HomeMy WebLinkAbout1142 OrdinanceCITY" OF PASCO, WASHINGTON
ORDINANCE NO. 1142
AN ORDINANCE of the City of Pasco, Washington
providing for the issuance, specifying the maturities
and maximum interest rate and fixing the form of
$800, 000. 00 par value of "General Obligation Arterial
Street Bonds, 1964, " of the City to provide the funds
necessary to pay a part of the cost of acquiring the
land for and constructing certain arterial street im-
provements within the City authorized by the qualified
voters of the City at a special election in conjunction
with the regular municipal election held on March 10,
-1964; and providing for the public sale of such bonds.
THE CITY COUNCIL OF THE CITY OF PASCO, WASHINGTON,
DO ORDAIN, as follows:
Section 1. The City of Pasco shall presently issue and sell
the total not to exceed $800, 000. 00 par value of negotiable general obli-
gation bonds authorized by the qualified voters of the City at a special
election in conjunction with the regular municipal election held on March 10,
1964, pursuant to Ordinance No. 1131 as amended by Ordinance No. 1134,
in order to finance a part of the cost of acquiring the land for and construct-
ing certain arterial street improvements within the City and to pay the cost
of the issuance of such general obligation bonds. The bonds shall be des-
ignated "General Obligation Arterial Street Bonds, 1964, " shall be dated
August 1, 1964, shall be in the denomination of $1, 000. 00 each, shall be
numbered from 1 to 800, inclusive, and shall bear interest at a rate or
rates not exceeding 6% per annum, payable semiannually on February 1
and August 1 of each year, as evidenced by interest coupons to be attached
to the bonds representing interest to maturity with full obligation on the
part of the City to pay interest at the same rate or rates from and after
maturity until those 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 payable serially in order of their
numbers, as follows:
a
CITY" OF PASCO, WASHINGTON
ORDINANCE NO. 1142
AN ORDINANCE of the City of Pasco, Washington
providing for the issuance, specifying the maturities
and maximum interest rate and fixing the form of
$800, 000. 00 par value of "General Obligation Arterial
Street Bonds, 1964, " of the City to provide the funds
necessary to pay a part of the cost of acquiring the
land for and constructing certain arterial street im-
provements within the City authorized by the qualified
voters of the City at a special election in conjunction
with the regular municipal election held on March 10,
-1964; and providing for the public sale of such bonds.
THE CITY COUNCIL OF THE CITY OF PASCO, WASHINGTON,
DO ORDAIN, as follows:
Section 1. The City of Pasco shall presently issue and sell
the total not to exceed $800, 000. 00 par value of negotiable general obli-
gation bonds authorized by the qualified voters of the City at a special
election in conjunction with the regular municipal election held on March 10,
1964, pursuant to Ordinance No. 1131 as amended by Ordinance No. 1134,
in order to finance a part of the cost of acquiring the land for and construct-
ing certain arterial street improvements within the City and to pay the cost
of the issuance of such general obligation bonds. The bonds shall be des-
ignated "General Obligation Arterial Street Bonds, 1964, " shall be dated
August 1, 1964, shall be in the denomination of $1, 000. 00 each, shall be
numbered from 1 to 800, inclusive, and shall bear interest at a rate or
rates not exceeding 6% per annum, payable semiannually on February 1
and August 1 of each year, as evidenced by interest coupons to be attached
to the bonds representing interest to maturity with full obligation on the
part of the City to pay interest at the same rate or rates from and after
maturity until those 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 payable serially in order of their
numbers, as follows:
Bond Numbers
(Inclusive)
Amounts
Maturitie s
1 to 30
$30, 000
August 1,
1966
31 to 60
$30, 000
August 1,
1967
61 to 90
$30, 000
August 1,
1968
9L to 125
$35,000
August 1,
1969
126 to 160
$35,000
August 1,
1970
161 to 195
$35,000
August 1,
1971;
196 to 235
$40,000
August 1,
1972
236 to 275
$40,000
August 1,
1973
276 to 315
$40,000
August 1,
1974
316 to 355
$40,000
August 1,
1975
356 to 400
$45,000
August 1,
1976
401 to 445
$45,000
August 1,
1977
446 to 490
$45,000
August 1,
1978
491 to 535
$45,000
August 1,
1979
536 to 585
$50, 000
August 1,
1980
586 to 635
$50, 000
August 1,
1981
636 to 690
$55,000
August 1,
1982
691 to 745
$55,000
August 1,
1983
746 to 800
$55, 000
August 1,
1984
Section 2. The City of Pasco reserves the right to redeem any or
all of the outstanding bonds of said issue at par, plus accrued interest, on
any semiannual interest payment date, on or after August 1, 1974, in inverse
numerical order, highest numbers first, by publishing notice of said intended
redemption in the official newspaper of the City at least once not less than
thirty nor more than forty-five days prior to the call date. Notice of such
intended redemption shall also be mailed to the successful bidder on the
bonds not more than forty-five nor less than thirty days prior- to the call
date. Interest on any bonds so called for redemption shall cease on dates
fixed for such redemption.
Section, 3. The City of Pasco hereby irrevocably pledges itself to
levy taxes annually, without limitation on rate or amount, upon all property
in the City subject to taxation in an amount sufficient to pay the principal of
and interest upon said bonds as the same shall accrue, and the full faith,
credit and resources of said City are hereby irrevocably pledged for the
payment of the principal of and interest on said bonds. Provided, however,
N'AI
that the City may, pursuant to RCW 82. 36. 020, as amended by Chapter 113
of Laws of 1963, use toward the payment of the principal and interest accru-
ing on the bonds of this issue which represent the cost of the construction,
improvement and repair of arterial highways, the proceeds of the half cent
of additional motor vehicle fuel and use fuel excise tax allocated to the City
for the construction, improvement and repair of arterial highways.
Section 4. 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 ARTERIAL STREET BOND, 1964
KNOW ALL MEN BY THESE PRESENTS: That
the City of Pasco, State of Washington, is justly
indebted to and for value received promises to
pay to the bearer on the FIRST DAY OF
AUGUST, 19 , the principal sum of
ONE THOUSAND DOLLARS
together with interest thereon at the rate of
PERCENT
( %) per annum, payable semiannually
on the 1 st days of February and August of each
year, the interest to maturity being evidenced by
and payable upon the presentation 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, Wash-
ington.
-3-
This bond is one of an issue of $800, 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 pursuant to a special election
of the qualified voters of the City authorizing
the same for strictly municipal capital purposes,
other than the replacement of equipment, to -wit,
for the purpose of providing the funds necessary
to pay a part of the cost of acquiring the land
for and constructing certain arterial street im-
provements within the City, all as provided in
Ordinance No. 1131 as amended by Ordinance
No. 1134, and Ordinance No. 1142
The City of Pasco has reserved the right to
redeem any or all of the outstanding bonds of
this issue at par, plus accrued interest, on
any semiannual interest payment date, on or
after Aug A 1,? -,T-974, in inverse numerical order,
highest numbers first, by publishing notice of
said intended redemption in the official newspaper
of the City at least once not less than thirty nor
more than forty-five days prior to the call date.
Notice of such intended redemption shall also be
mailed to (the successful bidder on the bonds) not
more than forty-five nor less than thirty days
prior to the call date. Interest on any bonds so
called for redemption shall cease on such call
date.
M
follows:
The City of Pasco hereby irrevocably pledges itself
to levy taxes annually, without limitation on rate or
amount, upon all property in the City subject
to taxation in an amount sufficient to pay the principal
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
said bonds. Provided, however, that the City may, pursuant
to RCW 82.36.020, as amended by Chapter 113 of Laws of
1963, use toward the payment of the principal and
interest accruing on the bonds of this issue which
represent the cost of the construction, improvement
and repait of arterial highways, the proceeds of the
half cent of additional motor vehicle fuel and use
fuel excise tax allocated to the City for the con-
struction, improvement and repair of arterial highways.
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,
including this bond issue, does not exceed any
constitutional or statutory limitation.
IN WITNESS WHEREOF, the City of Pasco,
Washington, has caused this bond to be signed by
its Mayoraid 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 said officials this 1st day of Aug-u,A,
1964.
CITY OF PASCO, WAS NGTON
ByG��%��
Mayor
ATTEST: ,
City Clerk
The form of the interest coupons shall be substantially as
Coupon No.
On the lst day of (February) (Aug 4st),. 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 United States
of America, said sum being the semiannual interest due
that date upon its "General Obligation Arterial Street
Bond, 1964," dated ALU-st-1, 1964, and numbered
CITY OF PASCO, WASHINGTON
By / ✓
ATTEST: �` A Mayor
City Clerk
_-5-
Section 5. The bonds shall be printed or lithographed on
good bond paper and shall be signed by the Mayor and attested by the
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
Clerk.
Section 6. 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 said bonds shall be given
by publication thereof once a week for five 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. Said 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: 00 o` clock p.m. M�AUG. 18, , on �, , 1964, and
that said 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 1 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.
Each bidder shall state the total amount of interest to be paid
-6�
over the life of the bonds and the net effective interest rate of such bid.
Coupon rates shall be in multiples of 1/8 or 1/10 of 1%, or
both. No more than one rate of interest may be fixed for any one maturity of
any one issue. Only one coupon will be attached to each bond for each
installment of interest thereon, and bids providing for additional or supplemental
coupons will be rejected. The maximum differential between the lowest and
highest coupon rates named in any bid for any one issue shall not exceed 2%.
The bonds shall be sold to the bidder 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 readvertise; and no bid for less than the entire issue shall be
considered.
The bids shall be sealed and, except the bid of the State of
Washington, if one is received, shall be accompanied by a deposit of 5%,
either in cash or by certified or cashier's check, of the amount of the bid, which
shall be returned if the bid is not accepted. If the successful bidder shall fail
or neglect to complete the purchase of the bonds within forty days following
the acceptance of his bid, and the bonds are ready for such delivery, the
amount of his deposit shall be forfeited to the City of Pasco, and., in that
event, the City Councilmay accept the bid of the one making the next
best bid, or, if all bids be rejected, the City Council shall readvertise
the bonds for sale in the manner herein provided. If there be two or more
equal bids for not less than par, plus accrued interest, and such bids are
the best bids received, the City Council shall determine 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, or at such other place as the City
Treasurer and the successful bidder may mutually agree upon.
The City Clerk shall be and 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. The City of Pasco, Washington,
will furnish the bonds, together with the approving legal opinion of Messrs.
Roberts, Shefelman, Lawrence, Gay & Moch, municipal bond counsel of
Seattle, Washington, without cost to the purchaser, which opinion will be
printed on each bond. A no -litigation certificate in the usual form will be
included in the closing papers.
Section 7. Copies of the official statement relating to this
issue may be obtained from Adah M. Perry, City Clerk, City Hall, Pasco,
Washington, or Terry Thompson & Co. , Northern Life Tower, Seattle,
Washington, 98101, the City's financial consultant.
PASSED by the City Council of the City of Pasco, Washington,
at a regular meeting thereof, and APPROVED by the Mayor, this
16,
of June, 1964.
CITY OF PASCO, WASHINGTON
Mayor
ATTEST:
City Clerk
FORM APPROVED:
/ij
Attorney
4
I ADAH M. PERRY, Clerk of the City of Pasco,
Washington, do hereby certify that the attached Ordinance No.
is a true and correct copy of the original ordinance passed on the
7th day of April, 1964, as that ordinance appears on the minute book
of the City.
DATED this ZU day , 1964.
ADAH M. PERRYtCityy k