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HomeMy WebLinkAbout1315 OrdinanceI ` i ORDINANCE NO. 1315 An Ordinance of the City of Pasco,.Washington, providing for the construction, installation and equipping of two swimming pools and two recreation multi -use facilities or covered play areas and one golf cart storage bukI ding; declaring the estimated cost thereof as near as may be; providing for the issuance and sale of $120,000.00 par value of "General Obligation Bonds, 1968," of the City; specifiying the maturities and fixing the form and maximum effective interest rate of such bonds; establishing a "General Obligation Construction Fund, 1968;" establishing a "General Obligation Bond Fund, 1968"; and providing for the sale of such bonds. WHEREAS, the City of Pasco is in immediate need of the construction, installation and equipping of two swimming pools, one to be located on City owned land in Kurtzman Park near Wehe Street and Alton Street and the other to be located at Richardson Park near Meridian Street and Pearl Street, and two recreation multi- use facilities or covered play aeeas,.:-one to be located in Kurtzman Park and the other to be located in Memorial Park at Bonneville Street and Lucas Street, and one golf cart storage building to be located at the Municipal Golf Course, and the City does not have available sufficient funds to meet the total estimated cost thereof; and WHEREAS, the assessed valuation of the taxable property within the City as ascertained by the last preceding assessment for City purposes is $19,545,473.00, and at the time of the passage of this ordinance the existing outstanding general indebtedness consists of $1,317,000.00 par value of general obligation bonds, of which $132,000.00 par value were issued within the limit of up to 1-1/2% of the assessed valuation of the taxable property within the City permitted without an election of the voters within the City and of which $1,185,000.00 par value were issued within the limit of up to 5% of the value of the taxable property within the City (being twice the assessed valuation thereof) permitted pursuant to an election of the voters within the City for municipal capital purposes, and the amount of the indebtedness for which bonds are herein authorized to be issued is $120,000.00; NOW THEREFORE, shall: THE CITY COUNCIL OF THE CITY OF PASCO, WASHINGTON, DO ORDAIN, as follows: Section 1.. The City of Pasco, Washington, for strictly municipal purposes (a) Construct, install and equip two swimming pools, one to be located on City owned land in Kurtzman Park near Wehe Street and Alton Street and the other to be located at Richardson Park near Meridian Street and Pearl Street; (b) Construct, install and equip two recreation multi -use facilities or covered play areas consisting of hexagonal covered play areas with 32 -foot sides, providing three walls with one wall to serve as a handball court on the outside of the paly area, and to be completely surgaced, one such area to be located in Kurtzman Park and attached to an existing Kurtzman Park building and the other to be located in the middle of Memorial Park near Bonneville Street and Lucas Street; and (c) Construct, install and equip one golf cart storage building to be located at the Municipal Golf Course. The estimated cost of the foregoing, including the cost of the issuance of general obligation bonds herein authorized, is hereby declared to be, as near as may be, the sum of $120,000.00. The City shall borrow money on the credit of the City and issue negotiable general obligation bonds evidencing such indebtedness. Such general indebtedness to be incurred shall be within the limit up to 1-1/2% of the assessed valuation of the taxable property within the City permitted for general municipal purposes without a vote of the qualified voters therein. Section 2. The bonds shall be called "General Obligation Bonds, 1968, of the City of Pasco, Washington, shall be dated September 1, 1968, shall be denominations of $5,000.00 each, shall be numbered from 1 to 24 inclusive, and shall bear interest at a maximum effective rate of not to exceed 6% per annum, payable semiannually on March 1 and September 1 of each year, as evidenced by coupons attached to the bonds representing interest to maturity with full obligation on the part of the City to pay interest at the bond rate, from and after maturity, Section 3, The City reserves the right to redeem the bonds as a whole, or in part in inverse numerical order, on September 1, 1978, or on any semi- annual interest payment date thereafter, at par plus accrued interest to date of redemption. Any call for the redemption of such bonds shall be made by publishing notice thereof in the official newspaper of the City at least once not less than thirty nor more than forty-five days prior to the call date. Notice of such intended redemption shall also be mailed to the account manager or principal underwriter of the successful bidder at its principal place of business not more than forty-five nor less than thirty days prior to the call date. In addition, such redemption notice shall also be sent to Moody's Investors Service, Inc., and Standard & Poor's Corporation, at their offices in New York, New York. until the bond's, both principal and interest, are paid in full. Both principal and interest are to be paid in lawful money of the United States of America at the office of the City Treasurer of Pasco, Washington, and the bonds shall mature serially in order of their numbers as follows: Bond Numbers (Inclusive) Amounts Maturities 1 $ 5,000 September 1, 1970 2 5,000 September 1, 1971 3 5,000 September 1, 1972 4 5,000 September 1, 1973 5 5,000 September 1, 1974. 6 5,000 September 1, 1975 7 5,000 September 1, 1976 8 5,000 September 1, 1977 9 5,000 September 1, 1978 10 5,000 September 1, 1979 11 5,000 September 1, 1980 12 5,000 September 1, 1981 13 5,000 September 1, 1982 14. 5,000 September 1, 1983 15 and 16 10,000 September 1, 1984 1, 1985 17 and 18 10,000 September 1, 1986 19 and 20 10,000 September 1, 1987 21 and 22 10,000 September 1, 1988 23 and 24 10,000 September Section 3, The City reserves the right to redeem the bonds as a whole, or in part in inverse numerical order, on September 1, 1978, or on any semi- annual interest payment date thereafter, at par plus accrued interest to date of redemption. Any call for the redemption of such bonds shall be made by publishing notice thereof in the official newspaper of the City at least once not less than thirty nor more than forty-five days prior to the call date. Notice of such intended redemption shall also be mailed to the account manager or principal underwriter of the successful bidder at its principal place of business not more than forty-five nor less than thirty days prior to the call date. In addition, such redemption notice shall also be sent to Moody's Investors Service, Inc., and Standard & Poor's Corporation, at their offices in New York, New York. ' s ' r Interest on any bonds so called for redemption shall cease on datkes fixed for such redemption upon payment of the call price into the bond redemption fund. Section 4. The City of Pasco hereby irrevocably pledges itself to levy taxes annually, within the constitutional and statutory tax limitations provided by law, upon all property in the City subject to taxation in an amount sufficient to pay the principal of and interest on the bonds as the same shall accrue, and the full faith, credit and resources of the City are hereby irrevocably pledged for the payment of the principal of and interest on such bonds. Section 5. The bonds shall be substantially in the following form: No. $5,000.00 UNITED STATES OF AMERICA STATE OF WASHINGTON CITY OF P.ASCO GENERAL OBLIGATION BONDS, 1968 o/ 0 KNOW ALL MEN BY THESE PRESENTS: That the City of Pasco, Washington, is justly indebted to and for value received hereby promises to pay to bearer on the FIRST DAY OF SEPTEMBER, 19_ , the sum of FIVE THOUSAND DOLLARS together with interest thereon at the rate of PERCENT ( %) per annum, payable semiannually on March 1 and September 1 of each year, interest to maturity being evidenced by and payable upon the presentation and surrender of the attached interest coupons as they severally become due, with full obligation on the part of the City to pay interest at the same rate from and after the maturity date, in the absence of coupons, until this bond with interest is paid in full. The bond is payable, both principal and interest, in lawful money of the United States of America at the office of the City Treasurer of the City of Pasco, Washington. This bond is one of a total issue of $120,000.00 par value of bonds, all of like date, tenor and effect, except as to maturities ( and interest rates of more than one i:interest rate is bid), issued by the City of Pasco for general m!nicipal purposes, to -wit, for the purpose of providing funds to construct, install and equip two swimming pools and two recreation multi- use facilities or covered play areas and one golf cart storage building, and issued in full complicance with the ordinances of the City of Pasco and the laws and constitution of the State of Washington. The City has reserved the right to redeem the bonds as a whole,. or in part in inverse numerical order, on September 1, 1978, or on any semiannual interest payment date thereafter, at par plus accrued interest to date of redemption. Any call for the redemption of such bonds shall be made by publishing notice thereof in the official newspaper of the City at least once not less than thirty nor more than forty-five days prior to the call date. Notice of such intended redemption shall also be mailed to (the account manager or principal underwriter of.the successful bidder at its principal place of business) not more than forty-five nor.less than thirty days prior to the call date. In addition, such redemption notice shall also be sent to Moody's Investors Service, Inc., and Standard & Poor's Corpjration, at their offices in New York, New York. Interest on any bonds so called for redemption shall cease on dates fixed into the bond redemption fund. The City of Pasco hereby irrevocably pledges itself to levy taxes annually, within the constitutional and statutory tax limitations provided by law, upon all property in the City subject to taxation in an amount sufficient to pay the principal of and interest on the bonds of this issue as the same shall accrue, and the full faith, credit and resources of the City are hereby irrevocably pledged for the payment of the principal of and interest on said bonds. It is hereby certified that all acts, conditions and things required to be done precedent to and in the issuance of this bond have been done, have happened and have been performed as required by law, and that the total indebtedness of the City, including this bond issue, does not exceed any constitutional or statutory limitations. IN WITNESS WHEREOF, the City of Pasco, Washington, has caused this bond to be signed by the facsimile signature of its Mayor and attested by the manual signature of its Director of Administration 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 1st day of September, 1968. CITY OF PASCO, WASHINGTON By (facsimile signature)_____ Mayor All taxes collected for and allocated to the payment of the principal of and interest on the bonds shall hereafter be deposited in the "General Obligation Bond Fund, 1968". Section 8. The bonds shall be sold for cash at public sale for not less than par, plus accrued interest, upon sealed bids to be received at the office of the Director of Administration and ex officio City Clerk up to the day and hour stated in the Notice of Bond Sale hereinafter directed to be given. Notice calling for bids to purchase such bonds shall be published once a week for four consecutive weeks in the official newspaper of the City of Pasco and such notice shall also be published once in the Daily Journal of Commerce of Seattle, Washington, at least ten days .before the bid opening date. Such notice shall specify that bids for purchase of the bonds shall be received by the Director of Administration and ex officio City Clerk of the City of Pasco at the Council Chambers of the City Hall of the City on August 20, 1968, up to 2 o'clock P.M. (PDST), at which time all bids will be publicly opened for the purchase of the bonds. A copy of the Notice shall, at least three weeks prior to the date fixed for the sale, be mailed to the State Finance Committee, Olympia, Washington. Bids shall be invited for the purchase of the bonds with fixed maturities in accordance with the schedule specified in Section 2 of this ordinance. The Notice shall specify the maximum effective rate of interest the bonds shall bear, to -wit, 6% per annum, and shall require bidders to submit a bid specifying: (a) The lowest rate or rates of interest and premium, if any, above par at which the bidder will purchase the bonds; or (b) The lowest rate or rates of interest at which the bidder will purchase the bonds at par. For the purpose of evaluating bids only, the coupon rates bid being ATTEST: Director of Administration ex officio City Clerk The form of the interest coupons shall be substantially as follows: Coupon No. On the IST DAY OF (MARCH) ( SEPTEMBER), 19 , the CITY OF PASCO, WASHINGTON, upon presentation and surrender of this coupon, will pay to the bearer at the office of the City Treasurer the sum shown hereon in:lawful money of the United States of America, said sum being the semiannual interest due that date upon :its "General Obligation Bond, 1968," dated September 1, 1968, and numbered CITY OF PASCO,.WASHINGTON By (facsimile signgt4re) Mayor ATTEST: (facsimile signature) Director of Administration ex officio City Clerk Section -6. The bonds shall be printed or lithographed on good bond paper and shall be signed by the facsimile signature of the Mayor and attested by the manual signature of the Director of. Administration and ex officio City Clerk of the City of Pasco, Washington, under the seal of the City and the coupons shall bear the facsimile signature of the Mayor and the Director of Administration and ex officio City Clerk. Section 7. There is hereby created and established in the office of the City Treasurer a special fund to be known and designated as the "General Obligation Bond Fund, 1968," of the City. The accrued interest, if any, shall be paid into the "General Obligation Bond Fund, 1968," and the principal proceeds received from the sale of the bonds shall be paid into the "General Obligation Construction Fund, 1968," of the City of Pasco, which is hereby created in the office of the City Treasurer. controlling, each bid shall state the total interest cost over the life of the bonds and the net effective interest rate of such bid. Coupon rates shall be in multiples of 1/8 or 1/10 of 1%, or both. No more than one rate of interest may be fixed for any one maturity. Only one coupon will be attached to each bond for each installment of interest thereon, and bids providing for additional or supplemental coupons will be rejected. The maximum differential between the lowest and highest coupon rates named in any bid shall not exceed 2%. The bonds shall be sold to the bidder making the best bid, subject to the right of the City Council of the City of Pasco to reject any and all bids and to readvertise the bonds for sale in the manner provided by law, and no bid for less than all of the bonds shall be considered. All bids shall be sealed and, except the bid of the State of Washington, if one is received, shall be accompanied by a deposit of $6,000.00. The deposit shall be either cash or by certified or cashier's check made payable to the City Treasurer of the City of Pasco, and shall be promptly returned if the bid is not accepted. If the bonds are ready for delivery and the successful bidder shall fail and neglect to complete the purchase of the bonds within forty days following the acceptance of his bid, the amount of his deposit shall be forfeited to the City of Pasco and in that event the City Council may accept the bid of the one making the next best bid. If there be two or more equal bids for the bonds for not less than par plus accrued interest and such bids are the best bids received, the City Council shall determine by lot which bid will be accepted. The bonds will be delivered to the successful bidder at the office of the City Treasurer of the City of Pasco, or in the City of Seattle at the City's expense, or at such other place as the City Treasurer and the successful bidder may mutally agree upon at the purchaser's expense. A no -litigation certificate in the usual form will be included in the closing papers. The Director of Administration and ex officio City Clerk of the City of Pasco shall be and is hereby authorized and directed to publish Notice for the purchase of the bonds in the manner required by law in accordance with the provisions of this section. Such Notice shall provide that the City of Pasco will cause the bonds to be printed and lithographed and signed and will furnish the approving legal opinion of Messrs. Roberts, Shefelman, Lawrence, Gay & Moch, municipal bond counsel of Seattle, Washington, covering the bonds without cost to the purchasers, said opinion also being printed on each bond. PASSED by the City Council of the City of Pasco,.Washington, at a regular meeting thereof, and APPROVED by the Mayor this 16th day of July, 1968. Mayor ATTEST: Directof Administration and ex offi to City Clerk FORM APPROVED: ' Z. 4�;& � zll City Attorney I, GEORGE D•, EASTMAN, Director of Administration and Ex Officio City Clerk of the City of Pasco, Washington, do hereby certify that the attached Ordinance No, is a true and correct copy of the original ordinance passed on the 16th, day of July, 1968, as said ordinance appears on the Minute Book of the City. DATED this 16th day of July, 1968. f I A - -, GEORGE D, ASTMAN, Director of Administration and ex o ficio City Clerk