HomeMy WebLinkAbout1397 OrdinanceCITY OF PASCO, WASHINGTON
ORDINANCE NO. 1 ,� q 7
AN ORDINANCE fixing the amount, form, date,
maturity and denominations of Local Improvement
District No. 80 Bonds and providing for the
public sale of such bonds. IV40
THE CITY COUNCIL OF THE CITY OF PASCO, WASHINGTON, DO
ORDAIN as follows:
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Section 1. The total amount of the assessment roll in
Local Improvement District No. 80 in the City of Pasco, Washington,
created under Ordinance No. 1337 was $206,590.81. The thirty -day
period for making cash payments of assessments without interest in
the District expired on September 29, 1969, and the total amount
of assessments paid in cash was $43,516.79, leaving a balance of
assessments unpaid on the assessment roll in the sum of $163,074.02.
Local improvement district bonds of Local Improvement District No.
80 shall, therefore, be issued in the total principal sum of
$163,074.02. Bond No. 1 of that issue shall be in the denomination
of $1,074.02 and the remaining bonds numbered 2 to 163, inclusive,
shall be in the denomination of $1,000.00 each. The bonds shall all
be dated December 1, 1969, and shall be payable on December 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. 80," created by Ordinance No.
1337, passed on January 21, 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 days prior to the call date, and upon such
date the interest on the bonds so called shall cease and each and
every 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 December 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
($1,074.02 on Bond No. 1)
UNITED STATES OF AMERICA
STATE OF WASHINGTON
LOCAL IMPROVEMENT BOND
OF
CITY OF PASCO
LOCAL IMPROVEMENT DISTRICT NO. 80
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,
interest 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 guar-
anty 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 engraved
on each bond."
THE CITY OF PASCO, WASHINGTON, a municipal
corporation of the State of Washington,
hereby promises to pay to bearer, the sum of
ONE THOUSAND DOLLARS
($1,074.02 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. 1337 of the City
and known as "Local Improvement Fund, District
No. 80," and not otherwise, except from the
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guaranty fund, as herein provided. Both prin-
cipal and interest on this bond are payable in
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. 80, established
by Ordinance No. 1337, 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 improvement of
Irving Street from Chase Avenue to Lucas Avenue,
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 is provided by Ordinance No. 1337, as is levied
and assessed against the property included in the
local improvement district and benefited by that
improvement, and the "Local Improvement Fund, Dis-
trict No. 80," 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 pay-
ment of either the principal of or the interest on
this bond.
This bond is one of an issue of 163 bonds aggre-
gating in all the principal sum of $163,074.02,
issued for Local Improvement District No. 80, all
of which bonds are subject to the same terms and
conditions as herein expressed.
This bond is payable on December 1, 1981, but is
subject to call by the City Treasurer for prior
redemption whenever there shall be sufficient
money in the "Local Improvement Fund, District
No. 80," 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 pay-
ment of this bond, it will be paid on the day the
next interest coupon thereon shall become due
after that call and upon that day interest upon
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 issu-
ing of these bonds have been properly done, have
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happened and have been performed 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.
IN WITNESS WHEREOF, the City of Pasco, Wash-
ington, has caused this bond to be signed by the
facsimile signature of its Mayor and attested by
the manual signature of its Director of Adminis-
tration 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 lst day of December, 1969.
CITY OF PASCO, WASHINGTON
By (facsimile signature)
Mayor
ATTEST:
Director of Administration
and ex officio City Clerk
COUPON FORM
Coupon No.
($ on Bond No. 1)
On the FIRST DAY OF DECEMBER, 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 Bond No. of the bonds of
Local Improvement District No. 80 and not otherwise,
provided that this coupon is subject to all terms
and conditions contained 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 Director of Administration
and ex officio City Clerk and shall have the seal of the City of
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Pasco affixed thereto and the coupons shall bear the facsimile
signatures of the Mayor and the Director of Administration and ex
officio City Clerk.
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 official newspaper of
the City and in the Daily Journal of Commerce of Seattle, Wash-
ington, 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 Ad-
ministration 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, Wash-
ington, and APPROVED by the Mayor at a regular meeting thereof
this 4th day of November, 1969.
ATTEST:
Director of Administration
and ex officio City Clerk
FORM APPROVED:
City Attorney
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Mayor
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
NOTICE OF BOND SALE
LOCAL IMPROVEMENT BONDS "
OF
LOCAL IMPROVEMENT DISTRICT NO. 80
OF
CITY OF PASCO, WASHINGTON
SEALED PROPOSALS will be received by the g1ty of Pasco
at the office of the Director of Administration /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 irithe City Hall at a regular
meeting to be held therein for the p rchase of local improvement
bonds of Local Improvement District No. 80 in the amount of
$163,074.02 to obtain the funds with which to pay part of the cost
and expense of a local im
fully set forth in Ordina
December 1, 1969, will be
a
reserved to the City toff
nt district improvement as more
o. 1337. The bonds will be dated
able on December 1, 1981, with the right
the bonds prior to maturity on any
interest payment date,6in numerical order, lowest numbers first,
whenever there shall be sufficient money in the "Local Improvement
Fund, District No. 80," created by Ordinance No. 1337, passed on
January 21, 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 aZ unpaid bonds by publishing notice of such call once
in the offi/al newspaper of the City not less than ten nor more
than twenyy days prior to the call date. Bond No. 1 of such issue
willbe in the denomination of $1,074.02, and the remaining bonds
number d2 to 163, inclusive, will be in the denomination of $1,000.00
each/. The bonds will be redeemed by the collection of special
ass'essments levied and assessed upon the property within the Dis-
trict, 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 sub-
mitted shall specify the net effective 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.
1969.
DATED at Pasco, Washington, this day of 1-
CLIFFORD G. DAIGLER, Director of
.Administration and ex officio
City Clerk