HomeMy WebLinkAbout1169 OrdinanceORDINANCE NO. 1169
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, 1965, " 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 IMPROVE-
MENTS 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.; PROVIDING FOR THE
PUBLIC SALE OF SUCH BONDS; AND REPEALING ORDINANCE NO. 1142
AND ORDINANCE NO. 1146.
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 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, 1965, " shall be dated February 1, 1965, 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 676 per annum, payable
semiannually on August 1 and February 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 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
February
1,
1967
31
to
60
$30,000-
February
1,
1968
61
to
90
$30,000
February
1,
1969
91
to
125
$35,000
February
1,
1970
126
to
160
$35,000
February
1,
1971
161
to
195
$35,000
February
1,
1972
196
to
235
$40,000
February
1,
1973
236
to
275
$40,000
February
1,
1974
276
to
315
$40,000
February
1,
1975
316
to
355
$40,000
February
1,
1976
356
to
400
$45,000
February
1,
1977
40.1
to
445
$45,000
February
1,
1978
446
to
490
$45,000
February
1,
1979
491
to
535
$45,000
February
1,
1980
536
to
585
$50,000
February
1,
1981
586
to
635
$50,000
February
1,
1982
636
to
690
$55,000
February
1,
1983
691
to
745
$55,000
February
1,
1984
746
to
800
$55,000
February
1,
1985
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 semi-
annual interest payment date, on or after February 1, 1975, in inverse numer-
ical order, highest numbers first, by publishing notice of said intended redem-
ption 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 redem-
ption 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, that the City
may, pursuant to RCW 82. 36. 020, as amended by Chapter 113 of Laws of
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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 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 con-
struction, improvement and repair of arterial highways.
Section 4. The bonds herein authorized to be issued shall be in sub-
stantially the following form:
No. $1,000.00
UNITED STATES OF AMERICA
STATE OF WASHINGTON
CITY OF PASCO
GENERAL OBLIGATION ARTERIAL STREET BOND, 1965
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 FEBRUARY,
19 , 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
August and February of each year, the interest to
maturity being evidenced by and payable upon the pres-
entation 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, Washing-
ton.
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 auth-
orizing the same for strictly municipal capital purposes,
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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 construct-
ing certain arterial street improvements within the
City, all as provided in Ordinance No. 1131 as amended
by Ordinance No. 1134, and Ordinance No. 1169
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 February 1, 1975, in inverse numer-
ical 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 succes-
sful 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.
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 the Laws of 1963, use toward the pay-
ment of the principal and interest accruing 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.
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 indebt-
edness 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 at-
tested 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
February, 1965.
CITY OF PASCO, WASHINGTON
ATTEST: By
Mayor
City Clerk
IM
The form of the interest coupons shall be substantially as follows:
Coupon No.
On the 1 st day of (August) (February), 19 the
CITY OF PASCO, WASHING TON, 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 February 1, 1965, and numbered
CITY OF PASCO, WASHINGTON
M
ATTEST:
City Clerk
Mayor
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 pub-
lication thereof once a week for four 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 Manager .of_ the :City of
Pasco up to two otclock p.m. (PST), on January 5, 1965, at: which time.
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the bids will be publicly opened by the City Manager, read aloud, and the
best bid determined. Such bid will then be submitted to the City Council
at its regular meeting at eight o'clock p. m. on the same day for consider-
ation and acceptance.
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 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, 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 pur-
chase 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.
Coupon rates shall be in multiples of 1/8 or 1/10 of 1%, or both.
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 consid-
ered.
M
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 Council
may accept the bid of the one making the next best bid, or, if all bids be re-
jected, 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 pulslish
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 -liti-
gation 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 Esther Schlagel, City Clerk, City Hall, Pasco, Washington or
Terry Thompson & Co., Northern Life Tower, Seattle, Washington, 98101, the City's
financial consultant.
Section 8. Ordinances numbered 1142 and 1146 are hereby repealed.
Section 9. This ordinance shall be in full force and effect after its
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passage and publication as required by law.
PASSED by the City Council and APPROVED as provided by law
this day of November, 1964.
CITY OF PASCO, WASHINGTON
By, G �i
Mayor
ATTEST:
City dlerk
FORM APPROVED:
City Attorney '�
L ESTHER SCHLAGEL, Clerk of the City of Pasco, Washington,
do hereby certify that the attached is a full, true, complete and correct
copy of Ordinance No. f l�q of the City of Pasco, passed on November
3, 1964, as said Ordinance appears on the Minute Book of the City.
DATED this day of November, 1964.
ESTHER SCHLAGEL, City Clerk
The bids shall be sealed and, except the bid of the State of Washi g -
ton, ' one is received, shall be accompanied by a deposit of 576, ei r in
cash or certified or cashierts check, of the amount of the bid which shall
be returned i the bid is not accepted. If the successful bidde shall fail or
neglect to comp to the purchase of the bonds within forty ys following the
acceptance of his bid, and the bonds are ready for such delivery, the amount
of his deposit shall be orfeited to the City of Pasco, and, in that event, the
City Council may accept he bid of the one makin the next best bid, or, if
all bids be rejected, the Ci Council shall re dvertise the bonds for sale in
the manner herein provided. there be t o or more equal bids for not less
than par, plus accrued interest, nd suc bids are the best bids received,
the City Council shall determine by which bid will be accepted. The
bonds will be delivered to the succc ss bidder at the office of the City
Treasurer of Pasco, or at such cher pla as the City Treasurer and the
successful bidder may mutual y agree upon.
The City Clerk shal be and is hereby au orized and directed to
publish Notice of Sale of e bonds in the manner re ired by law in accord-
ance with the provisio s of this Section. The City of P sco, Washington,
will furnish the bon s, together with the approving legal o 'pion of Messrs.
Roberts, Shefel n, Lawrence, Gay & Moch, municipal bon counsel of
Seattle, Washi gton, without cost to the purchaser, which opinio will be
printed on e ch bond. A no -litigation certificate in the usual form 11 be
included ' the closing papers.
ection 7. Copies of the official statement relating to this issue
may e obtained from Esther Schlagel, City. Clerk, City Hall, Pasco,`+
Wa hington, or Terry Thompson & Go., Northern Life Tower, Seattle,
iNaashington, 98101, the City's financial consultant.
Section 8. This Ordinance shall be in full force and effect after its