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CITY OF PASCO, WASHINGTON
ORDINANCE NO. 1399
AN ORDINANCE fixing the amount, form, date,
interest rate, maturity and denominations of
Local Improvement District No. 78 Bonds and
directing the issuance and sale thereof to
Statewide City Employees Retirement System,
Tacoma, Washington; and repealing Ordinance
No. 1395, passed November 5, 1969.
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. 78 in the City of Pasco, Washington,
created under Ordinance No. 1332, was $49,252.74. The thirty -day
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 assess-
ments unpaid on the assessment roll in the sum of $33,307.21. Local
improvement district bonds of Local Improvement 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 all 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 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 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 the rate of 6% per annum, payable
annually, beginning on 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. $1,000.00
($1,307.21 on Bond No. 1)
UNITED STATES OF AMERICA
STATE OF WASHINGTON
LOCAL IMPROVEMENT BOND
OF
CITY OF PASCO
LOCAL IMPROVEMENT DISTRICT NO. 78
6°
0
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
corporation of the State of Washington, hereby
promises to pay to Statewide City Employees
Retirement.Sys.tem,. Tacoma, Washington, or bearer,
the sum of
ONE THOUSAND. DOLLARS
($1,307.21 on Bond No. 1)
in lawful money of the United States of America.,
withinterest thereon at the rate of .SIX PERCENT
(6%) per annum, payable annually out of the fund
established 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. Both principal of and
interest on this bond are payable at the office
of the Treasurer of the City.
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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 -improvement 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 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 issuing of these bonds have
been properly done, 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.
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i
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 ' -_ '_V"`_ ----'a=
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
ATTEST:
._-evx-� City Clerk
COUPON FORM
Coupon No.
$60.00
($78.43 on Bond No. 1)
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 Bond No. of the bonds of Local Improvement
District 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)
and R ^ 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 D_ -e-'--- er Ta -�
Qaw��s�G 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 '_'=___ __`i�iuittirri5 ��a ��� u�•—oma
City Clerk.
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Section 4. Statewide City Employees Retirement System,
Tacoma, Washington, has offered to purchase all of the local im-
provement bonds of Local Improvement District No. 78 at a price of
par, plus accrued interest from the date of issuance to the date
of delivery of the bonds to the purchaser, the City to 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. The City Council, deeming that no better
offer could be received for the bonds and that it is in the best
interests of the City to accept said offer, hereby accepts the same.
The bonds shall, therefore, immediately upon their execution be
delivered to Statewide City Employees Retirement System, Tacoma,
Washington, upon payment therefor in accordance with said offer.
Section 5. Ordinance No. 1395, passed November 4, 1969, is
hereby repealed.
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 18th day of November, 1969.
FORM APPROVED:
City Attorney
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Mayor
F. M. ROBERTS-OF COUNSEL
JAMES P. WETER (1877-1959)
HAROLD S.SHEFELMAN
VICTOR D. LAWRENCE
JAMES GAY
ROBERT G_ MOCH
JAMES C -HARPER
GEORGE M. MACK
BRIAN L-COMSTOCK
TIMOTHY R.CLIFFORD,
JAMES S.TURNER
LEE R.VOORHEES.JR.
DAVID B -SWEENEY
LAW OFFICES
ROBERTS, SHEFELMAN, LAWRENCE, GAY & MOCH
1818 IBM BUILDING
SEATTLE, WASHINGTON 98101
November 13, 1969
Mr. Clifford Daigler
Director of Administration
Post Office Box 293
Pasco, Washington 99301
Re: Local Improvement Districts Nos. 78 79 and 80
Dear Cliff:
TELEPHONE
MAIN 2-1818
AREA CODE 206
In accordance with further instructions received, I have prepared and
am enclosing an original and four copies of an ordinance for each of
the above local improvement districts, providing for the issuance of
bonds and the sale of all three issues to the Statewide City Employees
Retirement System.
Ordinances Nos. 1395, 1396 and 1397 are repealed by the respective
applicable ordinances.
If these ordinances are in accordance with the wishes of your Council
and are passed at your November 18 meeting, I should appreciate
receiving back one certified copy of each, together with certified
excerpts from the Minutes of the Council meeting showing the passage
of the ordinances and the affidavit of publication covering each
ordinance. I will arrange for the printing of the bonds for Wu.
Sincerely,
ROBERTS, SHEFELMAN, LAWRENCE,
GAY & MOCH
By
ames Gay
JG/mg
Encl .
cc: Mr. D. Wayne Campbell
November -26, 1969
Roberts, Shefelman, Lawrence, Gay & Moch
1818 I.B.M. Building
Seattle, Washington
Attn: James Garr
Dear Jim;
Attached are certified copies of Ordinance Nos. 1399, 1400
and 1401, Affidavits of Publication for then, as well as
a certified copy of the minutes of the regular meeting,. r
held November l8, 1969, showing passage of Ordinance Nos.
1399; 1400 and 1401..
We trust this will complete your file.
Sincerely,yours,
Clifford G. Daigler
City'Clerk '
CGD:ew
Enc: