HomeMy WebLinkAbout1226 OrdinanceCITY OF PASCO, WASHINGTON
ORDINANCE NO. 1226
AN ORDINANCE providing for the issuance of
an installment note payable from the "Local
Improvement Fund, District No. 71" of the
City and for the sale thereof to the Firemen's
Relief and Pension Fund, the proceeds thereof
to be used to pay the revenue warrants payable
from the "Local Improvement Fund, District
No. 71;' now held by the Water Department
Fund and Arterial Street Fund.
WHEREAS, the City of Pasco, Washington, has heretofore
issued revenue warrants against the "Local Improvement Fund, District No.
71" and said revenue warrants were purchased by two other funds of the City,
namely, the Water Department Fund and the Arterial Street Fund, as an
investment for those. funds; and
WHEREAS, Ordinance No. 1191 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. 71,
such bonds to be redeemed from special assessments against the property
benefited by the improvements , or as an alternative to the issuance of such bonds ,
the City was authorized to issue an installment note and sell the same to such
City fund as an investment for such fund as the City Council should thereafter de-
termine ; and
WHEREAS, the 30 -day period allowed by law for the pay-
ment of assessments in Local Improvement District No. 71 without penalty
or interest has elapsed, the total amount of the assessment roll as
confirmed being $10,345.42, and $200.00 having been collected during
said 30 -day period, leaving an uncollected balance on said roll of
$10,145.42; and
WHEREAS, the City Council has now determined that it
is in the best interest of the City to issue an installment note payable
out of the "Local Improvement Fund, District No. 71 , " and to sell the
same to the Firemen's Relief and Pension Fund, the proceeds thereof to be
used to pay those revenue warrants now held by the Water Department
Fund and Arterial Street 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 and sold to the "Firemen's
Relief and Pension Fund" one installment note payable out of the "Local
Improvement Fund, District No. 71 , " to be dated February 16, 1966, and
to become finally due on February 16, 1978. The note shall be issued in the
amount of $10,145.42, representing the balance of the cost and expense of
Local Improvement District No. 71, which is to be borne 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 3/4% per annum to be paid on the unpaid
balance thereof. The installment note shall be issued and sold to the
"Firemen's Relief and Pension Fund" and the proceeds thereof used to pay
the revenue warrants now held by the Water Department and the Arterial
Street Fund and payable from the "Local Improvement Fund, District No. 71."
Moneys from the "Local Improvement Fund, District No. 71" shall be paid
to the payee of the note 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 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. 71 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. There shall be included on the install-
ment note a tabular payment record which shall indicate at prescribed install-
-2-
ment dates the receipt of any Local Improvement District 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. 71" 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
15th day of February, 1966.
%1VI
ATTEST;
FORM APPROVED:
City Attorney
Published:
-3-
CITY CLERK
FEBRUARY 24, 1966
Roberts, Shefelman, Lawrence, Gay & Moch
1818 IBM building
Seattle, Washington
Attn: James Gay Re: L.I.D. No. 71
Dear Sir:
Enclosed herewith are the following in conjunction with L.I.D. No. 71
for the completion of your files;
Certified Copy of Ordinance'No. 1226
Affidavit of Publication
Excerpts of Minutes (February 15, 1966)
If you need anything further, please advise.
Sincerely,
Ruth Modesky
City Clerk/Treasurer
RM:ew
Enc: (3)
PASCO, WASHINGTON
COUNCIL CHAMBERS.
REGULAR MEETING FEBRUARY 15, 1966
'CALL TO ORDER:
Meeting called to order at 8:00 P.M. by the Honorable G.E. Carter, Mayor.
ROLL CALL:
By Clerk's Representative. Councilmen present were: G.E. Carter, J.G. Bailey,
R.L. Greenlee, C.F. Griggs, George P; Stork and Russell Wiseman. Councilman
Robinson was absent from the meeting..
APPROVAL OF MINUTES:
Motion made by Greenlee, seconded by Stork that the minutes of the Regular
Council Meeting held_.February 1, 1966, be approved as written. Motion Carried. -
ORDINANCES:
ORDINANCE NO. .1226
AN ORDINANCE RROVIDING FOR THE ISSUANCE OF AN INSTALLMENT NOTE PAYABLE
FROM THE "LOCAL IMPROVEMENT FUND, DISTRICT NO. 71" OF THE CITY AND FOR
THE SALE THEREOF TO THE FIREMEN'S RELIEF AND PENSION FUND, THE PROCEEDS
THEREOF TO BE USED TO PAY THE REVENUE WARRANTS.PAYABLE FROM THE "LOCAL
IMPROVEMENT FUND, DISTRICT KNO. 71," NOW HELD BY THE WATER DEPARTMENT
FUND AND ARTERIAL STREET FUND.
Motion made -by Stork, seconded by Bailey to read Ordinance No. 1226 by title
only. Motion Carried. Ordinance No. 1226 was read by title. Motion made
by Greenlee, seconded by Stork that Ordinance No. 1226 has been read. Motion
Carried. Motion made by Bailey, seconded by Greenlee to adopt Ordinance No.
.1226. Motion carried by roll call vote of -six (6).