HomeMy WebLinkAbout2199 OrdinanceChet Bailie, Mayor
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ORDINANCE NO. 2199
AN ORDINANCE amending Section 2 of Ordinance No. 2191 by changing
the rate of interest for the interest bearing warrants
on Local Improvement District No. 111.
WHEREAS, Ordinance No. 2191 provided for the issuance of Local
Improvement District No. 111 warrants; and
WHEREAS, Peoples National Bank has agreed to purchases these
warrants for seven and three quarters (7 3/4) percent; and
WHEREAS, the city has named Peoples National Bank as the lending
institution for the construction payments on L.I.D. No. 111; NOW,
THEREFORE,
THE CITY COUNCIL OF THE CITY OF PASCO DOES ORDAIN AS FOLLOWS
Section 1. That Section 2 of Ordinance No. 2191 dated October
6, 1980, be and the same is hereby amended to read as follows:
Section 2. The revenue warrants shall bear interest at the
rate of seven and three quarters (7 3/4) percent per annum.
Section 2. 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 3 day of
November , 1980.
t.
yn42 11s, City Clerk
APPROVED AS TO FORM-
PAA,L.: 4 1
De nis J. De Fe
kQ . ice, City Attorney
PEOPLES NATIONAL BANK
PEOPLES NATIONAL BANK OF WASHINGTON • INVESTMENT DIVISION 1414 FOURTH AVE P 0 BOX 720 SEATTLE WA 98111
October 16, 1980
Mr. James Gay
Roberts, Shefelman, Lawrence, Gay & Moch
1818 IBM Building
Seattle, WA 98101
Re: Variable Rate Interest Bearing Warrants
Dear Jim:
Attached are copies of the memo by Bill Lavagnino and my letter
to him, both dated September 30, that we discussed.
As I understand it, you have no objection to a variable interest
rate on interest bearing warrants except as used in L.I.D.'s.
It is also my understanding that you would not accept an initial
rate to be determined by a formula at the time of issuance of
warrant number 1 on the L.I.D.
With regard to the City of Pasco and L.I.D. 111, I am going to
propose a fixed rate for the project of 7-3/4%, since that is
what the formula would dictate at this time. That should solve
his problem on this little L.I.D.
It is my feeling that the only way to resolve the problem facing
municipalities and banks on L.I.D. uarrant financing and keep the
rates reasonable is for the State Audi,tor's Office to propose
corrective legislation.
I am sure that anything you can do to speed along an equitable rate
structure would be greatly appreciated by all parties.
Sincerely,
W S. Mills III
WSM ds
Atts.
cc. Mr. W. L. Lavagnino
Mr. Charles T. Criscola
-
Ordinance No 2199
An ordinance amending
Section 2 of Ordinance No ,
2191 by changing the rate
of interest for the Interest
bearing warrants on Local
Improvement District No
111
Whereas Ordinance No
2191 provided for the is-
suance of Local Improve-
ment District No 111
warrants and
Whereas Peoples National
Bank has agreed to pur
chase these warrants for
seven and three quarters
(7 3/4) percent, and '
Whereas the city has •
named Peoples National
Bank as the lending In
stitution for the construction
Payments on Li D No 111,
now therefore,
The City Council of the
City of Pasco does ordain
as follows
Section 1 That Section 2
, of Ordinapce No 2191 dated
October 6 1980, be and the
same Is hereby amended to
read as follows
Section 2 The revenue
warrant, shall bear Interest
at the rate of seven and
three quarters (73/4) percent
per annum
Section 2 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
3 day of November, 1980
s- Chet Bailie,
Mayor
Attest
s- Evelyn Wells,
City Clerk
Approved as to Form
s Dennis J De Felice,
City Attorney
Legal No 9324 — Nov 7,
1980
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-
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, # 2199
as it was printed in the regular and entire issue of the Tri City Herald itself and not in a
supplement thereof, for a period of one time
Airs/WA/Pc:44g commencing
on the 7th day of Nov, ,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 $ 30.00 has been paid in full, also at the rate of
5 in.@ 6.00 — 50.00
Subscribed and sworn to before me this 10th d ay o f Nov ; , 19 80
dii&OLG:i
Notary Public in and for the State of Washington residing at Pasco
FINANCE 1)1 PAR 'NEN I
(509) 515 3101
Si an 726 3401
CITY
— of
VetVat+IIERIVATan ii.v.S,1110,164t
P 0 BOX 293 412 WEST CLARK PASCO, WASHINGTON 99301
November 4, 1980
Tri City Herald
P 0 Box 2608
Pasco, Washington 99302
Gentlemen
Please publish the attached Ordinances on the following
date
November 7, 1980
Please send two (2) Affidavits of Publication for each
Sincerely yours,
Evelyn Wells
City Clerk
ew