HomeMy WebLinkAbout1733 OrdinanceORDINANCE NO. 1733
AN ORDINANCE PROVIDING FOR THE ISSUANCE OF LOCAL IMPROVE-
MENT DISTRICT NO. 84 WARRANTS, SETTING THE RATE OF INTEREST
FOR SAID INTEREST BEARING WARRANTS, AND NAMING PEOPLES
NATIONAL BANK OF WASHINGTON AS THE LENDING INSTITUTION.
WHEREAS, Ordinance No. 1694 established Local Improvement District No.
84, and
WHEREAS, Ordinance No. 1694 established the authority to issue Local
Im provement District Interest Bearing Warrants at a rate not to exceed eight
percent (8%)., and
WHEREAS, Peoples National Bank of Washington has agreed to purchase these
warrants for 5.98% interest, and
WHEREAS, The City Council has now determined that the issuance of interest
bearing warrants to Peoples National Bank of Washington for the construction pay-
ments on L.I.D. No. 84 is in the best interests of the City, NOW, THEREFORE,
THE CITY COUNCIL OF THE CITY OF PASCO DO ORDAIN AS FOLLOWS:
Section 1. Pursuant to Chapter 165 of the Laws of 1961 of the State of
Washington, there shall be issued Local Improvement District Warrants, known as
Revenue Warrants, to be dated as funds are required and pay construction costs
for Local Improvement District No. 84.
Section 2 The Revenue Warrants shall bear interest at the rate of 5.98%
per annum.
Section 3. The Local Improvement District No. 84 Revenue Warrants shall be
issued to Peoples National Bank of Washington at the rate of interest specified
herein.
Section 4. The Local Improvement District Revenue Warrants shall be
redeemed upon the sale of bonds.
Section 5. This Ordinance shall be in full force and effect after its
passage and publication as required by law.
PASSED by the Pasco City Council and APPROVED this 16th day of September,
1975.
DONALD D. LINTON, MAY
ATTEST-
CLERKr�r_v4
EVE AN :WELLS ;,; DEPUTY,;,CI'TY
APPROVED AS TO FORM:
PATRICK T. ROACH CITY ATTORNEY