The URL can be used to link to this page

Home My WebLink About0945 OrdinanceCITY OF PASCO, WASHINGTON ORDINANCE NO. 945 AN ORDINANCE fixing the amount, form, date, interest rate, maturity and denominations of Local Improvement District No. 63 Bonds and di- recting the issuance and sale thereof to Terry Thompson & Co., Seattle, Washington, THE CITY COUNCIL OF THE CITY OF PASCO, WASHINGTON, DO ORDAIN AS FOLLOWS: Section 10 The total amount of the assessment roll in Local Improvement District No. 63 in the City of Pasco, Washington, created under Ordinance No. 905, was 205,166.72. The thirty -day period for making cash payments of assessments without interest in said District expired on September 8, 1958, and the total amount of assessments paid in cash was $34,132.21, leaving a balance of assessments unpaid on the assessment roll in the sum of 0171,034.51. Local Improvement District Bonds of Local Improvement District Noo 63 shall, therefore, be issued in the total principal sum of $171,034.51 - Bond No. 1 of said issue shall be in the denomination of $1034.51 and the remaining bonds, to -wit: bonds numbered 2 to 171, inclusive, shall be in the denomination of $1,000.00 each. The bonds shall be dated October 1, 1958, and shall be payable on the 1st day of October, 1970s with the right re- served to the City to redeem said bonds prior to maturity on any interest payment date in numerical order, lowest numbers first, whenever there shall be sufficient money in the "Local Improvement Fund, District No. 63," created by Ordinance No. 905, passed the lst day of October, 1957, to pay the bonds so called and all earlier numbered bonds over and above the amount required for the payment of the interest on all unpaid bonds, by publishing notice of such call once in the official newspaper of the City, and upon such date the interest on bonds so called shall cease and each and every coupon representing interest not accrued on such date shall be void. The bonds shall bear interest at the rate of 5 1/2% per annum, payable annually, beginning on the 1st day of October, 1959, with interest coupons to maturity attached to each bond representing inter- est at the rates of 1 1/2% per annum and 4% per annum for each interest payment period. Section 2. Each of the bonds and interest coupons at- tached thereto shall be in substantially the following form: No. $1,000.800 -- ($1,034.51 on Bond No. 1) UNITED STATES OF AMERICA STATE OF WASHINGTON LOCAL IMPROVEMENT BOND OF CITY OF PASCO LOCAL IMPROVEMENT DISTRICT NO. 63 5 112% N.B. The laws of the State of Washington, under which this bond is issued, contain the following sec- tion (RCW 35*45-070): "Neither the holder nor the owner of any bond, interest coupon, or warrant issued against a local improvement fund shall have any claim therefor against the city or town by which the same is issued, except for payment from the special assessments made for the improvement for which the bond or warrant was is- sued, and except also for payment from the local im- provement guaranty fund of such city or town as to bonds issued after the creation of a local improvement guaranty fund of that city or town. The city or town shall not be liable to any holder or owner of any bond, interest coupon, or warrant for any loss to the local improvement guaranty fund occurring in the law- ful operation thereof. A copy of the foregoing part of this section shall be plainly written, printed or engraved on each bond." THE CITY OF PASCO, a municipal corporation of the State of Washington, hereby promises to pay to Terry Thompson & Co., of Seattle, Washington, or bearer ONE THOUSAND DOLLARS ($lo 034,.51 on Bond No.l) - 2 - in lawful money of the United States of America, with interest thereon at the rate of 5 1/2% per annum, pay- able annually out of the fund established by Ordinance No. 905 of said City and known as "Local Improvement Fund, District No. 63" and not otherwise, except from the guaranty fund, as herein provided. Both principal and interest on this bond are payable at the office of the City Treasurer of the City. Interest coupons at the rates of 1 1/2% per annum and 4% per annum are attached hereto for each install- ment of interest.. The City Council of the City, as agent of such Local Improvement District No. 63 established by Ordinance No. 905, has caused this bond to be issued in the name of the City as the bond of such Local Improvement Dis- trict, the bonds or the proceeds thereof to be applied in part payment of so much of the cost and expense of constructing and installing sanitary sewers within certain areas in the City under Ordinance No, 905 as is levied and assessed against the property in- cluded in said Local Improvement District and ben- efited by said improvement, and the said Local Improve- ment Fund has been established by ordinance for said purpose, and the holder or holders of this bond shall look only to said fund and to the Local Improvement Guaranty Fund of the City for the payment of either the principal or the interest of this bond. This bond is one of a series of 171 bonds aggregat- ing in all the principal sum of $171,034.51, issued for said Local Improvement District, all of which bonds are subject to the same terms and conditions as herein expressed. This bond is payable on the 1st day of October, 1970, but is subject to call by the City Treasurer of the City for prior redemption whenever there shall be sufficient money in said Local Improvement Fund.to pay the same and all unpaid bonds of the series of which this bond is one, which are prior to this bond, in numerical order, over and above sufficient for 'the payment of the inter- est on all unpaid bonds of said series. The call for payment of this bond, or any bond of the series of which this is one, shall be made by the City Treasurer by publishing the same once in the official newspaper of the City, and when such call is made for the payment of this bond, it will be paid on the day the next inter- est coupon thereon shall become due after said call and upon said day interest upon this bond shall cease and any remaining coupons shall be void. IT IS HEREBY CERTIFIED, Recited and Declared that all acts, conditions and things required to be done preced- ent to and in the levying of said special taxes or assess- ments and the issuing of said bonds have been properly done, have happened and been performed in regular and due form, as required by law; and that said bonds have not been issued in an amount in excess of the cost of said improvement. IN WITNESS WHEREOF, the City of Pasco, Washington, has caused these presents to be signed by its Mayor and - 3 - attested by its City Clerk and sealed with its cor- porate seal this 1st day of October, 1958. CITY OF PASCO, WASHINGTON By (SEAL) MAYOR ATTEST: CITY CLERK (4% Coupon) Bond No. _ $40 ,00 441,,38 on Bond No. 1) On the 1st day of October, 19_, the CITY OF PASCO, WASHINGTON, promises to pay to bearer at the office of the City Treasurer FORTY AND N0/100 DOLLARS (40,00) (FORTY ONE AND 38/100 DOLLARS ($41.38) on Bond No, 1) being twelve months' interest due that day on Bond No. of the bonds of Local Improve- ment District No,S3, and not otherwise, provided that this coupon is subject to all terms and con- ditions contained in the bond to which it is an- nexed and, if said bond shall be called for payment before maturity thereof, then this coupon shall be void. ATTEST: CITY OF PASCO, WASHINGTON By MAYOR CITY CLERK (1 1/2% Coupon) Bond No. _$15#00 ($15.52 on Bond No. 1) . On the lst day of October, 19_, the CITY OF PASCO, WASHINGTON, promises to pay to bearer at the office of the City Treasurer, FIFTEEN AND N0/100 DOLLARS ($15.00) (FIFTEEN AND 52/100 DOLLARS ($15.52) on Bond No, 1) being twelve months interest due that day on Bond No. . of the bonds of Local Improvement District No, Z3, and not otherwise, provided that this coupon is subject to all terms and conditions contained in the bond to which it is - 4 - i annexed and, if said bond shall be called for payment before maturity thereof, then this coupon shall be void* CITY OF PASCO, WASHINGTON By _ MAYOR ' ATTEST: CITY CLERK Coupon No. Sectio_ The bonds shall be printed on litho- graphed forms,, shall be.signed by the Mayor and attested by the Clerk and shall have the seal of the City of Pasco af- fixed thereto and the coupons shall bear the facsimile sig- natures of the Mayor and the Clerk. Section Terry Thompson & Co., of Seattle, Wash- ington, heretofore offered to purchase all of the local im- provement bonds of Local Improvement District No,,, 63 at a price of par, plu.s,accrued interest from the date of issuance to the date of delivery of the bonds to said purchaser, the City to furnish. the printed bonds.and the approving legal opin- ion of. Weter, Roberts & Shefelman, municipal bond counsel of Seattle, Washington, at the City's expensem The City Council, deeming that no better offer could be received for the bonds, and that it was in the best interest of the City to ac- cept said offer, duly accepted the same on September 17, 1957, and said acceptance is hereby ratified and confirmed, The bonds shall, therefore, immediately upon their execution, be delivered to Terry Thompson & Co., Seattle, Washington, upon payment thereof in accordance with said offer. PASSED by the City Council and APPROVED by the Mayor of -5- the City of Pasco, Washington, at a regular meeting thereof on this 7th day of October, 1958. ATTEST: r� CITY CLEC - AP OV�ED AS TO RM CITY ATT 0 NEY - 6 MAYOR w 0