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HomeMy WebLinkAbout1358 Ordinancea ORDINANCE NO. 1358 AN ORDINANCE PROVIDING FOR THE ISSUANCE OF WATER AND SEWER CONSTRUCTION FUND INTEREST BEARING WARRANTS, SETTING THE RATE OF INTEREST FOR SAID INTEREST BEARING WARRANTS, AND NAMING SEATTLE FIRST NATIONAL BANK AS THE LENDING INSTITUTION. WHEREAS, Ordinance No. 1342 sets out a system development plan for the Water and Sewer System, and WHEREAS, Ordinance No. 1342 establishes the authority to issue Water and Sewer Construction Fund Interest Bearing Warrants, and WHEREAS, Seattle First National Bank has agreed to purchase these warrants for 5 3/4% interest, and WHEREAS, The City Council has now determined that the issuance of interest bearing warrants to Seattle First National Bank for the construction payments on the improvements of water and sewer system 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 Ordinance No. 1342, there shall be issued interest bearing warrants against the Water and Sewer Construction Fund, to be dated as funds are required to pay construction costs for the improvements of the Water and Sewer System. Section 2. These interest bearing warrants shall bear interest at the rate of 5 3/4% per annum. Section 3. The interest bearing warrants for Water and Sewer Construction Fund shall be issued to Seattle First National Bank at the rate of interest specified herein. Section 4. The Water and Sewer Construction Fund Interest Bearing Warrants shall be redeemed upon the sale of Revenue 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 6 day of May 1969. G.E. CARTER, M Y R EX -OFFICIO ITY CLERK