HomeMy WebLinkAbout1121 OrdinanceCITY OF PASCO, WASHINGTON
ORDINANCE NO. ,iiy
AN ORDINANCE.providing for the issu-
ante of an installment. note payable from
the "Local Improvement Fund, District
No. 66"• 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. 66" and said revenue warrants were purchased by another
fund of the City, namely, the Firemen's Relief and,.Pension
Fund, as an investment for that fund; and
WHEREAS, Ordinance No, 1068 of the -City provided
that the City should issue its local improvement bonds to pay
for the cost and expense of the improvement in Local Improve-
ment District No. 66, such bonds to be redeemed from special
assessments against the property benefited by the improvement;
and
WHEREAS, the 30 -day period allowed.by law -for the
payment of assessments in Local Improvement District No. 66
without penalty or interest has elapsed, the total amount of
the assessment roll as confirmed being $44,011.51, and .$3,837.95
having been collected during said 30 -day period, leaving an
uncollected balance on said roll of $40,173.56; and
WHEREAS, the City Council has now determined that
in lieu'of issuing those local improvement bonds.it is in the
best interest of the City to exchange an installment note
payable out of the "Local Improvement Fund, District No. 66,"
for those revenue warrants now 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 165 of 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. 66," to
be dated September 1, 1963, and to become finally due on
September 1, 1975. The note shall be issued in the amount of
$40,173.56, representing the balance of the cost and expense
of Local Improvement District No. 66, which is to be borne by
the property owners therein, 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 4 3/4% per annum to be paid on the
unpaid balance thereof. The installment note shall be issued
to the Firemen's Relief and Pension Fund in exchange for the
revenue warrants now held by that fund and payable from the
"Local Improvement Fund, District*No. 66.19 Moneys from the
"Local Improvement Fund, District No. 6691 shall be paid to
the payee at least"once a year, beginning with the date of
issue, for the purpose of reducing 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 there-
after apply as a reduction of the principal amount of the
note.
Section 2. The installment note issued pursuant
to this Ordinance shall -bear on its face (1) the name of the
payee; (2) the designation of -Local Improvement District
No. 66 from whose funds the note is payable; (3) -the date of
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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 to
appear 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 Improvement District funds for the purpose of
servicing the debt indicated by the note. The tabular payment
record shall, in addition to the above, show the unpaid prin-
cipal balance due on the installment note together with suf-
ficient 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. 66" at any time
by payment in full of the unpaid principal balance and accrued
interest to date of redemption.
Section 4. The installment note shall be issued and
paid in accordance with, and shall otherwise be subject to,
the provisions of Chapter 165 of the Laws of 1961 of the State
of Washington.
PASSED by the City Council of the City of Pasco,
Washington, at a regular meeting thereof and APPROVED by the
Mayor of the City this 3rd day of
ATTEST:
APPROVED AS TO FORM: PUBLISHED:
CITY ATTORNEY
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PUBLICATION DATE