HomeMy WebLinkAbout1811 OrdinanceORDINANCE NO. 1811
AN ORDINANCE PROVIDING FOR THE ISSUANCE OF LOCAL
IMPROVEMENT DISTRICT NO. 95 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. 1788 established Local Improvement District
No. 95, and
WHEREAS, Ordinance No. 1788 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 at an interest rate 1 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 pay-
ments on L.I.D. No. 95 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 No. 95.
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.
Sectoion 3. The Local Improvement District No. 95 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 City Council and APPROVED this 17 day of August
1976.
G1i �
J TIDRICK, MAYOR
ATTEST —'
EVELYN' WELLS;-=DtPUTY CITY CLERK
APPROVED AS TO`FORMi'
ATTORNEY
P TRICK tTIRROAC CIT