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Home My WebLink About2212 Ordinance2212 ORDINANCE NO. CITY OF PASCO, WASHINGTON AN ORDINANCE of the City of Pasco, Washington, relating to contracting indebtedness; providing for the borrowing of a total of not to exceed $450,000 and issuing and selling negotiable limited tax general obligation bonds to pay part of the cost of relocating the City's Municipal Golf Course to City property to the east of the existing golf course; and authorizing the issu- ance of interest-bearing warrants drawn upon the "Pasco Municipal Golf Course Redevelopment Fund" heretofore created pending the sale of such general obligation bonds and the receipt of other funds to become available therefor. WHEREAS, the City Council of the City of Pasco, Washington (hereinafter called the "City"), has determined it to be in the best interests of the City that the existing Municipal Golf Course be relocated for the purpose of making the existing golf course property available for higher intensity development, the estimated cost of such relocation being $1,100,000, and the City does not have available sufficient funds to pay the cost thereof, and it is necessary to borrow not to exceed the sum of $450,000 to pay part of the cost of such project; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PASCO, WASHINGTON, DO ORDAIN, as follows: Section 1. The assessed valuation of the taxable property of the City as ascertained by the last preceding assessment for City purposes for the calendar year 1980 is $359,240,861, and the City has outstanding general Indebtedness evidenced by limited tax general obligation bonds of $1,640,000 and outstanding balances of executory conditional sales contracts of $120,000 incurred within the limit of up to 3/4 of 1% of the value of the taxable property within the City permitted for general municipal purposes without a vote of the qualified voters therein, and has a general indebtedness outstanding evidenced by unlimited tax general obligation bonds of $870,000 issued pursuant to the vote of the qualified voters of the City for capital purposes, and the amount of Indebtedness for which bonds are herein authorized to be issued is not to exceed $450,000. Section 2. The City shall borrow money on the credit of the City and issue negotiable limited tax general obligation bonds evidencing such indebtedness in the amount of not to exceed $450,000 for general City purposes to provide a part of the funds to pay the cost of relocating its Municipal Golf Course to City property to the east of the existing golf course property, such improvement to consist of the construction and installation of the following: 12 complete tee to green holes 4 tees 3 greens Irrigation System Pump Supply Turf and Electrical Installation Maintenance Building Club House Such general indebtedness to be incurred shall be within the limit up to 3/4 of 1% of the value of the taxable property within the City per- mitted for general municipal purposes without a vote of the qualified voters therein. Section 3. The general obligation bonds herein authorized to be issued shall be serial in form and shall bear interest which, except for the first interest coupon, shall be payable semiannually, and shall mature in from two to twenty years from date of issue, the life of the improvements to be acquired by such bonds being at least twenty years, in such amounts as nearly as practicable annually as will result in a difference of not more than $5,000 between the highest and lowest annual payment of principal and interest, excluding the first two years from date of issue, computed on such anticipated effective interest rate as the City Council of the City shall in its discretion determine will be borne by such bonds and shall be paid by annual tax levies sufficient in amount to pay both principal of and interest on such bonds when due, which annual tax levies shall be made within the constitutional and statutory tax limitations pro- vided by law without a vote of the electors of the City together with other moneys legally available and to be used therefor, such as proceeds from the sale of the existing Municipal Golf Course property. The bonds shall be redeemable at the option of the City at such time as shall be hereafter determined by ordinance. The date of issue, interest rate or rates, maturities, form and covenants of such bonds hereafter shall be fixed by ordinance of the City Council of the City, and the bonds shall be issued and sold when the proceeds thereof may be required. Section 4. The proceeds received from the sale of the general obligation bonds herein authorized to be issued and the other money legally available therefor anticipated to be received for the project shall be deposited in the "Pasco Municipal Golf Course Redevelopment Fund" heretofore created and established by Ordinance No. 2111 passed November 19, 1979, and shall be used for the sole purpose of paying a part of the cost of relocating the existing Municipal Golf Course as herein authorized and of paying the costs and expenses connected therewith. Pending the sale of the general obligation bonds herein authorized to be issued and the receipt of other money legally available therefor and anticipated to be received, the City may issue interest-bearing warrants drawn upon the "Pasco Municipal Golf Course Redevelopment.Fund" and issued to pay the costs of carrying out the project herein authorized, such warrants to bear interest at such rate as may be determined by resolution of the City Council pursuant to an offer received from a banking insti- tution agreeing to make a market for such warrants, and such warrants to be paid out of the proceeds of the sale of the bonds herein authorized and from any other moneys available to the City in cash to finance the improvement. Section 5. This ordinance shall take effect from and after its passage and five (5) days following its publication as required by law. PASSED by the City Council of the City of Pasco, Washington, at an open public regular meeting thereof and authenticated by its ity City Clerk this 1st day of December, 1980. pr #14101.Pn111011.1"...a - ayor AUTH i ICATED: APPROVED AS TO FORM: AA, C City Attorny Published Recorded Subscribed and soi n to before me this 15th day of Dec. ,19 80 2 Notary Public in and for the State of Washington residing at Pasco 1FFID 1VIT OF PUBLICATION Franklin )ss mount of $ 129.00 has been paid in full, also at the rate of 5 1 13. in.(,,) 6,00 = 129,00 able property Within ttohxe t ii :-Asut City Permitted for general 01 city tevn:ilycrateWellsl municipal purposes without I a vote of the qualified vot Clerk as t o form i Li Approved Dec I Section 3 The general ob 011 Legal 4U-S- Dennis J De Felice ers therein I ligation be herein au i n 1980 Aic City Attorney NO 9513 — I thorized to be Issued shall s I be serial in form and shall nsc bear interestWhichexcept ap Shall be for the first Interest coupon posited In the Pasco Mu- nicipal Golf Course Redevelopment Fund' here- tofore created and estab- lished by Ordinance No 2111 passed November 19 1979, and shall be used for the sole purpose of paying a part of the cost of relo- cating the existing Municl Pal Golf Course as herein authorized and of paying the costs and expenses con nected therewith Pending Ordinance No 2212 I the sale of the general obit- City of Pasco, action bonds herein author Washington ized to be issued and the An ordinance of the CIfY receipt of other money le- af Pasco, Washington, reiat golly available therefor and ing to contracting in anticipated to be received, debtedness, Providing for the City may Issue interest the borrowing of a total of not to exceed $450,000 and issuing and selling nego- tiable limited tax general obligation bonds to pay part of the cost of relocating the City s Municipal Golf Course to City property to the east of the existing golf course, and authorizing the issuance of Interest-bearing warrants drown upon the ' Pasco Mu nicipal Golf Course Redevel opment Fund heretofore created pending the sale of such general obligation bonds and the receipt of other funds to become available therefor Whereas, the City Council of the City of Pasco, Wash Ington (hereinafter called the City ), has determined it to be in the best inter of_the City that the ex 1 Potion e 'r37 Installation , P uma Sup Ply, Turf and Electrical public regular meetI n g s o n ch aa, Club H a ntenance , thereof and authenticate d d Withi n to be Incurred shall be (13Ya ss y at IV Its City clerk 1st Such general inclebtedne I% n limit up to 3/4 of s E A Snider, Incurred of the vof Mayor Pro Tern bearing warrants drawn upon the Pasco Municipal Golf Course Redevelopment iaper That said nevvspaper is a legal newspaper and has been approve as a the costs of carrying at such rate as may be deter- i has been for more than six months prior to the date of the publication City Council pursuant to an efet red to, published in the English language continually as a daily news mined by resolution of the otter received from a bank make a market for such County, ing institution agreeing to Fran.k1 in warrants, and such war- and is now and during all of said time was printed in an office maintained Proceeds of the sole of the ,aid place of publication of said newspaper That the annexed is a true rants to be paid out of the from any other moneys legal advertisement available to the City in cash to finance the Improvement Section 5 This ordinance shall take effect from and after its passage and five (5) days following its pub- lication as required by law Passed by the City Coun cli of the City of Pasco Washington, at on open Fund" and issued to Pay per by order of the superior court in the county in which it is published and bonds herein authorized and rASHINGTON ited in the iegular iereof, for a period of th day of Dec . , 19 LO , and day of , 19 , and that said as regularly distributed to its subset ibers during all of this period lis Graves , being first duly sworn on oath deposes she is the Principal Clerk of the Tri City Herald, Ord # 2212 and entire issue of the Tr City Herald Itself and not in a one time NiVeZciAXX.,1c4, commencing s'u yabie semi 1 annually and shall mature fi in from two to twenty years atef drr :hedcgedrdovf emisesdurs to be acquired by such bonds being at least twenty years, in such amounts as nearly as Practicable an nually as will result In a dttference of not more than $5,000 between the highest and lowest annual payment of principal and Interest, excluding the first two years from date of Issue, %imputed on such anticipat ?cl effective Interest rate as he City Council of the City hall In its discretion deter nine will be borne by such ands and shall be Paid by nnual tax_ letilen — 11 Ac; 04 U014 14 30 30tI Joaa uo 11 3 1 1 Gilt os4ua amn I (IN AMA, ht AR I !HEN I 15091 545-3401 Sean 726-3401 JI --' • P 0 BOX 293 412 WEST CLARK PASCO, WASHINGTON 99301 December 12, 1980 Tri City Herald P 0 Box 2608 Pasco, Washington 99301 Gentlemen , Please publish the attached Ordinances on the following date December 5, 1980 si Please send two (2) Affidavits of Publication for each Sincerely yours, Evelyn Wells City Clerk ew