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HomeMy WebLinkAbout1848 OrdinanceV CITY OF PASCO, WASHINGTON ORDINANCE NO. 1848 AN ORDINANCE establishing Consolidated Local Improvement District No. 93 et al., and "Consolidated Local Improvement District No. 93 et al. Bond Redemption Fund;" fixing the -amount, form, date, interest rate, covenants, maturity and denomination of the Consolidated Local Improvement District No. 93 et al. Bonds; and directing the issuance and sale thereof to Foster and Marshall Inc. of Seattle, Washington. WHEREAS, Chapter 44, Laws of the State of Washington, 1967, Ex. Sess. (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 the original local improvement 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, those local improvement districts of the City of Pasco, Washington, established by the following ordinances, respectively, the thirty -day period for making cash payment of assessments without interest in each local improvement district having expired in the case of the assessment roll for each such local improvement district, are hereby consolidated into a consolidated local improvement district to be known and designated as "Consolidated Local Improvement District No. 93 et al.": Local Improvement Ordinance District Nos. 93 1727 94 1774 95 1788 Section 2. There is hereby created and established in the office of the City Treasurer of the City of Pasco, Washington, for Consolidated Local Improvement District No. 93 et al. a special consolidated local improvement district fund to be known and designated as "Consolidated Local Improvement District No. 93 et al. Bond Redemption Fund" (hereinafter the "Bond Fund"). All moneys Presently on hand representing collections pertaining to install- ments of assessments, and interest thereon, and each of the local improvement districts listed in Section 1 hereinabove, shall be transferred to and deposited in the Bond Fund, and all collections pertaining to assessments on the assessment rolls of those local improvement districts when hereinafter received shall be deposited in the Bond Fund to be used to redeem outstanding Consolidated Local Improvement District No. 93 et al. Bonds" (the "Bonds"). Section 3. The Bonds shall be issued in the total principal sum of $245,233.84, shall be dated April 1, 1977, shall be in the denomination of $5,000 each, except for Bond No. 1, which shall be in the denomination of $5,233.84, shall be numbered from 1 to 49, inclusive, shall bear interest at the rate of 64 % per annum, all of which interest shall be payable annually on April 1 of each year, interest to maturity to be evidenced by.coupons to be attached to the Bonds. The Bonds shall be payable on April 1, 1989, with the right reserved in the City of Pasco, Washington, 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 Bond Fund to pay the Bonds so called and all lower - numbered Bonds over and above the amount required for the payment MOM of the interest on all unpaid Bonds, by publishing notice of such call once in the official newspaper of the City of Pasco, Wash- ington, not less than ten and no more than twenty days prior to the call date, and by mailing a copy of such call to Foster & Marshall Inc. at its principal place of business in Seattle, Washington, or its successor, at the same time, and upon such date the interest on the Bonds shall cease, and each and every coupon representing interest on such Bonds not then accrued shall be void. Both principal ofand interest on the Bonds shall be payable solely out of the Bond Fund and from the Local Improvement Guaranty Fund of the City of Pasco, Washington. BotY;. principal of and interest on the Bonds shall be payable in lawful money of the United States of America at the office of the Treasurer of the City of Pasco, Washington, or, at the option of the holders of the Bonds, at either fiscal agency of the State of Washington in Seattle, Washington or New York, New York. Section 4. Each of the Bonds and interest coupons attached thereto shall be in substantially the following form: No. $5,000 [$5,233.84 on Bond UNITED STATES OF AMERICA No. 11 STATE OF WASHINGTON CONSOLIDATED LOCAL IMPROVEMENT DISTRICT NO. 93 et al. BOND, OF CITY OF PASCO 6 ; % N.B. The laws of the State of Washington under which this bond is issued contain the following provision (RCW 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 improvmeent for which thE: bond or warrant was issued and except also for pay- ment from the local improvement guaranty fund of the city or town as to bonds issued after the creation of a -3- 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." THE CITY OF PASCO, WASHINGTON (the "City"), a municipal corporation of the State of Washington, hereby promises to pay to Foster & Marsh«11.Inc., or bearer, on the FIRST DAY OF APRIL, 1989, the principal sum of FIVE THOUSAND DOLLARS [FIVE THOUSANDTWO HUNDRED THIRTY-THREE and 84/100 DOLLARS on Bond No. 11 in lawful money of the United States of America, with interest thereon at the rate of 6)-, % per annum, payable annually on April 1 of each year, out of the fund established by Ordinance No. of the City (the "Ordinance") and known as "Consolidated Local Improve- ment District No. 93,et al.. Bond Redemption Fund" (the "Bond Fund"), and not otherwise, except from the City's Local Improvement Guaranty Fund as herein provided. Both principal of and interest on this bond are payable at the office of the Treasurer of the City or, at the option of the holder of this bond, at either fiscal agency of the State of.Washington in Seattle, Wash- ington, or New York, New York. A coupon is hereto attached for each installment of interest to accrue hereon, and interest shall be paid only on presentation and surrender of such coupon to the City Treasurer or either such fiscal agent. The City Council of the City, as agent of Consolidated Local Improvement District No.. 93 et al. established by the Ordinance, has caused this bond to be issued in the name of the.City as the bond of such consolidated local improvement district, the proceeds thereof to be used to fund outstanding obligations issued to pay so much -of the cost and expense of certain improvements as provided by the following ordinances.of the City establishing the following local improvement districts respectively: Local Improvement. District Created by. Ordinance No. 93 1.727 94 1774 95 1788 as is levied and assessed against the property included in the consolidated local improvement district and bene- fitted by those improvements, and the Bond Fund has been established by the 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 interest on this bond. -4- This bond is one of a total issue of $24.5,233.84 par value of.bonds all of like date, tenor and effect, except as to denomination, and subject to the same terms and conditions as herein expressed. This bond is payable on April 1, 1989, but is subject to call by the Treasurer of the City for prior redemp tion whenever there shall be sufficient money in the Bond Fund to pay the same and all unpaid lower numbered bonds of the issue of which this is one, in numerical order, over and above the amount required for the payment of the interest on all unpaid bonds of this issue. Call for payment of this bond, or any bond of this issue of which this is one, shall be made by the' Treasurer of the City by publishing the same once in the official newspaper of the City not less than ten nor more than twenty days prior to the call date, and by mailing a copy of such call to Foster & Marshall Inc. at its principal place of business in Seattle, Washington, or its successor, and when such call is made for the payment of this bond, it will be paid on the day the.next interest coupon thereon shall become due after that call and upon that day interest upon this bond shall cease and any remaining coupons representing interest not then accrued shall be void. ITIS 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 this bond have.been properly done, have happened and have been performed in regular and due form, as required by law; and that the bonds of the.issue of which this is one have not been issued in an amount in excess of the cost of the improvements. IN.W.ITNESS 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 its Mayor and Director of Finance and ex officio City Clerk, the first day of April, 1977. [SEAL] CITY OF PASCO, WASHINGTON ATTEST: Director of Finance and ex officio City Clerk By (facsimile signature) Mayor -5- COUPON FORM Coupon No. On APRIL 1, 19 , the CITY OF PASCO, WASHINGTON, promises to pay to bearer at the office of the City Treasurer or, at the option of the holder, at either fiscal agency of the State of Washington in Seattle, Washington, or New York, New York, the sum shown hereon, this sum being twelve months' interest due that date on Bond No. of the bonds of Consolidated Local Improvement District No. 93 et al., and not other- wise, provided that this coupon is subject to all terms and conditions contained in the bond to which it is annexed. CITY OF PASCO, WASHINGTON By (facsimile signature) Mayor ATTEST: (facsimile signature) Director of Finance and ex officio City Clerk Section 5. The City covenants that it will diligently com- mence and pursue the collection of all delinquent assessments, which pursuit shall include the initiation of foreclosure procedures on properties' assessments in local improvement districts consoli- dated herein which are delinquent for more than two years. Section 6. The Bonds shall be printed on lithographed paper, shall be signed by the facsimile signature of the Mayor of the City, and attested by the manual signature of the Director of Finance as ex -officio City Clerk, and shall have the seal of the City affixed thereto, and the coupons attached thereto shall be signed with the facsimile signatures of the Mayor and the Director of Finance as ex -officio City Clerk. Section 7. The accrued interest, if any, resulting from the sale of the Bonds shall be deposited in the Bond Fund. All other proceeds of the sale of the Bonds shall be deposited variously into the respective funds of the City to pay the principal amount of obligations outstanding and unpaid issued by or on behalf of Local Improvement Districts No. 93, 94 and 95. Section 8. Foster & Marshall Inc. has offered to purchase all of the Bonds at a price of par plus accrued interest from the dated date to the date of delivery of the Bonds to the purchaser, the City to furnish the printed bonds and the approving legal opinion of Messrs. Roberts, Shefelman, Lawrence, Gay & Moch, municipal bond counsel, of Seattle, Washington, at the City's expense. Bond counsel shall not be required to review, nor express any opinion concerning, any official statement, offer- ing circular or other sales materials issued or used in connection with the Bonds, and bond counsel's opinion shall so state. The City Council, deeming that it is in the best interest of the City to accept said offer, hereby accepts the same. The Bonds shall, therefore, immediately upon their execution, be delivered to Foster & Marshall Inc., upon payment therefor in accordance with said offer. PASSED by the City Council of the City of Pasco, Washington, at a regular open public meeting thereof, and APPROVED by the Mayor of the City this .- day ATTEST: 2z � ela- Director of-FITnance and ex -officio City Clerk FORM APPROVED: City Attorney Published: -7- POST OFFICE BOX 293 1 PASCO, WASHINGTON 99301 April 6, 1977 Roberts, Shefelman, Lawrence, Gay & Moch 1818 IBM Building Seattle, Washington Attn: James Gay Re Consolidation Bond Ordinan•. L.I,D. No, 93 et al Dear Mr. Gay: At the regular meeting of the Pasco City Council, held April 5, 111 ', they passed Ordinance No. 1848 (copy attached), consolidating L.I... Nos. 93 et al for bonding purposes. Would you please have the bonds printed for an April 28th delivery. f possible? Thank you for your cooperation in this matter. Sincerely yours, Mrs. Evelyn Wells Deputy City Clerk ew cc to: Foster & Marshal City Treasurer