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Home My WebLink About1317 OrdinanceCITY OF PASCO, WASHINGTON ORDINANCE NO. 1317 AN ORDINANCE providing for the issuance of an installment note payable from the "Local Improvement Fund, District No. 76," of the City and to be sold to the "Consumer Deposit Fund" of the City. WHEREAS, Ordinance No. 1311 of the City established Local Improvement District No. 76 and provided that the City should issue its local improvement bonds to pay the cost and expense of the improvement in Local Improvement District No. 76 and the City Council now deems it to be in the best interest of the City that as an alternative to the issuance of such bonds the City shall, pursuant to Chapter 165 of the Laws of 1961 of the State of Washington, issue an installment note and sell the same to such City fund as an investment for such fund as the City Council may determine, such installment note to be redeemed from special assessments against the property benefited by the im- provement; and WHEREAS, the 30 -day period allowed by law for the pay- ment of assessments in Local Improvement District No. 76 without penalty or interest has elapsed, the total amount of the assess- ment roll as confirmed being $6,817.30, and $240.00 having been collected during said 30 -day period, leaving an uncollected balance on said roll of $6,577.30; and WHEREAS, the City Council has now determined to issue an installment note and to sell the same to the "Consumer Deposit Fund" of the City as an investment for such fund, 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 one installment note payable to the "Consumer Deposit Fund" out of the "Local Improvement Fund, District No. 76," to be dated August 1, 1968, and to become finally due on August 1, 1980. The note shall be issued in the amount of $6,577.30, representing the balance of the cost and expense of Local Improvement District No. 76, which is to be borne by the property owners therein. The installment note shall bear interest at the rate of 5-1/2o per annum to be paid on the unpaid balance thereof. The installment note shall be issued to the "Consumer Deposit.Fund." Moneys from the "Local Improvement Fund, District No. 76," shall be paid to the payee at least once a year, beginning with the date of issue, for the pur- pose of reducing the principal and interest amounts due on the installment note. Upon receipt by the "Consumer Deposit 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. 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. 76 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 bal- ance thereof; and (6) such manual or facsimile signatures and at- testations as are required to appear on the warrants of the City. The reverse side of the installment note shall bear a tabular pay- ment record which shall indicate at prescribed installment dates the receipt of any Local Improvement District No. 76 funds for the purpose of 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 suf- ficient space opposite each transaction affecting the note for the manual signature of the officer authorized to receive the money for the payee. - 2 - Section 3. The installment note may be redeemed out of the "Local Improvement Fund, District No. 76," at any time by payment in full of the unpaid principal balance and accrued in- terest 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 and APPROVED by the Mayor of the City of Pasco, Washington, at a regular meeting thereof this 6th day of August, 1968. AT T: irecto' f Administration and ex offi City Clerk FORM APPROVED: j O City r torney 1�1r/ M 0A_ . -.1 0 INS �j - 3 - LOCAL IMPROVEMENT DISTRICT INSTALLMENT NOTE L.I.D. NO. 76 TO THE CITY TREASURER: ISSUE DATE: August 1, 1968 PAY SIX THOUSAND FIVE HUNDRED SEVENTY-SEVEN AND 30/100ths DOLLARS ($6,577.30) out of Local Improvement Fund, Dis- trict No. 76, either in cash, L.I.D. Bonds or Warrants pursuant to provisions of law pertaining thereto, TO THE ORDER OF Consumer Deposit 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 of 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 5-1/2% per annum from the issue date until the principal amount thereof is fully paid, but not beyond final maturity of August 1, 1980. CITY OF PASCO, WASHINGTON By Mayor ATTEST: Director of Administration and ex officio City Clerk ACCEPTED: City Treasurer PAYMENT RECORD Install- ment Interest Principal Balance LOCAL IMPROVEMENT DISTRICT INSTALLMENT NOTE L.I.D. NO. 76 TO THE CITY TREASURER: ISSUE DATE: August 1, 1968 PAY SIX THOUSAND FIVE HUNDRED SEVENTY-SEVEN AND 30/100ths DOLLARS ($6,577.30) out of Local Improvement Fund, Dis- trict No. 76, either in cash, L.I.D. Bonds or Warrants pursuant to provisions of law pertaining thereto, TO THE ORDER OF Consumer Deposit 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 of 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 5-1/2% per annum from the issue date until the principal amount thereof is fully paid, but not beyond final maturity of August 1, 1980. CITY OF PASCO, WASHINGTON By_ Mayor ATTEST: Director of Administration and ex officio City Clerk ACCEPTED: City Treasurer PAYMENT RECORD Install- ment Interest Principal Balance DIRECTOR OF ADMINISTRATION August 14* 1968 Roberts, Shefelman, Lawrence„ Gay . & Hoch 1818 I4G.. Building Seattle, Washington Attn: James Gay Re L.I.O. No. 76 Bear Jim: Per your instructions, attached are certified copies of Ordinance No. 1317 (L..I.O.. No. 7E), minutes of the regular Council Meeting -.held August G, 1968, and two Affidavits of Publication. If you need anything ftkrther, Please do not hesitate to call on me.. Very truly yours, George D, Eastman Director of Administration and ex -officio City Clerk GOE:ew Enc; 1 o. 3cc Mrs Ruth Modesky r City Treasurer - City Nall xy Pasco, Washington Dear Ruth We are handing you herewith, copies of'Ordinance Nos. 1317 and 1318; copies of Resolution Nos. 739 and 74U, which were passed by the Pasco City Council at their regular meeting on August 6, 1968. Sincerely, Cliff Daigler Controller