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ORDINANCE NO. 1353
AN ORDINANCE PROVIDING FOR THE ISSUANCE OF LOCAL IMPROVEMENT DISTRICT NO.
78 WARRANTS, SETTING THE RATE OF INTEREST FOR SAID INTEREST BEARING
WARRANTS, AND NAMING OLD NATIONAL BANK OF WASHINGTON AS THE LENDING
INSTITUTION.
WHEREAS, Ordinance No. 1332 establishes Local Improvement District No. 78, and
WHEREAS, Ordinance No. 1332 establishes the authority to issue Local Improvement
District Interest Bearing Warrants at a rate not to exceed eight percent (8%), and
WHEREAS, Old National Bank of Washington has agreed to purchase these warrants for
5 1/2% interest, and
WHEREAS, The City Council has now determined that the issuance of interest bearing
warrants to Old National Bank of Washington for the construction payments on L.I.D. No. 78
is in the best interests of the City, NOW, THEREFORE,
THE CITY COUNCIL OF THE CITY OF PASCO DO ORDAIN AS FOLLOWS:
Section 1. Pursuant to Chapter 165 of the Laws of 1961 of the State of Washington,
there shall be issued Local Improvement District Warrants, known as Revenue Warrants, to be
dated as funds are required to pay construction costs for Local Improvement District No. 78.
Section 2. The Revenue Warrants shall bear interest at the rate of 5 1/2% per
annum.
Section 3. The Local Improvement District No. 78 Revenue Warrants shall be
issued to Old National Bank of Washington at the rate of interest specified herein.
Section 4. The Local Improvement District Revenue Warrants shall be redeemed
upon the sale of bonds.
Section 5. This Ordinance shall be in full force and effect after its passage
and publication as required by law.
PASSED by the Pasco City Council and APPROVED this 15th day of April, 1969.
G,E.'C ER, MAYOR
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EX -OFFICIO ITY CLERK