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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'