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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).