HomeMy WebLinkAbout1348 OrdinanceCITY OF PASCO$ WASHINGTON
ORDINANCE NO. 1348,
AN. ORDINANCE of the City of Pasco, Washington
.providing for the acquisition of a 1,250 gallon per -
minute triple combination pumper truck, two sets of
deluge guns (nozzles) and turbo -jet fog nozzles and
other fire fighting equipment for the City's fire
department; declaring the estimated cost thereof -.as
near as may be; providing for the issuance and -sale
of $45,000.00 par value of "General Obligation Bonds,
1969," of the City; specifying the maturities and
fixing the form and maximum effective interest rate
of-such-bonds;l-establishing a "General Obligation
Bond Fund, 1969" and providing for the sale of such
bonds..
WHEREAS, the City`of Pasco is in immediate need of the acquisition .
of a 1,250 gallon per minute triple combination pumper truck, two sets of
deluge guns (nozzles) and turbo. -jet fog nozzles and other fire fighting
equipment for the City's fire department, 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
$22,596,003.00, and at the time of the passage of this ordinance the existing
outstanding general indebtedness consists of $1,247,000.00 par value of
general obligation bonds, of which $241,000.00 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 $1,006,000.00 par value were issued within the limit of up to 5q 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 munic.ipal,capital purposes, and the amount of the indebtedness for
which bonds are herein authorized to'be issued is $45,000.00; NOW THEREFORE,
THE CITY COUNCIL OF THE CITY OF PASCO, WASHINGTON, DO ORDAIN,
as follows;
Secttiionn 1. The City of Pasco, Washington, for strictly municipal
purposes shall acquire a 1,250 gallon per minute triple combination pumper
truck, two sets of deluge guns (nozzles) and turbo -jet fog nozzles and other
fire fighting equipment -for -the City's fire department.
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 $45,000.00. 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 City permitted for general municipal purposes without a vote of the
qualified voters therein.
Section 2. The bonds'shall be called "General Obligation Bonds,.
1969", of the City of Pasco, Washington, shall be dated May 1, 1969, shall
be in denominations of $1,000.00 each, shall be numbered from 1 to 45,
inclusive, and shall bear interest at an effective rate not to exceed the maximum
rate permitted by law, payable semiannually on May and November 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, until the bonds, both principal and
interest, are paid in full. Both pricipal and interest are to be Maid in law-
ful 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
JP
(Inclusive)
Y
Maturities
..
� J
$3,000
May
Secttiionn 1. The City of Pasco, Washington, for strictly municipal
purposes shall acquire a 1,250 gallon per minute triple combination pumper
truck, two sets of deluge guns (nozzles) and turbo -jet fog nozzles and other
fire fighting equipment -for -the City's fire department.
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 $45,000.00. 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 City permitted for general municipal purposes without a vote of the
qualified voters therein.
Section 2. The bonds'shall be called "General Obligation Bonds,.
1969", of the City of Pasco, Washington, shall be dated May 1, 1969, shall
be in denominations of $1,000.00 each, shall be numbered from 1 to 45,
inclusive, and shall bear interest at an effective rate not to exceed the maximum
rate permitted by law, payable semiannually on May and November 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, until the bonds, both principal and
interest, are paid in full. Both pricipal and interest are to be Maid in law-
ful 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 to
3
$3,000
May
1,
1971
4 to
6
3,000
May
1,
1972
7 to
10
49000.
May.
1,
1973
ll to
14
49000
May
1,
1974
15 to
18
4,000
May
1,
1975
19 to
23
5,000
May
1,
1976
24 to
28
55000
May
1,
1977
29,to
33
59000
May
1,
1978
34,to
39
69000
May
1,
1979
40 to
45
69000
May
1,
1980
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Section 3. The bonds shall be issued without the right or
option of`the City to redeem the same prior to their effective maturity
dates:
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 ful i -faith, credit and resources .of the. City are hereby i rre-
vocably pledged for the payment of the principal of and interest on such bonds.
Sectio_ n 5. The bonds shall be substantially in the following form:
No. $19000.00
UNITED STATES OF AMERICA
STATE OF WASHINGTON
CITY OF PASCO
GENERAL OBLIGATION BOND, 1969
. y
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
MAY, 19—, the sum of
ONE THOUSAND DOLLARS
together with interest thereon at the rate of.
PERCENT
per annum, payaBle semiannua y on 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 $45,000.00 par value
of bonds, all of like date, tenor and effect, except as
to maturities (and interest rates if more than one interest
rate is bid), issured by the City of Pasco for general
municipal purposes, to -wit, for the purpose of providing
funds to acquire a 1,250 gallon per minute triple combina-
tion pumper truck, two sets of deluge guns (nozzles) and
turbo -jet fog nozzles and other fire fighting equipment
for the City's fire department, and issued in full com-
pliance with the ordinances of the City of Pasco and
the laws and constitution of the State of_Washington.
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follows:
This bond :ice is issued without the right or option of
the City to redeem the same prior to it's maturity date.
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 its Mayor and
attested by 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 May, 1969.
CITY OF PASCO, WASHINGTON
BY
Mayor
ATTEST:
Director of Administration
and ex officio City Clerk
The form of the interest coupons shall be substantially as
Coupon. No.�
On'the 1ST DAY OF (MAY) (NOVEMBER), 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, 1969," dated May 1,
1969, and numbered
ATTEST:
(facsimile signature)
irec or of Administration
and ex officio City Clerk
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CITY OF PASCO, WASHINGTON
By (facsimile signature)
Mayor
Section 6. The bonds shall be printed or lithographed on good
bond paper and shall be signed by the Mayor and attested by 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 signatures
of the Mayor and the Director of Administration and ex officio City Clerk.
Sect_ion 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, 1969," of the City. The accrued interest,
if any, shall be paid into the "General Obligation Bond Fund, 1969," and
,the principal proceeds received from the sale of the bonds shall be paid
'into the Current Expense Fund of the City of Pasco.
All taxes collected for and allocated, to the payment of the princi-
pal of and interest on the bonds shall hereafter be deposited in the "General
Obligation Bond Fund, 1969."
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 fo.r 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
April 15, 1969, up to 2:00 o'clock, p.m., (PST), 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,,
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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 s-pecifyi-ng:
(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 willpurchasethe-bonds at
par.
For ' the ' purpose: of° eval uati ng= bids . only, the coupon rates bid
being 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
$2,200.00. 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
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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 mutually
-agree upon at the purchases's expense. A no -litigation certificate in the
usual form ,will 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
`N,otice for the purchase of the bonds in the manner required by law in accor-
dance with the provisions of this section. Such Notice shall .provide tha-t
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,
Shefelnian, 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 18th day of.
March, 1969.
ayo
AT ST:
hecto ministration
and ex 'f� i ty Clerk
FORM APPROVED:
,ty ttorney
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I, GEORGE D. EASTMAN, Director of Administration and ex
,-officio City Clerk of .the City of Pasco, Washington, do hereby certify
the the attached Ordinance No.� / 3 is a true and correct copy of
the original ordinance passed on the 18th day of March, 1969, as said
ordinance appears on the Minute Book of the City.
DATED this .i S `= day of March, 1969.
GEORGE V.EASTMAN, Director o
Administration and ex officio
City Clerk