HomeMy WebLinkAbout1496 OrdinanceCITY OF PASCO, WASHINGTON
ORDINANCE NO. 1496
AN ORDINANCE of the City of Pasco, Wash-
ington, providing for the issuance, specifying
the maturities and maximum effective interest
rate, and fixing the form of $820,000.00 par
value of "General Obligation Bridge Bonds, 1971,"
authorized by the qualified voters of the City
at a special election held on September 15,
1970, pursuant to Ordinance No. 1434 of the
City Council passed July 7, 1970; creating a
special construction fund and a special bond
redemption fund; and providing for the sale
of such bonds.
THE CITY COUNCIL OF THE CITY OF PASCO, WASHINGTON, DO
ORDAIN, as follows:
Section 1. The City of Pasco shall presently issue
and sell the total not to exceed $820,000.00 par value of negotiable
general obligation bonds authorized by the qualified voters of the
City'at a special election held on September 15, 1970, pursuant to
Ordinance No. 1434 of the City Council, passed July 7, 1970, for
the purpose of paying the City's share of the cost of carrying out
Phase I of the Pasco -Kennewick intercity bridge project over the
Columbia River. The bonds shall be designated "General Obligation
Bridge Bonds, 1971," shall be dated November 1, 1971, shall be in
denominations of $5,000.00 each, shall be numbered from 1 to 164,
inclusive, and shall bear interest at a rate or rates not to exceed
an effective rate of 8% per annum, as evidenced by interest coupons
to be attached to the bonds representing interest to maturity, with
full obligation on the part of the City to pay interest at the bond
rate or rates from and after maturity until said bonds, both principal
and interest, are paid in full. Both principal and interest are to
be paid in lawful money of the United States of America at the office
of the Treasurer of the City of Pasco, Washington, or, at the
option of the bondholder, at either of the fiscal agencies of the
State of Washington in the Cities of Seattle, Washington, or New York,
New York, and the bonds shall be payable serially over a period of
from two to twenty years from the date of issue and mature in order
of their numbers as follows:
Bond Numbers
(Inclusive)
1
to
5
6
to
10
11
to
15
16
to
21
22
to
27
28
to
34
35
to
41
42
to
48
49
to
56
57
to
64
65
to
73
74
to
82
83
to
92
93
to
102
103
to
113
114
to
125
126
to
137
138
to
150
151
to
164
Amounts Maturities
$25,000
November
1,
1973
25,000
November
1,
1974
25,000
November
1,
1975
30,000
November
1,
1976
301000
November
1,
1977
35,000
November
1,
1978
35,000
November
1,
1979
35,000
November
1,
1980
40,000
November
1,
1981
40,000
November
1,
1982
45,000
November
1,
1983
45,000
November
1,
1984
50000
November
1,
1985
50,000
November
1,
1986
55,000
November
1,
1987
60,000
November
1,
1988
60,000
November
1,
1989
65,000
November
1,
1990
70,000
November
1,
1991
Section 2. The City of Pasco reserves the right to
redeem any or all of the outstanding bonds of this issue at par,
plus accrued interest, on any semiannual interest payment date, on
or after November 1, 1981, in inverse numerical order, highest numbers
first, by publishing notice of such intended redemption in the
official newspaper of the City at least once not less than thirty nor
more than forty-five days prior to the call date, and by mailing a
copy of such notice within the same period to the principal underwriter
who purchases the bonds. In addition, such redemption notice shall
also be sent to Moody's Investors Service, Inc., and Standard & Poor's
Corporation, at their offices in New York, New York, but the mailing
of such notice to such corporations shall not be a condition precedent
to the redemption of such bonds. Interest on any bonds so called for
redemption shall cease on such call date upon payment of the redemption
price into the bond redemption fund for such bonds.
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Section 3. The City of Pasco hereby irrevocably pledges
itself to levy taxes annually, without limitation as to rate or amount,
on all property in the City subject to taxation in an amount sufficient
to pay the principal of and interest on the bonds as the same shall
become due, and the full faith, credit and resources of the City are
hereby irrevocably pledged for the payment of the principal of and
interest on such bonds.
form:
Section 4. The bonds shall be in substantially the following
No.
$5,000.00
UNITED STATES OF AMERICA
STATE OF WASHINGTON
CITY OF PASCO
GENERAL OBLIGATION BRIDGE BOND, 1971
%
KNOW ALL MEN BY THESE PRESENTS: That the City
of Pasco, State of Washington, for value
received, promises to pay to the bearer on the
FIRST DAY OF NOVEMBER, 19_, the principal sum of
FIVE THOUSAND DOLLARS
together with interest thereon at the rate of
PERCENT ' ( % )
per annum, until fully paid, payable semiannually
on the first days of May and November of each year,
with interest to maturity being evidenced by and
payable upon the presentation and surrender of the
attached interest coupons as they severally become
due, with full obligation on the part of the City
to pay interest at the same rate from and after the
maturity date, in the absence of coupons, until
this bond with interest is paid in full. This bond
is payable, both principal and interest, in lawful
money of the United States of America at the office
of the Treasurer of the City of Pasco, Washington,
or, at the option of the holder hereof, at either of
the fiscal agencies of the State of Washington in the
Cities of Seattle, Washington, or New York, New York.
This bond is one of an issue of $820,000.00 of
bonds of like date, tenor and effect, except as to
maturities (and interest rates if more than one
interest rate is bid), and is issued by the City
of Pasco pursuant to a special election authorizing
the same for strictly municipal capital purposes,
other than the replacement of equipment, to -wit,
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for the purpose of paying the City's share of the
cost of carrying out Phase I of the Pasco -Kennewick
intercity bridge project over the Columbia River,
all as provided in Ordinance No. 1434 of the City
Council, passed July 7, 1970, and is issued in full
compliance with the ordinances of the City of
Pasco and the laws and constitution of the State
of Washington.
The City of Pasco reserves the right to redeem
any or all of the outstanding bonds of this issue
at par, plus accrued interest, on any semiannual
interest payment date, on or after November 1, 1981,
in inverse numerical order, highest numbers first, by
publishing notice of such intended redemption in the
official newspaper of the City at least once not less
than thirty nor more than forty-five days prior to the
call date, and by mailing a copy of such notice within
the same period to [the original purchaser or the
account manager of the underwriters who purchase the
bonds]. In addition, such redemption notices shall
also be sent to Moody's Investors Service, Inc., and
Standard & Poor's Corporation, at their offices in
New York, New York, but the mailing of such notice to
such corporations shall not be a condition precedent
to the redemption of such bonds. Interest on any
bonds so called for redemption shall cease on such
call date upon payment of the redemption price into
the bond redemption fund.
The City of Pasco hereby irrevocably pledges
itself to levy taxes annually, without limitation as
to rate or amount, on all property in the City
subject to taxation in an amount sufficient to pay
the principal of and interest on the bonds.
It is hereby certified that all acts, conditions
and things required to be done precedent to and in
the issuance of this bond have been done, have
happened and have been performed as required by law,
and that the total indebtedness of the City, including
this bond issue, does not exceed any constitutional
or statutory limitations.
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 Finance, 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 said officials
this first day of November, 1971.
CITY OF PASCO, WASHINGTON
By (facsimile signature)
Mayor
ATTEST;
Director of Finance,
ex officio City Clerk
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Coupon No.
On the FIRST DAY OF (MAY)(NOVEMBER), 19 , the
CITY OF PASCO, WASHINGTON, upon presentatl-on
and surrender of this coupon will pay to the bearer
at the office of the Treasurer of the City of
Pasco, Washington, or, at the option of the
holder, at either of the fiscal agencies of the
State of Washington in the Cities of Seattle,
Washington, or New York, New York, the amount shown
hereon in lawful money of the United States of
America, said sum being the semiannual interest due
that date on its "General Obligation Bridge Bond,
1971," dated November 1, 1971, and numbered
CITY OF PASCO, WASHINGTON
By (facsimile signature)
Mayor
ATTEST:
(facsimile signature)
Director of Finance,
ex officio City Clerk
Section 5. The bonds shall be printed or lithographed on
good bond paper and shall be signed by the facsimile signature of
the Mayor and attested by the manual signature of the Director of
Finance, ex officio City Clerk of the City of Pasco under the seal of
the City, and the coupons shall bear the facsimile signatures of the
Mayor and the Director of Finance, ex officio City Clerk.
Section 6. There are hereby created and established in
the office of the City Treasurer two special funds, one to be known
and designated as the "General Obligation Bridge Bond Fund, 1971," and
the other to be known and designated as the "City of Pasco Bridge
Construction Participation Fund, 1971." The principal of and interest
on the bonds shall be paid out of the "General Obligation Bridge Bond
Fund, 1971." The accrued interest received from the sale of the
bonds shall be paid into said bond redemption fund and the balance
of the principal --proceeds received shall be paid into the "City of
Pasco Bridge Construction Participation Fund, 1971," and expended
to pay the City's share of the cost of carrying out Phase I of the
Pasco -Kennewick intercity bridge project over the Columbia River, as
provided by Ordinance No. 1434, passed July 7, 1970. All taxes
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collected for the payment of the principal of and interest on the
bonds shall be deposited in the "General Obligation Bridge Bond Fund,
1971."
Section 7. The bonds shall be sold for cash at public
sale for not less than par, plus accrued interest, upon sealed bids
to be received and considered in accordance with the Notice of
Bond Sale hereinafter directed to be given.
Notice calling for bids to purchase the bonds shall be
published once a week for four consecutive weeks in the official
newspaper of the City of Pasco and such notice shall also be
published once in the Daily Journal of Commerce of Seattle, Washington,
at least ten days before the bid opening date. Such notice shall
specify that bids for the purchase of the bonds shall be received
by the City Manager of the City of Pasco, Washington, at his office
in the City Hall, Pasco, Washington, on October 19, 1971, up to 2:00
o'clock p.m. (PDST), at which time and place the bids will be opened
and read, and the bids will be considered and awarded at the regular
meeting of the City Council to be -held in the Council Chambers in
the City Hall commencing at 8:00 o'clock p.m. on the same date.
A copy of the notice shall, at least three weeks prior to
the date fixed for the sale, be mailed to the State Finance Committee,
Olympia, Washington.
Bids shall be invited for the purchase of the bonds with
fixed maturities in accordance with the schedule specified in Section
1 hereof.
The notice shall specify the maximum effective rate of
interest the bonds shall bear, to -wit, 8% per annum, and shall require
bidders to submit a bid specifying:
(a) The lowest rate or rates of interest
and premium, if any, above par at which the
bidder will purchase the bonds; or
(b) The lowest rate or rates of interest
at which the bidder will purchase the bonds at
par.
WAS
Coupon rates shall be in multiples of 1/8 or 1/10 of 1%,
or both. No more than one rate of interest may be fixed for any one
maturity. Only one coupon will be attached to each bond for each
installment of interest thereon, and bids providing for additional
or supplemental coupons will be rejected. The maximum differential
between the lowest and highest coupon rates named in any bid shall
not exceed 2%.
For the purpose of comparing the bids only, the coupon rates
bid being controlling, each bid shall state the total interest cost
over the life of the bonds and the net effective interest rate of the
bid.
The bonds shall be sold to the bidder making the best bid,
subject to the right of the City Council of the City of Pasco to
reject any and all bids and to readvertise the bonds for sale in
the manner provided by law, and no bid for less than all of the bonds
shall be considered.
All bids shall be sealed and, except the bid of the State
of Washington, if one is received, shall be accompanied by a deposit
of $41,000.00. The deposit shall be either cash or by certified or
cashier's check made payable to the City Treasurer of the City of
Pasco and shall be promptly returned if the bid is not accepted.
If the bonds are ready for delivery and the successful bidder shall
fail and neglect to complete the purchase of the bonds within forty
days following the acceptance of his bid, the amount of his deposit
shall be forfeited to the City of Pasco and in that event the
City Council may accept the bid of the one making the next best bid.
If there be two or more equal bids for not less than par plus accrued
interest and such bids are the best bids received, the City Council
shall determine by lot which bid will be accepted. The bonds will
be delivered to the successful bidder at the office of the Treasurer
of the City of Pasco, or in the City of Seattle, at the City's
expense, or at such other place as the Treasurer and the successful
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bidder may mutually agree upon at the purchaser's expense. A no -
litigation certificate in the usual form will be included in the
closing papers.
Any bid presented after the hour specified for the receipt
of bids will not be received, and any bid not accompanied by the
required bid deposit at the time of opening such bid will not be read
or considered.
The Director of Finance, ex officio City Clerk of the City
of Pasco shall be and is hereby authorized and directed to publish
notice for the purchase of the bonds in the manner required by law
in accordance with the provisions of this section. Such notice
shall provide that the City of Pasco will cause the bonds to be
printed or lithographed and signed and will furnish the approving
legal opinion of Roberts, Shefelman, Lawrence, Gay & Moch, municipal
bond counsel of Seattle, Washington, without cost to the purchaser,
said opinion also being printed on each bond.
Such notice shall further provide that information concerning
the bonds may be received upon request made to the Director of Finance,
ex officio City Clerk, or to Foster & Marshall Inc., 205 Columbia
Street, Seattle, Washington, the City's financial consultants.
Section 8. This ordinance is declared to be one necessary
for the immediate preservation of the public peace, property, health
and safety of the people of the City of Pasco, Washington. An
emergency is hereby declared to exist, and this ordinance is hereby
declared to be in full force and effect from and after its passage,
approval and publication as required by law.
we
PASSED by the City Council of the City of Pasco, Washington,
at a regular meeting thereof, and APPROVED by the Mayor this 7th
day of September, 1971.
ATTEST:
Director 9T Fin`ande,
ex offici City Clerk
FORM APPROVED:
City Attorney
mom
MayoiV
October 20, 1971
Roberts, Shefelman, Lawrence, Gay & Moch
1818 I.B.M. Building
Seattle, Washington
Attn: James Gay Re: G.O. Bridge Bonds
Dear Jim:
Attached is copy of Ordinance No. 1496, excerpts of minutes of
regular council meeting, held September 7, 1971, and an Affidavit
of Publication for completion of your file on the above captioned
G.O. Bridge Bonds.
Thank you for your continued assistance in this matter.
Sincerely,,
CITY OF PASCO
Harry D. Kinzer
Director of Finance
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