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HomeMy WebLinkAbout1212 OrdinanceCITY OF PASCO , WASHINGTON ORDINANCE NO. 1212 AN ORDINANCE providing for the issu- ance of an installment note payable from the "Local Improvement Fund, District No. 69" of the City to be exchanged for the revenue warrants payable from that fund now held by the Firemen's Relief and Pension Fund. WHEREAS, the City of Pasco has heretofore issued revenue warrants against the "Local Improvement Fund, District No. 69" and said revenue warrants were purchased by another fund of the City, namely, the Firemen's Relief and Pension Fund, as an investment for that fund; and WHEREAS, Ordinance No. 1177 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. 69, 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. 69 without penalty or interest has elapsed, the total amount of the assessment roll as con- firmed being $6,967.00, and $406.00 having been collected during said 30 -day period, leaving an uncollected balance on said roll of $6,561.00; 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 exchange an installment note payable out of the "Local Improvement Fund, District No. 69," for those revenue warrants now held by the Firemen's Relief and Pension Fund; 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. 69, " to be dated November 2, 1965, and to become finally due on November 2, 1977.. The note shall be issued in the amount of $6,561.00, representing the balance of the cost and expense of Local Improvement District No. 69, which is to be bcrre by the property owners therein, and which includes any interest accrued on the outstanding revenue warrants to be redeemed by the installment note. The installment note shall bear interest at the rate of 4 1/2% per annum to be paid on the unpaid balance thereof. The installment note shall be issued to the Firemen's Relief and Pension Fund in exchange for the revenue warrants now held by that fund and payable from the "Local Improvement Fund, District No. 69. " Moneys from the "Local Improvement Fund, District No. 69" shall be paid to the payee 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 designation of Local Improvement District No. 69 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 payment record which shall indicate at pre- scribed installment dates the receipt of any Local Improvement District -2- funds for the purpose of servicing the debt indicated on 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. 69" at any time by payment in full of the unpaid principal balance and accrued interest to date of redemption. 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 2nd day of November, 1965. ATTEST: ATTEST: City Clerk FORM APPROVED: / City Attorfiey ` PUBLISHED: Publication Date -3- Mayor LOCAL IMPROVEMENT DISTRICT INSTALLMENT NOTE L.I.D. NO. 69 TO THE CITY TREASURER: ISSUE DATE: NOVEMBER 2, 1965 PAY SIX THOUSAND FIVE. HUNDRED SIXTY-ONE AND 00 /100ths DOLLARS ($6 , 561.00) out of Local Improvement Fund, District No. 69, either in cash, L. I. D. Bonds or Warrants pursuant to provi- sions 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 of 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 1/2% per annum from the issue date until the principal amount thereof is fully paid, but not beyond. final maturity of November 2, 1977 CITY OF PASCO,. WASHINGTON B y Mayor ATTE : City Clerk ACCEPTED: City Treasurer PAYMENT RECORD Install- ment Interest . Principal Balance LOCAL IMPROVEMENT DISTRICT INSTALLMENT NOTE L.I.D. NO. 69 TO THE CITY TREASURER: ISSUE DATE: NOVEMBER 2, 1965 PAY SIX. THOUSAND FIVE HUNDRED SIXTY-ONE AND 00/100ths DOLLARS ($6,561.00) out of Local Improvement Fund, District No. 69, either in cash, L.I.D. Bonds or Warrants pursuant to provi- sions 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 of 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 1/2% per annum from the issue date until:theprincipal amount thereof is fully paid, but not beyond final maturity of November 2, 1977. CITY OF PAS �„ WASHINGTON ByY �—. Mayor ATT ST: City Clerk ACCEPTED: City Treasurer PAYMENT RECORD Install- ment Interest Principal Balance F- M- ROBERTS JAMES P. WETER (1877-1959) HAROLD S. SHEFELMAN VICTOR D. LAWRENCE JAMES GAY ROBERT G-MOCH JAMES C.HARPER GEORGE M. MACK BRIAN L.COMSTOCK TIMOTHY R -CLIFFORD LARRY M. CARTER KENNETH L.SCHUBERT,JR. LAW OFFICES ROBERTS, SHEFELMAN, LAWRENCE, GAY & MOCH (WETER, ROBERTS S SHEFELMAN) 1818 IBM BUILDING SEATTLE, WASHINGTON 98101 January 27, 1966 Mr. Harold A. Wyman City Clerk City Hall P. O. Box 293 Pasco, Washington Re: Local Improvement District No. 69 Dear Harold: Thank you for your letter of January 26, enclosing requested transcript material pertaining to the above L.I.D. As you requested, I am enclosing in duplicate a statement covering the legal fee for our services. Please be assured that no apologies are necessary and that we have not been inconvenienced in any manner. JG:j s Enclosures Sincerely, TELEPHONE MAIN 2-1818 AREA CODE 206 ROBERTS, SHEFELMAN, LAWRENCE, GAY & MOCH By LjAmes Gay Y CITY CLERK January 26, 1966 Roberts, Shefelman, Lawrence, Gay & Moch 1818 IBM Building Seattle, Washington Attn: James Gay Re.: Local Improvement District No. 69 Dear Sir: Per your letter of January 21, 1966, we are enclosing a.certified copy of Ordinance No. 1212, excerpts from minutes of regular Council Meeting held November 2, 1965 and an Affidavit of Publication. We apologize for overlooking this and sincepely regret any inconvenience, this may have caused you. You may go ahead and bill the City of Pasco for your services. HW:ew Enc: Sincerely, Harold A. Wyman City Clerk SNAP -A -WAY AND- RETAIN YELLOW COPY, SEND WHITE AND PINK COPIES WITH CARBON INTACT GrayL,� "Snap -A -way" GrayLine "Snap -A -way" GrayLine "Snap -A -Way" GrayLine "Snap -A -way" GrayLine ~ r SPEED LETTER®' f� TO FROM / SUBJECT -FOLD MESSAGE DATE 19 ��� Q -FOLD SIGNED ,tire REPLY DATE 19 -FOLD SIGNED G L{RB "SNAP -A -WAY FORM 4 -912 S -PARTS RETAIN WHITE COPY, RETURN PINK COPY WILSON JONES COMPANY ©1961 PRINTED IN U.S.A. WILSON JONES COMPANY_(9) 1961 PRINTED IN U.S.A. .. 4 p LAW OFFICES F. M. ROBERTS ROBERTS, SHEFELMAN, LAWRENCE, GAY & MOCH JAMES P- WETER(1877.1959) TELEPHONE HAROLD S. SHEFELMAN (WETER, ROBERTS S SHEFELMAN) MAIN 2-1818 VICTOR D. LAWRENCE JAMES GAY 1818 IBM BUILDING AREA CODE 206 ROBERT G-MOCH JAMESHARPER GEORGEE M. MACK SEATTLE, WASHINGTON 98101 BRIAN L.COMSTOCK TIMOTHY R -CLIFFORD LARRY M. CARTER KENNETH L. SCHUBERT, JR. January 21, 1966 Mr. D. Wayne Campbell City Attorney City Hall Pasco, Washington Re: Local Improvement District No. 69 Dear Wayne: You may recall that last fall at your request I forwarded to you an ordinance providing for the issuance of an installment note in the above LID, presumably to be passed at the November 2, 1965, Council meeting, together with the installment note itself which I prepared. I have not received back a certified copy of this ordinance, the excerpts from the minutes of the Council meeting showing its passage and the Affidavit of Publication thereof. I assume, however, that this ordinance was passed and this matter concluded. If such be the case I assume also that it would be in order for me to bill the City for our services and I would appreciate your so advising me. JG:mh With kindest personal regards, ROBERTS, SHEFELMAN, LAWRENCE, GAY & M OCH ByY•- r / fames Gay Mr. D. Wayne Campbell City Attorney City Hall Pasco, Washington Dear Wayne: In accordance with your letter of October 26 I am enclosing an original and five copies of a resolution declaring the intention of the City Council to construct concrete curbs and sidewalks on Beech Street and to form an LID. I am also enclosing an original and 5 copies of an ordinance providing for the issuance of an installment note in LID 69, together with an original and two copies of the installment note. If these instruments are in accordance with your wishes and the resolution and ordinance are passed at the. November 2 meeting of the Council, I should appreciate your having Harold Wyman return to me a certified copy of the resolution and of the ordinance, together with certified excerpts from the minutes of the Council meeting showing the passage of the ordinance and resolution. After they have been published I shall need the Affidavits of Publication and after the notices have been mailed to the property owners in the local improvement district I should appreciate receiving an Affidavit of Mailing. With best regards, ROBERTS, SHEFELMAN, LAWRENCE, GAY & MOCH By �..' James Gay JG:mh Encl . LAW OFFICES F.M- ROBERTS jZODERTS, SHEFELMAN, LAWRENCE, GAY MOCH TELEPHONE JAMES P. WETER (1877-1959) (WETER, RbBERTS S. SHEFELMAN) MAIN 2-1818 HAROLD S, SHEFELMAN AREA CODE 206 VICTOR D. LAWRENCE JAMES GAY 1818 IBM BUILDING ROBERT G_MOCH JAMES C. HARPER SEATTLE, WASHINGTON 98101 GEORGE M. MACK BRIAN L.COMSTOCK TIMOTHY R_CLI FFORD LARRY M. CARTER ,. / -7� ' / October 28, 1965 Mr. D. Wayne Campbell City Attorney City Hall Pasco, Washington Dear Wayne: In accordance with your letter of October 26 I am enclosing an original and five copies of a resolution declaring the intention of the City Council to construct concrete curbs and sidewalks on Beech Street and to form an LID. I am also enclosing an original and 5 copies of an ordinance providing for the issuance of an installment note in LID 69, together with an original and two copies of the installment note. If these instruments are in accordance with your wishes and the resolution and ordinance are passed at the. November 2 meeting of the Council, I should appreciate your having Harold Wyman return to me a certified copy of the resolution and of the ordinance, together with certified excerpts from the minutes of the Council meeting showing the passage of the ordinance and resolution. After they have been published I shall need the Affidavits of Publication and after the notices have been mailed to the property owners in the local improvement district I should appreciate receiving an Affidavit of Mailing. With best regards, ROBERTS, SHEFELMAN, LAWRENCE, GAY & MOCH By �..' James Gay JG:mh Encl .