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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