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1056 Ordinance
CITY OF PASCO, WASHINGTON ORDINANCE NO. 1056 f'a,n .F 1 S,� 1 41 f44( W 1 AN ORDINANCE providing for the acquisition and construction of a golf clubhouse building and the furnishing and landscaping thereof on the municipal golf course of the City, for the construction of an automobile parking lot thereon, for the relocation and improvement of certain other facilities of the City's municipal golf course and for the re -payment of loans -Prom certain funds of the City made to the Park Fund, estimating the cost thereof as nearly as may be; and providing for the issuance of $70,000.00 par value of "Golf Course Revenue Bonds, 1962" to provide the funds required to pay the cost thereof; fixing the date, form, maturities, maximum interest rate, terms and covenants of those -bonds; creating special funds to provide for the pay- ment of those bonds and for the application of the proceeds thereof and providing for the sale of the bonds at public sale. WHEREAS; the City of -Pasco now owns and operates a ... ' 1 municipal. golf .course.; - and WHEREAS, it is deemed essential to the operation of that golf course and to the best interests of the City that the City acquire and construct a golf -'clubhouse building, provide furnishings and landscaping.therefor, and construct an automobile parking lot for the golf course, and relocate a putting green and practice tee; NOW, THEREFORE,. THE -CITY COUNCIL OF THE CITY OF PASCO DO ORDAIN AS FOLLOWS:, Section 1. The City of Pasco shall acquire an,d'construct on the municipal golf course of the City a golf clubhouse building, furnish and landscape the same, construct an automobile parking lot for such municipal golf course, and relocate the putting green and practice tee thereon, and shall repay loans from certain funds of the City heretofore made to the Park Fund, the estimated cost i' I r of all of which, including the cost of the issuance of the revenue bonds hereinafter authorized to be issued, is hereby declared to be, as near as may be, the sum of $70,000.00. Section 2. The. -City of -Pasco shall now issue and sell its golf course revenue bonds to be known as "The City of Pasco. Golf Course Revenue Bonds of 1962", hereinafter referred to as the "Bonds;" !in the principal sum of $70,000-00 for the purpose of paying the cost.of acquiring and constructing said golf clubhouse building and providing furnishings and landscaping therefor, constructing automobile parking lot for the municipal golf course, and relocating a putting green and practice tee'., and of repaying certain loans made from City funds to'the Municipal Golf Course Fund of the.Park Fund. Section 3. The Bonds shall be dated July 1, 1962, shall be in denominations of $1,000.00 each, shall be numbered from 1 to 70, inclusive, and shall bear interest not to exceed 6% per annum payable semiannually on the lst days of January and July 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 City to pay interest at the same rate from and after the Bond maturity dates until the Bonds with interest are paid in full. Both principal and interest on the Bonds shall be payable 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 an obligation only against the "Golf Course Revenue Bond Fund, 1962," created by this Ordinance. Bond Numbers (Inclusive) Amounts Maturity Dates 1 & 2 $2,000'.00- July 1, 1964 3 & 4 :2,000.00: 2,000.00; Ju ly 1, 1965 5 & 6, 2,000.00. July 1, 1966 7 - 9 3,000-001. July 1, 1967 10 -12 3,000.00. July 1, 1968 13--15 3,000-00 July 1, 1969 -2- of all of which, including the cost of the issuance of the revenue bonds hereinafter authorized to be issued, is hereby declared to be, as near as may be, the sum of $70,000.00. Section 2. The. -City of -Pasco shall now issue and sell its golf course revenue bonds to be known as "The City of Pasco. Golf Course Revenue Bonds of 1962", hereinafter referred to as the "Bonds;" !in the principal sum of $70,000-00 for the purpose of paying the cost.of acquiring and constructing said golf clubhouse building and providing furnishings and landscaping therefor, constructing automobile parking lot for the municipal golf course, and relocating a putting green and practice tee'., and of repaying certain loans made from City funds to'the Municipal Golf Course Fund of the.Park Fund. Section 3. The Bonds shall be dated July 1, 1962, shall be in denominations of $1,000.00 each, shall be numbered from 1 to 70, inclusive, and shall bear interest not to exceed 6% per annum payable semiannually on the lst days of January and July 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 City to pay interest at the same rate from and after the Bond maturity dates until the Bonds with interest are paid in full. Both principal and interest on the Bonds shall be payable 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 an obligation only against the "Golf Course Revenue Bond Fund, 1962," created by this Ordinance. Bond Numbers (Inclusive) Amounts Maturity Dates 1 & 2 $2,000'.00- July 1, 1964 3 & 4 :2,000.00: 2,000.00; Ju ly 1, 1965 5 & 6, 2,000.00. July 1, 1966 7 - 9 3,000-001. July 1, 1967 10 -12 3,000.00. July 1, 1968 13--15 3,000-00 July 1, 1969 -2- 16--18 3, 000.00 July 1, 1970 19.--21 3,000.00 July. 1, 1971, 22---24 3,000-00- 'July. 1; 1972 25 -28 :4, 000.00. July 1, ',1973 29-.-32 -4,000.00 July 1; 1974 33 -36 4,•000.00 July 1, 1975 37 -40 4;000.00. July 1, 1976, 41 =45 5,000.00 Judy 1, 1977 46 -50 5;-000.00 July 1;, 1978• 51 =55 5,000-00 July ..1; 1979 56 -60 5;000.00 July 1, 1980 61 -65 5,000.90 July 1, 1981 66 -70 5,090.00.. 'July 1 ' 1982 The City reserves the right to redeem any or all of, the outstanding Bonds at par plus accrued interest, in inverse numerical . order on' any interest payment date .on or after ten years from date of issue by.giving notice of such intended redemption by one. publication thereof in the official newspaper of the City not. more than 401 nor- less than 30 days prior to - the date fixed for' redemption, or, if. the owner or holder of 'the Bonds to be .redeemed is known to the,City,by giving written notice by registered mail of.such intended redemption to such owner and holder at least 15 days prior-, to the date fixed for such redemption. Interest on any Bond or Bonds .so-called for redemption, shall cease on the date fixed. for their redemption. Section 4. The Bonds shall,be in substantially -the following, form: No. $1,000.00 UNITED STATES OF -AMERICA STATE OF WASHINGTON CITY OF' PASCO- . GOLF COURSE.REVENUE BOND, 19.62 KNOW ; ALL MEN BY THESE -PRESENTS: 'That the City ', o,f Pasco, a.municipal.corporation of the State of.Washington, f•or: value received,:.,promises ' to pay to bearer, • on the 1•sV day of `July,' 19. the principal sum of ONE. -THOUSAND DOLLARS together with interest thereon at 'the rate of PER CENT,( o)_per,.annum payable semiannually on the ,first day of January and -July of each year as evidenced by and upon presentation and surrender of the attachedinterest.coupons_as they severally become due. Both principal.of'and interest, on this bond are payable in any.coin or currency which'on the respective dates ,of.payment of such principal and interest is legal tender for the •payment of debts due the'.Un,ited States of• America at the office of,- the City Treasurer of the -City of Pasco, solely out of tne'special fund of the City known as the "Golf -Course Reve-nue B99nd Fund, 1962"; created by Ordinance No. vs6� of. the City, adopted on the 2 3Fdi day, of &icily;,,. 1962. The City has reserved the right to redeem out standing.bonds•of this issue in whole or in part in inverse numerical on. nsy interest payment to .o _I. S. date after terwI aune principal amourif;,- tl�e'reo and accrued interest to date of redemption, Notice of any' such intended redemption shall be given 'by publication thereof' once in the official newspaper oi',. the.City n6t more than 40 nor less than 30.days prior to the date fixed for such redemption, or, if it -he owner or holder of those bonds to be redeemed is known to the City, by -giving written notice by registered mail of such intended redemption to such owner or.holder at least 15 days prior to the date , faxed for such redemption. Interest on any bond or• bonds so-called for redemption shall cease on the date fixed for their redemption. This bond. is , one of an issue, of golf course revenue bonds of the City of Pasco, all of like 'date; tenor and: effect, except as to -number and date of maturity (and interest rates if ,more than one interest rate is bid), in the total principal sum of $70,000-.00, which bonds are issued pursuant to the laws of the State of Washington and Ordinance No. ; �L,,, for the purpose of obtaining funds to pay the cos.t of acquiring and constructing improvements to the .municipal golf course of the City of Pasco and will be -payable solely out of the net income and revenues of the golf course and does not constitute an indebtedness of the .City.of Pasco within the meaning of any statutory or constitutional limitation upon the incurring of indebtedness. The °City of•Pasco has covenanted and agreed with the holder of'this'bond that it will keep'and perform ` all covenants of this bond and of Ordinance.No. (© to be by it kept and performed. The City of Pasco has pledged and bound itself to set aside -from the gross revenues of the golf. course and all additions acid improvements thereto and to pay into the "Golf Course Revenue Bond Fund, 1 62" the.. various amounts required by'..Ordinance No. t.o be paid into that fund. The.amounts so p"edged 'are hereby declared to be a first charge and lien upon the gross revenues of the municipal.;golf course superior to, all other charges .and liens of any kind' or.nature., except charges for maintenance and operation of such municipal golf course. The City.of Pasc.o has further bound itself to maintain its municipal golf course, in.good condition and repair, to operate it.in an efficient manner and at a reasonable cost to establish, maintain and collect rates and charges for use of the golf course and its facilities that will make available annual gross re Venues in amounts sufficient to pay the 'current expenses and to deposit into the Golf Course Revenue Bond Fund, 1962, the amounts required by Ordi:aance No. lb -6_.' It is hereby certified declared that all acts, conditions and things required to be done precedent,to,and in the issuance of this bond have happened, and been done in regular fog° ii, time and manner. IN WITNESS WHEREOF, the City of Pasco, Washington, has 'caused this bond to be signed by its Mayor and attested by its Clerk and the corporate seal of the City to be affixed hereto, and has caused the interest coupon attached hereto to be executed with the facsimile signatures of the Mayor and the Clerk of the City, all as of the 1st day of July, 1962. ATTEST: City Clerk CITY OF PASCO, 19ASHINGTON LIM Mayor The.interest coupons to be attached to the Bonds shall be in substantially the following form: Coupon No. On the 1ST DAY OF (January)(July), 19 , the -City of Pasco, Washington will pay to bearer at the office of the City Treasurer, Pasco, Washington, in any coin or currency which on that date is legal tender for the payment of debts due the United.States of America, the sum of $ , being the semiannual interest due that date on its "Golf Course Revenue Bond, 1962, •" numbe re d CITY QF PASCO, WASHINGTON By Mayo r ATTEST: .City Clerk -5- Section 5. There is created and established in the office of - the City Treasurer a spe-cial , fund. to be known as the . "Golf Course.Construct on'..Fund:,""into which shall be deposited all of the, principal proceeds of 'the -Bonds, when '.sold except those monies used to repay loans made to the Park Fund as hereinafter set forth.. The monies in the. "Golf Course 'Constru'ction' Fund" shall be used only for -the purposes.set forth in Section 1 of this Ordinance. Section 6. There is created and established in -the office of the City Treasurer a special. -fund to be known as the "Golf Course Revenue Bond Fund,. 1962, "' (hereinafter called the "Bond Fund.") which fund is to be drawn upon for the sole purpose of paying the principal of and interest on.the Bonds from and after the date thereof. The Bond.Fund is divided into a "Principal and Interest Account".and a "Reserve Account." So long as the Bonds are out- standing against the Bond Fund, - the City Treasurer, after paying maintenance and operation expenses, shall set aside and pay into the Bond Fund out of the gross revenues bf the municipal golf course the following amounts of money: .(a) Into the "Principal and Interest Account," on or before the 1st days of December and June of each year, -the six months'.interest-requirement next due, and beginning with December' 1, 1963, one-half of the principal due on the next principal pay- ment date; (b) Into the "Reserve Account" on or before the 1st days of December and June of each year, commencing December 1, 1962,. one-tenth of an amount -equal to -the average annual debt service. requirements for the Bonds until the total amount of such account equals one year's- average debt service requirement which total reserve amount shall be accumulated by no later than June 1, 1967. The Reserve Account may be accumulated from any other monies which the City may.have available for'such purpose in addition i to using such revenues therefor. The City further agrees that when the required amounts have been :paid into the Reserve Account it will at all times, .except for withdrawals therefrom as. authorized in this Ordinance, maintain those amounts therein until there is'a sufficient amount.in they Bond Fund, including the Reserve Account, to pay the principal of and interest on the Bonds to the final maturity thereof, at which time the money.in the Bond Fund., including the Reserve Account, may be used to pay such principal and interest. In the event that there shall be a deficiency in the Bond Fund to meet maturing installments of either principal or interest, as the case may he, on the Bonds, such deficiency shall be made up from the'Reserve Account by the withdrawal of cash therefrom for that purpose. Any deficiency,created in the Reserve Account by reason of any such withdrawal shall then be made up from the monies from the revenues of the municipal golf course. first available after making necessary provision for the required pay- ments into the -Bond Fund. All monies in the Reserve Account above provided for may be kept on deposit in the official bank depository of'the City or in any national bank or may be invested in United States Government obligations maturing not later than June 1, 1982. Interest on such investment or on such bank account shall be deposited in and become a part of the Reserve Account until the required reserve amount shall have been accumulated therein, after which such interest shall be 'deposited in the Principal and Interest Account. The gross revenues from the municipal golf course are pledged to such payments and the Bonds shall constitute a charge or lien upon such revenues.prior and -superior to any other charges orliens whatsoever, except charges for maintenance and operation of such municipal 'golf course. —Section 7. The City Council and corporate authorities of the City of. Pasco 'declare' that, in creating the . Bond Fund and in fixing the amounts to be paid into it as set forth in this Ordinance,..they have exercised due regard to the cost of maintenance and operation of the municipal golf course and the City has not bound and obligated itself to set aside and pay into the Bond Funda greater amount or proportion of the revenues of the municipal golf course than in the judgment of the City Council will be'available over and above costs of maintenance and operation and that ,no portion of the revenues ' of the municipal golf course has been _previously pledged fbr any indebtedness. Section 8. The City of Pasco'covenants and agrees with the owner and holder of each Bond at any time outstanding while such Bonds are outstanding as follows: (a) That it will establish, maintain and collect such rates and charges for the use of the municipal golf course as will make available sufficient monies for the payment of the principal. of and interest on, as the same shall accrue, all of the outstanding Bonds, and for the payment of the maintenance and operation of the municipal golf course. (b)' That it will at all times maintain and keep the municipal golf course in good repair and condition and also will at all times operate such facility and the business connected therewith in an efficient manner and at a reasonable cost. (c) That it will not sell, lease, mortgage or in any manner encumber or dispose of all the property of the municipal golf course unless provision is made for the payment into the. Bond Fund of a sum sufficient to;pay the principal of and interest on all Bonds at that time outstanding, and it will not sell, lease, mortgate, or in any manner encumber or dispose of any part of the property of that facility which is used, useful and material to to the operation thereof, unless provision is made for replace- ment. thereof or for payment into the Bond Fund of the total amount of. revenue received, which, shall not be less than an amount which shall bear the same ratio to the amount of outstanding Bonds as the revenue available for debt service for such outstanding Bonds for the twelve, months preceding such sale, lease, encumbrance or dispo.sal from the portion of .the facility sold, leased, encumbered or disposed of bears to the revenue available for debt service for such Bonds from the entire facility for the same period. Any such money so paid into the Bond Fund'shall be used to retire such out standing Bonds at the earliest possible date.. (d) That it will keep proper and separate accounts and records in which complete and separate e.ntri,e�s shall be made of all transactions relating to its municipal golf course and it will furnish.the original purchaser or purchasers of the Bonds, or any subsequent holder or holders thereof,. at the written request of such holder or holders,, complete operating and income statements of that facility in reasonable detail covering any calendar year not more than 90 days after.,. -the close of such., calendar year, and it will grant any holder or holders of at,least;25% of the outstanding Bonds the right at all..rea.sonable times to inspect the entire facility and all records, accounts and data of the City.relating.thereto. Upon request of any holder of any of the Bonds, it will furnish such holder.a copy.of the most recently completed audit of the City's accounts by the State Auditor of Washington. (e) That it will carry the types of insurance on.its municipal golf course facilities in the amounts normally carried by private golf courses, and the.cost of such insurance shall be considered a part of maintaining, and operating such facility. If, as,. and,when, the United States of America, or some agency thereof, shall provide for year risk insurance, the City further agrees to take -9- out and maintain such insurance on all or such portions of ..the facility on which such insurance may be written.in an amount or amounts to cover adequately the . value thereof. -The cost of war risk insurance shall be considered a part of maintaining and opera- ting the. facility. (f) That it will pay the costs of maintenance and operation of the municipal golf course and otherwise meet the obligations of the City as sst.forth in this Ordinance. Section 9. The proceeds from the sale of the Bonds shall be deposited as.follows: (a)' Accrued interest shall be deposited into the Principal and Interest Account of the Bond Fund. (b) The•foll.owing amounts shall be deposited into the respective funds for the redemption of warrants issued on the Park Fund: .(1) To the Consumer Deposits Fund: $6,700.00 plus accrued interest. (2) To the Cemetary.Trust Fund: $2,000.00 plus accrued interest. (3) To, the _FiremanIs Relief and Pension Fund: $4;000.00 plus accrued interest. (c) The remaining proceeds•shall'be deposited i -n the Golf Course Constructlo'n .Fund. , Section 10. The Bonds shall be sold for cash at public sale for the bid price .plus the 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 Bond sale hereinafter .directed to '. be given'. Notice calling for bids to purchase the Bonds shall be published once in the official newspaper of the City at least 14 days prior to the bid opening date and shall-als-o be published -10 F out and maintain such insurance on all or such portions of ..the facility on which such insurance may be written.in an amount or amounts to cover adequately the . value thereof. -The cost of war risk insurance shall be considered a part of maintaining and opera- ting the. facility. (f) That it will pay the costs of maintenance and operation of the municipal golf course and otherwise meet the obligations of the City as sst.forth in this Ordinance. Section 9. The proceeds from the sale of the Bonds shall be deposited as.follows: (a)' Accrued interest shall be deposited into the Principal and Interest Account of the Bond Fund. (b) The•foll.owing amounts shall be deposited into the respective funds for the redemption of warrants issued on the Park Fund: .(1) To the Consumer Deposits Fund: $6,700.00 plus accrued interest. (2) To the Cemetary.Trust Fund: $2,000.00 plus accrued interest. (3) To, the _FiremanIs Relief and Pension Fund: $4;000.00 plus accrued interest. (c) The remaining proceeds•shall'be deposited i -n the Golf Course Constructlo'n .Fund. , Section 10. The Bonds shall be sold for cash at public sale for the bid price .plus the 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 Bond sale hereinafter .directed to '. be given'. Notice calling for bids to purchase the Bonds shall be published once in the official newspaper of the City at least 14 days prior to the bid opening date and shall-als-o be published -10 once in the Daily Journal of Commerce, Seattle,•Washington, at least 10 days, prior to the'bid opening date. Such notice shall specify; that, bids for the'. purchase of the Bonds sriall be, received by the City Clerk of the City * of .Pasco, "at the Council` Chambers in the. City Hall of the City on ALIi}liSY�%%, 19.`, 'up to. 2:00 o' clock .62 P. K. (Pacific Daylight'Saving Time), at which 'time all bids will _ be, publicly opened-at-a'meeting ' of'.the City Council then - to be°held. Bids shall be invited for the purchase of the Bonds with fixed maturities'in 'accordance with :the schedule specified in Section 3 of this Ordinance. The. notice shall �spec,ify the. maximum rate of interest the Bonds shall bear,.''to -wit, 6% per annum,and shall require bidders to submit a bid • specifying: (a) The lowest rate..,or rates of interest and premium .,or discount., if any, 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 effectiye interest rate of such bid. The Bonds .shall be sold to thebidder making the, best bid, subject to the right of the City Council of. the City of Pasco to reject any and all bids and to re -advertise the Bonds Por- sale to sell the Bonds at private sale. No' -bid for less than all of the Bonds shall -be' considered. All bids shall be sealed and shall be accompanied by a. deposit of 4% of the amount of the bid. The deposit shall be either in cash or certified -or cashier's check,payable to the City Treasurer of the City of Pasco and shall be -returned if the bid.is not accepted. If the•Bonds are ready for delivery and the successful bidder shall fail or neglect to.complete the purchase of the Bonds within thirty (30) days following -11_ the acceptance- of this 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 bidder making the next.; best bid. If there be two or ,more equal bids, the, City. Council shall determine which bid shall be accepted. The Bonds.shall be delivered to the . successfu-1 bidder at the office of the City Treasurer. in Pasco, Washington, or at such other place as the City 'Treasurer and the successful bidder may mutually agree: upon. - A ;no -litigation �e,ertificate will be included in the closing papers. The City Clerk of the City of Pasco f.s 'authorized and. directed to publish notice for the purchase of the Bonds in accordance with the provisions of this Section. Such notice shall provide -that the City of Pasco .will ``c'ause the Bonds to be printed or lithographed' and signed and will furnish the approving legal opinion of Roberts, Shefelman, Lawrence, Gay & Ia'Ioch, municipal bond counsel of Seattle, Washington, covering the Bonds without cost to thepurrchaser. PASSED by the City Council of the City of Pasco, Washington and APPROVED by its Mayor at.a regular meeting held. on the :13 Fd:z day of JU-Iyw�:., 1962. MAYO