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
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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.
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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
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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:
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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