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.` ORDINANCE NO. 2045
AN ORDINANCE providing for the issuance of Local Improvement District
No. 103 warrants, setting the rate of interest for said
interest bearing warrants, and naming Seattle -First
National Bank as the lending institution.
WHEREAS, Ordinance No. 2017 established Local Improvement District
No. 103, and
MIEREAS; Seattle -First National Bank has agreed to purchase these
warrants for 7.45% interest, and
WHEREAS, the city council has now determined that the issuance of
interest bearing warrants to Seattle -First National Bank for the
construction payments on L.I.D. No. 103 is in the best interest of
the City of Pasco; NOW, THEREFORE,
THE CITY COUNCIL OF THE CITY OF PASCO DOES 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 and pay
construction costs for Local Improvement District No. 103.
Section 2. The revenue warrants shall bear interest at the rate
of 7.45% per annum.
Section 3. The Local Improvement District No. 103 revenue warrants
shall be issued to Seattle -First National Bank`at the'rate of interest
specified herein.
Section 4. The LocalImprovement District No. 103 revenue warrants
shall be redeemed upon the sale of bonds.
Section 5. This ordinance shall be in full force and effect _afters
its passage- and publication as required by law.
PASSED by the City Council of the City of Pasco this 2 day of
April 1979..
Chet Bailie, Mayor
yn Wells, City Cie
APPROVED AS TO FO$,M:
s J. De kFel'±tb,,- City Attorney