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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. • � Y EPM 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