HomeMy WebLinkAbout1236 OrdinanceCITY OF PASCO, WASHINGTON
ORDINANCE NO, 11236
AN ORDINANCE providing for the issuance of
an installment note payable from the "Local
Improvement Fund, District No. 73, " of the
City and for the sale thereof to the Firemen's
Relief and Pension Fund, the proceeds thereof
to be used to repay a loan made to the District
from the Arterial Street Fund.
WHEREAS, Ordinance No. 1211 of the City provided that
the City should issue its local improvement bonds to pay the cost
and expense of the improvement in Local Improvement District No. 73,
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
determine; and
WHEREAS, the 30 -day period allowed by law for the pay-
ment of assessments in Local Improvement District No. 73 without penalty
or interest has elapsed, the total amount of the assessment roll as
confirmed being $124,151.98, and $59,411.10 having been collected during
said 30 -day period, leaving an uncollected balance on said roll of
$64,740.88; 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. 73," and to sell the
same to the Firemen's Relief and Pension Fund, the proceeds thereof to be
used to repay a loan from the Arterial Street Fund used to pay the cost of
the improvement in the local improvement district; 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. 73, " to be dated April 5, 1966, and to
become finally due on April 5, 1978. The note shall be issued in the
amount of $64, 740.88 , representing the balance of the cost and expense of
Local Improvement District No. 73, which is to be borne by the property owners
therein, and which includes any interest accrued on the outstanding loan
from the Arterial Street Fund to be repaid by the proceeds from the sale
of 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 repay the loan from the Arterial Street Fund of the
City. Moneys from the "Local Improvement Fund, District No. 73" 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. 73 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-
ment dates the receipt of any Local Improvement District funds for the purpose of
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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. 73" 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
19th day of April, 1966.
Mayor
ATTEST:
City Clerk
FORM APPROVED:
Published:
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PASCO, WASHINGTON
COUNCIL CHAMBERS
REGULAR MEETING
CALL TO ORDER:
APRIL 19, 1966
Meeting called to order at 8:02 P.M. by the Honorable G.E. Carter, Mayor.
ROLL CALL:
By Clerk's Representative. Councilmen present were G.E. Carter, J.G. Bailey,
George P. Stork and R.L. Greenlee. Councilman Wiseman arrived at 8:20 P.M.
APPROVAL OF MINUTES:
Motion made by Greenlee, seconded by Stork to approve minutes of Regular
Council Meeting held April 5, 1966, as written. Motion Carried.
ORDINANCES:
ORDINANCE NO. 1236:
AN ORDINANCE PROVIDING FOR THE ISSUANCE OF AN INSTALLMENT NOTE
PAYABLE FROM THE "LOCAL IMPROVEMENT FUND, DISTRICT NO. 739"
OF THE CITY AND FOR THE SALE THEREOF TO THE FIREMEN'S RELIEF
AND PENSION FUND, THE PROCEEDS THEREOF TO BE USED TO REPAY A
LOA14 MADE TO THE DISTRICT FROM THE ARTERIAL STREET FUND.
Motion made by Greenlee, seconded by Stork to read Ordinance No. 1236 by
title. Motion Carried. Ordinance No. 1236 was read by title. Motion made
by Greenlee, seconded by Stork that Ordinance No. 1236 has been read. Motion
Carried. Motion made by Bailey, seconded by Stork that the interest rate be
set at 4 3/4% interest. Motion Carried. Motion made by Bailey, seconded by
Wiseman to adopt Ordinance No. 1236 with interest rate of 4 3/4%. Motion carried
by roll call vote of five (5).
C E R T I F I C A T E
I, RUTH MODESKY , City Clerk of the City of
Pasco, Washington, do hereby certify that the attached is
a true, correct and accurate copy of:
ORDINANCE NO. 1236
EXCERPTS OF MINUTES OF APRIL 19, 1966
AFFIDAVIT OF PUBLICATION
of which it purports to be a copy, and that the original
of same is now on file in the office of the City Clerk,
City of Pasco, Washington.
IN WITNESS WHEREOF, I have hereunto set my hand and
affixed the official seal of the City of Pasco, Washington,
this day of 19
City Clerk, City of Pasco,
Washington
I RUTH MODESKY
C E R T I F I C A T E
, City Clerk of the City of
Pasco, Washington, do hereby certify that the attached is
a true, correct and accurate copy of:
ORDINANCE NO. 1236
EXCERPTS OF MINUTES OF APRIL 19, 1966
AFFIDAVIT OF PUBLICATION
of which it purports to be a copy, and that the original
of same is now on file in the office of the City Clerk,
City of Pasco, Idashington.
IN WITNESS WHEREOF, I have hereunto set my hand and
affixed the official seal of the City of Pasco, Washington,
this day of
19
City Clerk, City of Pasco,
Washington