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HomeMy WebLinkAbout2023 OrdinanceCITY OF PASCO, WASHINGTON ORDINANCE NO. 2023 AN ORDINANCE fixing the amount, form, date, interest rate, maturity and denominations of Local Improvement District No. 84 Bonds and directing the issuance and sale thereof to Foster & Marshall, Inc. of Seattle, Washington. THE CITY COUNCIL OF THE CITY OF PASCO, WASHINGTON, do ordain as follows: Section 1. The total amount of the assessment roll in Local Improvement District No. 84 in the City of Pasco, Wash- ington (hereinafter called the "City"), created under Ordinance No. 1694, was $397,885.57. The thirty -day period for making cash payments of assessments without interest in the District expired on December 26, 1978, and $53,130.62 of assessments were paid in cash during such period, leaving the amount of assessments unpaid on the assessment roll in the sum of $344,754.95. Local improvement district bonds of Local Im- provement District No. 84 shall, therefore, be issued in the total principal sum of $344,754.95. Bond No. 1 shall be in the denomination of $4,754.95, and the remaining bonds numbered 2 to 69, inclusive, shall be in the denomination of $5,000.00 each. The bonds shall all be dated February 1, 1979, and shall be payable on February 1, 1991, with the right reserved to the City to redeem the bonds prior to maturity on any inter- est payment date, in numerical order, lowest numbers first, - 1 - y � CITY OF PASCO, WASHINGTON ORDINANCE NO. 2023 AN ORDINANCE fixing the amount, form, date, interest rate, maturity and denominations of Local Improvement District No. 84 Bonds and directing the issuance and sale thereof to Foster & Marshall, Inc. of Seattle, Washington. THE CITY COUNCIL OF THE CITY OF PASCO, WASHINGTON, do ordain as follows: Section 1. The total amount of the assessment roll in Local Improvement District No. 84 in the City of Pasco, Wash- ington (hereinafter called the "City"), created under Ordinance No. 1694, was $397,885.57. The thirty -day period for making cash payments of assessments without interest in the District expired on December 26, 1978, and $53,130.62 of assessments were paid in cash during such period, leaving the amount of assessments unpaid on the assessment roll in the sum of $344,754.95. Local improvement district bonds of Local Im- provement District No. 84 shall, therefore, be issued in the total principal sum of $344,754.95. Bond No. 1 shall be in the denomination of $4,754.95, and the remaining bonds numbered 2 to 69, inclusive, shall be in the denomination of $5,000.00 each. The bonds shall all be dated February 1, 1979, and shall be payable on February 1, 1991, with the right reserved to the City to redeem the bonds prior to maturity on any inter- est payment date, in numerical order, lowest numbers first, - 1 - whenever there shall be sufficient money in the "Local Improve- ment Fund, District No. 84," created by Ordinance No. 1694, passed on December 17, 1974, 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 pub- lishing 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 by mailing a copy of such notice within the same period to Foster & Marshall, Inc., 205 Columbia Street, Seattle, Washington, or its successor, 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 7% per annum, payable annually, beginning February 1, 1980, to be represented by interest coupons to maturity attached to each bond. Section 2. Each of the bonds and interest coupons at- tacked thereto shall be in substantially the following form: No. $ 5,000.00 ($4,754.95 on Bond No. 1) UNITED STATES OF AMERICA STATE OF WASHINGTON LOCAL IMPROVEMENT BOND OF CITY OF PASCO - 2 - LOCAL IMPROVEMENT DISTRICT NO. 84 N.B. The Laws of the State of Washington under which this bond is issued contain the following section (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 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 war- rant 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." THE CITY OF PASCO, WASHINGTON, a municipal corporation of the State of Washington, hereby promises to pay to Foster & Marshall, Inc. of Seattle, Washington, or bearer, the sum of FIVE THOUSAND DOLLARS ($4,754.95 on Bond No. 1) in lawful money of the United States of America, with interest thereon at the rate of 7% per annum, payable annually out of the fund established by Ordinance No. 1694 of the City and known as the "Local Improvement Fund, District No. 84," 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 install- ment of interest to accrue hereon, and interest shall be paid only on presentation and surrender of such coupons to the City Treasurer. - 3 - The City Council of the City, as agent of such Local Improvement District No. 84, has caused this bond to be issued in the name of the City as the bond of such local improvement district, the bonds or the proceeds thereof to be used to pay so much of the cost and expense of the improvement as pro- vided by Ordinance No. 1694, as is levied and as- sessed against the property included in the local improvement district and benefited by that improve- ment, and the "Local Improvement Fund, District No. 84,`° 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 an issue of 69 bonds ag- gregating in all the principal sum of $344,754.95, issued for Local Improvement District No. 84, all of which bonds are subject to the same terms and conditions as herein expressed. This bond is payable on February 1, 1991, but is subject to call by the City Treasurer for prior redemption whenever there shall be sufficient money in the "Local Improvement Fund, District No. 84," 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 amounts sufficient for the payment of the interest on all unpaid bonds of this issue. The call for payment of this bond, or any bond of this issue of which this is one, shall be made by the City Treasurer by publishing the same once in the official news- paper of the City not less than ten.nor more than twenty days prior to the call date and by mailing a copy of such notice within the same period to Foster & Marshall, Inc., 205 Columbia Street, 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 re- maining coupons 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 - 4 - 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 improve- ment. IN WITNESS WHEREOF, the City of Pasco, Wash- ington, has caused this bond to be signed by the facsimile signature of its Mayor and attested by the manual signature of its 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 February, 1979. ATTEST: CITY OF PASCO, WASHINGTON By (facsimile signature) Mayor City Clerk COUPON FORM Coupon No. On the FIRST DAY of February, 19 , the CITY OF PASCO, `vaASHINGTON, promises to pay to bearer at the office of the City Treasurer :the sum shown hereon, this sum being twelve months' interest due that day on Bond No. of the bonds of Local Improvement District No. 84 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 - 5 - By (facsimile signature) Mayor ATTEST: By (facsimile signature) City Clerk Section 3. 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 Clerk and shall have the seal of the City affixed thereto and the cou- pons shall bear the facsimile signatures of the Mayor and the Clerk. , Section 4. Foster & Marshall, Inc. of Seattle, Washington, has submitted its written offer to purchase all of the local improvement bonds of Local Improvement District No. 84 at a price of par, together with accrued interest from the date of issuance to the date of delivery of the bonds to the pur- chaser, 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 is in the best interests of the City to accept such offer, hereby accepts the same. The bonds shall, therefore, immediately upon their execution, be delivered to Foster & Marshall, Inc. of Seattle, Washington, upon payment therefor in accordance with such offer. PASSED by the City Council of the City of Pasco, Washington, at a regular open public meeting thereof this 15th day of January, 1979. ATTEST: Evelyn We11s.; City Clerk- . , : -- APPROVED AS TO FORM: 1 � s - Va City Atto ey i i I ns , ayor _ro_ em 7 - I, CHARLES T. CRISCOLA, Director of Finance and ex -officio City Clerk of the City of Pasco, Washington, hereby certify that the attached copy of Ordinance No. is a true and.correct copy of the original ordinance passed on the 15th day of January, 1979, as that ordinance appears on the Minute Book of the City. DATED this day of January, 1979. CHARLES T. CRISCOLA Director of Finance and ex -officio City Clerk