HomeMy WebLinkAbout2191 Ordinanceve Wells, City Clerk
ATT ST:
A000111Le
Chet Bailie, Mayor
ORDINANCE NO. 2191
AN ORDINANCE providing for the issuance of Local Improvement District
No. 111 warrants, setting the rate of Interest for said
Interest bearing warrants, and naming Peoples National
Bank as the lending institution.
WHEREAS, Ordinance No. 2183 established Local Improvement District
No. 111, and
WHEREAS, Peoples National Bank has agreed to purchase these
warrants using the variable rate formula of one-half of the current
prime rate plus one percent, and
WHEREAS, the city council has now determined that the issuance of
interest bearing warrants to People National Bank for the construction
payments on L.I.D. No. 111 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. 111.
Section 2. The revenue warrants shall bear interest at the rate
calculated by the formual of one-half the current prime rate plus one
percent.
Section 3. The Local Improvement District No. 111 revenue warrants
shall be issued to Peoples National Bank at the rate of interest
specified herein.
Section 4. The Local Improvement District No. 111 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 6 day of
October , 1980. 1
APP OVED AS TO FO
1 q, e Dennis J. De elice, City Attorney
.v oe
/4‘p •emis .
PEOPLES NATIONAL BANK
PEOPLES NATIONAL BANK OF WASHINGTON • INVESTMENT DIVISION 1414 FOURTH AVE P 0 BOX 720 SEATTLE WA 98111
August 18, 1980
Mr. Charles T. Criscola
Director of Finance
City of Pasco
P 0 Box 293
Pasco, WA 99301
Re LID Described in Resolution No. 1361
Dear Mr. Criscola
Peoples Bank submits a variable rate bid based upon the formula
of one-half our prime rate plus 1% to be effective for the
first 90 days after initial takedown on this LID This rate is
to be adjusted on all outstanding warrants and on any additional
warrants issued in the second and any subsequent 90-day period
based upon the same formula
A minimum rate of 6% and a maximum rate of 10% is specified
Sincerely, ,
)e-t...-ti-ci_u_.---,_,_
W. S. Mills III
Vice President
WSM ds
cc. Mr Edward Willborn
Vice President and Manager
Pasco Branch, Peoples Bank
—Ordinance No 2191
• An ofdinance providing
for the ilsuance of Local
lenprovement District No
111 warrants, setting the
rate of interest for said in
terest bearing warrants,
and naming Peoples Nation
at Bank as the lending
Institution
Whereas, Ordinance No
2183 established Local Im
provement District No 111,
and
Whereas, Peoples National
Bank has agreed to pur
chase these warrants using
the variable rate formula of
one half of the current
prime rate plus one per-
cent, and
Whereas, the city council
has now determined that
the issuance of interest
bearing warrants to People
National Bank for the con
struction payments on L I D
No 111 is In the best inter-
est alf ,the City of Pasco,
now,t,fteref ore,
The" City Council of the
City of Pasco does ordain
as -fut llows
Seration 1 Pursuant to
Chapter 165 of the Lows of
1961 of 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
111
Section 2 The revenue
warrants shall bear interest
at the rate calculated by
the formula of one half the
current prime rate plus one
percent
Section 3 The Local Im
provement District No 111
revenue warrants shall be
issued to Peoples National
Bank at the rate of interest
specified herein
Section 4 The Local im-
provement District No 1111
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 Coun
cil of the City of Pasco this
6 day of October, 1980
-s Chet Bailie,
Mayor
Attest
S Evelyn Wells
City Clerk
Approved as to form
-s Dennis J De Felice,
City Attorney
Legal No 9084 — Oct 10,
1980
AFFIDAVIT OF PUBLICATION
COUNTY OF Franklin )
)ss
STATE OF WASHINGTON
Phyllis Graves , being first duly sworn on oath deposes
and says he is the Prila C ipalClerk 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. # 2191
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 NatifartIMIEW, commencing
on the 10th Oct. 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 $ 42.00
has been paid in full, also at the rate of
7 in.@ 6.00 =
Subscribed and sworn to before me this 1 3th day of Oct... , 19 80
d,lAzz..e........a Notary Public in and for the State of ashington residing at Pasco
1 111 /lilt Jr, 1.11,1 itU I 1111,11
i509) 515 1101
Scan 726 3101
(.11Y
of
P 0 BOX 293 412 WEST CLARK PASCO, WASHINGTON 99301
October 7, 1980
Tri City Herald
P 0 Box 2608
Pasco, Washington 99302
Gentlemen
Please publish the attached Ordinances on the following
date
October 10, 1980
Please [send two (2) Affidavits of Publication for each
Sincerely yours,
Evelyn Wells
City Clerk
ew