HomeMy WebLinkAbout1031 OrdinanceCITY OF PASCO, WASHINGTON
ORDINANCE NO.1031
AN ORDINANCE amending Ordinance No. 1022
passed February 21, 1961, and entitled
"AN ORDINANCE providing for the
issuance of $60,000.00 par value of
"Airport Revenue Bonds, 1961," for
the purpose of obtaining a part of
the funds with which to pay the cost
of carrying out the plan and system
for making additions to and betterments
andextensions of the existing Munici-
pal Airport of the City, as adopted
by Ordinance No. 1019; fixing the form,
date, maturities, maximum interest rate,
covenants and terms of said bonds; and
providing for the calling.of bids for
the sale thereof . ";
fixing the interest rates on said bonds, and
providing:for the sale and delivery thereof
to Richards, Merrill & Peterson, Inc., of
Spokane, Washington.
WHEREAS, the City of Pasco, Washington, by Ordinance No.
1022 passed by.the City Council and approved by the Mayor on the
21st day of February, 1961, provided for the issuance of
$60,000.00 par value of "Airport Revenue Bonds, 1961," for the
purpose of obtaining a part of the funds with which to pay the
cost of carrying out the plan.and system for making additions to
and.betterments and extensions of the existing Municipal Airport
of the City, as adopted by Ordinance No. 1019, and provided for
the calling of bids for the purchase of the bonds to be received
by the City Clerk at the City Hall, Pasco, Washington, until.
8:00 o'clock p.m., on. March 7, 1961; and
WHEREAS, bids for the purchase'of said bonds were duly
called in the manner provided by said Ordinance No.1022 , and no
bids for such purpose were received at the time and place fixed.
for the receipt thereof; and
WHEREAS, the City Council -thereafter entered. into
negotiations for the receipt of negotiated bids for the purchase
of said bonds; and
WHEREAS, on March 21, 1961, Richards, Merrill &
Peterson, Inc., of Spokane, Washington, offered to purchase said
bonds on the terms hereinafter provided, which offer the City
Council, deeming it to be in the best interest of the City, duly
accepted on March 21, 1961; and
WHEREAS, said bond purchaser requested that the date
of issuance and maturity dates of said bonds be changed as here-
inafter set forth, NOW, THEREFORE,
THE CITY COUNCIL OF THE CITY OF PASCO, WASHINGTON, DO
ORDAIN, as follows:
Section 1. Section 1 of Ordinance No. 1022 passed by
the City Council and approved by -the Mayor on the 21st day of
February, 1961, is hereby amended to read as follows:
"Section 1. For the purpose of obtaining a
part of the funds necessary to carry out the
plan and system for making additions to and bet-
terments and extensions of the existing Municipal
Airport, as adopted by Ordinance No. 1019, there
shall be issued and sold $60,000.00 par value of
'Airport Revenue Bonds, 1961' (hereinafter called
the 'Bonds'). The Bonds shall be in denomina-
tions of $1,000.00 each, shall be numbered from 1
to 60, inclusive, shall be dated April 1, 1961,
and shall bear interest at the rates hereinafter
set forth, payable semiannually on April 1 and
October 1 of each year, interest to maturity to
be evidenced by coupons to be attached to the
Bonds, with full obligation on the part of the
Cityto pay interest at the same rate or rates
.`from and after the bond maturity dates until
the Bonds with interest are paid in full. Both
principal of and interest on the Bonds shall be
payable in lawfpl money of the United States of
America at the office of the Treasurer of Pasco,
Washington, solely -out of the 'Airport Revenue
Bond Fund, 1961' (hereinafter called the 'Bond
Fund'), created and established by Ordinance
No. 1019.
"The Bonds shall mature serially, and shall
bear, interest, in accordance with the following
schedule:
Interest
Bond Numbers Amounts Rates Maturities
1 and
2
6n,00O
4
1/2/
April
1,
1962
3 and
4
,000
4
1/2o
April
1,
1963
5 and
6
,000
1,000
4
1/2f
April
1,
196+
7 and
8
,000
4
1/2f
April
1,
1965
9 and
10
4
1/2f
April
1,
1966
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Bond Numbers
(Cont' d)
11
and..
12
13.
and
14
15
to
17,inc.
18
to
20,
21
to
23, "
2.4
to
26,
27
to;.
29., „
30
to
32,
33
to
35, "
36
to
39, <<
.40
to
43,
44
to
47,
48
to
51, "
52
to
55,
56
to
6o,. "
Section 2. Section 2 of:Ordinance No. QZ2 passed by
the City Council and approved by the Mayor.on the 21st day of
February, 1961, is hereby amended to read as follows;
"Section 2. The City of Pasco reserves the
righ o re eem the Bonds'as a whole, or in part
in inverse numerical order, solely from net
earnings and revenues to be derived from the
operation and maintenance of the Municipal Air-
port, on April 1, 1966, or on any subsequent
interest payment date, At par, plus accrued
interest to date of redemption.
"The City of Pasco reserves the right to
redeem the Bonds as a whole, solely for refunding
purposes, on April 1, 1971, or on any subsequent
interest payment date, at par, plus accrued
interest to date of redemption.
"Notice of any *call for redemption of any of
the.Bonds prior,to their stated maturity dates
shall be published at least once in the offi-.
tial newspaper of the City not.less than 30 nor
.more than 45 days prior to the call date and
notice of said intended redemption shall also be
mailed to the original purchaser of the Bonds
within the same.period. Interest on any Bonds
so called for redemption shall cease on the
date fixed.for such redemption upon payment of
the redemption price into the Bond Fund."
Section 3. Section 3 of said Ordinance No. 1022 is
hereby amended to read as follows ..
"Section 3. The Bond Fund is hereby divided.
into two accounts, namely, a 'Principal and
Interest Account''. and -a ''Reserve Account," So
long thereafter as Bonds' are,'outstanding against
such -fund., the Treasurer of. the City of Pasco
shall set aside and pay into such fund out of.
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Interest
Amounts
Rates
Maturities
2,000
4
1/2/
April
1,
1967
2,000
4
1/2f
April
1,
1968
3,000
4
1/2%
April
1,
1969
3,000
4
1/2o
April
1,
1970
33000
4
1/2o
April
11
1971
3,000
.4
3/4%
April
1,
1972
3,000
4
3/4%
April
1,
1973
3,000
4
3/4%
April
1,
1974
3,000
4
.3,/4 o
April
1,
1975
4,000
4
3/40
April
i,
1976
4;000
4
3/4/
April
1,
1977
4,000
4
3/4%
April
1,
1978
4
3/4f
April
1,--1979
14,000
4,000
4
3/4%
April
1,
1980
5,000
4
3/4a
April
1,
1981"
Section 2. Section 2 of:Ordinance No. QZ2 passed by
the City Council and approved by the Mayor.on the 21st day of
February, 1961, is hereby amended to read as follows;
"Section 2. The City of Pasco reserves the
righ o re eem the Bonds'as a whole, or in part
in inverse numerical order, solely from net
earnings and revenues to be derived from the
operation and maintenance of the Municipal Air-
port, on April 1, 1966, or on any subsequent
interest payment date, At par, plus accrued
interest to date of redemption.
"The City of Pasco reserves the right to
redeem the Bonds as a whole, solely for refunding
purposes, on April 1, 1971, or on any subsequent
interest payment date, at par, plus accrued
interest to date of redemption.
"Notice of any *call for redemption of any of
the.Bonds prior,to their stated maturity dates
shall be published at least once in the offi-.
tial newspaper of the City not.less than 30 nor
.more than 45 days prior to the call date and
notice of said intended redemption shall also be
mailed to the original purchaser of the Bonds
within the same.period. Interest on any Bonds
so called for redemption shall cease on the
date fixed.for such redemption upon payment of
the redemption price into the Bond Fund."
Section 3. Section 3 of said Ordinance No. 1022 is
hereby amended to read as follows ..
"Section 3. The Bond Fund is hereby divided.
into two accounts, namely, a 'Principal and
Interest Account''. and -a ''Reserve Account," So
long thereafter as Bonds' are,'outstanding against
such -fund., the Treasurer of. the City of Pasco
shall set aside and pay into such fund out of.
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the gross revenues of the Municipal Airport of
the.City a fixed amount, without regard to any
fixed proportion, on or before the 20th day of
each month, as follows:
"(a) Into the 'Principal and Interest
Account,' beginning with the month of April,
1961, and continuing thereafter as long as
any of the Bonds are outstanding and unpaid,
an amount equal to at least one-sixth of the
interest to become due and payable on the
next interest payment date and at least one -
twelfth of the principal of the Bonds to
become due and payable on the next principal
payment date.
"(b) Into the 'Reserve Account,' begin-
ning with the month of April, 1961, at least
$85.00 until a total reserve of $5,100.00
shall have been accumulated therein, which
total reserve shall be accumulated by no
later than March 20, 1966.
"The 'Reserve Account' may be accumulated
from any other moneys which the City of Pasco
may have available for such purpose, in addi-
tion to using such revenues therefor.
"The City further agrees that when said
required amounts have been paid into the
'Reserve Account,' it will, at all times, except
for withdrawals therefrom as authorized herein,
maintain those amounts therein until there is a
sufficient amount in the Bond Fund, including
the 'Reserve Account' therein ,.to pay the prin-
cipal of and interest on the Bonds to the final
maturity thereof, at which time the money in
the Bond Fund, including the 'Reserve Account'
therein, may be used to pay such principal and
interest.
"In the event that there shall be a defi-
ciency in the Bond Fund to meet maturing
installments of either principal or interest, as
the case may be, on the Bonds, such deficiency
shall be made up from the 'Reserve Account' by
the withdrawal of cash therefrom -for that pur-
pose. Any deficiency created in the 'Reserve.
Account' by reason of any such withdrawal shall
then be made up from the moneys from the
revenues of the Municipal Airport of the City
first available after making necessary provi-
sion for the required payments into the Bond Fund.
"All money in the 'Reserve Account' above pro-
vided for may be kept on deposit in the official
bank depository of the City of Pasco or may be
invested in direct obligations of the United
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States Government having a guaranteed redemp-
tion price prior to maturity or maturing not
later.than'twelve years from date of purchase
and, in no event, maturing later than'the
last maturity of the Bonds outstanding at.the
time of such purchase. Interest earned on
any such investment or on such bank deposit
shall be deposited in and become a part of the
'Reserve Account' until the total required
reserve amount shall have been accumulated
therein, after which such interest shall be.
deposited .in the 'Principal and Interest
Account:, r ,�
Section 4. Section 6 of said Ordinance No. 1022 is
hereby amended to read as- follows,:
"_Section 6. The.Bonds shall be in substan-
tial y'-he:following form:
"No. $1,000.00
UNITED STATES OF AMERICA
STATE' OF WASHINGTON
CITY OF PASCO
AIRPORT REVENUE BOND, 1961
"KNOW ALL MEN BY THESE PRESENTS: That the
City of ,Pas,co, a municipal corporation of the
State of Washington, for value received,
promises to pay,to bearer on.the 18T DAY OF
APRIL, 19 , the principal sum of
ONE THOUSAND DOLLARS
together with interest thereon at the rate of
PER CENT ( %) per annum,
--E-
payable semiannua y on the isdays of April.
and October of each -year upon the presenta-
tion and surrender of the attached interest
coupons as they severally mature up to the
bond maturity date and with full obligation
.on the part of the City to pay interest at the
same rate from and after the bond maturity
date until this bond, with interest, is paid
in full. Both principal and interest are pay-
able in lawful money of the United States of
America at . the office of the Treasurer of
Pasco, Washington, solely out of the special
fund of the•City.known as the 'Airport Revenue
Bond Fund, 1961,' created by Ordinance No.
1019 of the City.(hereinafter called the 'Bond
Fund').
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1
"This bond'is one of a total issue of
$60,000.00 par value of bonds, all of like
date, tenor and effect, except.as to maturi-
ties, and interest rates, all payable from
the Bond Fund and all issued by the City of
Pasco under and pursuant to the laws of the
State of Washington and Ordinances Nos. 1019
and 11022 , as amended by Ordinance No. 111031 ,
of the City. Reference is made to said
ordinances as more fully describing the
covenants with and rights of holders of bonds
of this issue.
"The City_ of Pasco reserves the right to
redeem the bonds of this issue as a whole,
or in part in inverse numerical order,
solely from net earnings and revenues to be
derived from the operation and maintenance of
the Municipal Airport, on April 1, 1966', or
on any subsequent interest payment date, at
par, plus accrued interest to date of redemp-
tion.
"The City of Pasco reserves the right to,
redeem the bonds of this'issue ash a.whole,
solely -for refunding purposes, on.April 1,
1971, or on any subsequent interest payment
date, at par, plus accrued interest to date
of redemption.
"Notice of any call for redemption of any
of the bonds of this issue prior to their
stated maturity dates shall be published at
least once in the official newspaper of the
City not less than 30 nor more than -45 days
prior to the call date and notice of said
intended redemption shall also be mailed to
Richards, Merrill & Peterson, Inc . , Old
National Bank Building Spokane 1, Washington,
within the same period. Interest on any of
the bonds of this issue so called for redemp-
tion ,shall cease on the date fixed for such
redemption upon payment of the redemption
price into the Bond Fund.
"The bonds of this issue constitute a
charge or lien upon the gross revenues from
the Municipal Airport of the City prior and
superior to any other charges whatsoever,
excluding charges for maintenance and opera-
tion, except that the charge or lien upon such
gross revenues for the bonds of this issue
shall be -on a parity with the charge or lien
upon such gross revenues for any additional
and/or refunding revenue bonds which may be
hereafter issued on a parity with the bonds
of this issue, in accordance with the -provi-
sions of Section 7 of Ordinance No. 1`022, as
amended by Ordinance No. 1031.
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f1j'Gross revenues from the Municipal Airport
of the -City' have been defined in Ordinance
No. 11622 ,- as amended by Ordinance No. Y031 , to
incline the gross revenue derived from
ownership, control, use and operation of the
Airport and all Airport facilities and struc-
tures thereon and used and operated. in connec-
tion therewith, including, but not being
limited to, fees charged for all uses of the
Airport and facilities, rentals derived from
leases of part or all of the Airport, build
Ings, and any or all air navigation facilities
thereon, fees derived from concessions granted,
and proceeds of sales of part or all of the
Airport and any or all buildings and structures
thereon or equipment therefor.
"The City of Pasco hereby covenants and
agrees with the holder of this bond that it
will keep and perform all covenants of this
bond and. of Ordinances ' Nos . 1019 and J' , as
amended by Ordinance No. ' 1031, - to be by it.
kept and performed, and iE- urther covenants
and agrees to maintain in good condition and. to
operate the Municipal Airport of the City and
to establish, maintain and. collect such rates,
charges, fees,.rentals and sales prices in con-
nection -therewith as will produce the gross
revenues necessary to meet the obligations of
the City as herein set forth and as set forth
in Ordinances Nos. 1019 and1Q�, as amended by
Ordinance No. f081.
"It is hereby certified and declared that the
bonds of this issue are issued pursuant to and
in strict compliance with the Constitution and.
laws of the State of Washington and the ordi-
nances of the City of Pasco, and all acts,
conditionsand`things required to be done pre-
cedent to and in the issuance of this bond have
:.,...happened, have been done and have been performed,
.as required by law.
".IN 14ITNESS WHEREOF, the City of Pasco,
Washington,. has.caused this bond to be signed
by its Mayor and attested by its Clerk and its
corporate seal to be hereto affixed and the
interest coupons attached to be signed with the
facsimile signatures of said officials this 1st
day of April., 1961.
ATTEST:
CLERK
CI-TY.OF PASCO, WASHINGTON r
BY
MAYOR
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Coupon No.
"On the 1st day of (April)(October, 19 ,
the CITY OF PASCO, WASHINGTON, upon presenf-a--
tion and surrender of this coupon, will pay
to bearer at the office of the City Treasurer
the sum of DOLLARS
($- in lawful money of the United
Statesofo kerica from the special fund of
the City known as the 'Airport Revenue Bond
Fund, 1961,' said sum being six months'
interest then due on its 'Airport Revenue
Bonds, 1961,' dated April 1, 1961, and num-
bered
CITY OF PASCO, WASHINGTON
BY
MAYOR
ATTEST:
"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 5. The action of the City Council in accept-
ing the offer of Richards, Merrill & Peterson, Inc., of Spokane,
Washington, to purchase the said. $60,000.00 par value of "Airport
Revenue Bonds, 1961," on May 21, 1961, at a price of $98.00 per
each $100.00 par value, plus accrued interest to the date of
delivery of the bonds, the City to furnish the printed bonds and
to pay for the approving legal opinion of Weter, Roberts &
Shefelman, municipal bond counsel of Seattle, Washington, is
hereby ratified and confirmed, and the proper City officials are
hereby authorized and directed to cause said bonds to be printed.,
executed and delivered to said purchaser upon payment therefor
in accordance with said, offer.
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PASSED by the City Coun6il of the City of Pasco,
Washington, at a regular meeting thereof, and APPROVED by the
Mayor, this 4th day of April, 1961.
MAYOR
ATTEST:
APPROVED AS TO FOAM:: /
�4 at tit / /' / 9 4 l (-'o i -v C 8 N
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I, ADAH M. PERRY, City Clerk of Pasco, Washington do
hereby certify that the attached is a true and correct copy of
ORDINANCE NO. 1031 as passed and published and now on file in
this office. The attached copy of Ordinance No. 1031 consists
of nine (9) pages.
City of Pasco, Wast
es 6/11/63