring.suit.
against the City to compel. it to do so."
-PASSEDby the City Council at -a regular meeting thereof and APPROVED by
the Mayor.of the City of'Pasco,. Washington, this 7th day of January, 1958.
MAYOR
ATTEST :
LIL127" Lle_
CITY CLERK
APPR : ED S TO FORK .
'Pay
CITY CITY .ATTORNEY
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r
".All money in the "Reserve.Account,t above provided for, shall
be kept on deposit in the official bank depository of the -City of
Pasco or -in any national bank as trust funds for the holders of
outstanding Bonds, or:sh all.be invested in United States
Government. obligations, maturing not later than one month prior to
the final maturity date of any outstanding Bonds: Interest earned
on any such investment or on such bank account shall be deposited
in and become a part of the ''Reserve_ Account°` until there shall be
the said sum of $45,000.00 accumulated therein, after which such
interest .shall be deposited in the a'Principal and.Interest Account.
"Surplus monies in the "Wates and Sewer Revenue Fund," after
making necessary provisions for the payment. of the expenses of
maintenance and operation of'the utility and the required deposits
to the Bond Fund, may, be used to make emergency repairs and/or
extensions of and improvements to the utility when.certified by
the City Engineer to be necessary and.ec.onomically feasible,, and/or
for the redemption or purchase in the open market of outstanding
Bonds.
"If the City shall..fail to set aside and pay into the Bond Fund
..the amounts whi.ch:it has obligated itself by this Section to set
aside and pay therein, the holder of any Bond may bring.suit.
against the City to compel. it to do so."
-PASSEDby the City Council at -a regular meeting thereof and APPROVED by
the Mayor.of the City of'Pasco,. Washington, this 7th day of January, 1958.
MAYOR
ATTEST :
LIL127" Lle_
CITY CLERK
APPR : ED S TO FORK .
'Pay
CITY CITY .ATTORNEY
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