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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 `� Sf