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HomeMy WebLinkAbout2178 OrdinanceChet Bailie, Mayor —K...,/ lls, City Clerk ATT T APPROVED AS TO FORM: A , S e nis J. De Fe ice, City Attorney ORDINANCE NO. 2178 AN ORDINANCE providing for the issuance of Local Improvement District No. 109 warrants, setting the rate of interest for said interest bearing warrants, and naming Pacific National Bank as the lending institution. WHEREAS, Ordinance No. 2162 established Local Improvement District No. 109, and WHEREAS, Pacific National Bank has agreed to purchase these warrants for 7.50% interest, and WHEREAS, the city council has now determined that the issuance of interest bearing warrants to Pacific National Bank for the construct3on payments on L.I.D. No. 1091s 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 imnrovement district warrants, known as revenue warrants, to be dated as funds are required to pay construction costs for Local Improvement District No. 109. Section 2. The revenue warrants shall bear Interest at the rate of 7.50% per annum. Section 3. The Local Improvement District No. 109 revenue warrants shall be issued to Pacific National Bank at the rate of interest specified herein. Section 4. The Local Improvement District No. 109 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 July , 1980 '1 7 day of Ordinance No 2178 t An , Ordinance providing for the issuance of Local Improvement District No 109 warrants, setting the rate of interest for said in terest bearing warrants and naming Pacific National Bank as the lending institution A Whereas, Ordinance No 2162 established Local L' Im provement District No 109, and Whereas Pacific National Bank has agreed to pur chase these warrants for 7 50% interest, and Whereas, the' city council has now determined that the issuance of interest bearing warrants to Pacific National Bank for the con struction payments on LI D No 109 is in the , best inter est of lhe City ' of Pasco now, therefore, The City Council of the City of Pasco does ordain as foltows Section 1 Pursuant to Chapter 165 of the Laws of 1961 15f the State of Wash ington, 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 109 Section 2 The revenue warrants shall bear interest at the rate of 7 50% per annum Section 3 The Local i,, provement District No 109 revenue warrants shall be issued to Pacific National Bank at the rate of interest specified herein Section 4 The Local im provement District No 109 revenue warrants shall be redeemed upon the , sole of l 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 Coon cil of the City of Pasco this 7th day of July, 1980 -s Chet Bailie, Mayor Attest s Evelyn Wens, City Clerk Approved as to form -s Dennis J De cellce, City Attorney Legal Ho 8035 - July 1900 11, AFFIDAVIT OF PUBLICATION COUNTY OF Franklin )ss STATE OF WASHINGTON Phyllis Graves , being first duly sworn on oath deposes and says she is the Princlpal Clerk 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- Franklin paper in 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 Ordinance # 2178 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 Xd1leY5INTIEWYeks, commencing J u l y on the 11th day of , 19 80 , and ending on the day of , 19 , and that said newspaper was regularly distributed to its subscribers during all of this period That the full amount of $ 35„43 has been paid in full, also at the rate of 64 in.@ 5.45 = 35.43 Subscribed and sworn to before me this 1 4th day of July 19 80 Notary Public in and for the State of Washington, residing at Pasco FINANCE DF PARTMENT (509) 515 3401 Scan 726-3401 CITY of 11.111,E•iir- ti re, P 0 BOX 293 412 WEST CLARK PASCO, WASHINGTON 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