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.
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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
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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
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Xz
Mayor