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HomeMy WebLinkAbout1118 OrdinanceCITY OF PASCO, WASHINGTON ORDINANCE NO. 1 j 18 AN ORDINANCE of the City of Pasco, Washington, providing for the acquisi- tion of land for public park purposes and for the development thereof; declar- ing the estimated cost thereof as near as may be; providing for the issuance and sale of $2;,0, 000.00 par value of "General Obligation Park Bonds, 1963," and fixing the form and maximum interest rate of the bonds; establishing a "Park Acquisition and Development Fund" and a "General Obligation Park Bond Fund,_1963;" and providing for the sale of the bonds. WHEREAS, the City of Pasco is in immediate need of acquiring and developing land for public park purposes and the City does not have available any funds to meet the esti- mated cost thereof; and WHEREAS, the assessed valuation of the taxable prop- erty within the City, as ascertained by the last preceding assessment for City purposes, is $15,31+,629.00, and at the time of the passage of this ordinance the outstanding indebted- ness of the City was $533.,000.00, .4369;:000.00 of which having been incurred within the 1 1/2,% to 5% of the taxable property within the City of Pasco (being twice the assessed valuation thereof) permitted for municipal capital purposes other than the replacement of equipment, pursuant to the vote of the qualified voters therein, NOW, THEREFORE, -�MCITY COUNCIL OF THE CITY OF PASCO, WASHINGTON, DO ORDAIN, as follows: Section 1. The City of Pasco, Washington, for strictly municipal purposes, shall acquire by purchase and develop for park purposes, the following described property: 1 41. Lots 1 to 6, inclusive, block 1, Replat of Hillview Addition to the City of Pasco, according to the plat thereof recorded in volume "C" of plats, page 97, EXCEPT the east 30 feet of said lot 6 in Franklin County, Washington; and Tract "B", block. 1, replat of City View Addition to Pasco, according to the official plat thereof in the office of the Auditor of Franklin County, Washington. The estimated cost of the foregoing, including the costs of the issuance of the general obligation bonds herein authorized, is hereby declared to be as near as may be the sum of $20, 000. 00. The City shall borrow money on the credit of the City and issue negotiable general obligation bonds in payment thereof. Section 2. The bonds shall be called "General Obligation Park Bonds, 1963, " of the City of Pasco, Washington; shall be dated September 1, 1963; shall be in denominations of $1, 000. 00 each; shall be numbered from 1 to 20 inclusive; and shall bear interest at the rate not to exceed 6% per annum, payable semiannually on March 1 and September 1 of each year, as evidenced by coupons 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 the 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 pay- able serially in order of their numbers, as follows: Bond Numbers (inclusive) Amounts Maturities 1 to 2 $2,000.00 September 1, 1965 3 to 4 2,000.00 September 1, 1966 5 to 6 2,000.00 September 1, 1967 7 to 8 2,000.00 September 1, 1968 9 to 10 2,000.00 September 1, 1969 11 to 12 2,000.00 September 1, 1970 13 to 14 2,000.00 September 1, 1971 15 to 17 3,000.00 September 1, 1972 18 to 20 3,000.00 September 1, 1973 -2- Section 3. The bonds shall be issued without the right or option of the City to call the same for redemption prior to their stated maturity dates. Section 4. The City.of Pasco hereby irrevocably pledged itself to levy taxes annually, within the constitutional and statutory tax limitations provided by law, upon all property in the City subject to taxation in an amount sufficient to pay .the principal of and interest upon the bonds as the same shall accrue, 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 5. The bonds herein authorized to be issued shall be in substantially the following form: No. $1,000.00 UNITED STATES OF AMERICA STATE OF WASHINGTON CITY OF PASCO GENERAL OBLIGATION PARK BOND, 1963 KNOW ALL MEN BY THESE PRESENTS: That the City of Pasco, Washington, is justly indebted to and for value received promises to pay to bearer on the 1ST DAY OF SEPTEMBER, 19 , the principal sum of ONE THOUSAND DOLLARS together with interest thereon at the rate of PER CENT ( per annum, payable semi- annual y on March 1 and September 1 of each year, the interest to maturity being evidenced by and payable upon the presenta- tion and surrender of the attached interest coupons as they severally become due, with full obligation on the part of the City to pay interest 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 Treasurer of the City of Pasco, Washington. -3- This bond is one of an issue of 20, 000.00 of bonds of like date, tenor and effect, except as to maturities (and interest rates if more than one interest rate is bid), and is issued by the City of Pasco for strictly municipal purposes, to -wit, for the purposes of purchasing and developing land for park purposes, all as provided in Ordinance No. , including the cost of the issuance o such general obligation bonds. This bond is issued without the right or option of the City to call the same for redemption prior to its stated maturity date. The City of Pasco hereby irrevocably pledges itself to levy taxes annually, within the constitutional and statutory tax limitations provided by law, upon all property in the City subject to taxation in an amount sufficient to pay the prin- cipal of and interest upon the bonds of this issue as the same shall accrue, and the full faith, credit and resources of the City are hereby irrevocably pledged for the payment of principal of and interest on the bonds. It is hereby certified that all acts, conditions and things required to be done precedent to and in the issuance of this bond have been done, have happened and have been performed as required by law, and that the total indebtedness of the City, includ- ing this bond issue, does not exceed any consitutional 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 the facsimile signatures of those officials this 1st day of September, 1963. CITY OF PASCO, WASHINGTON By Mayor ATTEST: City Clerk The form of the interest coupons shall be substantially as follows: -4- I Coupon No. k: On the 1ST DAY OF (MARCH) (SEPTEMBER), 19 , the CITY OF PASCO, WASHINGTON, upon presentation 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 Uni ed States of America, said sum being the semiannual interest due that date upon its "General Obligation Park Bond, 1963," dated September 1, 1963, and numbered CITY OF PASCO, WASHINGTON By Mayor ATTEST: City Clerk Section 6. The bonds shall be printed or lithographed on good bond paper and shall be signed by the Mayor and attested by the City Clerk of the City of Pasco, Washington, under the seal of the City and the coupons shall bear the facsimile signatures of the Mayor and the City Clerk. Section 7. There are hereby created and established in the office of the City Treasurer two special funds to be known and designated as the '#Park Acquisition and Development Fund" and the "General Obligation Park Bond Fund, 1963" of the City. The accrued interest, if any, received from the sale of the bonds shall be paid into;the "General Obligation Park Bond Fund, 1963" and the principal proceeds received from the sale of the bonds shall be paid into the "Park Acquisition and Develop- ment Fund" and expended for the purpose of purchasing and developing the land described in section 1 for park purposes, and to pay the costs of the issuance and sale of such bonds. All taxes collected for the payment of the principal of and interest -5- on the bonds shall be deposited in the "General Obligation Park Bond Fund, 196-3." Section 8. 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 Bond Sale hereinafter directed to be given. Notice calling for bids to purchase the bonds shall be given by publication thereof once a week for four consecutive weeks in the official newspaper of the City of Pasco and such other notice shall be given as the City Council may hereafter direct. The notice shall specify that bids for the purchase of the bonds shall be received by the City Clerk of the City of Pasco up to 8 o'clock p.m., on October 1 1963, and that the bids will be publicly opened and considered by the City Council at a meeting to be held at such time in the Council Chambers in the City Hall, Pasco, Washington. A copy of the notice shall, at least three 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 the bonds with fixed maturities according to the schedule specified in section 2 hereof. The notice shall `specify the maximum rate of interest the bonds may 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, if any, above par, at which such bidder will purchase the bonds; or (b) The lowest rate or rates of interest at which the bidder will purchase the bonds at.par. No bid will be considered for the bonds for less than par and accrued interest or for less than the entire issue. The r purchaser must pay accured interest to date of delivery of the bonds. Each bid shall state the total interest cost over the life of the bonds and the net effective interest rate of such bid. All bonds maturing on the same date must bear inter- est at the same single rate. The bonds will be sold to the bidder offering to purchase the same at the lowest net interest cost to the City over the life thereof, subject to the right of the City to reject any or all bids submitted, The City further reserves the right to waive any informality or irregularity in the bidding it it is in the best interests of the City to do so. All bids shall be sealed, and, except the bid of the State of Washington, if one is received, shall be accompanied by a good faith deposit of five per cent, either in cash or by certified or cashier=s check made payable to the City Treasurer of the amount of the bid, which shall be returned if the bid is not accepted; and if.the successful bidder fails or neglects to_complete the purchase of the bonds within thirty days following the acceptance of his bid, the amount of his deposit shall be forfeited to the City, and in that event the City Council may accept the bid of the one making the next best bid, if such bidder agrees to purchase the bonds under the terms provided in his bid, or if all bids are rejected, the City Council if it decides to reoffer such bonds for sale, shall readvertise the bonds for sale in the same manner as provided by law for the original advertisement. If there are two or more equal bids and such bids are the best bids received, and not less than par and accrued interest are bid, the City Council shall determined by lot which bid will be accepted. The bonds will be delivered to the successful bidder at the office of the City Treasurer of Pasco, Washington, or -7- at such other place as the purchaser and the Treasurer shall mutually agree upon. The bonds will be furnished by the City and will be sold with the legal opinion of Roberts, Shefelman, Lawrence, Gay & Moch, bond counsel of Seattle, Washington, approving the legality of the same, all at the expense of the City. A no -litigation certificate in the usual form will be included in the closing papers. The City Clerk is hereby authorized and directed to publish Notice of Sale of the bonds in'the manner required by law in accordance with the provisions of this section. PASSED by the City Council and APPROVED by the Mayor of the City of Pasco, Washington, at a regular meeting thereof, this 20th day of August, 1963. ATTEST: C TY LERK APPROVED AS TO FORM: IY ATTORNEY In OR M W.Rl RnF J .Ji [ti.y maulU {}H EI,nA1 yPo :r' r f�. li •�y IMf1 M)B MAL -1-r tl j' Yt ��I: LASY ENCF 7 t E ll • t t "l SII): ERf.• fMf+Y.I _ 1 i.}.N,.Y'tR AM ES 'C HARPC �t f3k:rlHGF-?4.,MACA wPA RRIAN I_•f OM iC, t .1 rIMUl.fil F C'l'Rl'I l`a"#Yta@M W?!,4'W' M1� V, al Na"O ve mo 2-10 , 1 .� . r r sKwrrzam, ° �. Olt IS wl yin-,rJ71�VNI� ' ta wt ?S, W 01. _�. '� f y, ,, mss' 10 49 70 a� �'� Wrw, W 00 6, poponvJ, { 21"iuft . to lit Pril �,