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HomeMy WebLinkAbout2048 OrdinanceCITY OF PASCO, WASHINGTON ORDINANCE No. 2048. AN ORDINANCE establishing Consolidated Local Improvement District No. 98 to 102, inclusive, and "Consolidated Local Improvement Fund, District No. 98 to 102, inclusive"; and fixing the amount, form, date, interest rate, maturity and denomina- tions of the Consolidated Local Improvement District No. 98 to 102, inclusive, Bonds; and directing the issuance and sale thereof to Foster & Marshall Inc. of Seattle, Washington. WHEREAS, the City Council of the City has heretofore created Local Improvement Districts Nos. 98, 99, 100, 101 and 102 for various purposes; and 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 money received from the installment payment of the principal of and interest on assessments levied within original local improvement districts shall be deposited in a consolidated local improvement district bond redemp- tion 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 30 -day period for making cash payment of assessments without interest in each local improvement district having expired in the case of the assessments for each local improvement district, are hereby consolidated into a consolidated local improvement district to be known and designated as "Consolidated Local Improvement District No. 98 to 102, inclusive": Local Improvement District 98 99 100 101 102 Created by ordinance No. 1945 1975 1976 1977 1978 Section 2. There is hereby created and established in the office of the City Treasurer of the City of Pasco for Consolidated Local Improvement District No. 98 to 102, inclusive, a special consolidated local improvement district fund to be known and designated as "Con- solidated Local Improvement Fund, District No. 98 to 102, inclusive," (hereinafter called the "Bond Fund"). All money presently on hand representing collections pertaining to installments of assessments, and'interest thereon, in each of the local improvement districts listed in Section 1 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 hereafter received shall be deposited in the Bond Fund to be issued to redeem outstanding Consoli- dated Local Improvement District No. 98 to 102, inclusive, Bonds. Section 3. "Consolidated Local Improvement District No. 98 to 102, inclusive, Bonds" (hereinafter called the ."Bonds"), shall be issued in the total principal sum of $737,880.70, being the total amount on the assessment rolls of Local Improvement Districts Nos. 98 to 102, -2- inclusive, remaining uncollected after the expiration of the 30 -day interest free prepayment period. Bond No. 1 shall be in the denomination of $2,880.70, and the remaining Bonds numbered 2 to 148, inclusive, shall be in the denomination of $5,000.00 each. The Bonds shall all be dated May 1, 1979, and shall be payable on May 1, 1991, with the right reserved to the City 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 of the interest on all unpaid Bonds, by publishing 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 within the same period a copy of such notice of call to the main offices of Foster & Marshall Inc. in Seattle, Washington, or its successor. Upon such call 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 6.80 per annum, payable annually, beginning May 1, 1980, to be'represented by interest coupons to maturity attached to each Bond. Section 4. Each of the Bonds and interest coupons attached thereto shall be in substantially the following.form: No. $5,000.00 $2,880.70 on Bond No. 1) UNITED STATES OF AMERICA STATE OF WASHINGTON CITY OF PASCO CONSOLIDATED LOCAL IMPROVEMENT DISTRICT NO. 98 TO 102, INCLUSIVE, BOND -3- 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 improve- ment fund shall have any claim therefor against the city or town by which it is issued, except for pay- ment 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 warrant 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 (the "City"), a municipal corporation of the State of Washington, hereby promises to pay to bearer, on the FIRST DAY OF MAY, 1991, the sum of FIVE THOUSAND DOLLARS ($2,880.70 on Bond No. 1) in lawful money of the United States of America, with interest thereon at the rate of � n� % per annum, pay- able annually out of the consoliM—f-ed fund established by Ordinance No. of the City and known as "Consoli- dated Local Improvement Fund, District No. 98 to 102, inclusive" (the "Bond Fund"), and not otherwise, except from the City's 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, at either fiscal agency of the State of Washington in Seattle, Washington, 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 Consoli- dated Local Improvement District No. 98 to 102, inclu- sive, established by Ordinance No. , has caused -4- 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 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 98 99 100 101 102 Created by Ordinance No. 1945 1975 1976 1977 1978 as is levied and assessed against the property included in the consolidated local improvement district and benefited by those improvements, and the Bond Fund has been established by ordinance for that purpose. The holder or holders of this bond shall look only to the Bond 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 a consolidated issue of 148 bonds aggregating in all the principal sum of $737,880.70 issued for Consolidated Local Improvement District No. 98 to 102, inclusive, all of which bonds are subject to the same terms and conditions as herein expressed. This bond is payable on May 1, 1991, but is subject to call by the Treasurer of the City for prior redemption whenever there shall be sufficient money in the Bond Fund to pay the same and all un- paid bonds of the issue of which this bond is one, which are prior to this bond, in numerical order, over and above the amount required 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 Treasurer of the City by publishing 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 within the same period a copy of such notice of call to the main offices of Foster & Marshall Inc. in Seattle, Washington, or its successors. When such call is made for the payment of this bond, it will be paid on the date -5- the next interest coupon thereon shall become due after that call and upon such date the interest on bonds so called shall cease and each and every coupon representing interest not then accrued on such date 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 and assessments and the issuing of this bond have been properly done, have happened and have been per- formed in regular and due form, as required by law; and that the bonds of this issue of which this is one have not been issued in an amount in excess of the cost of the improvements. IN WITNESS.WHEREOF, the City 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 fac- simile signatures of those officials this first day of May, 1979. ATTEST: City Clerk CITY OF PASCO, WASHINGTON By (facsimile signature) Mayor COUPON FORM Coupon No. ($ on Bond No. 1) (Unless the bond referred to below has been previously redeemed) On the FIRST DAY OF MAY, 19—, the CITY OF PASCO, WASHINGTON, promises to pay to bearer at the office of the City Treasurer of the City, or, at the option of the holder, at either fiscal agency of State of Washington in Seattle, Washington, or New York, New York, the sum shown hereon, this sum being twelve months' interest due that day on Bond No. r t' of the bonds of Consolidated Local Improvement District No. 98 to 102, inclusive, 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 By (facsimile signature) Mayor ATTEST: (facsimile signature) City Clerk Section 5. 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 City Clerk and shall have the seal of the City affixed thereto, and the coupons shall bear the facsimile signatures of the Mayor and the City Clerk. Section 6. Foster & Marshall Inc. of Seattle, Washington, has offered to purchase all of the Bonds at a price of par, plus accrued interest from the date of the Bonds to the date of their delivery to the purchaser, 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. Bond counsel shall not be required to review nor express any opinion con- cerning the completeness or accuracy of any official statement, offering circular or other sales material 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 such offer, hereby accepts the same. The Bonds shall, therefore, -7- immediately upon their execution, be delivered to Foster & Marshall Inc., 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, and APPROVED by the Mayor of the City this 16th day of April, 1979. Mayor AT ST: City Clerk FORM APPROVED: r City Attorney Published: