HomeMy WebLinkAbout1257 OrdinanceCITY OF PASCO, WASHINGTON
ORDINANCE NO. 1257,
AN ORDINANCE providing for the issu-
ance of an installment note payable from
the "Local Improvement Fund, District No.
74" 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. 74 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. 1216 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. 74,
such bonds to be redeemed from special assessments against the property
benefited by the improvements; and
WHEREAS, the 30 -day period allowed by law for the pay-
ment of assessments in Local Improvement District No. 74 without pen-
alty or interest has elapsed, the total amount of the assessment roll as
confirmed being $8,187.00, and $766.00 having been collected during
said 30 -day period, leaving an uncollected balance on said roll of
$7,421.00; 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 issue an installment note payable out of the "Local
Improvement Fund, District No. 74," 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,
r
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. 74, " to be dated September 1, 1966, and to become finally due
on September 1, 1978. The note shall be issued in the amount of $7,421.00
representing the balance of the cost and expense of Local Improvement District
No. 74, 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. 74" 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 $ 2,991.15
Street Fund $ 3,965.02
Current Expense Fund $ 1,230.83
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. 74 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
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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 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. 74" 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 14
ATTEST
1
City Clerk
FORM APPROVED:
City Attorney'
PUBLISHED:
Publication Date
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LOCAL IMPROVEMENT DISTRICT INSTALLMENT NOTE
L.I.D. NO. 74
TO THE CITY TREASURER: ISSUE DATE: SEPTEMBER 1, 1966
PAY SEVEN THOUSAND FOUR HUNDRED TWENTY-ONE and no/100ths
DOLLARS. ($7,421.0.0) out of the Local Improvement Fund,
District No. 74, 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 cute 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 princi.pal amount thereof is fully paid, but not beyond final
maturity: September 1, 1978 .
CITY OF PASC W SHINGTON
By
City Manager
ACCEP ATTEST:
City Treasurer City Clerk
PAYMENT RECORD
Install-
ment Interest Principal Balance