HomeMy WebLinkAbout1166 OrdinanceCITY OF PASCO, WASHINGTON
ORDINANCE NO. 1166
AN ORDINANCE providing for the issu-
ance of an installment note payable from
the "Local Improvement Fund, District No.
67" of the City to be sold to the Firemen's
Relief and Pension Fund of the City as an
investment for such Fund.
WHEREAS, pursuant to Resolution N6. 590, adopted by the
City Council and approved by the Mayor on January 21, 1964, the sum of
$20,000.00 was transferred from the Arterial Street Fund of the City to
the "Local Improvement Fund, District No. 67," as a temporary transfer
loan to make work progress payments in carrying out the improvements in
Local Improvement District No. 67, such temporary loan to be repaid by
a lump sum payment when bonds of the local improvement district were
sold; and
WHEREAS, Ordinance No. 1125 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 Improvement District No. 67,
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 pay-
ment of assessments in Local Improvement District No. 67 without pen-
alty or interest has elapsed, the total amount of the assessment roll as
confirmed being $ 23 , 874.98 , and $2,495 .27 having been collected during
said 30 -day period, leaving an uncollected balance on said roll of
$21,379.71; 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 issue an installment note payable out of the "Local
Improvement Fund, District No. 67," and sell such note to the Firemen's
Relief and Pension Fund of the City as an investment for such Fund, and
the proceeds from the sale of such note to be used toward the repayment
of the temporary loan to the'Arterial Street Fund"of the City as aforesaid;
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CITY OF PASCO, WASHINGTON
ORDINANCE NO. 1166
AN ORDINANCE providing for the issu-
ance of an installment note payable from
the "Local Improvement Fund, District No.
67" of the City to be sold to the Firemen's
Relief and Pension Fund of the City as an
investment for such Fund.
WHEREAS, pursuant to Resolution N6. 590, adopted by the
City Council and approved by the Mayor on January 21, 1964, the sum of
$20,000.00 was transferred from the Arterial Street Fund of the City to
the "Local Improvement Fund, District No. 67," as a temporary transfer
loan to make work progress payments in carrying out the improvements in
Local Improvement District No. 67, such temporary loan to be repaid by
a lump sum payment when bonds of the local improvement district were
sold; and
WHEREAS, Ordinance No. 1125 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 Improvement District No. 67,
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 pay-
ment of assessments in Local Improvement District No. 67 without pen-
alty or interest has elapsed, the total amount of the assessment roll as
confirmed being $ 23 , 874.98 , and $2,495 .27 having been collected during
said 30 -day period, leaving an uncollected balance on said roll of
$21,379.71; 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 issue an installment note payable out of the "Local
Improvement Fund, District No. 67," and sell such note to the Firemen's
Relief and Pension Fund of the City as an investment for such Fund, and
the proceeds from the sale of such note to be used toward the repayment
of the temporary loan to the'Arterial Street Fund"of the City as aforesaid;
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. 67," to be dated November 1, 1964, 'and to become finally due
on November 1 , 1976. The note shall be issued in the amount of $ 21 , 379 .71 ,
representing the balance of the cost and expense of Local Improvement District
No. 67, which is to be borne by the property owners therein, and which includes
any interest accrued on the temporary loan from the "Arterial Street Fund, "as
aforesaid. 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 sold to the Firemen's Relief and Pension Fund at par as an investment for such
Fund. Moneys from the "Local Improvement Fund, District No. 67" shall be paid
to the payee of such note 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 thereafter 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 designa-
tion of Local Improvement District No. 67 from whose funds the note is
payable; (3) the date of 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
-2-
payment record which shall indicate at prescribed installment dates the
receipt of any Local Improvement District funds for the purpose of ser-
vicing the debt indicated by the note. The tabular payment record shall,
in addition to the above, show the unpaid principal balance due on the
installment note together with sufficient 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. 67" at any time by payment in
full of the unpaid principal balance and accrued interest to date of redemp-
tion.
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 -4th
day of November, 1964.
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ATTEST:
C�1%1
CITY CLERK
APPROVED AS TO FORM:
CIT ATTORNEY
PUBLISHED:
PUBLICATION DATE
I, ESTHER SCHLAGEL, City Clerk of the City of Pasco,
Washington, do hereby certify that the foregoing Ordinance, being
Ordinance No. is a true and complete copy of the original
Ordinance passed by the City Council and approved by the Mayor on
November 1,1964, as said Ordinance appears on the Minute Book of the
City.
DATED this c5-- day of November, 1964.
ESTHER SCHLAGEL, City Clerk
LOCAL IMPROVEMENT DISTRICT INSTALLMENT NOTE
L. I. D. NO. 67
TO THE CITY TREASURER: ISSUE DATE: NOVEMBER 1, 1964
PAY TWENTY-ONE THOUSAND THREE HUNDRED SEVENTY-NINE AND 71/100ths
DOLLARS ($21,379.71) out of the Local Improvement Fund, District No.
67, either in cash, L. I. D. Bonds. or Warrants pursuant to provisions
of law pertaining thereto,
TO THE ORDER OF Firemen's Relief and Pension Fund of the City of Pasco,
Washington.
Payments shall be made on the principal of this Note not less than
once each year for a period not to exceed twelve (12) years from the
issue date by the City Treasurer. This Note shall bear interest on the
unpaid balance at the rate of 4 3/4% per annum from the issue date
until .the principal amount thereof is fully paid, but not beyond final
maturity of November 1, 1976.
CITY OF PASCO, WASHINGTON
BY
C I TY MAUGER7
ACCEPTED ATTEST:
CITY TREASURER CITY CLERIC
PAYMENT RECORD
Install-
ment Interest Principal Balance