Loading...
HomeMy WebLinkAbout1723 OrdinanceCITY OF PASCO; WASHINGTON ORDINANCE NO. AN ORDINANCE OF THE CITY OF PASCO,, WASHINGTON, PROVIDING FOR THE AUTHORIZATION FOR ISSUANCE OF $'761,000.00 PAR VALUE OR SUCH ADDITIONAL AMOUNT AS MAY BE PERMITTED AT THE TIME OF ISSUANCE OF "LIMITED GENERAL OBLIGATION EBON_DS , 19751" OF THE CITY TO PROVIDE FOR THE CITY' -S PORTION OF THE RE- MAINING INDEBTEDNESS FOR CONS`TRU.CTION OF THE. PASCO-KENNEWICK INTERCITY BRIDGE PROIEC;T. WHEREAS, the City'has; heretofore, committed„ itself to: construction of. the Pa!s'eo- Kenn ewick 'Intercity .Bridge Project; and the City is obligated, to -furnish local shares for Federal and State matching funds, and in order to provide such re- maining matching funds to complete such project,. it is necessary that the City furnish an additional '$761,000.00 and such additional amount as may be permitted at the time of issuance of limited general obligation bonds; and WHEREAS, the, assessed valuation. of the. taxable property of the City as ascertained by the. last preceding assessment for City purposes for the calendar year. 1975 is $:122, 1'75,954.00, and the existing ou`ts�tanding general d-nd'ebtedness of the Cityc.onsists of $155,,320.0:0 par value of general obl'igation.bonds issued without a vote; of th°e qualified voters therein, and' $1; 3:69 , 000.00 par value of ,general obligation bonds issued, pursuant to a vote of the. qualified voters therein,, and the amount of° indebtedness for which bonds are herein authorized to be issued is $761,000.00; or such additional amount'as may be permitted constitutionally and statutorally at' the time of issuance of said bonds; and WHEREAS, the City anticipates the par value of general obligation bond capacity authorized to be issued without a vote of the qualified voters of the City in 1977 will be $1,163,0,00 based on increased aas°essed valuation of taxable pro- perty of the `City and retirement of,existing outstanding general obli'ga'tion bonds, and the additional sum in, excess of $761, 000 up to .$1,163, 000 is needed to furnish the City's share to complete the Pasco -Kennewick Intercity Bridge Project; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PASCO, WASHINGTON, DO ORDAIN, AS FOLLOWS: . r ' City of Pasco, Washington i Ordinance No 1-7a\:3 -2- Da te: Section 1. The City of Pasco is hereby authorized to borrow money on the credit, of the City and issue negotiable general obligation bonds evidencing such indebtedness in the amount of'$1,163,000.00 but -mot to exceed the amount as may be permitted constitutionally lor s to tu,torall�y at the ,time of .is_suance of said bonds to provide the -remaining matching funds for the local share required to complete the Pasco -Kennewick Intercity Bridge Project,, and to pay the cost of the issuance of: the general obligation bonds herein authorized. Such general indebtedness. to be incurred shall be'within the:,limit up to 3/4 of, 1%, of the value. of the taxable ,pro perty within the City permitted for general municipal purposes, without a vote of the qualified voters therein. Section 2.. The bonds shall be called "Limited General Obligation Bonds, 1975" of the City of Pasco,, Washington; and shall be issued in the form and manner and, shall bear 'interest at such rate and shall be repayable a.:t such time as shall b.e determined by subsequent Ordinance. Section 3. The City of Pasco hereby irrevocably pledges itself to levy taxes annually, within the consti'tut'ional 'arid statutory tax 'li�mlta.tions provided by law:, upon 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 accrue, and the full faith, credit and r>e'sources of the City are .hereby irrevocably pledged, for the payment of the principal of and in teres t on ;such, bonds. Section 4. There is hereby created and established in the office of the City Treasurer a special fund to be known and designated as the "Limited General Obli- gation Bond Fund., 1975 of the City. The accrued interest received, if any, shall be pa°id into that fund, and the principal proceeds received from the isale of the sale_ of the bonds shall be paid into the General Fund of the City. All taxes collected for and allocated to the payment of the principal of and interest on the bonds shall hereafter be d;epo'sted in the "Limited General Obligation. Bond Fund, 1975." City of Pasco, Washington Ordinance No./ -3- Date: a Section 5:. The bonds shall be sold for cash at public sale for not less than par, plus accrued interest, at such time and manner as the City determines by Ordinance, ,Section 6. This Ordinance shall be in. full force and effect after its passage and publication as required bylaw. PASSED by the City Council of the City of Pasco, Washington, and, APPROVED this / `a day, of July, 1975. (10-D I .Donald D. Linton, Mayor At est: � Leo E. Olney, City Clerk Approved. as to form: L Patrick T.. Roach, City Attorney