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Home My WebLink About1734 OrdinanceORDINANCE NO. 1734 AN ORDINANCE PROVIDING FOR THE ISSUANCE OF LOCAL IMPROVE- MENT DISTRICT NOS. 86, 87, 88, 90, 91 and 92 WARRANTS, SETTING THE RATE OF INTEREST FOR SAID INTEREST BEARING WARRANTS, AND NAMING PEOPLES NATIONAL BANK OF WASHINGTON AS THE LENDING INSTITUTION. WHEREAS, Ordinance Nos. 1705, 1706, 1707, 1709, 1710 and 1717 established Local Improvement District Nos. 86, 87, 88, 90, 91 and 92, and WHEREAS, Ordinance Nos. 1705, 1706, 1707, 1709, 1710 and 1711 established the authority to issue Local Improvement 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 5.88% 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. Nos. 86, 87, 88, 90, 91 and 92 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 to pay construction costs for Local Improvement District Nos. 86, 87, 88, 90, 91 and 92. Section 2. The Revenue Warrants shall bear interest at the rate of 5.88% per annum. Section 3. The Local Improvement District Nos. 86, 87, 88, 90, 91 and 92 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, MAYO ATTES 'EVELFYN D'WELL'S, 'DE1RUT!YJ1C`IVTY "C'LERK r - APPROVED AS TO FORM: PATRICK T. ROACH, CITY ATTORNEY