Loading...
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