HomeMy WebLinkAbout0935 OrdinanceAN ORDINANCE of the City of Pasco, Washington, providing
for the construction, installation; and equipment of an 18,
hole municipal golf course.on land owned by the City;
declaring -the estimated cost..thereof,as near as may be; pro-
viding for the issuance and sale of $170,000.00 par value of
"General'Obli.gation Municipal Golf Course'Bonds, 1958," of
the City 'speci.fying'the maturities and fixing the form and
maximum interest rate of -said bonds; and providing for the
sale thereof
WHEREAS, the City is' in immediate need of additional recreational
facilities for the inhabitants thereof and such additional recreational facil-
ities can be provided by the construction,;installation and equipment of an
18 -hole municipal golf course on land presently owned by.the City and the City
does not have available any funds.to meet.t.he.estimated cost -thereof; and .
WHEREAS, the existing indebtedness of the City, including the amount
for which the general obligation.bonds herein authorized are to be .issued, is
the sum of $258,000.009 $68,000.00:of.which.is represented by outstanding
general obligation bonds authorized to be issued by the qualified electors of
the City at an election -heretofore held therein, and the assessed valuation of
the taxable property in the City, as ascertained by the last preceding assess
ment for City purposes, is $12,873,269.00, NOW, THEREFORE,
THE CITY COUNCIL OF THE CITY OF PASCO, WASHINGTON, DO ORDAIN AS
FOLLOWS:
Section 1. The City of Pasco, Washington, for strictly municipal
purposes, shall construct, install and equip an 18 -hole municipal golf course
on the following -described property presently owned by the City, to wit:
The Northwest Quarter EXCEPT the South 20 feet and the West
40 feet, EXCEPT the South 110 feet of the East One-half of
the Southeast -Quarter of the Southeast Quarter, AND EXCEPT
the West 540 feet of the South 520 feet, Section 19,
Township 9 North, Range 30 EWM, Franklin County, Washington.
Such golf course shall be complete with all necessary underground irrigation
system; drainage system; green, tee, and fairway construction; practice ground
or driving range; parking area; golf course maintenance equipment; maintenance
and club house buildings and facilities; access roads, fences, and all other
appurtenances necessary to maintain and operate a first-class golf course, all
in accordance with plansland specifications to be prepared by the City offi-
cials. The estimated cost thereof, including the cost of the issuance of the
general obligation bonds herein authorized, is hereby declared to be, as near
as may be, the sum of $170,000.00. 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 "General Obligation Municipal
Golf Course Bonds, 1958," of the City of Pasco, Washington; shall be dated
September 1, 1958; shall be in the denomination of $1,000.00 each; shall be
numbered from 1 to 170, inclusive; and shall bear interest at a rate or rates
not exceeding 6% per annum, payable semiannually on the 1st days of March and
September of each year as evidenced by coupons attached to said bonds repre-
senting interest to maturity, with full obligation on the part of the City to
pay interest at the same rate or rates from and after maturity until said bonds,
both principal and interest, are paid in full. Both principal and interest are
to be paid in lawful money of the United States of America at the office of the
City Treasurer of the City of Pasco, Washington, and the bonds shall be payable
serially in order of their numbers, as follows:
Bond
Numbers
Amounts
Maturities
1
to
59
inclusive
$ 59,000
September
19
1960
6
to
10,
"
$ 59000
September
19
1961
11
to
16,
"
$ 69000
September
1,
1962
17
to
22,
$ 69000
September
10
1963
23
to
29,
"
$ 79000
September
1,
1964
30
to
36,
"
$ 79000
September
1,
1965
37
to
449
"'
$ 89000
September
1,
1966
45
to
529
$ 8,000
September
19
1967
53
to
61,
"
$ 99000
September
1,
1968
62
to
709
"
$ 99000
September
1,
1969
71
to
80,
"
$10,000
September
1,
1970
81
to
909
$109000
September
1,
1971
91
to
100,
"
$100000
September
1,
1972
101
to
1119
"
$119000
September
1,
1973
112
to
1229
$119000
September
19
1974
123
to
1339
,o
$11,000
September
11
1975
134
to
1459
"'
$129000
September
1,
1976
146
to
157,
"'
$122000
September
19
1977
158
to
1709
$139000
September
1,
1978
Section 3. 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 and after five years from date of issue, in
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other than the replacement of equipment, to wit, for the pur-
pose of -providing the funds necessary to construct, install
and equip.an 18 -hole municipal golf course on land owned by
the City, with all necessary underground irrigation system;
drainage system; green, tee, and fairway construction; prac-
tice:ground or driving range; parking area; golf course
maintenance equipment; maintenance and club house buildings
and facilities; access roads, fences, and all.'other appurten-
ances necessary to maintain and operate a first-class golf
course,,. -all in'accordance with plans and specifications to be
prepared by the City officials.
The City of Pasco has reserved 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
and after five years from date of issue hereof, in inverse
numerical order, highest numbers first, by -giving at least
thirty days' notice of.such intended redemption in the offi-
cial newspaper of the City, such notice 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 such call date.
The City of Pasco hereby irrevocably pledges itself to.levy
taxes annually, within the constitutional and statutory tax
limitations provided by law, upon all property in the City
subject to taxation in an amount sufficient to pay the princi-
pal of and interest upon the bonds of this issue as..the.same
shall accrue, and the. ,full faith, credit and resources of the
City are hereby irrevocably pledged for the payment of princi-
pal of and -interest on said bonds.
It is hereby certified that all acts, conditions and things
required to be done precedent to and in.the issuance of this
bond have been done, have happened and have been performed as
required by law, and that the total indebtedness of the City,
including this bond issue, does not exceed any constitutional
or statutory limitations.
IN WITNESS WHEREOF, the City of Pasco, Washington, has
caused this bond to be signed by its Mayor and attested by its
City Clerk and its corporate seal to be hereto affixed and the
interest coupons attached to be signed with the facsimile sig-
natures of said officials the lst day of September, 1958.
ATTEST:.
CITY CLERK
CITY OF, PASCO.,__WAS�HINGTON
BY
MAYOR
-.,D
The form of. the interest coupons shall be substantially as follows:
On the lst day of (March)(September), 19 , THE CITY OF .
PASCO, WASHINGTON, upon presentation and surrender of this
coupon will pay to the bearer at the office of the City
Treasurer the sum of
M.=
in lawful money of the United States of America, said sum
being the semiannual interest due that date upon its
"General Obligation Municipal Golf Course Bond, 1958,"
dated September 1, 1958, and numbered
CITY OF PASCO, WASHINGTON
MAYOR
ATTEST:
CITY CLERK Coupon No,
Section 6. The bonds shall be printed or lithographed on good bond
paper and shall be signed by the Mayor and attested by the Clerk of the City
of'Pasco, Washington, under the seal of the City and the coupons shall bear the
facsimile signatures of the Mayor and the Clerk.
Section ?. The bonds shall be sold for cash at.public sale for not
less than par, plus accrued interest, upon sealed bids to be received at the
office of the City Clerk up to the day and hour -stated in the Notice of Sale.
hereinafter directed to be given.
Notice calling for bids to purchase said bonds shall be given by pub-
lication thereof once a week for four consecutive weeks in the official news-
paper of the City of Pasco and such other notice shall be given as the City
Council may hereafter direct. Said notice.shall specify that bids for the
purchase.'of the bonds shall be received by the City Clerk of Pasco at the
Council Chambers in the City Hall of said City on August 5, , 19589
up to 8:00 o*clock P.m., at which time said bids will be publicly opened
for the purchase of said bonds.
A copy of the notice shall, at.least three weeks prior to.the date
fixed for the sale, be mailed to the.State Finance Committee, Olympia,
Washington.
Bids shall be invited for the purchase of the bonds with fixed matur-
ities according to the schedule specified in Section 2, above.
The notice shall specify the maximum rate of interest the bonds may
bear, to wit, 6% per annum, and shall require bidders to submit a bid specify-
ing:
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(a) The lowest rate or rates of interest and premium, if any, above
par at which such bidder will.purchase• the bonds; or
(b) The lowest rate or rates of interest at which the bidder will
purchase the bonds at par.
Each bidder shall state the total amount.of interest to be paid over
the life of the bonds and the effective interest rate.
The bonds shall be sold to the bidder making the best bid, subject
to the right of the City Council of the City of Pasco to reject any and all bids
and to readvertise; and no -bid for less.than the entire issue shall be considered.
The bids shall be sealed and, except the bid of the State of
Washington, if one is received, shall be accompanied by a deposit of 5%, either
in cash or by certified check, of the amount.of the bid, which shall be returned
if the bid is not accepted. If the successful bidder shall fail or neglect to
complete the purchase of the bonds within thirty days following -the acceptance
of his bid, the amount of his deposit shall be forfeited to the City of Pasco,
and, in that event, the City Council may accept the bid of the one making the
next best bid, or, if all bids be rejected, the City Council shall readvertise
the bonds for sale in the.manner as herein provided. If there be two or more
equal bids for not less than par plus accrued interest and such bids are the
best bids received, the City Council -shall determine which bid will be accepted.
The bonds will be delivered to the successful bidder at the office of the City
Treasurer of Pasco, or at such other place as the City Treasurer and the success-
ful bidder may mutually agree upon.
The City Clerk shall be and is hereby authorized and directed to pub-
lish Notice"of Sale of the bonds in•the manner required by law in accordance
with the provisions of this Section. The City of Pasco, Washington, will furn-
ish the bonds., together with the approving legal opinion of Messrs. Weter, .
Roberts & Shefelman, municipal bond counsel, of Seattle, Washington, without cost
to the purchaser. :A Non -Litigation Certificate will be included in the closing
papers.
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