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HomeMy WebLinkAbout2176 OrdinanceChet Bailie, Mayor ST: .a--4 n Wells, City Clerk ORDINANCE NO. 2176 AN ORDINANCE providing for the issuance of Local Improvement District No. 107 warrants, setting the rate of interest for said interest bearing warrants, and naming Peoples National Bank as the lending institution. WHEREAS, Ordinance No. 2152 established Local Improvement District No. 107, and WHEREAS, Peoples National Bank has agreed to purchase these warrants for 7 1/8% interest, and WHEREAS, the city council has now determined that the issuance of interest bearing warrants to Peoples National Bank for the construction payments on L.I.D. No. 107 is in the best interest of the City of Pasco; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PASCO DOES ORDAIN AS FOLLOWS Section 1. Pursuant to Chapter 165 of the Laws of 1961 of the State of Washington, there shall be issued local improvement district warrants, known as revenue warrants, to be dated as funds are required to pay construction costs for Local Improvement District No. 107. Section 2. The revenue warrants shall bear interest at the rate of 7 1/8% per annum. Section 3. The Local Improvement Distract No. 107 revenue warrants shall be issued to Peoples National Bank at the rate of interest specified herein. Section 4. The Local Improvement District No. 107 revenue warrants shall be redeemed upon the sale of bonds. Section 5. This ordinance shall be in full force and effect after its passage and publication as required by law. PASSED by the City Council of the City of PascO this 7 day of July , 1980. APPROVED AS TO FORM: Dennis J. De e [e, City Attorney FINAN( E DEPARTMENT 15091 515 3101 Sean 726-31.01 jAtiTO• • P 0 BOX 293 412 WEST CLARK PASCO, WASHING1 ON 99301 July 8, 1980 Tri City Herald P 0 Box 2608 Pasco, Washington 99302 Gentlemen Please publish Ordinance Nos 2170, 2174, 2175, 2176, 2177 and 2178 on the following date July 11, 1980 Please send three (3) Affidavits of Publication for Ordinance Nos 2175, 2176, 2177 and 2178 Please publish Ordinance No 2172 on the following date and send three (3) Affidavits of Publication July 11, 1980 July 18, 1980 Sincerely yours, Evelyn Wells City Clerk ew f