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
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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.
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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
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