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HomeMy WebLinkAbout1300 OrdinanceCITY OF PASCO, WASHINGTON ORDINANCE NO. ,1300 AN ORDINANCE fixing the amount, form, date, maturity and denominations of Local Improvement District No. 75 Bonds, providing for the public sale of such bonds, and repealing Ordinance No. 1297. THE CITY COUNCIL OF THE CITY OF PASCO, WASHINGTON, DO ORDAIN as follows: Section 1. The total amount of the assessment roll in Local Improvement District No. 75 in the City of Pasco, -Washington, created under Ordinance No. 1258 was $118,087.18. The thirty -day period for making cash payments of assessments without interest in the District expired on September 20, 1967, and the total amount of assessments paid in cash was $31,377.52, leaving a balance of assessments unpaid on the assessment roll in the sum of $86,709.66. Local improvement district bonds of Local Improvement District No. 75 shall, therefore, be issued in the total principal sum of $86,709.66. Bond No. l.of that issue shall be in the denomina- tion of $709.66 and the remaining bonds numbered 2 to 87, inclusive, shall be in the denomination of $11000.00 each. The bonds shall all be dated December 11 1967, and shall be payable on December 1, 1979, with the right reserved to the City to redeem the bonds prior to maturity on any interest payment date, in numerical order, low- est numbers first, whenever there shall be sufficient money in the "Local Improvement Fund, District No. 75," created by Ordinance No. 1258, passed on September 20, 1966, to pay the bonds so called and all earlier numbered bonds over and above the amount required for the payment of the interest on all unpaid bonds, by publishing notice of such call once in the official newspaper of the City not less than ten nor more than twenty days prior to the call date, and upon such date the interest on the bonds so called shall cease and each and every coupon representing interest not accrued on such G) date shall be void. The bonds shall bear interest at such rate as shall hereafter be determined after the public sale of said bonds, payable annually, beginning December 1, 1968, to be repre- sented by interest coupons to maturity attached to each bond. Section 2. Each of the bonds and interest coupons at- tached thereto shall be in substantially the following form: No. $1,000.00 ($709.66 on Bond No. 1) UNITED STATES OF AMERICA STATE OF WASHINGTON LOCAL IMPROVEMENT BOND OF CITY OF PASCO LOCAL IMPROVEMENT DISTRICT NO. 75 % N.B. The laws of the State of Washington under which this bond is issued contain the following section (RCW 35.45.070): "Neither the holder nor owner of any bond, interest coupon, or warrant issued against a local improvement fund shall have any claim therefor against the city or town by which it . is issued, except for payment from the special assessments made for the improvement for which the bond or warrant was issued and except also for payment from the local improvement guaranty fund of the city or town as to bonds issued after the creation of a local improvement guar- anty fund of that city or town. The city or town shall not be liable to the holder or owner of any bond, interest coupon, or warrant for any loss to the local improvement guaranty fund occurring in the lawful operation thereof. A copy of the foregoing part of this section shall. be plainly written, printed or engraved on each bond." THE CITY OF PASCO, WASHINGTON, a municipal corporation of the State of Washington, hereby promises to pay to bearer, the sum of ONE THOUSAND DOLLARS ($709.66 on Bond No. 1) in lawful money of the United States of America, with ,interest thereon at the rate of PERCENT ( _ %) per annum, payable annually out of the fund estab- lished by Ordinance No. 1258 of the City and known as "Local Improvement Fund, District No. 75," and not otherwise, except from the guaranty fund, as herein provided. Both principal and. interest on this bond are payable in the office of the Treasurer of the City. -2- Coupons are hereto attached for each install- ment of interest to accrue hereon, and interest shall be paid only on presentation and surrender of such coupons'to the City Treasurer. The City Council of the City, as agent of such Local Improvement District No. 75, established by Ordinance No. 1258, has caused this bond to be issued in the name of the City as the bond of such local improvement district, the bonds or the proceeds thereof to be used to pay so much of the cost and expense of the improvement of Brown Street from Aurilia Avenue to Arthur Avenue and certain other streets and avenues in the City of Pasco, Washington, by grading, widening, con- structing and installing new base course, 1-1/2 inch of asphalt concrete surfacing, curbs and gutters and storm sewers, as is provided by Ord- inance No. 12581 as is levied and assessed against the property included in the local im- provement district and benefited by that improve- ment, and the "Local Improvement Fund, District No. 75," has been established by ordinance for that purpose. The holder or holders of this bond shall look only to that fund and to the Local Improvement Guaranty Fund of the City for the payment of either the principal of or the interest on this bond. This bond is one of an issue of 87 bonds aggre- gating in all the principal sum of $86,709.66, issued for Local Improvement District No. 75, all of which bonds are subject to the same terms and conditions as herein expressed. This bond is payable on December 1, 1979, but is subject to call by the City Treasurer for prior redemption whenever there shall be sufficient money in the "Local Improvement Fund, District No. 75," to pay the same and all unpaid bonds of the issue of which this bond is one, which are prior to this bond, in numerical order, over and above amounts sufficient for the payment of the interest on all unpaid bonds of this issue. The call for payment of this bond, or any bond of this issue of which this is one, shall be made by -the City Treasurer by publishing the same once in the official newspaper of the City not less than ten nor more than twenty days prior to the call date, and when such call is made for the payment of this bond, it will be paid on the day the next interest coupon thereon shall be- come due after that call and upon that day inter- est upon this bond shall cease and any remaining coupons shall be void. IT IS HEREBY CERTIFIED, Recited and Declared that all acts, conditions and things required to be done precedent to and in the levying of such special taxes or assessments and the issu- ing of these bonds have been properly done, have -3- happened and have been performed in regular and due _form, as required by law; and that these bonds have not been issued in an amount in excess of the cost of the improvement. IN WITNESS WHEREOF, the City of Pasco, Wash- ington, has caused this bond to be signed by its Mayor and attested by its Director of Ad- ministration and ex officio City Clerk and its corporate seal to be hereto affixed, and the interest coupons attached to be signed with the facsimile signatures of those officials this lst day of December, 1967. CITY OF PASCO, WASHINGTON By Mayor ATTEST: Director of Administration and ex officio City Clerk COUPON FORM Coupon No. ($ on Bond No. 1) On the FIRST DAY OF DECEMBER, 19 , the CITY OF PASCO, WASHINGTON, promises to pay to bearer at the office of the City Treasurer the sum shown hereon, this sum being twelve months' interest due that day on Bond No. of the bonds of Local Improvement District No, 75 and not other- wise, provided that this coupon is subject to all terms and conditions contained in the bond to which it is annexed and, if that bond shall be called for payment before maturity hereof, this coupon shall be void. CITY OF PASCO, WASHINGTON By Mayor ATTEST: Director of Administration and ex officio City Clerk Section 3. The bonds shall be printed on lithographed forms, shall be signed by the Mayor and attested by the Director of Administration, ek officio City Clerk, and shall have the seal of the City of Pasco affixed thereto and the coupons shall bear the facsimile signatures of the Mayor and the Director of Admin- istration, ex officio City Clerk. -4- Section 4. The Director of Administration is hereby authorized and directed to publish at least ten days prior to the sale date hereinafter provided in the official newspaper of the City and in the Daily Journal of Commerce of Seattle, Wash- ington, at least once in each newspaper, a notice inviting sealed proposals to be received by the City Council for the purchase of such bonds, such proposals to be received by the Director of Ad- ministration at his office in the City Hall until 2:00 o'clock p.m. (PST) on January 2 , 1968, at which time they will be pub- licly opened and considered by the City Council at its regular meeting to be held in the Council chambers in the City Hall at such time and place. Such notice shall provide that the City will furnish the printed bonds and the approving legal opinion of Roberts, Shefelman, Lawrence, Gay & Moch, municipal bond counsel of Seattle, Washington, at the City's expense. Section 5. Ordinance No. 1297, passed November 7, 1967, is hereby repealed. PASSED by the City Council of the City of Pasco, Wash- ington, and APPROVED by the Mayor at a regular meeting thereof this 19th day of December, 1967. A EST: Direc of Administration and ex officio City Clerk FORM APPROVED: City Attorney -5- Mayor F. M. ROBERTS JAMES P. WETER (1877-1959) HAROLD S.SHEFELMAN VICTOR D. LAWRENCE JAMES GAY ROBERT G.MOCH" JAMES C. HARPER GEORGE M. MACK BRIAN L.COMSTOCK TIMOTHY R. CLIFFORD LEE R.VOORHEES,JR. CHARLES PINNELL LAW OFFICES ROBERTS, SHEFELMAN, LAWRENCE, GAY & MOCH (WETER, ROBERTS S 5HEFELMAN) 1818 IBM BUILDING SEATTLE, WASHINGTON 98101 December 15, 1967 Mr. George D. Eastman Director of Administration City Hall P. 0. Box 293 Pasco, Washington 99301 Re: Local'Improvement District No. 75 Dear George: l- ©, - TELEPHONE MAIN 2-1818 AREA CODE 206 In accordance with your letter of December 11, I have prepared and am enclosing an original and five copies of a new ordinance fixing the amount and terms of the bonds, providing for the pub- lic sale of the bonds and repealing Ordinance No. 1297. You will note that the sale date must be inserted in the ordinance. Perhaps, the Council may wish to receive bids at their regular meeting on January 2. I am also enclosing an original and five copies of a form of notice of bond sale. The sale date must be inserted in the notice. If the Council wishes to open bids at the January 2 meeting, the notice must be published in the Tri -City Herald and also in the Daily Journal of Commerce of Seattle by no later than Friday, December 22. The ordinance, of course, will also be published in your official newspaper at the same time as the notice. If the ordinance is passed at your next regular meeting on Tuesday, December 19, I should appreciate your returning to me one certified copy together with certified excerpts from the Minutes of the Council meeting showing the passage off the ordinance. After the ordinance and notice have been published, I will need affidavits of publication. If you have any question concerning the ordinance or notice, please do not hesitate to telephone me. Very truly yours, ROBERTS, SHEFELMAN, LAWRENCE, GAY & MOCH By JG/dea Enc. SEALED PROPOSALS will be received by the City of Pasco at the office of the Director of Administration in the City Hall, 412 West Clark Street, Pasco, Washington, until 2:00 o'clock p.m. ' (PST) on 1 JANUARY 2 , 1968 at which time they will be publicly opened and considered by the City Council in the Council Chambers in the City Hall at a regular meeting to be held therein for the purchase of local improvement bonds of Local Improvement District No. 75 in the amount of $86,709.66 to obtain the funds with which to pay the cost and ex- pense of a local improvement district improvement as more fully set forth in Ordinance No. 1258. The bonds will be dated December 1, 1967, will be payable on December 1, 1979, with the right re- served to the City to redeem the bonds prior to maturity on any interest payment date, in numerical order, lowest numbers first, whenever there shall be sufficient money in the "Local Improvement Fund, District No. 75," created by Ordinance No. 1258, passed on September _0, 1966, to pay the bonds so called and all earlier num- bered bonds over and above the amount required for the payment of the interest on all unpaid bonds by publishing notice of such call once in'the official newspaper of the City not less than ten nor more than twenty days prior to the call date. Bond No. 1 of such issue will be.in the denomination of $709.66, and the remaining bonds numbered 2 to 87, inclusive, will be in the denomination of $1,000.00 each. The bonds will be -redeemed by the collection of special assessments levied and assessed u.c.. the property within the District, payable in ten equal annual assessments with interest i iNOTICE OF BOND SALE LOCAL IMPROVEMEN^1 BONDS ' OF Y LOCAL IMPROVEMEN^1 DISTRICT NO. 75 OF CITY OF PASCO, WASHINGTON SEALED PROPOSALS will be received by the City of Pasco at the office of the Director of Administration in the City Hall, 412 West Clark Street, Pasco, Washington, until 2:00 o'clock p.m. ' (PST) on 1 JANUARY 2 , 1968 at which time they will be publicly opened and considered by the City Council in the Council Chambers in the City Hall at a regular meeting to be held therein for the purchase of local improvement bonds of Local Improvement District No. 75 in the amount of $86,709.66 to obtain the funds with which to pay the cost and ex- pense of a local improvement district improvement as more fully set forth in Ordinance No. 1258. The bonds will be dated December 1, 1967, will be payable on December 1, 1979, with the right re- served to the City to redeem the bonds prior to maturity on any interest payment date, in numerical order, lowest numbers first, whenever there shall be sufficient money in the "Local Improvement Fund, District No. 75," created by Ordinance No. 1258, passed on September _0, 1966, to pay the bonds so called and all earlier num- bered bonds over and above the amount required for the payment of the interest on all unpaid bonds by publishing notice of such call once in'the official newspaper of the City not less than ten nor more than twenty days prior to the call date. Bond No. 1 of such issue will be.in the denomination of $709.66, and the remaining bonds numbered 2 to 87, inclusive, will be in the denomination of $1,000.00 each. The bonds will be -redeemed by the collection of special assessments levied and assessed u.c.. the property within the District, payable in ten equal annual assessments with interest 1. - _V I , I . r, ` Iat the rate of 6% per annum under the mode of "payment by bonds," as defined by law. Bidders are invited to submit bids specifying either (a) the lowest rate of interest and premium, if any, above par at which the bidder will purchase the bonds, or (b) the lowest rate of interest at which the bidder will purchase the bonds at par. 1 All bonds must bear interest at the same single interest rate. For the purpose of evaluating the bids, each bid sub- mitted shall specify the net effective interest rate of such bid for said bonds assuming an average bond life of five years. ;The City reserves the right to -reject any and all bids ' submitted and to waive any irregularity or informality in any bid. The City will furnish the printed bonds together with the approving legal opinion of Roberts, Shefelman, Lawrence, Gay & Moch, municipal bond counsel of Seattle, Washington, without cost to the purchaser, which legal opinion will be printed on each bond. 1967. DATED at Pasco, Washington, this _/ day of December, GEORGE D9. EASTMAN, Director of Administration and ex officio City Clerk of the City of Pasco, Washington -2- Roberts,, Sk 1818 IBM BL Seattle, Wa Attn: Jame Dear Jim: Attached is certified copie rdinan o. 1300, Excerpts of Regular Council Meetinge r 19, 67, plus three (3) Affidavits of Publicati per your uest December 15, 1967. If you need anything fu her, please o not hesitate to.call on US. Sincerely, tnian Wministration DIRECTOR OF ADMINISTRATION January 2, 1968 GDE:ew Enc: (5) i:2cc