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HomeMy WebLinkAbout2199 OrdinanceChet Bailie, Mayor 4 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