HomeMy WebLinkAbout1401 OrdinanceV
CITY OF PASCO, WASHINGTON
ORDINANCE NO. 1401
AN ORDINANCE fixing the amount, form, date,
interest rate, maturity and denominations of
Local Improvement District No. 80 Bonds and
directing the issuance and sale thereof to
Statewide City Employees Retirement System,
Tacoma, Washington; and repealing Ordinance
No. 1397, 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. 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 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 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
6%
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 System, Tacoma, Washington, or 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 SIX PERCENT
(6%) 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 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. 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 ��-rc�cor+•ofdm•-i-s�
a•ion—ar�c�—e'of-ic--io 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 December, 1969.
CITY OF PASCO, WASHINGTON
By (facsimile signature)
Mayor
ATTEST:
�recat-ar—o f�d�i n�-s�r� t i-o�r
and—ex—obi-c-i-o City Clerk
COUPON FORM
Coupon No.
$60.00
($64.44 on Bond No. 1)
On the FIRST DAY OF DECEMBER, 191 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)
I��ec t-or�o�Adm-imams t r-aYt�rarr
aaad_ex o&f i c" 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
i�.r-�rMto�—o—Admin-snag-on-
and—extol.&iei e. City Clerk and shall have the seal of the City of
MEM
Pasco affixed thereto and the coupons shall bear the facsimile signa-
tures of the Mayor and D�r-ecox oAmi��`t'rai�aa'n�l�e�of�i-ci-o
City Clerk.
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. 80 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. 1397, 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.
ATTEST: 6:�
arrd—e-of c- -- City Clerk
FORM APPROVED:
4 l
City/Attorney
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Mayor
I , CLIFFORD G. DAIGLER, n: Y^^+^•oda3n-i•tx-ai•onmd�
�ex�oi�o. 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 18th day of
November, 1969, as that ordinance appears on the Minute Book of the
City.
DATED this day of November, 1969.
C L I F RA G . D__ JGLER,
A irs•� a•�-ion—and—e�o�_��•i-e�
Ci y C1jrk