HomeMy WebLinkAbout1019 OrdinanceCITY OF PASCO.,, WASHINGTON
ORDINANCE NO. C)
AN ORDINANCE specifying and adopting a
plan and system for making additions to and
betterments and extensions of the Municipal
Airport; declaring the estimated cost thereof
as near as may providing for the issuance
and sale of not to exceed $60, 000. 00 par value
of Airport Revenue Bonds to obtain funds with .
which to pay a part of the cost of said plan
and system; creating a special fund to provide
for the payment of said bonds; and authorizing
and directing the City officials to proceed with
the improvemeirt.
WHEREAS, the City of Pasco, Washington, now owns and
operates a Municipal Airport; and
.WHEREAS, it is .deemed essential -to the operation of said
Municipal Airport and to the best interests of the City that a 500 -foot exten-
sion of Runway 20R -2L be constructed; NOW„ THEREFORE,
THE CITY COUNCIL OF THE CITY OF PASCO, WASHINGTON,
DO ORDAIN, a.s follows,!
Section 1. The City of Pasco, Washington, hereby specifies
and adopts a plan and system fox making additions to and betterments and
extensions of the existing Municipal Airport, which shall consist of the
following:
A 500 -foot extension of Runway .20R -2L shall be constructed,
including the following items of work; excavation to. subgrade and clearance
zones, ballasting, prime -coat, asphalt concrete surfacing and non-skid seal
coat, extension of runway lighting and relocation of threshold lights, soil
stabilization of side slopes, waste sites, and such other work as may be
necessary and incidental to such improvement.
The. City Council may, m-odfy the details of the foregoing plan.
and system- where, .in its judgment, it appears advisable, .provided such'
modifications do not substantially alter the purposes hereinbefore set forth.
Section 2, The estimated cost, as near as may be, 'of the
aforesaid plan and system is hereby declared to be $111, 237. 00.
Section 3. The life of the facilities to be acquired .pursuant
to the foregoing plan and system of additions to and betterments and exten-
sions of the Municipal. Airport- of the City is hereby declared to be at least,
20 years.
Section 4, The gross revenues to be derived from the opera-
tion and maintenance. of.the Municipal Airport and the additions thereto and
the extensions and betterments thereof herein provided for, at the charges
or rentals to be made for the use of the Airport properties and facilities and
the charges for any services or accommodations, will, in the judgment of
the City Council, be more than sufficient. to meet all expenses of operation
and maintenance thereof and to permit the setting aside in a special fund out
of the gross revenues of said Airport of. -an, amount sufficient to pay the interest
on the Airport Revenue Bonds herein authorized to be issued as such interest
becomes payable, and to.payand.redeem.all of said bonds at maturity.
Section 5. The. co.s.t of acquiring, constructing and making
the foregoing additions to and betterments and extensions of the Airport
facilities of the City at the Municipal Airport shall be paid as follows:
(a) From a grant from the United States Government approved
by the Federal Aviation Agency in the approximate amount of $51, 237. 00; and
(b) From. the proceeds received from the issuance and sale
of Airport Revenue Bonds in an amount of not; to exceed $60, 000 par value.
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Such bonds shall be entitled "Airport Revenue Bonds, 1961,"
shall bear interest at a rate or. rates not to exceed 6% per annum payable
semiannually and shall he numbered from "one" upward consecutively. The
bonds shall be issued at such time or times; shall be in such denominations
and form; shall bear such date or dates and interest rate or rates; shall be
payable at suchplace or _place,s,•' shall mature. serially in accordance with such
schedule,beginni,n.g not earlier than one year after date of issuance and ending
not later than 20 years thereafter or shall be term bonds; shall have such
option of payment prior to maturity; shall guarantee such coverage and collec-
tion of rates; shall provide for such additional funds and accounts; and shall
contain and be subject to such provisions and covenants as shall be hereafter
provided by ordinance.
Section 6. There shall be and hereby is created and established
in the office of the Treasurer of the City of Pasco a special fund, to be known
as "Airport Revenue Bond Fund, 1961," which fund is to be drawn upon for the
sole purpose of paying the principal of and interest on the bonds and on any
bonds which may be hereafter issued on a parity of lien with the bonds author-
ized herein under such terms and conditions as the City Council may hereafter
prescribe. From and after the date of issuance of. said bonds and so long
thereafter as bonds are:"outstanding against said "Airport Revenue Bond Fund,
1961, " the City Treasurer shall set aside and pay into such fund out of the.
gross revenues of the Municipal. Airport .of the City a fixed amount without
regard to any fixed proportion,' namely, an amount sufficient to pay the prin-
cipal of and. interest on all bonds payable out of said fund as they respectively
become due and to create such surplus and reserve, if any, that may here-
after be prescribed by ordinance. The gross revenues from the Municipal
Airport of the City .are hereby pledged to such payment and the bonds herein
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authorized shall constitute a charge or lien upon such revenues prior and
superior to any other charges whatsoever, excluding charges for maintenance
and operation, PROVIDED, HOWEVER, that if the City Council shall here-
after make provision for the issuance of bonds on a parity with the bonds
herein authorized to'be issued upon such terms and conditions as the City
Council may hereafter prescribe, the charge or lien upon such gross revenues
for the bonds herein authorized shall be on a parity with the charge or lien
upon such gross revenues for such additional parity bonds.
Section 7. The City Council and corporate authorities of the
City of Pasco hereby declare that in creating the said special fund and in fixing
the amounts to be paid into it, as set forth herein, they have exercised due
regard for the cost of operation and maintenance of the Municipal Airport of
the City, and the City'has not bound and obligated itself and will not bind and
obligate itself to set aside and -pay info such -special fund a greater amount or
proportion of the reve_ques of the Municipal. Airport of the City than in the
judgment of the City Council will be availableover and above .such costs of
maintenance and operation, and that no portion of the revenues of the Municipal
Airport of the City has been previously pledged for any other indebtedness.
Section 8. The proceeds from the' sale of the foregoing bonds
shall be used for the sole purpose of making the additions to and betterments
and. extensions of the Municipal Airport of the City as herein authorized and
of paying a part of the cost and expense connected .therewi-th, and the City of
Pasco, through its. proper officers and agents, shall proceed with the making of
said improvements and the calling of bids therefor in the manner provided by
law.
PASSED by the City Council of the City of Pasco, Washington,
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