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AN ORDINANCE of the City of Pasco,
Washington, providing for the acquisi-
tion of land for and the construction of
certain arterial street improvements within
the City; declaring the estimated cost
thereof as near as may be, making pro-
vision to pay the cost thereof by: first,
the issuance, and sale of general obliga-
tion bonds in the amount of not to exceed
$800,000.001 payable by annual tax levies
to be made without limitation on rate or
amount; second, the formation of a local,
improvement district in which special
assessments shall be levied upon the
property therein specially benefited to
cover a part of the cost thereof; and,'
third, the use of monies accumulated in
the City's "Arterial Street Reserve Fund, "
to pay the balance thereof; creating a
special fund to provide for the payment
of the general obligation bonds; declaring .
an emergency; and providing for the sub-
mission to the qualified voters of the City,
for their ratification or rejection at a
special election to be held therein on
March 10, 1964, of the proposition for
the incurring of the general indebtedness:
and the issuing of those general obligation
bonds
WHEREAS, the City of Pasco is in immediate. need of
acquiring land for and constructing arterial street improvements, and
the City does not have available sufficient funds to meet the total
estimated cost thereof; and
WHEREAS, the assessed valuation of the taxable property
within the City, as ascertained -by the Tast preceding assessment for
City purposes, is $,1:5,999,442.00- and at the time of the passage of
this ordinance the outstanding indebtedness of the City is $ .545,000,00 ,
$__369,000.00 of which having been incurred within the 1 1/20/. 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
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replacement of equipment, pursuant to the vote of the qualified voters
therein; and
WHEREAS, the City Council has approved and adopted
a general plan for arterial street improvements, a part of which is
deemed necessary to be constructed immediately; NOW, THEREFORE,
THE CITY COUNCIL OF THE CITY OF PASCO, WASHINGTON,
DO ORDAIN, as follows:
Section 1. The City of Pasco, Washington, for strictly
municipal purposes, shall construct and improve to arterial standards,
by curbing, guttering, ballasting, grading, surfacing and providing
drainage facilities, the following streets:
Street
Court Street
Court Street
Sylvester Street
Sylvester Street
Lucas Avenue
Lucas Avenue
10th Avenue
Oregon Avenue
Oregon Avenue
Chase Avenue
Third Avenue
Clark Street
Location
4th to Chase
Chase to Freeway
Chase to 3rd
Chase to Freeway
Court to Sylvester
Sylvester to Lewis
Sylvester to Bridge
Lewis to Freeway
Lewis to "A"
Court to Freeway
4th to Lewis
2nd to Lucas
together with right-of-way acquisition where necessary, and such other
work as may be incidental and necessary to the foregoing construction
and improvements. The City Council may modify the details of the
foregoing system or plan where, in its judgment, it appears advisable,
as long as such modifications to not substantially alter the purposes
hereinbefore set forth.
The life of the foregoing improvements is hereby declared
to be at least twenty years.
The estimated cost, as near as may be, of the foregoing
improvements is declared to be $1,240,300.00.
Section 2. The cost of acquiring, constructing and making
the foregoing improvements shall be paid as follows:
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FIRST: By the issuance and sale of general
obligation bonds of the City, to be designated "General Obligation
Arterial Street Bonds, 1964," in an amount not to exceed $800,000.00
par value, but, in no event, to exceed, together with outstanding general
indebtedness of the City, five per cent (5%) of the value of the taxable
property within the City (being twice the assessed valuation) . The bonds
shall bear interest at a rate or rates not to exceed 6% per annum, payable
semiannually, with interest coupons attached representing interest�to
maturity, and shall mature serially, annually, commencing with the
second year after the date�of issuance and ending not more than 20
years from the date of issuance, in such amounts , that will result in a
difference of not more than $5,000.00 between the highest and lowest
annual payment of principal and interest computed on such anticipated
effective interest rate as the City Council may determine will be borne
by the bonds, and shall be paid by annual tax levies made without limita-
tion on rate or amount sufficient in amount to pay the principal of the
bonds and the interest thereon as the same shall accrue; except that
the City may, pursuant to RCW 82.36.020, as amended by Chapter 113
of the 1963 Session Laws of the State of Washington, use toward the pay-
ment of the principal and interest accruing on the bonds the proceeds of
the one-half cent of additional motor vehicle fuel and use fuel excise
taxes allocated to the City for the construction, improvement and
repairing of arterial highways and the matching funds provided the City
for such purpose. The bonds shall bear such date, shall be in such
denominations, shall be..in such form, and shall have such call provisions
as the City Council shall hereafter determine by ordinance, and shall
be payable at the office of the City Treasurer of Pasco, Washington.
There shall be and there hereby is created and established
in the office of the City Treasurer a special fund to be called "General
Obligation Arterial Street Bond Fund, 1964, " which fund shall be drawn
upon for the sole purpose of paying the principal of and interest on the
bonds described above from and after the date thereof and so long
thereafter as any of those bonds remain outstanding.
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The City Council of the City of Pasco has given due
consideration to the purposes for which the proceeds of the bonds are
to be expended and hereby finds and declares that those purposes are
capital purposes. The proceeds of those bonds shall be used for the
foregoing capital purposes only, which shall not include the replace-
ment of equipment.
The City of Pasco hereby irrevocably pledges itself
to levy taxes annually, without limitation as to rate or amount, upon
all of the property in the City subject to taxation, in an amount
sufficient to pay the principal of and the interest on the bonds as the
same shall accrue, the proceeds -of said levies to be deposited in
the "General Obligation Arterial Street Bond Fund, 1964;" except that
the City may, pursuant to RCW 82.36.020, as amended by Chapter 113
of the 1963 Session Laws of the State of Washington, use toward the
payment of the principal and interest accruing on the bonds the proceeds
of the one-half cent of additional motor vehicle fuel and use fuel excise
taxes allocated to the City for the construction, improvement and
repairing of arterial highways and the matching funds provided the City
for such purpose. 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.
SECOND: By the levy and collection of special
assessments to cover a part of the cost of carrying out those improvements
in a local improvement district to be hereafter created in the manner
prescribed by law. Such local improvement district shall include within
its boundaries all of the property located within the City of Pasco
receiving special benefits from the construction and installation of the
improvements hereinbefore specified,
THIRD: By the use of monies accumulated in the
City's "Arterial Street Reserve Fund. "
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Section 3. If the issuance thereof shall be approved
by the voters voting upon the proposition set forth at the election herein-
after specified, the "General Obligation Arterial Street Bonds, 1964,"
shall be sold at public sale in the manner provided by RCW 39.44.040-
39.44:060.
Section 4. The City Council finds that the inadequacy of
the present arterial streets of the City and the condition of the existing
arterial streets of the City have created an emergency, and an emergency
is hereby declared to exist, and the Auditor of Franklin County, Wash-
ington, as ex -officio Supervisor of Elections, is hereby requested to
find the existence of an emergency and to call a special election to be
held in the City on March 10, 1964, in conjunction with the general City
election to be held on the same date, for the purpose of submitting to
the qualified voters residing therein, for their ratification or rejection,
the following proposition to be submitted in ballot form substantially
as follows, to wit:
"PROPOSITION
"ARTERIAL STREET BONDS
$8001000.00
"Shall the City of Pasco, Washington,
incur a general indebtedness and issue
and sell not to exceed $800,000.00
"General Obligation Arterial Street
Bonds, 1964," but, in no event, to exceed,
together with outstanding general indebted-
ness of the City, 5% of the value of the
taxable property within the City (being
twice the assessed valuation), the
proceeds thereof to be used solely for
capital purposes other than the replace-
ment of equipment, to wit, to pay a
part of the cost of acquiring the land
for and constructing certain arterial street
improvements within the City, the bonds
to be paid by annual tax levies to be made
without limitation as to rate or amount,
to bear interest at a rate or rates not to
exceed 6% per annum, payable semiannually,
and to mature serially, annually, in from
two to not to exceed 20 years after date of
issuance, all as provided in Ordinance
No. ?
"GENERAL OBLIGATION ARTERIAL_
STREET BONDS, 1964 . . . . . . YES Z_/
"GENERAL OBLIGATION ARTERIAL
STREET BONDS, 1964 . . . . . . NO
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Section 5 . The City Clerk is hereby authorized and
directed to deliver a certified copy of this Ordinance to the Auditor of
Franklin County, Washington, as ex -officio Supervisor of Elections,
at least 45 days prior to the proposed election date, requesting the
County Auditor to call that special election and to give notice thereof
and conduct the same in the manner provided by law.
PASSED by the City Council of the City of Pasco,
Washington, at a regular meeting thereof, and APPROVED by the Mayor
this 21st day of January, 1964.
ATTEST:
Lo ( gi
CITY CLER
FORM APPROVED:
CITY ATTORNEY
f. � �-t-
MAYOR