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HomeMy WebLinkAbout1025 OrdinanceA 'r CITY OF PASCO,.WASHINGTON ORDINANCE NO, 102 AN ORDINANCE of the City of Pasco, Washington, providing for the issuance,. specifying the maturities and maximum interest rate, and fixing the form of $350,000.00 par value of "General Obli- gation Bonds, 1961," authorized by the qualified voters of the City at a special election held on November 8, 1960, in conjunction with the state general elec- tion held on the same date, pursuant'to Ordinance No . 1.006 ; and providing for the sale of the bon THE CITY COUNCIL OF THE CITY OF PASCO, WASHINGTON, DO ORDAIN, as•follows: Section 1. The City of Pasco, Washington, general obligation bonds authorized by the qualified voters of the City at a special election held on November 8., 1960, in conjunction with the state general election held on;the same date, pursuant n to Ordinance No..1006, shall be designated ".General Obligation Bonds, 1961," shall be dated June 1, 1961, shall be in denomina- tions of $1,000.00 each, shall be numbered from 1 to 350, inclusive, and shall bear interest at a rate not to exceed 6% per annum, payable semiannually on the lst days of'June and December of each year, as evidenced.'by interest coupons to be attached to the bonds.representing interest to.maturity with full obligation on the part of the City to pay interest at the same rate 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 over a period of from two to twenty years from the date of issue and mature in .order of their numbers,: as follows: IV Bond Numbers Amounts Maturities 1 to 13, incl. $13,000 June 1, 1963, 14 to 26, $13,000 June 1, 1964 27 to 40, 1114,000 June 1, 1965 41 to 54, ".. 14,000 June 1, 1966 55 to 69, " 15,000 June 1, 1967. 70 to8?+, ►' 15, 000 June .1, 1968 85 to 100, " 16,000 June 1, 1969 101 to 117, " 17,000 June 1, 1970 118 to 134, $17,000 June 1, 1971 135 to 152, " 18, 000 June. 1,. 1972 153 to 171, " 19,000 June 1,: 1973 172 to 191, 020,000 June 1, 197 192 to 211, $20,000 June 1, 1975 212 to 232,`.' 21,000 June 1, 1976 233 to 254, '► 22,000 June 1,. 1977 255 to 277, S23,000 June 1,.1978 278 to 301, " 24;000 June 1, 197.9 302 to 325, " 24,.000 June 1, 1980 326 to 350, " 25,000 June 1, 1981' ,.Section 2. 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 -June -1, 19,66,. or on any semiannual interest payment date thereafter, in inverse- numerical.order, highest numbers first, by giving at least thirty days' notice of such intended redemption in -the official 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. Intere.st. on any bonds 'so called for redemption shall cease on such -call date. Section 3. The City of Pasco hereby irrevocably pledges itself to levy taxes annually, without limitation as to rate or amount, 'on all property in the 'City subject to taxation ' in an amount sufficient to pay the :principal of and interest on said bonds as the same shall become due, and the full faith, credit.and resources of the City are hereby irrevocably pledged -for the payment -of the principal -of and interest on the bonds Section 4. The bonds shall.be in substantially the following form No. $1,000.00 UNITED STATES OF AMERICA STATE OF WASHINGTON _ 2 _ 0 r CITY OF PASCO GENERAL OBLIGATION BOND, 1961 KNOW ALL MEN BY THESE PRESENTS: That the City of Pasco, State of Washington, is justly indebted and for value received promises to pay to bearer on the 1ST DAY OF -JUNE, 19 , the principal sum of ONE THOUSAND DOLLARS 'together with interest thereon at the rate of PER CENT (_ 6) per annum, until u y paid, payable semiannually on the lst days of June and December of each year, the interest to maturity being evi denced'by and payable upon the presentation and surrender of the attached interest coupons as they severally become due,' -with full obli- gation on the part of the City to pay intereEt at the same rate from and after the maturity date, in the absence of coupons, until this bond with interest is paid in full. This bond is payable, both principal and interest, in lawful money of the United States of America at the office of the City Treasurer of Pasco, Washington. This bond is one of an issue of- $350,000.00 par value of bonds of like date, tenor and effect, except as to maturities (and interest rates if more than.one), and, is.issued by the City of Pa'scon for strictly municipal capital purposes, other than the replacement of.equip- ment, to wit, for the purpose of paying the cost of constructing and.equipping a new City library, including the acquisition'of neces- sary books therefor, on a site presently.owned' by the ;City or on a site to - be acquired, .as provided in'Ordinance No. 1006, and is issued -in- full* compliance wi 1 the ordinances of the City of Pasco and the laws and Consti- .tution-of the State°of Washington. 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 June 1, 1866, or on any semiannual interest payment date thereafter, in inverse.numeiical order; highest numbers first, by giving at least thirty days' notice of such intended. redemption in the official 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. _3_ The City of Pasco hereby irrevocably pledges itself to levy taxes annually, with- out limitation as to rate or amount, upon all property in the City subject to taxation .in an amount sufficient to pay the principal and interest on the bonds as the same shall become due. The full .faith, credit and resources of the City are hereby irrevocably pledged for the payment of the principal and interest on the bonds as the same shall become due. It is hereby certified that all acts, con- ditions and things required. to be done prece- dent to and in the issuance of this bond have been done, have happened and have been per- formed 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 facsimile signatures of said officials this 1st day of June, 1961. CITY QF CO. WASHINGTON BY MAYOR ATTEST: CITY CLERK The form of the interest coupons shall be..,,. substan- tially as follows: Coupon No. On the 1st day of (June)(December), 19 , the CITY OF PASCO, WASHINGTON, upon prese�- tion and surrender of this coupon, will pay to the bearer at the office of the City Treasurer the sum of DOLLARS ($ in lawful money of the -United States of—America, said sum being the semi- annual interest due that date upon its General Obligation Bond, 1961, dated June 1, 1961, and numbered CITY F"'- © —.W&�NGTON BY. 4 ATTEST: -MAYOR CITY CLERK - 41 - Section 5. The bonds of said.issue 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 under the seal of the City and the coupons shall bear the facsimile sig- natures of the Mayor and Clerk. Section 6. 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 publication thereof once a week for four (4) conse- cutive weeks in the official newspaper of the City of Pasco, and such notice shall also be published once in the Daily Journal of Commerce of Seattle, Washington, at least ten (10) days before the bid opening date. Such notice shall specify that bids for the purchase of said bonds shall be received by the City Clerk of the City of Pasco at the Council Chambers in Y the City Hall of the Cit on May 2 1961, up to x:00 o'clock p.m..., at•which time all bids -will be publicly opened for the purchase of said bonds. A copy of said Notice shall, at least three (3) 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 said bonds with fixed maturities in accordance with the schedule specified in Secticn).l, above. The Notice shall specify the maximum rate of interest said bonds shall bear, to wit, 6% per annum, and shall require bidders to submit a bid specifying: - 5 - I � i (a) The lowest rate or rates of interest and premium, if.any, above par, at which the. 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 bid shall state the total interest cost over the life of the bonds and. the net effective interest rate of such bid. The bonds shall be 'sold to the bidder making the best bid, subject•t`o the right of the City.Council of the City of Pasco to reject any and all bids and to readvertise the bonds for sale in the.manne:r provid.ed'by law, and no bid for less than all of the bonds shall be considered. All 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 certified check, payable to the City Treasurer of the City `of Pasco, of the amount of the bid which shall be returned if the bid is not accepted. (only one deposit shall be required of each bidder.) If the bonds are ready for delivery and the successful bidder shall fail and neglect to complete.the purchase of the bonds within thirty (30) days following the.accgtance 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. If there be two or more equal bids for the bonds for not less thanfa.r, plus accrued interest, and such bids are the best bids received, the City Council shall determine which bid will be accepted.. The bonds shall be delivered to the suc- cessful bidder.at the office of the -City Treasurer of the City of Pasco or at such other place as the City Treasurer and the successful bidder may mutually agree upon. A no -litigation certificate will be included in the closing papers. -: 6 The City Clerk of the City of Pasco shall be and is hereby authorized and directed to publish Notice for the pur- chase of said bonds in the manner required by law in accordance with the provisions of this Section. Such Notice shall provide that the City of Pasco will cause the bonds to be printed or lithographed and signed and will furnish the approving legal opinion of Weter,. Roberts & Shefelman, municipal bond counsel of Seattle, Washington, covering the bonds without cost to the purchasers.. Section 7. The proceeds from the sale of the bonds shall be used solely formunicipalcapital' purposes, other than the replacement of equipment, as herein provided. PASSED by the City Council of the City of Pasco,, Washington., at a regular meeting there of and. APPROVED by the Mayor this 21st day of March, .1961. ATTEST: APPROED AS T0 RM: CITY"ATTORNEY