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Home My WebLink About1256 Ordinancef - CITY OF PASCO, WASHINGTON ORDINANCE NO. 1256 AN ORDINANCE providing for the issu- ance of an installment note payable from the "Local Improvement Fund, District No. 72" of the City to be sold to the Firemen's Relief and Pension Fund of the City as an investment for such Fund. WHEREAS, to make work progress payments in carrying out the improvements in Local Improvement District No. 72 the City heretofore made temporary loans from various City funds, such temporary loans to be repaid by a lump sum payment when bonds of the local improvement district were sold; and WHEREAS, Ordinance No. 1201 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. 72, 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. 72 without pen- alty or interest has elapsed, the total amount of the assessment roll as confirmed being $11,246.71, and $1,167.32 having been collected during said 30 -day period, leaving an uncollected balance on said roll of $10,079.32; 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 issue an installment note payable out of the "Local Improvement Fund, District No. 72," and sell such note to the Firemen's Relief and Pension Fund of the City as an investment for such Fund, and the proceeds from the sale of such note, together with the amount collected during the 30 -day cash prepayment period, to be used toward the repayment of the temporary loans from various City funds; NOW, THEREFORE, a 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. 72, " to be dated September 1, 1966, and to become finally due on September 1, 1978. The note shall be issued in the amount of $10,079.32 representing the balance of the cost and expense of Local Improvement District No. 72, which is to be borne by the property owners therein, and which includes any interest accrued on the temporary loans from the various funds. 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 sold to the Firemen's Relief and Pension Fund at par as an investment for such Fund. Moneys from the "Local Improvement Fund, District No. 72" shall be paid to the payee of such 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. 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. The proceeds received from the sale of such installment note and the amount collected on the assessment roll during the 30 -day cash prepayment period shall be disbursed in repayment of the temporary loans made from the following funds in the following amounts: Arterial Street Fund $ 8,534.47 Street Fund $ 1,398.44 Current Expense Fund $ 1,313.80 Section 2. The installment note issued pursuant to this Ordinance shall bear on its face (1) the name of the payee; (2) the designa- tion of Local Improvement District No. 72 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 -2- Jf 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. 72, " to be dated September 1, 1966, and to become finally due on September 1, 1978. The note shall be issued in the amount of $10,079.32 representing the balance of the cost and expense of Local Improvement District No. 72, which is to be borne by the property owners therein, and which includes any interest accrued on the temporary loans from the various funds. 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 sold to the Firemen's Relief and Pension Fund at par as an investment for such Fund. Moneys from the "Local Improvement Fund, District No. 72" shall be paid to the payee of such 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. 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. The proceeds received from the sale of such installment note and the amount collected on the assessment roll during the 30 -day cash prepayment period shall be disbursed in repayment of the temporary loans made from the following funds in the following amounts: Arterial Street Fund $ 8,534.47 Street Fund $ 1,398.44 Current Expense Fund $ 1,313.80 Section 2. The installment note issued pursuant to this Ordinance shall bear on its face (1) the name of the payee; (2) the designa- tion of Local Improvement District No. 72 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 -2- payment record which shall indicate at prescribed installment dates the receipt of any Local Improvement District funds for the purpose of servicing the debt indicated by 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. 72" 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 20th day of September, 1966. Mayor ATTEST,- City TTEST:City Clerk FORM APPROVED: City Attorney PUBLISHED: P ublication Date -3- a a �r r r_r payment record which shall indicate at prescribed installment dates the receipt of any Local Improvement District funds for the purpose of servicing the debt indicated by 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. 72" 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 20th day of September, 1966. Mayor ATTEST,- City TTEST:City Clerk FORM APPROVED: City Attorney PUBLISHED: P ublication Date -3- 14, LOCAL IMPROVEMENT DISTRICT INSTALLMENT NOTE L.I.D. NO. 72 TO. THE CITY TREASURER: ISSUE DATE: SEPTEMBER 1, 1966 PAY TEN THOUSAND SEVENTY-NINE AND 32/100ths DOLLARS ($10,079.32) out of the Local Improvement Fund, District` No. 72, either in cash, ,L.I. D. Bonds or Warrants pursuant to provisions 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 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 3/4% per annum from the issue date until the 'principal amount thereof is fully paid, but not beyond final maturity, September 1, 1978. CITF PASO W SHINGTON By 4Tt L City Manager ACCEPT ATTEST City...Treasurer City Clerk PAYMENT RECORD Install— ment Interest Principal Balance