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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 -2- 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, -3- 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. -5- 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 -7- 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