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HomeMy WebLinkAbout1200 OrdinanceI CITY OF PASCO, WASHINGTON ORDINANCE NO. 1200 AN ORDINANCE fixing the amount, form, date, interest rate, maturity and denominations of Local Improvement District No. 70 Bonds and directing the issuance and sale thereof to Grande & Co. , Inc. , Seattle, Washington. THE CITY COUNCIL OF THE CITY OF PASCO, WASHINGTON, DO ORDAIN, as follows: Section 1. The total amount of the assessment roll in Local Improvement District No. 70 in the City of Pasco, Washington, created under Ordinance No. 1182, was $346,182.12. The 30 -day period for making cash payments of assessments without interest in said District expired on June 15, 1965, and the total amount of assessments paid in cash was $88, 716.74, leaving a balance of assessments unpaid on the assessment roll in the sum of $257,465.38. Local improvement district bonds of Local Improvement District No. 70 shall, therefore, be issued in the total principal sum of $257,465.38. Bond No. 1 of said issue shall be in the denomination of $465.38, and the remaining bonds, numbered 2 to 258, inclusive, shall be in the denomination of $1,000.00 each. The bonds shall all be dated August 1, 1965, and shall be payable on the first day of August, 1977, with the right reserved to the City to redeem said bonds prior to maturity on any interest payment date, in numerical order, lowest numbers first, whenever there shall be sufficient money in the "Local Improvement Fund, District No. 70, " created by Ordinance No. 1182, passed on March 2, 1965, to pay the bonds so called and all earlier numbered bonds over and above the amount required for the payment of the interest on all unpaid bonds, by publishing notice of such call once in the official newspaper of the City not less than ten nor, more than twenty days prior to the call date, and upon such date the interest on bond so called shall cease and each and every coupon representing interest not accrued on such date shall be void. The bonds shall bear interest at the rate of 4.20% per annum, payable: annually, beginning on the first day of August, 1966, to be represented by interest coupons to maturity attached to each bond. Section 2. Each of the bonds and interest coupons attached thereto shall be in substantially the following form: No. $1,000.00 ($465.38 on Bond No. 1) UNITED STATES OF AMERICA STATE OF WASHINGTON LOCAL IMPROVEMENT BOND OF CITY OF PASCO LOCAL, IMPROVEMENT DISTRICT NO. 70 4.20% N.B. The laws of the State of Washington, under which this bond is issued, contain the following section (RCW 35.45.070): "Neither the holder nor the owner of any bond, interest coupon, or warrant issued against a local improvement fund shall have any claim therefor against the city or town by which it is issued, except for payment from the special assessments made for the improvement for which the bond or warrant was issued, and except also for payment from the local improvement guaranty fund of the city or town. The city or town shall not be liable to any holder or owner of any bond, interest coupon, or warrant for any loss to the local improvement guaranty fund occurring in the lawful operation thereof. A copy of the foregoing part of this section shall be plainly written, printed or engraved on each bond. " THE CITY OF PASCO, WASHINGTON, a municipal corporation of the State of Washington, hereby promises to pay to Grande & Co. , Inc. , Seattle, Washington, or bearer, the sum of ONE THOUSAND DOLLARS in lawful money of the United States of America, with interest thereon at the rate of FOUR AND TWENTY/HUNDREDTHS PERCENT (4.20%) per annum, payable annually out of the fund established by Ordinance No. 1182 of said City and known as "Local Improvement Fund, District No. 70, " and not otherwise, except from the guaranty fund, as herein provided. Both principal and interest on this bond are payable at the office of the Treasurer of the City. -2- Coupons are hereto attached for each installment of interest to accrue hereon, and said interest shall be paid only on presentation and surrender of such coupons to the City Treasurer. The City Council of the City, as agent of such Local Improvement District No. 70, established by Ordinance No. 1182, has caused this bond to be issued in the name of the City as the bond of such local improvement district, the bonds or the proceeds thereof to pay so much of the cost and expense of the acquisi- tion of land for and the construction of certain arterial street improvements within the City, as provided by Ordinance No. 1182, as is levied and assessed against the property included in said local improvement district and benefited by said improvement, and the said "Local Improvement Fund, District No. 70:' has been established by ordinance for said purpose, and the holder or holders of this bond shall look only to said fund and to the Local Improvement Guaranty Fund of the City for the payment of either the principal of or the interest on this bond. This bond is one of an issue of 258 bonds aggre- gating in all the principal sum of $257,465.38, issued for said Local Improvement District No. 70 all of which bonds are subject to the same terms and conditions as herein expressed. This bond is payable on the first day of August, 1977, but is subject to call by the City Treasurer for prior redemption whenever there shall be suffi- cient money in said "Local Improvement Fund, Dis- trict No. 70" to pay the same and all unpaid bonds of the issue of which this bond is one, which are prior to this bond, in numerical order, over and above suffi- cient for the payment of the interest on all unpaid bonds of said issue. The call for payment of this bond, or any bond of the issue of which this is one, shall be made by the City Treasurer by publishing the same once in the official newspaper of the City not less than ten or more than twenty days prior to the call date, and when such call is made for the payment of this bond, it will be paid on the day the next interest coupon thereon shall become due after said call and upon said day interest upon this bond shall cease and any remaining coupons shall be void. IT IS HEREBY CERTIFIED, Recited and Declared that all acts, conditions and things required to be done precedent to and in the levying of said special taxes or assessments and the issuing of said bonds have been property done, have happened and have been performed in regular and due form, as required by law; and that said bonds have not been issued in an amount in excess of the cost of said improvement. IN WITNESS WHEREOF, the City of Pasco, Wash- ington, has caused these presents to be signed by the the facsimile signature of its Mayor and attested by its -3- City Clerk and sealed with its corporate seal this first day of August, 1965. ATTEST: City Clerk CITY OF PASCO, WASHINGTON By (Facsimile signature) Mayor COUPON FORM Coupon No. $42.00 ($19.55 on Bond No.) On the FIRST DAY OF AUGUST, 19 , the CITY OF PASCO, WASHINGTON, promises to pay to bearer at the office of the City Treasurer FORTY- TWO AND .NO/HUNDREDTHS DOLLARS ($42.00) [NINETEEN • DOLLARS AND FIFTY-FIVE/HUNDREDTHS ($19.55) on Bond No. 11, said sum being twelve months' interest due that day on Bond No. of the bonds of Local Improvement District No. 70 and not otherwise, provided that this coupon is subject to all terms and conditions contained in the bond to which it is annexed and, if said bond shall be called for payment before maturity hereof, this coupon shall be void. CITY OF PASCO, WASHINGTON By (Facsimile signature Mayor ATTEST: (Facsimile signature) City Clerk Section 3. The bonds shall be printed on lithographed forms, shall be signed by the facsimile signature of the Mayor and attested by the manual signature of the Clerk and shall have the seal of the City of Pasco affixed thereto and the coupons shall bear the facsimile signatures of. the Mayor and the Clerk. Section 4. Grande & Co. , Inc. , Seattle, Washington, here- tofore offered to purchase all of the local improvement bonds of Local Improvement District No. 70 at a price of $100.12 per each $100.00 par value thereof, plus accrued interest from the date of issuance to the date of delivery of the bonds to said purchaser, the City to furnish the printed bonds and the approving legal opinion of Roberts, Shefelman, Lawrence, Gay & Moch, municipal bond counsel of Seattle, Washington, at the City's expense. The City Council, deeming that no better offer could be received for the bonds, and that it was in the best interests of the City to accept said offer, duly accepted the same on the 18th day of May, 1965, and said acceptance is hereby ratified and confirmed. The bonds shall, therefore, immediately upon their execution, be delivered to Grande & Co. , Inc. , Seattle, Washington, upon payment therefor in accordance with said offer. PASSED by the City Council of the City of Pasco, Washington, and APPROVED by the Mayor at a regular meeting thereof this 20th day of July, 1965. ATTEST: �y City Clerk APPROVED AS TO FORM: z/ City Attorney -5- Xz Mayor