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.. V.M.1
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