HomeMy WebLinkAbout2112 OrdinanceORDINANCE NO. 2112
AN ORDINANCE providing for the issuance of an installment note
payable from the "Local Improvement District No. 105,"
of the City of Pasco and to be sold to the "City of
Pasco Local Improvement District Guaranty Fund."
WHEREAS, Ordinance No. 2104 of the City of Pasco established
Local Improvement District No. 105 and provided that the city should
issue its local improvement bonds to pay the cost and expense of the
improvement in Local Improvement District No. 105 and the City Council
now deems it in the best interest of the city that as an alternative
to the issuance of such bonds the city shall, pursuant to R.C.W.
35.45.150, issue an installment note and sell the same to such city
fund as an investment for such fund as the City Council may determine,
such installment note to be redeemed from special assessments against
the property benefited by the improvement; and
WHEREAS, the thirty (30) day period allowed by law for the
payment of assessments in Local Improvement District No. 105 without
penalty or interest lapsed on November 21, 1979, the total amount of
the assessment roll as confirmed being $ 14,204.10 ,
$ 603.76 having been collected during said
thirty (30) day period, leaving an uncollected balance on said roll
of $ 13,600.34 ; and
WHEREAS, the City Council has now determined to issue an
installment note and to sell the same to the "City of Pasco Local
Improvement District Guaranty Fund" as an investment for such fund;
NOW, THEREFORE,
THE CITY COUNCIL OF THE CITY OF PASCO DOES ORDAIN AS FOLLOWS:
Section 1. Pursuant to R.C.W. 35.45.150 there shall be issued
one installment note payable to the "City of Pasco Local Improvement
District Guaranty Fund" out of the Local Improvement Fund, District
No. 105, to be dated November 21, 1979, and to become finally due on
November 21, -1991 The note shall be issued in the amount of
$ 13,600.34 , representing the balance of the
cost and expense of Local Improvement District No. 105, which is to
be borne by the property owners therein. The installment note shall
bear interest at the rate of 71/2% per annum to be paid on the unpaid
balance thereof. The installment note shall be issued to the "City
of Pasco Local Improvement District Guaranty Fund." The monies from
the "Local Improvement Fund, District No. 105," shall be paid to the
payee at least once a year, beginning with the date of issue, for the
purpose of reducing the principal and interest amounts due on the
installment note. Upon receipt by the "City of Pasco Local Improvement
District Guaranty Fund," such monies shall first be applied toward the
interest on the unpaid balance of the installment note and any additional
money shall thereafter apply as a reduction of the principal amount
of the note.
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Section 2. The installment note issued pursuant to this ordinance
shall bear on its face (1) the name of the payee; (2) a designation
of Local Improvement District No. 105 from whose funds the note is
payable; (3) the date of issue of the note; (4) the date on which
the note or final installment thereon shall become due; (5) the rate
of interest to be paid on the unpaid balance thereof; and (6) such
manual or facsimile signatures and attestations as are required to
appear on the warrants of the city. The reverse side of the installment
note shall bear a tabular.payment record which shall indicate at
prescribed installment dates the receipt of any Local Improvement
District No. 105 funds for the purpose of servicing the debt indicated
on the note. The tabular payment record shall, in addition to the
above, show the unpaid principal balance due on the installment note,
together with sufficient space opposite each transaction affecting
the note for the manual signature of the officer authorized toreceive
the money for the payee.
Section 3. The installment note may be redeemed out of the
"Local Improvement Fund, District No. 105," at any time by payment
in full of the unpaid principal balance and accrued interest to date
of redemption.
Section 4. The installment note shall be issued and paid in
accordance with, and shall otherwise be subject to, the provisions of
R.C.W. 35.45.150.
Section 5. This ordinance shall be in full force and effect upon
its passage and publication as required by law.
P by the Ci y Council of the City of Pasco this 3 day
Of ���, 1979.
z
-het Bailie, Mayor
APP OVED AS TO FORM:
./
Den is J. De VeliFe,City Attorney
LOCAL IMPROVEMENT DISTRICT INSTALLMENT NOTE
L.I.D. NO. 105
TO THE CITY TREASURER OF THE CITY OF PASCO: ISSUE DATE: 12/3/79
PAY City of Pasco Local Improvement District Guaranty Fund
($ 13;600.34 ) out of Local Improvement Fund, District No.
105, either in cash, L.I.D. bonds, or warrants pursuant to the
provisions of law pertaining thereto.
TO THE ORDER OF THE City of Pasco Local Improvement District Guaranty
Fund, Pasco, Washington.
Payment shall be made on the principal of this note not less than
once each year for a period not to exceed Twelve
( 12 ) years from the issue date by the city treasurer. This
note shall bear interest on the unpaid balance at the rate of
71/2 % per annum from the issue date until the principal
amount thereof is fully paid, but not beyond the final maturity
of November 21, 1991 all in accordance with Ordinance No.
CITY OF PASCO, WASHINGTON
By:
ATTEST:
By:
Bailie, Mayor
ells, City Cler
A
ACCEPTED:
By: Z )C�0J f. �
Wiladean E. Warren, City Treasurer