HomeMy WebLinkAbout0967 OrdinanceCITY OF PASCO, WASHINGTON
ORDINANCE NO. 967
AN ORDINANCE fixing the.amount, form, date,
interest rate, maturity and denominations of
Local Improvement District No. 64 Bonds and
directing the issuance and sale thereof to the
City as an investment for its F_iremin's Relief
and Pension Fund, Consumer Deposit and Cemetery
Trust Fund.
THE CITY COUNCIL OF THE CITY OF PASCO, WASHINGTON, DO
ORDAIN AS FOLLOWS:
Section 1. The total amount of the assessment roll in
Local Improvement District No. 64 -in the City -of Pasco, Washington,
created under Ordinance.No. 928, was $130,757.44. The thirty -day
period for making cash payments of assessments without interest in
said District expired on May 22, 1959, and the total amount of assess-
ments paid in cash was $14,249..37, leaving a balance of assessments
unpaid on the assessment roll in the sum of $116,508.07. Local
Improvement District Bonds of Local Improvement District No..64
shall, therefore, be issued in the total principal sum of $116,508.07.
Bond.No. 1 of said issue* shall be in�the denomination of.$508.07 and
the remaining bonds, to-wit:..bonds numbered 2 to 117, inclusive,
shall be in the denomination of $1,000.00 each. The bonds shall be
dated June 15, 1959, and shall be'payable on the 15th day ,df June,
1981, with the right re.served'to the City to redeem said bonds prior
to maturity on any interest payment date in numerical order, lowest num-
bers first, whenever there shall'be sufficient money in the "Local
Improvement Fund, District No. 64," created by Ordinance No. 928,
passed on the 3rd day of June, 1958, 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 4% per annum,
payable annually, beginning on.the. 15th day of June, 1960, with
interest -coupons to maturity attached to each bond
Section.2. Each of the bonds and interest coupons at-
tacked thereto shall be in substantially the following form:
No. $1,000.00
($508.07 on Bond No. 1)
UNITED STATES OF AMERICA
STATE OF WASHINGTON
LOCAL IMPROVEMENT BOND
OF
CITY .OF PASCO
LOCAL IMPROVEMENT DISTRICT NO. 64
4%
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 bearer
ONE THOUSAND DOLLARS
0508.07 on Bond No. 1)
-2-
in lawful money of the
interest thereon at the
annually out of the fur
No. 928 of said City ar
Fund, District No. 64"
from the guaranty fund,
principal and interest
the,.office of the City
United States of America, with
rate of 4% per,annum, payable
d established by Ordinance
d known as "Local Improvement
and not otherwise,' except
as herein provided. Both
on this bond are payable at
Treasurer of the. City.
The City Council of the City, as agent of such Local
Improvement District No. 64 established'by Ordinance
No. 92.8,'.has caused this bond'to be is-sued*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
improving Brown Street.from theeast line of Chase
Avenue to the -east line of Illinois Avenue and from
the west line of Oneonta Avenue to the wrest line of
Lucas Avenue and certain other streets and avenues
in the City of Pasco by the construction and instal-
lation of asphaltic concrete pavement, crushed rock
base course,. concrete'gutter and concrete curb where
necessary, storm sewer facilities including catch
basins, manholes, provisions for temporary disposal
of storm water, with all necessary appurtenances and
.all necessary contingent items, asprovided by
Ordinance No.. 928,.as is levie:d.and assessed against
.the property included in said Local Improvement
District and benefited by said improvement, and the
said Local Improvement 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 117 bonds aggre-
gating in all the principal sum of $116',508.07 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 15th day of June, 1981,
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 aufficient'for•the
payment of the interest on all unpaid bonds of said
series. The call for payment.of this bond, or any
bond of the series ofwhich 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 interest 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.
-3-
IT IS HEREBY CERTIFIED, Recited and Declared that
all acts, conditions and.things required to be done
precedent to and in the levying of said special taxes
or assessments 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 attested by its City Clerk and sealed with its
corporate seal this 15th day of June, 1959.
CITY OF PASCO, WASHINGTON
By
(SEAL) MAYOR
ATTEST:
CITY CLERK
Section 3. The bonds shall be printed on lithographed
forms, shall be signed by the Mayor and attested by the Clerk 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. The City has heretofore been purchasing as
an investment for its Fireman's.Relief and Pension Fund, Consumer
Deposit and Cemetery Trust Fund
the local improvement district warrants issued to pay the cost
of the improvement and said local improvement bonds of Local
Improvement District No. 64 shall immediately upon execution be
exchanged for and in redemption• .of .an equal .amount of .said• local
improvement district warrants,and said bonds shall be retained
as an investment for the aforesaid Funds of the City.
PASSED by the City Council of the City of Pasco, Washing-
ton, at a regular meeting thereof and APPROVED by the Mayor of the
City this 2nd day of June, 1959.
/f 2-
MAYOR
MAYOR
ATTEST:
APPR AS TO FO
` CITY ATTORNEY.
'1
PUBLISHED G `�
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