HomeMy WebLinkAbout1787 OrdinanceCITY OF PASCO, WASHINGTON
ORDI14ANCE NO. 1787
AN ORDINANCE establishing Consolidated Local
Improvement District No. 86 et al. and "Consolidated
Local Improvement Fund, District No. 86 et al.";
and fixing the amount, form, date, interest rate,
maturity and denominations of .Consolidated Local
Improvement District No. 86 et al. Bonds and
directing the issuance and sale thereof to Foster
& Marshall Inc., Seattle, Washington, and Wm. P.
Harper & Son & Company, Seattle, Washington.
WHEREAS, Chapter 44, Laws of the State of Washington, 1967,
Ex. Ses., (RCW 35.45.160) authorizes the establishment of consolidated
local improvement districts for the purpose of issuing bonds only and
provides that if the governing body of any municipality orders the
creation of such consolidated local improvement districts, the moneys
received from the installment payment of the principal of and interest
on assessments levied within original local assessment districts
shall be deposited in a consolidated local improvement district bond
redemption fund to be used to redeem outstanding consolidated local
improvement district bonds; NOW, THEREFORE,
THE CITY COUNCIL OF THE CITY OF PASCO, WASHINGTON, DO ORDAIN,
as follows:
Section 1. For the purpose of issuing bonds only, Local
Improvement District No. 86, established by Ordinance No. 1705,
passed by the City Council and approved by the Mayor on April 15,
1975, Local Improvement District No. 87,.established by Ordinance
No. 1706, passed by the City Council and approved by the Mayor on
April 15, 1975, Local Improvement District No. 88, established by
Ordinance No. 1707,.pdssed by the City Council and approved by the
Mayor on April 15, 1975, Local Improvement District No. 90,
established,by Ordinance No. 1709, passed by the City Council and
approved by the Mayor on May 6, 1975, Local Improvement District
No. 91, established by Ordinance No. 1710, passed by the City Council
and approved,by the Mayor on May 6, 1975, and Local Improvement
District No. 92, established by Ordinance No. 1711, passed by
the City Council and approved by the Mayor on May 6, 1975, are hereby
consolidated into a consolidated local improvement district to be
known and designated as "Consolidated Local Improvement District
No. 86 et al."
Section 2. There is hereby created and established in
the office of the Treasurer of the City of Pasco for Consolidated
Local Improvement District No. 86 et al. a special consolidated local
improvement fund to be known and designated as "Consolidated Local
Improvement Fund, District No. 86 et al." All moneys presently on
hand representing collections pertaining to assessments in "Local
Improvement Fund, District No. 86,". "Local Improvement Fund, District
No. 87," "Local Improvement Fund, District No. 88,". "Local Improvement
Fund, District No. 90,." "Local Improvement Fund, District No. 91,",
and "Local Improvement Fund, District No. 921, shall be transferred
to and deposited in "Consolidated Local Improvement Fund, District
No. 86 et al.,", and all collections pertaining to assessments on the
assessment rolls of Local Improvement District No. 86, Local Improvement
District No. 87., Local Improvement District No. 88, Local Improvement
District No. 9.0, Local Improvement District No. 91 and Local Improve-
ment District No. 9.2 shall when hereafter received be deposited in
the "Consolidated Local Improvement Fund, District No. 86 et al.,"
to be used to redeem outstanding Consolidated Local Improvement
District No. 86 et al. Bonds.
Section 3. The total amount of the assessment roll in
Local Improvement District No. 86,.created under Ordinance No. 1705,
was $98,9.85.98. The thirty -day period for making cash payment of
assessments without interest in the District expired on April 2, 1976,
and the total amount of assessments paid in cash was $26,138.60,
leaving a balance of assessments unpaid on the assessment roll in.
the sum of $72,847.38. The total amount of the assessment roll in
Local Improvement District No. 87, created under Ordinance No. 1706,
was $7,4.79.19. The thirty -day period for making cash payment of
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assessments without interest in the District expired on April 2, 1976,
and the total amount of assessments paid in cash was $1,555.49,
leaving a balance of assessments unpaid on the assessment roll in
the sum of $5,923.70. The total amount of the assessment roll in
Local Improvement District No. 83, created under Ordinance No. 1707,
was $17,986.68. The thirty -day period for making cash payment of
assessments without interest in the District expired on April 2, 1976,
and the total amount of assessments paid in cash was $2,860.10,
leaving a balance of assessments unpaid on the assessment roll in
the sum of $15,126.58. The total amount of the assessment roll in
Local Improvement District No. 90, created under Ordinance No. 1709,
was $53,808.87. The thirty -day period for making cash payment of
assessments without interest in the District expired on April 2, 1976,
and the total amount of assessments paid in cash was $9,018.30,
leaving a balance of assessments unpaid on the assessment roll in
the sum of $44,7.90.57. The total amount of the assessment roll in
Local Improvement District No. 91., created under Ordinance No. 1710,
was $12,410.36. The thirty -day period for making cash payment of
assessments without interest in the District expired on April 2, 1976,
and the total amount of assessments paid in cash was $2,626.78,
leaving a balance of assessments unpaid on the assessment roll in
the sum of $9,783.58. The total amount of the assessment roll in
Local Improvement District No. 92, created under Ordinance No. 1711,
was $13,679.58. The thirty -day period for making cash payment of
assessments without interest in the District expired on April 2, 1976,
and the total.amount of assessments paid in cash was $554.22,
leaving a balance of assessments unpaid on the assessment roll in
the sum of $13,125.36. Consolidated local improvement district bonds
of Consolidated Local Improvement District No. 86 et al. shall,
therefore, be issued in the total principal sum of $161,597.17.
Bond No. 1 shall be in the denomination of $1,597.17, and the
remaining bonds numbered 2 to 33, inclusive,.shall be in the
denomination of $5,000.00 each. The bonds shall all be dated
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May 1,•1976, and shall be payable on May 1, 1988, with the right
reserved to the City to redeem the bonds prior to maturity on any
interest payment date, in numerical order, lowest numbers first,
whenever there shall be sufficient money in the "Consolidated Local
Improvement Fund, District No. 86 et al.," created herein, to pay
the bonds so called and all earlier numbered bonds over and above
the amount required for the payment of the interest on all unpaid
bonds, by publishing notice of such call once in the official newspaper
of the City not less than ten nor more than twenty days prior to the
call date, and upon such date the interest on bonds so called shall
cease and each and every coupon representing interest not accrued
on such date shall be void.
The bonds shall bear interest at the rate of 6.75% per
annum, payable annually, beginning May 1, 1977, to be represented
by interest coupons to maturity attached to each bond.
8ect*iori 4. Each.of the bonds and interest coupons attached
thereto shall be in substantially the following form:
No. $5,0,00.00
C$1,5,97.17 on Bond No. 1)
UNITED STATES. OF AMERICA
STATE OF WASHINGTON
CONSOLIDATED LOCAL IMPROVEMENT BOND
OF
CITY OF PASCO
CONSOLIDATED LOCAL IMPROVEMENT DISTRICT NO. 86 ET AL.
6.75%
N.B. The laws of the State of Washington under
which this bond is issued contain the following
section CRCW 35.45.070):
"Neither the holder nor owner of any bond,
interest coupon, or warrant issued against a local
improvement fund shall have any claim therefor'
against the city or town by which it is issued,
except for payment from the special assessments
made for the improvement for which the bond or
warrant was issued and except also for payment
from the local improvement guaranty fund of the
city or town as to bonds issued after the creation
of a local improvement guaranty fund of that city
or town. The city or town shall not be liable to
the holder or owner of any bond, interest coupon,
or warrant for any loss to the local improvement
guaranty fund occurring in the lawful operation
thereof. A copy of the foregoing part of this
section shall be plainly written, printed or
engraved on each bond."
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THE CITY OF PASCO, WASHINGTON, a municipal
corporation of the State of Washington, hereby
promises to pay to Foster & Marshall Inc., Seattle,
Washington, and Wm. P. Harper & Son & Company,
Seattle, Washington, or bearer, on the FIRST DAY
OF MAY, 1988, the sum of
FIVE THOUSAND DOLLARS
($1,597.17 on Bond No. 1)
in lawful money of the United States of America,
with interest thereon at the rate of 6.75% per
annum, payable annually out of the consolidated
fund established by Ordinance No. .1.787 of the
City and known as "Consolidated Local Improvement
Fund, District No. -86 et al.," and not otherwise,
except from the guaranty fund, as herein provided.
Both principal of and interest on this bond are
payable at the office of the Treasurer of the City.
Coupons are hereto attached for each installment
of interest to accrue hereon, and interest shall
be paid only on presentation and surrender of such
coupons to the Treasurer of the City.
The City Council of the City, as agent of such
Consolidated Local Improvement District No. 86 et al.,
established by Ordinance No.' ' 1'787 , has caused this
bond to be issued in the name of the City as the
bond of such consolidated local improvement district,
the bonds or the proceeds thereof to be used to pay
so much of the cost and expense of certain improvements
as provided by Ordinance No. 1705 establishing Local
Improvement District No. 86, Ordinance No. 1706
establishing Local Improvement District No. 87, Ordinance
No. 1707 establishing Local Improvement District No. 88,
Ordinance No. 1709 establishing Local Improvement
District No. 90;. Ordinance No. 1710 establishing Local
Improvement District No. 91 and Ordinance No. 1711
establishing Local Improvement District No. 9.2, as is
levied and assessed against the property included in
the consolidated local improvement district and benefited
by thoseimprovements,,and the "Consolidated Local
Improvement Fund, District No. 86 et al.,". has been
established by ordinance for that purpose-. The holder
or holders of this bond shall look only to that fund
and to the Local Improvement Guaranty Fund of the City
for the payment of either the principal of or the
interest on this bond.
This bond is one of a consolidated issue of 33
bonds aggregating in all the principal sum of
$161,597.17, issued for Consolidated Local Improvement
District No. 86 et al., all of which bonds are subject
to the same terms and conditions as herein expressed.
This bond is payable on May 1, 1988,,but is subject
to call by the Treasurer of the City for prior
redemption whenever there shall be sufficient money
in the "Consolidated Local Improvement Fund, District
No. 86 et al.,". to pay the same and all unpaid bonds
of the issue of which this bond is one, which are
prior to this bond, in numerical order, over and above
the -amount required for the payment of the interest
on all unpaid bonds of this issue. The call for payment
of this bond, or any bond of the issue of which this
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is one, shall be made by the Treasurer of the City
by publishing notice of such call once in the
official newspaper of the City not less than ten
nor more than twenty days prior to the call date,
and when such call is made for the payment of this
bond, it will be paid'on the date the next interest
coupon thereon shall -become due and after that call
and upon such date the interest on bonds so called
shall cease and each and every coupon representing
interest not accrued on such date shall be void.
IT IS HEREBY CERTIFIED, Recited and Declared that
all acts, conditions and things required to be done
precedent to and in the levying of such special taxes
or assessments and the issuing of these bonds have
been properly done, have happened and have been
performed in regular and due form, as required by
law; and that these bonds have not been issued in an
amount in excess of the cost of the improvement.
IN WITNESS WHEREOF, the City of Pasco, -Washington,
has caused this bond to be signed by the facsimile
signature of its Mayor and attested by the manual
signature of its Director of Finance and ex -officio
City Clerk and its corporate seal to be hereto affixed,
and the interest coupons attached to be signed with
the facsimile signatures of those officials this
first day of May, 1976.
CITY OF,PASCO, WASHINGTON
By (facsimile 'signature').. .
.Mayor
ATTEST:
...........................
Director of Finance and -
ex -officio City Clerk
COUPON FORM.
Coupon NO.
$337.50
($107.81 on Bond No. 1)
On the FIRST DAY OF MAY, .19 , the CITY OF PASCO,
WASHINGTON, promises to pay to bearer at the office
of the Treasurer of the City the sum shown hereon,
this sum being twelve months' interest due that day
on Bond No. of the bonds of Consolidated Local
Improvement D1�strict No. 86 et al. and not otherwise,
provided that this coupon is subject to all terms and
conditions contained in the bond to which it is annexed
and, if that bond shall be called for payment before
.maturity hereof, this coupon shall be void.
CITY OF PASCO, WASHINGTON
By (:f*acsimile 's 'igriature)
Mayor
ATTEST:
Cfacsintile 's'ignature)
Director of Finance and
ex -officio City Clerk
Section 5. The bonds shall be printed on lithographed
forms, shall be signed by the facsimile signature of the Mayor and
attested by the manual signature of the Director of Finance and ex -
officio City Clerk and shall have the seal of the City of Pasco
affixed thereto, and the coupons shall bear the facsimile signatures
of the Mayor and the Director of Finance and ex -officio City Clerk.
Section 6. Foster & Marshall Inc., Seattle, Washington,
and Wm. P. Harper & Son & Company, Seattle, Washington, heretofore
offered to purchase all of the consolidated local improvement bonds
of Consolidated Local Improvement District No. 86 et al. at a price
of par,.plus a premium of $162.83, plus accrued interest from date
of issuance to the date of delivery of the bonds to the purchasers,
the City to furnish the printed bonds and the approving legal opinion
of Roberts, Shefelman, Lawrence, Gay & Moch, municipal bond counsel
of Seattle, Washington,.at the City's.expense. The City Council,
deeming that it was in the best interest of the City to accept said
offer,.accepted the same on April 20, 1976, and such acceptance is
hereby ratified and confirmed. The bonds shall, therefore, immediately
upon their execution, be delivered to Foster & Marshall Inc. and
Wm. P. Harper & Son & Company upon payment therefor in accordance
with said offer.
PASSED by the City Council and APPROVED by. the Mayor of
the City of Pasco, Washington, at a regular open public meeting
thereof, this 4th day of May, 1976.
ATTES
Director ofFinance and
ex -officio City Clerk
FORM APPROVED:
City Attorney
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Mayor