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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 -2- ✓ o 4 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. -3- 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 -4- 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,, -5- 3 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 -6- t 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 -7- 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