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HomeMy WebLinkAbout2161 OrdinanceORDINANCE NO. 2161 AN ORDINANCE amending Ordinance No. 2127 and Ordinance No. 2136 relating to Local Improvement District No. 104 and the interest rate on the unpaid portion of any assessment. WHEREAS, the interest rate on the unpaid portions of any assessment was initially set at eight and one-half percent (8 1/2%) per annum in Ordinance No. 2127; WHEREAS, the interest rate on the unpaid portions of any assessment was then amended to nine and one-half percent (9 1/2%) 4 er annum in Ordinance No. 2136; WHEREAS, this amended interest rate was based on the best available information at that time as to what the interest rate would be for the bonds needed to finance the unpaid assessments at the time they would be sold; WHEREAS, due to unforeseen changes in the economic situation in the nation, particularly as it applies to interest rates, it now appears that the interest rate on the bonds needed to finance the unpaid portion of the assessments will be ten and four-fifths percent (10 4/5%); and WHEREAS, the bonds have not been sold to finance the unpaid portion of the assessments; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PASCO DOES ORDAIN AS FOLLOWS: Section 1. That Ordinance No. 2127 and Ordinance No. 2136 be amended so that wherever the figure eight and one-half percent (8 1/2%) per annum and nine and one-half percent (9 1/2%) per annum appears that it be changed to ten and four-fifths percent (10 4/5%) per annum. Section 2. The city treasurer is hereby directed to again publicize notice as required in Ordinance No. 2127 and Ordinance No. 2136 and to begin again a thirty (30) day period for payment of any assessment or any portion thereof without penalty, Interest, or cost. Notice shall be sent to all property owners accept those that have paid the entire amount of the assessment. Section 3. The city treasurer is also hereby directed to refund any penalty that was assessed for late payment of the assessment provided such payment has been made prior to the conclusion of the new thirty (30) day period created by this ordinance, Section 4. This ordinance shall be in full force and effect after its passage and publication as required by law, WErsY , City Cleric AT -2- PT;by the City Council of the City of Pasco this , 1980. Chet Bailie, Mayor • day of APPR OVED AS TO FORM: ikt /1411.A.Z.s. (1 0.- Den is J. De F lice, k City Attorney ' Ordinance No 2161 An Ordinance amending Ordinance No 2127 and Or- dinance No 2136 relating to Local improvement District No 104 and the Interest rate on the unpaid portion of any assessment Whereas the interest rate on the unpaid portions of , any assessment was Initially set at eight 'and one half Percent (81/2%) per annum in Ordinance No 2127, Whereas, the Interest rate on the unpaid portions of any assessment was then , amended to ninet -and one- half percent (91/2%) per an num in Ordinance No 2136, Whereas, this amended in- terest rate was based on the best available informa lion at that time as to what The interest rate would be for the bonds needed to fl nonce the unpaid assess- ments at the time they would be sold. Whereas, due to unforseen changcs in the economic situation in the nation, par- ticularly as it applies to in terest rates, It now appears that the Interest rate on the bonds needed to finance the unpaid portion of the as- sessments will be ten and four fifths percent (10 4/ 5%), and Whereas, the bonds have not been sold to finance the unpaid portion of the as sessments, Now, Therefore, The City Council of the City of Pasco does ordain as follows Section 1 That Ordinance No 2127 and Ordinance No 2136 be amended so that wherever the figure eight and one-half percent (81/2%) per annum and nine and one-half percent (91/2%) per annum oPpears that it be changed to ten and four- fifths percent (10-4/5%) Per annum Section 2 The city treas- . urer Is hereby directed to again publicize notice as re- quired In Ordinance No 2127 and Ordinance No 2136 and to begin again a thirty (30) day period for payment of any assessment or any portion thereof with- out penalty, interest, or ,cost Moho, shall -the seht 'to n11 property owners accept those have paid the c.-entir‘e amount., of the assessment Section 3 The City treas- urer is also hereby directed to refund any penalty that was assessed for late pay- ment of the assessment pro- vided such payment has been made prior to the 1 conclusion of the new thirty (30) day Period created by this ordinance Section 4 This ordinance shall be In full force and effect -after its passage and Publication as required by law ° Passed by the City Coun cil of the City of Pasco this 5th day of May, 1980 s Chet Bailie, Mayor Attest s- Evelyn Wells, City Clerk Approved as to form s Dennis J De Felice, City Attorney Legal No 7945 - May 12, 1980 COUNTY OF Frs Wain )ss STATE OF WASHINGTON That the full amount of $ 49.05 9 in.@ 5.45 = 49.05 Subscribed and sworn to before me this AFFIDAVIT OF PUBLICATION cAri§mttygmzglm commencing , 19 80 , and has been paid in full, also at the rate of Phyllis Graves , being first duly sworn on oath deposes and says she ti‘e Principal Ulerk of the Tri-City Herald, a daily newspaper That said newspaper is a legal newspaper and has been approved as a legal newspaper by order of the superior court in the county in which it is published and it is now and has been for more than six months prior to the date of the publication hereinafter referred to, published in the English language continually as a daily news- paper in Franklin County, Washington, and is now and during all of said time was printed in an office maintained at the aforesaid place of publication of said newspaper That the annexed is a true copy of a legal advertisement Ord. # 2161 as it was printed in the regular and entire issue of the Tr-City Herald itself and not in a supplement thereof, for a period of one time on the 12 th day of May ending on the day of , 19 , and that said newspaper was regularly distributed to its subscribers during all of this period 12th day of May ,19 80 e Notary Public in and for the State of Washington, residing at KennexwelEG-ac.4 M1 CITY of Iii 4. • If. n•-•It 041 1.14;11..:'.4fee• FINANCE D1PARTMEN1 iti 'till ',ran 726 3 MI ew Sinc ours, Eve yn Wells City Clerk 1' 0 BOX 291 412 WEST CLARK PASCO, WASHINGTON 99301 May 6, 1980 1 i Tri City Herald 1 1 P 0 Box 2608 i Pasco, Washington 99302 Gentlemen Please publish the attached Ordinances on the following date May 12, 1980 Please send two (2) Affidavits of Publication for each — '1 kw.. 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