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HomeMy WebLinkAbout1395 OrdinanceCITY OF PASCO, WASHINGTON ORDINANCE N0._O�< AN ORDINANCE FIXING THE AMOUNT, FORM, DATE, MATURITY AND DENOMINATIONS OF LOCAL IMPROVEMENT DISTRICT NO. 78 BONDS AND PROVIDING FOR THE PUBLIC SALE OF SUCH BONDS. ;.10, Nov is, THE CITY COUNCIL OF THE CITY OF PASCO, WASHINGTON DO ORDAIN AS Com% FOLLOWS: �-- Section 1. The total amount of the assessment roll in Local Improvement District No. 78 in the City of Pasco, Washington, created under Ordinance No. 1332, was $49,252.74. The thirty -daffy period for making cash payments of assessments without interest in the District expired on August 15, 1969, and the total amount of assessments paid in cash was $15,945.53, leaving a balance of assessments unpaid on the assessment roll in the sum of $33,307.21. Local Improvement District Bonds of Local Improve- ment District No. 78 shall, therefore, be issued in the total principal sum of $33,307.21. Bond No. 1 shall be in.the denomination of $1,307.21, and the remaining bonds numbered 2 to 33, inclusive, shall be in the denomination of $1,000.00 each. The bonds shall be dated October 1, 1969, and shall be payable on October 1, 1981, with the right reserved to the City to redeem the bonds prior to maturity on any interest payment date, in numerical order, lowest numbers first, whenever there shall be sufficient money in the "Local Improvement Fund, District No. 78," created by Ordinance No. 1332, passed December 17, 1968, to pay the bonds so called and all earlier numbered bonds over and above the amount required for the payment of the interest on all un- paid bonds, by publishing notice of such call once in the official newspaper of the City not less than ten nor more than twenty days prior to the call date, and upon such date, the interest on bonds so called shall cease and each and every 4 i CITY OF PASCO, WASHINGTON ORDINANCE N0._O�< AN ORDINANCE FIXING THE AMOUNT, FORM, DATE, MATURITY AND DENOMINATIONS OF LOCAL IMPROVEMENT DISTRICT NO. 78 BONDS AND PROVIDING FOR THE PUBLIC SALE OF SUCH BONDS. ;.10, Nov is, THE CITY COUNCIL OF THE CITY OF PASCO, WASHINGTON DO ORDAIN AS Com% FOLLOWS: �-- Section 1. The total amount of the assessment roll in Local Improvement District No. 78 in the City of Pasco, Washington, created under Ordinance No. 1332, was $49,252.74. The thirty -daffy period for making cash payments of assessments without interest in the District expired on August 15, 1969, and the total amount of assessments paid in cash was $15,945.53, leaving a balance of assessments unpaid on the assessment roll in the sum of $33,307.21. Local Improvement District Bonds of Local Improve- ment District No. 78 shall, therefore, be issued in the total principal sum of $33,307.21. Bond No. 1 shall be in.the denomination of $1,307.21, and the remaining bonds numbered 2 to 33, inclusive, shall be in the denomination of $1,000.00 each. The bonds shall be dated October 1, 1969, and shall be payable on October 1, 1981, with the right reserved to the City to redeem the bonds prior to maturity on any interest payment date, in numerical order, lowest numbers first, whenever there shall be sufficient money in the "Local Improvement Fund, District No. 78," created by Ordinance No. 1332, passed December 17, 1968, to pay the bonds so called and all earlier numbered bonds over and above the amount required for the payment of the interest on all un- paid bonds, by publishing notice of such call once in the official newspaper of the City not less than ten nor more than twenty days prior to the call date, and upon such date, the interest on bonds so called shall cease and each and every •► t i coupon representing interest not accrued on such date shall be void. The bonds shall bear interest at such rate as shall hereafter be determined after the public sale of said bonds, payable annually, beginning October 1, 1970, to be represented by interest coupons to maturity attached to each bond. Section 2. Each of the bonds and interest coupons attached thereto shall be in substantially the following form: No. UNITED STATES OF AMERICA STATE OF WASHINGTON LOCAL IMPROVEMENT BOND OF CITY OF PASCO LOCAL IMPROVEMENT DISTRICT NO. 78 $1,000.00 ($1,307.21 on Bond No. 1) N.B. The laws of the State of Washington under which this bond is issued, contain the following section (RCW 35.45.070): "Neither the holder nor owner of any bond, in- terest coupon, or warrant issued against a local improvement fund shall have any claim therefor against the City or Town by which it is issued, except for payment from the special assessments made for the improvement for which the bond or warrant was issued and except also for payment from the local improvement guaranty fund of the city or town as to bonds issued after the creation of a local improvement guaranty fund of that city or town. The city or town shall not be liable to the holder or owner of any bond, interest coupon, or warrant for any loss to the local improvement guaranty fund occurring in the lawful operation thereof-. A copy of the foregoing part of this section shall be plainly written, printed or en- graved on each bond." THE CITY OF PASCO, WASHINGTON, a municipal corpora- tion of the State of Washington, hereby promises to pay to bearer, the sum of ONE THOUSAND DOLLARS ($1,307.21 on Bond No. 1) in lawful money of the United States of America, with interest thereon at the rate of PERCENT ( per annum, -- payable annually out of the funsestablished by Ordinance No. 1332 of the City and known as "Local Improvement Fund, District No. 78," and not otherwise, except from the. guaranty fund, as herein provided. -2- Both principal of and interest on this bond are payable at the office of the Treasurer of the City. Coupons are hereto attached for each install- ment of interest to accrue hereon, and interest shall be paid only on presentation and surrender of such coupons to the City Treasurer. The City Council of the City, as agent of such Local Improvement District No. 78, established by Ordinance No. 1332, has caused this bond to be issued in the name of the City as the bond of such local improvement district, the bonds or the proceeds thereof to be used to pay so much of the cost and expense of the improlement of Meridian Avenue from.Henry Street to Sylvester Street, and certain other streets and avenues in the City by the construction and installation of asphaltic concrete wearing course, asphalt treated base course., concrete.gutter and concrete curbs and sidewalks, and all necessary contingent items, as provided by Ordinance No. 1332, as is levied and assessed against the property included in the local improvement district and benefited by that improve- ment, and the "Local Improvement Fund, District No. 78," has been established by ordinance for that purpose. The holder or holders of this bond shall look only to that fund and to the Local Improvement Guaranty Fund of the City for the payment of either the principal of or the interest on this bond. This bond is one of an issue of 33 bonds aggregat- ing in all the principal sum of $33,307.21, issued for Local Improvement District No. 78, all of which bonds are -subject to the same terms and conditions as herein expressed. This bond is payable on October 1, 1981, but is sub- ject to call by the City Treasurer for prior redemp- tion whenever there shall be sufficient money in the "Local Improvement Fund, District No. 78," to pay the same and all unpaid bonds of the issue of which this bond is one,, which are prior to this bond, in numerical order, over and above amounts sufficient for the payment of the interest on all unpaid bonds of this issue. The call for payment of this bond, or any bond of this issue of which this is one, shall be made by the City Treasurer by publishing the same once in the official newspaper of the City not less than ten nor more than twenty days prior to the call date, and when such call is made for the payment of this bond, it will be paid on the day the next inter- est coupon thereon shall become due after that call and up -)n that day interest upo;_ this bond shall cease and any remaining coupons shall be void. IT IS HEREBY CERTIFIED., Recited and Declared that all acts, conditions and things required to be done precedent to and in the levying of such special taxes or assessments and the issuing of these bonds have been properly doze, have happened and have been per- formed in regular and due form, as required by law; and that these bonds have not been issued in an amount in excess"of.the cost of the improvement. -3- P IN WITNESS WHEREOF, the City of Pasco, Washington, has caused this bond to be signed by the facsimile signature of its Mayor and attested by the manual signature of 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 October, 1969. CITY OF PASCO, WASHINGTON By (facsimile signature) Mayor ATTE "J.': Director of Administration and ex officio City Clerk COUPON FORM Coupon No. ($ on Bond No. l) On the FIRST DAY OF OCTOBER, 19 , the CITY OF PASCO, WASHINGTON, promises. to pay to bearer at the office of the City Treasurer the sum shown hereon, this sum being twelve months' interest due that day on Fond No. of the bonds of Local Improvement uistrict No. 78 and not otherwise, provided that this coupon is subject. to all terms and conditions con- tained in the bond to which it is annexed and, if that bond shall be called for payment before maturity hereof, this coupon shall be void. CITY OF PASCO, WASHINGTON By (facsimile signature) _ Mayor ATTEST: (facsimile signature) Director of Administration and.ex officio City Clerk Section 3. The bonds shall be printed on lithographed forms, shall be signed by the facsimile signature of the Mayor and attested by the manual signature of the ._irector of Administratio_.i and ex officio City Clerk and shall have the seal of the City of Pasco affixed thereto and the coupons shall bear the facsimile signa- tures of the Mayor and Director of Administration and ex officio City Clerk. -4- Section 4. The Director of Administration is hereby authorized and directed to publish at least ten days prior to the sale date hereinafter provided in the of- ficial newspaper of the City and in the Daily Journal of Commerce of Seattle, Washington, at least once in each newspaper, a notice inviting sealed proposals to be received by the City Council for the purchase of such bonds, such proposals to be received by the Director of Administration at his office in the City Hall until o'clock p.m. )PST) on , 1969, at which time they will be publicly opened and considered by the City Council at its regular meeting to be held in the Council Chambers in the City Hall at such time and place. Such notice shall provide that the City will furnish the printed bonds and the approving legal opinion of Roberts, Shefelman, Lawrence, Gay & Moch, municipal bond counsel of Seattle, Washington, at the City's expense. PASSED by the City Council of the City of Pasco, Washington, at a regular meeting thereof and APPROVED by the Mayor of the City this 4th day of November, 1969. ATTEST: Director of Administration an x- c o City Clerk FORM APPROVED: City Attorney NOTICE OF BOND SALE LOCAL IMPROVEMENT BONDS OF LOCAL IMPROVEMENT DISTRICT NO. 78 OF CITY OF PASCO, WASHINGTON SEALED PROPOSALS will be received by the City of Pasco at the office of the Director of Administration in the City Hall, 412 West Clark Street, Pasco, Washington, until o'clock p.m. (PST) on , at'which time they will be publicly opened and considered by the City Council in the Council Chambers in the City Hall at a regular meeting to be held therein for the purchase of local improvement bonds of Local Improve- ment District No. 78 in the amount of $33,307.21 to obtain the funds with which to pay part of the cost and expense of a local improvement district improvement as more fully set forth in Ordinance No. 1332. The bonds will be dated October 1, 1969, will be payable on Oct -ober --1 , 1981, with the right reserved to the City to redeem the bonds prior to maturity on any interest payment date, in numerical order, lowest numbers first, whenever there shall be sufficient money in the "Local Improvement Fund, District No. 78, " created by Ordinance No. 1332, passed on December'�I7 1968, to pay the bonds so called and all earlier numbered bonds over and above the amount , required for the payment of the interest on all unpaid bonds by publishing notice of such call once in the official newspaper of the City not less than ten nor more than twenty days prior to the call date. Bond No. 1 of such issue will be in the denomination of $1,307.21, and the remaining bonds numbered 2 to 33, inclusive, will be in the denomination of $1 , 000.00 each. The bonds will be redeemed by -the collection of special assessments levied and assessed upon the property within the District, payable in ten equal annual assessments with interest at the rate of 7 % per annum under the mode of "payment by bonds", as defined by law. Bidders are invited to submit bids specifying either (a) the lowest rate of interest and premium, if any, above par at which the bidder will pur- chase the bonds, or (b) the lowest rate of interest at which the bidder will purchase the bonds at par. All bonds must bear anterest at the same single interest rate. For the purpose of evaluating the bids, each bid submitted shall specify the net effective interest rate of such bids for said bonds assuming an average bond life of five years. The City reserves the right to reject any and all bids submitted and to waive any irregularity or informality in any bid. The City will furnish the printed bonds, together with the approving legal opinion of Roberts, Shefelman, Lawrence; Gay & Moch, municipal bond counsel of Seattle, Washington, without cost to the purchaser. DATED at Pasco, Washington, this day of , 1969.` CLIFFORD G. DAIGLER, Directdr of Administration and ex officio City Clerk