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HomeMy WebLinkAbout1042 OrdinanceORDINANCE NO. / ; L 0 AN ORDINANCE PROVIDING FOR THE ISSUANCE OF AN INSTALLMENT NOTE PAYABLE FROM THE LOCAL IMPROVEMENT FUND, DISTRICT NO. 65, OF THE CITY TO BE EXCHANGED FOR THE REVENUE WARRANTS PAYABLE FROM THAT FUND NOW HELD BY THE FIREMEN'S RELIEF AND PENSION FUND. WHEREAS, The City. of Pasco has. heretofore issued revenue warrants against the "Local Improvement Fund, District No. 65" in the amount of $16, 200. 00, bearing interest at the rate of 5% per annum until paid or exchanged for bonds of Local. Improvement District No. 65 WHEREAS, pursuant to R.eaolution.No. 465. of the City, those revenue warrants were purchased by another.,fund of_ the City, namely, the Firement sRelief and Pension Fund, as an investment- for that fund, and that Resolution provided that assoon, as. the Local Improvement District No. 65 bonds were issued they should be exchanged for the 'revenue warrants purchased by the Firement s Relief "and Pension Fund in accordance with the terms of the. ordinance directing the issuance of those bonds; WHEREAS, the thirty day'period allowed by law for the payment of assessment. of Local Improvement District No. 6.5 without penalty or , intere.st has elapsed; and WHEREAS, the City Council has now determined that in lieu of issuing.those bonds it is in thebest Iinterest of the City to exchange. an installment note payable out of the "Local Improvement District Fund, District No. 65" for those revenue warrants held by the Firemen's Relief and Pension Fund; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PASCO, WASHINGTON, DO ORDAIN, as follows: Section 1. Pursuant to Chapter, 165of the. Laws of 1961 of the State of Washington, there shall be issued one installment note payable to the Firemen's Relief and Pension .Fund out of the "Local Improvement Fund, District No. 6511, to be dated February 15, 1961, and to become finally due on February 15, 1981. The note shall be issued in the amount of $16, 125. 36, LN representing the balance.of the cost and expense of the Local Improvement District No. 65 which is to be borne by the property ownerstherein, and which includes any interest accrued.on the. outstanding revenue warrants to be redeemed by the installment note. The installment note shall bear interest at the rate of 5Zojo per annum to be, paid on the unpaid balance thereof. The installment note. shall be issued to the Firements. Relief and Pension. Fund in. exchange for. the. revenue warrants now held by -that fund and payable from the "Local Improvement Fund, District No. 65. " Moneys from the "Local Improvement Fund, District No. 65'' shall be paid to,.the payee at least once a year, beginning with the date. of iss.ue, for the purpose of reduction of the principal and interest amounts due on the installment note. Upon receipt by the Firemen's. Relief and Pension Fund, such moneys shall first be applied toward the interest due .on the unpaid balance of the installment note and any additional moneys shall thereafter apply as a reduction of the principal amount of the note. Section 2. The installment note is.sued pursuant to this Ordinance shall bear on its face. (1) the name of the payee; (2) thedesignation. of Local Improvement District No. 65 from whose funds.the note is payable; (3) the datei of issue of the note; (4) the date on. which. the note. or the final installment thereon shall become due; (5) the rate of interest to. be paid on the unpaid balance thereof -,'and (6) such manual or facsimile signatures and attestations as are required toappear on the warrants of the City. The reverse side of the installment.note shall bear a tabular payment record which shall indicate at prescribed .installment dates the receipt of any Local Improve- ment District funds for the. purpose of servicing the debt evidenced by the note. The. tabular payment record shall, .in addition to the above, show the unpaid principal balance due on. the installment note together with a .sufficient space opposite each transaction. affecting the .note for the, manual signature of the officer authorized to receive the money for the payee. Section 3. The installment note may be- redeemed out of "Local Improvement Fund, District No. 65!' at any time. by payment in. full -of the unpaid principal•balanc.e and accrued interest. to date of redemption. Section 4. The installment note shall be iss.ue.d and paid in accordance with, and shall otherwise be subject to, the- provisions of Chapter 16.5 of the Laws of 1961.ofahej State of Washington. PASSED ]Y THE CITY COUNCIL OF THE CITY OF PASCO, WASHINGTON, at a.,regular meeting;the.reof and approved by the Mayor of the 'City' this 2n`d day of ,January, 196%-, - MAYOR AT TEST IT Y CL 'RK. APPRO D AS TO FORM - CITY ATTORNEY PUBL.ISH1ED- j� Pr blicatio Date. .k -3-