Loading...
HomeMy WebLinkAbout1396 OrdinanceCITY OF PASCO, WASHINGTON ORDINANCE NO. 13% AN ORDINANCE fixing the amount, form,• date, maturity and denominations of Local Improvement District,No. 79 Bonds and providing for'the•-public sale of such bonds. THE CITY COUNCIL OF THE CITY OF PASCO, WASHINGTON, DO ORDAIN' as follows: Section 1. The total amount of the assessment roll in Local Improvement District No. 79 in the City of Pasco, Washington, created under Ordinance No. 1334, was $74,575.19. The thirty -day period for making cash payments of assessments without interest in the District expired on September 12, 1969, and the total amount of assessments paid in cash was $25,756.47, leaving a balance of assess- ments unpaid on the assessment roll in the sum of $48,818.72. Local improvement district bonds of Local Improvement District No. 79 shall, therefore, be issued in filly t^tal principal sum of $48,818.'72. Band No. 1 shall be in the denomination of $818.72, and the remaining bonds numbered 2 to 49, inclusive, shall be in the denomination of $1,000.00 each_ The bonds shall all be dated Ncvember 1, 1969, and shall be payable on November 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. 79," created by Ordinance No. 1334, passed January 7, 1969, 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 clays prior to the call date, and upon such date the interest on bonds so called shall cease and each and every I coupon representing interest not accrued on such date shall be void.\ 'x The bonds shall bear interest at such rate as shall hereafter be determined after the public sale of said bonds, payable annually, beginning November 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. $1,000.00 ($818.72 on Bond No. 3) UNITED STATES OF AMERICA STATE OF WASHINGTON LOCAL IMPROVEMENT BOND OF CITY OF PASCO LOCAL IMPROVEMENT DISTRICT NO. 79 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 imtirnvement 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." ;7 THECITY OF PASCO, WASHINGTON, a municipal corporation of the State of Washington, hereby promises to pay to bearer, !, the sum of ONE THOUSAND DOLLARS ($818.72 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 fund established by Ordinance No. 1334 of the Cit1V and known as "Local Improvement Fund, District No. 79," and not otherwise, except from the guaranty fund, as herein provided. -2- • . '� -ria- ��_-_ - - -- _ - •-_ �- . - - Section 4. The Director of Administration is hereby authorized and directed r to publish at least ten days prior to the sale date hereinafter provided in the of- y-` 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 Et l 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 and ex officio City Clerk FORM APPROVED: City Attorney -5- Mayor NOTICE OF BOND SALE LOCAL IMPROVEMENT BONDS OF LOCAL IMPROVEMENT DISTRICT NO. 79 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. 79 in the amount of $48,818.72 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. 1334. The bonds will be dated November 1, 1969, will be payable on November 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. 79," created by Ordinance No. 1334, passed on January 7, 1969, 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 pub- lishing notice' of such call once in the official news paper 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 $818.72, and the remaining bonds numbered 2 to 49, 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 purchase the bonds, or (b) the lowest rate of interest at which the bidder will purchase the bonds at par. All bonds must bear interest at the same single interest rate. For the purpose of evaluating the bids, each bid submitted shall specify the net effect interest rate of such bid 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 4. CLIFFORD G. DAIGLER, Director of Administration and ex officio City Clerk I, CLIFFORD G. DAIGLER, Director of Administration and ex officio City Clerk of the City of Pasco, Washington, do hereby certify that the attached copy of Ordinance No. is a true and correct copy of the original ordinance passed the 4th day of November, 1969, as that ordinance appears on the Minute Book of the City. DATED this day of November, 1969. CLIFFORD G. DAIGLER, Director of Administration and ex officio City Clerk