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HomeMy WebLinkAbout1783 Ordinance1783 ORDINANCE NO. AN ORDINANCE PROVIDING FOR THE ISSUANCE OF LOCAL IMPROVEMENT DISTRICT NOS. 93 and 94 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. 1727 and 1774 established Local Improvement District Nos. 93 and 94, and WHEREAS, Ordinance Nos. 1727 and 1774 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 apt an interest raterl 1/2% below the prime rate at the date of the first warrant issue; and WHEREAS, The City Council has now determined that the issuance of interest bearing warrants to Peoples National Bank of Washington for the construction payments on L.I.D.-Nos. 93 and 94 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 shallbbe 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. 93 and 94. Section 2. The Revenue Warrants shall bear interest at the rate of 1 1/2% below the prime rate at the date of the first warrant issue per annum. Section 3. The Local Improvement District Nos. 93 and 94 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 re- deemed 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 6 day of April , 1976. JAVTIDRICK, MAYOR ATT EVELYN WELLS, DEPUTY CITY CLERK APPROVED 1 1'