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HomeMy WebLinkAbout1146 Ordinancet• Y ORDINANCE tNO _ 14 - AN ORDINANCE AMENDING SECTIONS 1, 2, 4 AND 6 OF ORDINANCE NO. 1142 OF THE CITY OF PASCO, WASHINGTON, CHANGING THE DATE THAT BIDS FOR THE PURCHASE OF THE BONDS SHALL BE RECEIVED BY THE CITY CLERK AND BRING AN ORDINANCE OF THE CITY OF PASCO, WASHINGTON PROVIDING FOR THE ISSUANCE, SPECIFYING THE MATURITIES AND MAXI- MUM 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 AC- QUIRING THE LAND FOR AND CONSTRUCTING CERTAIN ARTERIAL STREET IMPROVEMENTS 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 DO ORDAIN AS FOLLOWS: Section 1. Section 1 of Ordinance No. 1142 is hereby amended to read 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 obligation bonds authorized by the qualified voters of the City at a special election in conjunc- tion 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 constructing certain arterial street improvements within the City and to pay the cost of the issuance of such general obligation bonds. The bonds shall be designated "General Obligation Arterial Street Bonds, 1964, " shall be dated October 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 April 1 and October 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 lafArful money of the United States of America 0,010. 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 October 1, 1966 31 to 60 $30,000 October 1, 1967 61 to 90 $30,000 October 1, 1968 91 to 125 $35,000 October 1, 1969 126 to 160 $35,000 October 1, 1970 161 to 195 $35,000 October 1, 1971 196 to 235 $40,000 October 1, 1972 236 to 275 $40,000 October 1, 1973 276 to 315 $40,000 October 1, 1974 316 to 355 $40,000 October 1, 1975 356 to 400 $45,000 October 1, 1976 401 to 445 $45,000 October 1, 1977 446 to 490 $45,000, October 1, 1978 491 to 535 $45,000 October 111 1979 536 to 585 $50,000 October 1, 1980 586 to 635 $50,000 October 1, 1981 636 to 690 $55,000 October 1, 1982 691 to 745 $55,000 October 1,' 1983 746 to 800 $55,000 October 10 1984 Section 2. Section 2 of Ordinance No. 1142 is hereby amended to read as follows: 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 October 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. Section 4 of Ordinance No. 1142 is hereby amended to read as follows: Section 4. The bonds herein authorized to be issued shall be in substantially the following form _2_ /1 4 c. No. UNITED STATES OF AMERICA STATE OF WASHINGTON CITY OF PASCO $1,000.00 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 OCTOBER , l _, the principal sum of ONE THOUSAND DOLLARS together with interest thereon at the rate of PERCENT( %) per annum, payable semiannually on the 1st days of April and October 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 be- come 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. 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, toQwit, for the purpose of pro- viding the funds necessary to pay a part of the cost of acquiring the land for and constructing certain arterial street improvements within the City, all as provided in Ordinance No. 1131 as amended by Ordinance No. 1134, and Ordinance No. 1142 as amended by Ordinance No. ].146 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 October 1, 1974, in inverse numerical order, highest numbers first, by pub- lishing 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. -3- // -3 // 4 C 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 suf- ficient 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. Pro- vided, 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, improve- ment and repair of arterial highways, the proceeds of the half cent of additional motor vehicle fuel and use fuel excise tax al- located to the City for the construction, 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 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 said officials this 1st day of October, 1964. CITY OF PASCO,' WASHINGTON By Mayor ATTEST: City Clerk The form of the interest coupons shall be substantially as follows: Coupon No. On the 1st day of (April)(October), 19 , the CITY OF PASCO,` WASHINGTON, upon presentation and surrender of this coupon, will pay to the ,beaxer 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 October 1, 1964, and numbered CITY OF PASCO,` WASHINGTON By ATTEST: Mayor City Clerk n 114 (c Section 4. Section 6 of Ordinance No. 1142 is hereby amended to read as follows: 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 publi- cation thereof once a week for five consecutive weeks in the official news- paper 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 otclock p. m, (PDST), on p P r 15 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 affixed for the sale, be mailed to the State Finance Committee, Olympia, Washington. Bids shall be invited for the purchase of the bonds with fixed, matur- ities according to the schedule specified in Section 1 hereof. The notice shall specify the maximum rate of interest the bonds may bear, to -wit, 616 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 over the life of the bonds and the net effective interest rate of such bid. -5- Coupon rates shall be in multiples of 1/8 or 1/10 of 11o, 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 sup- plemental 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 Z%. 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 Washing- ton, 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 de- livery, the amount of his deposit shall be forfeited to the City of Pasco, and, in that event, the City Council may 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 U 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, munic- ipal 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 5. This Ordinance to be in full force and effect after its passage and publication as required 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 July, 1964. M -A Y -0a-- Councilman Atte st: City Clerk Approved as to form: COUNCILMAN N-N'M"_Nwi�MP thy Attome� -7- 1146 I,STER ..CHliAC,r1v"i , Clerk of the City of Pasco, Washington, do hereby certify that the attached Ordinance, being Ordinance No. 1146 , is a true and correct copy of the original Ordinance passed on July 21 , 1:,)964, as said Ordinance appears on the Minute Book of the City of Pasco. DATED this 24th day of July 1964. Clerk of the City of Pasco, Washington r • r a Pasco, Washington August 5, 1964 Rcberts, Shefelman, Lawrence, Gay and Poch Northern Life Tower Seattle 1, Washington Attention: James Gays Dear Sir.: Enclosed you will find one certified copy of Ordinance No. 1146 -- the ordinance changing the date that bids for the purchase of the bonds shall be received by the City Clerk (Pasco) etc. This was republished for the reason that they had indicated J.G. Bailey as Mayor and Mr. Bailey had signed as one of the councilmen (there were other errors corrected in the body at the same time.) Sincerely, Esther Schlagel City Clerk es enc. 1146 (8 sheets) Pasco,'Washington August 10, 1964 Roberts, Shefelman, Lawrence, Gay and Moch Northern "Life Tower I w Seattle 11, Washington 1 Attention: James Gay Dear Sir:_ j Enclosed you will find one certified copy of Ordinance No. -1146 -- the ordinance changing the, date that bids k for the purchase of the bonds shall be received by the City Clerk (Pasco) etc. This re -published for the rdason that they had indicated. _ J. G. Bailey as Mayor and Mr. Bailey had signed as one of : the two councilman signing the ordinance. '(there were other printing corrections, made in the body of the ordinance at the Y. same time.) It.was out intention to publish this call for bids for purchase -of these bonds on August 11, 18 & 25th and September 1 and 8th; however Mr. Campbell requested that I not advertisethis, as the ordinance will have to be amended again.. This ordinance was passed and published in accordance with directions that we had at the time from Don Gray, but after talking to,Terry Thompson, Mr. Campbell informs me that this t will have to .be. postponed again, and the ordinance amended. Sincerely, l Esther Schlagel City Clerk es enc. 1 (8 sheets) cc: D. Wayne Campbell ► * a Pasco, Washington August S, 1964 Roberts, Shefelman,-Lawrence, Gay and Moch Northern Life Tower Seattle 19 Washington Attention: James Gay.: Bear Sir: Enclosed you will find one certified copy of Ordinance No. 1146 -- the ordinance changing the date that bids for the purchase of the bonds shall be received by the City Clerk (Pasco) etc. This was republished for the reason that they had indicated J.G. Bailey as Mayor and Mr. Bailey had signed as one of the councilmen (there were other errors corrected in the body at the same time.) Sincerely, Esther Schlagel City Clerk es enc. 1146 (8 sheets) V *.1. -0 Pasco, Washington August .$, 1961 Roberts, Shefelman, Lawrence, Gay and Hoch Northern Life Tower Seattle, 10 Washington Attention: James Gay Dear Sir: With reference to the letter i wrote to you this morning* about Ordinance No. 11+6, I failed to mention in that tetter that this Call for Bids for the purchase of Bonds will be published on August 11, 18 and 25th and September 1 and 8th. Sincerely, Esther Schlagel City Clerk es P a'k ! �1 r -0 Pasco, Washington August .$, 1961 Roberts, Shefelman, Lawrence, Gay and Hoch Northern Life Tower Seattle, 10 Washington Attention: James Gay Dear Sir: With reference to the letter i wrote to you this morning* about Ordinance No. 11+6, I failed to mention in that tetter that this Call for Bids for the purchase of Bonds will be published on August 11, 18 and 25th and September 1 and 8th. Sincerely, Esther Schlagel City Clerk es P a'k ! �1