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HomeMy WebLinkAbout2248 OrdinanceCITY OF PASCO, WASHINGTON ORDINANCE NO. 2248 AN ORDINANCE establishing Consolidated Local Im- provement District No. 106 et al. and Consolidated Local Improvement Fund, District No. 106 et al.; fixing the amount, form, date, interest rate, matu- rity and denominations of the Consolidated Local Improvement District No. 106 et al. Bonds; and providing for the sale and delivery thereof to Foster & Marshall Inc., Seattle, Washington. WHEREAS, the City Council of the City has heretofore created Local Improvement Districts Nos. 106, 107 and 111 for various purposes; and WHEREAS, Chapter 44, Laws of the State of Washington, 1967, Ex. Sess. (RCW 35.45.160), authorized the establishment of consoli- dated local improvement districts for the purpose of issuing bonds only and provides that if the governing body of any municipality orders the creation of such consolidated local improvement district, the money received from the installment payment of the principal of and interest on assessments levied within original local improve- ment districts shall be deposited in a consolidated local improve- ment district bond redemption fund to be used to redeem outstanding consolidated local improvement district bonds; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PASCO, WASHINGTON, DO ORDAIN as follows: Section 1. For the purpose of issuing bonds only, those local improvement districts of the City of Pasco, Washington (the "City"), established by the following ordinances, respec- tively, the 30-day period for making cash payment of assessments without interest in each local improvement district having expired in the case of the assessments for each local improvement district, are hereby consolidated into a consolidated local improvement dis- trict to be known and designated as "Consolidated Local Improvement District No. 106 et al.": Local Improvement Created by District No. Ordinance No. 106 2148 107 2152 111 2183 Section 2. There is hereby created and established in the office of the City Director of Finance for Consolidated Local Improvement District No. 106 et al. a special consolidated local improvement district fund to be known and designated as "Consoli- dated Local Improvement Fund, District No. 106 et al.," (the "Bond Fund"). All money presently on hand representing collections per- taining to installments of assessments, and interest thereon, in each of the local improvement districts listed in Section 1 shall be transferred to and deposited in the Bond Fund and all collections pertaining to assessments on the assessment rolls of those local improvement districts when hereafter received shall be deposited in the Bond Fund to be issued to redeem outstanding Consolidated Local Improvement District No. 106 et al. bonds. Section 3. "Consolidated Local Improvement District No. 106 et al. Bonds" (the "Bonds") shall be issued in the total prin- cipal sum of $639,388.89, being the total amount on the assessment rolls of Local Improvement Districts Nos. 106, 107 and 111 remain- ing uncollected after the expiration of the 30-day interest-free prepayment period. Bond No. 1 shall be in the denomination of $4,388.89, and the remaining Bonds numbered 2 to 128, inclusive, shall be in the denomination of $5,000 each. The Bonds shall all be dated March 15, 1981, and shall be payable on March 15, 1993, with the right reserved to the City to redeem the bonds prior to I - 2 - maturity on any interest payment date in numerical order, lowest numbers first, whenever there shall be sufficient money in the Bond Fund to pay the Bonds so called and all earlier numbered Bonds over and above the amount required for the payment of the interest on all unpaid Bonds, by publishing notice of such call once in the official newspaper of the City or, if there is no official newspaper of the City, then in a newspaper of general circulation in the City, not less than 10 nor more than 20 days prior to the call date and by mailing a copy of such notice within the same period to the main office of Foster & Marshall Inc. in Seattle, Washington, and upon such date the interest on Bonds so called shall cease and each and every coupon representing interest not accrued on such date % shall be void. The Bonds shall bear interest at the rate of //I per annum payable annually, beginning March 15, 1982, to be repre- sented by interest coupons to maturity attached to each Bond. Section 4. The Bonds and coupons shall be printed or litho- graphed on engraved paper in a form consistent with this ordinance and state law. The Bonds shall be signed by the facsimile signa- ture of the Mayor and attested by the manual signature of the City Clerk and shall have a facsimile reproduction of the seal of the City printed thereon and the coupons shall bear the facsimile signatures of the Mayor and the City Clerk. Section 5. Foster & Marshall Inc. of Seattle, Washington, has submitted an offer to purchase all of the Bonds at a price of par, plus accrued interest from the date of the Bonds to the date of their delivery to the purchaser, the City to furnish the printed Bonds and the approving legal opinion of Roberts, Shefelman, Lawrence, Gay & Moch, municipal bond counsel of Seattle, Washington, at the City's expense. Bond counsel shall not be required to review nor express any opinion concerning the completeness or 3 accuracy of any official statement, offering circular or other sales material issued or used in connection with the Bonds, and bond counsel's opinion shall so state. The City Council, deeming that it is in the best interest of the City that such offer be accepted, hereby accepts the same. The Bonds shall, therefore, immediately upon their execution, be delivered to Foster & Marshall Inc., Seattle, Washington, upon payment therefor in accordance with such offer. Section 6. 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 and APPROVED by the Mayor of the City of Pasco, Washington, at a regular open public meeting thereof, on the 2nd day of March, 1981, and signed in authentication of its passage this 2 day of March, 1981. / Sterl K Adams, Act Mayor AUTHENTICATED: APPROVED AS TO FORM: Itc'el City Attorne her CO, OCCC015 inc SaiTiC The Bonds shall therefore, Immediately upon their exe- cation be delivered to Fos ter & Marshall Inc Seattle Washington, upon payment , therefor In accordance with such offer Section 6 This ordinance shall take effect from and r after Its passage and five (5) days following Its pub 1 lication as required by 1°w Passed by the City Coun 'ASHINGTON cil and approved by the Mayor of the City of Pasco Washington, at a regular open public meeting thereof, Al FIDAVIT OF PUBLICATION , being first duly sworn on oath deposes Franklin )ss is Caves she is the Principal Cleric of the 'I ri City Herald, )aper Phat said newspaper is a legal newspaper and has been approved as a pei by order of the superior court in the county in which it is published and has been for moi e than six months prior to the date of the publication eferi ed to published in the English language continually as a daily news arLIcl County, and is now and during all of said time was printed in an office maintained aid place of publication of said newspaper That the annexed is a true leLal a dvertisernent Ord. 11E 2248 th e on e day of March, 1981 and signed In atthentl cation of Its passage this 2 day of March 1981 -s Steil K Adams, Acting Mayor Authenticated s Evelyn Wells City Clerk Approved as to Form s Dennis J De Felice City Attorney Legal No 10167 — Mar 6 1981 copy of a as it was pi lilted in the regular and entire issue of the Tri-City Herald itself and not in a supplement thei eof, for a pei Lod of one time attifAaillardWiii1X, commencing On thc 6th day of March , 19 81 , and ending on the day of , 19 , and that said newspaper was regularly distributed to its subscribers during all of this period 132.00 Mat the full amount of $ has been paid in full, also at the rate of 22 -1,n 0 tm 6.00 = 132.00 Subsci i bed and swot n to before me this 9th i ich day of ,19 81 e /C06—z Notary Public in and for the State of Washington residing at Pasco City of Posco Washington Ordinance No 2248 An ordinance establishing nsolldated Local Improve tnt District No 106 et al d Consolidated Local im rovement Fund, District a 106 et al , fixing the n mint ,torm, date, interest pie, maturity and denoml °lions of the Consolidated ncal Improvement District to 106 et al Bonds and rovidlng for the sale and elivery thereof to Foster & larshall Inc Seattle, inshIngton Ahereas, the City Council the City has heretofore eoted Local Improvement i-tricts No s 106, 107 and i for various purposes, Whereas Chapter 44 uws of the State of Wash igton 1967 Ex Sess ,Idesi‘ab•fi...91). 10 be issued to redeem out standing Consolidated Local mprovement District 4o 10 et al bonds Section 3 Consolidated Local Improvement District kilo 106 et al Bonds' (the Bonds ) shall be issued in Pie total principal sum of 1639 388 89 being the total amount on the assessment oils of Local Improvement Districts Nos 106 107 and 111 remaining uncollected otter the expiration of the ,s0 day Interest free pre- payment period Bond No 1 be In the denomination of $4 388 89 and the remain irig Bonds numbered 2 to 128 Inclusive shall be in the denomination of $5,000 each The Bonds shall all „ i be dated March 15 1981 and shall be payable on March 15 1991 with the , right reserved to the City to redeem the bonds prior to maturity on any interest '1 Payment date In numerical , i order, lowest numbers first ,i whenever there shall be tl sufficient money in the el Bond Fund to Pay the , , Bonds so called and all 1, I earlier numbered Bonds over and above the amount ! required for the payment of the Interest on all unpaid Bonds, by publishing notice ' 1.INAN(L DEPARTMEN1 (5091 '3,15-3401 Sean 7263401 313. CITY of WrA,Pita#4.4 134A, T4'.3t,,:33.4,3073.7M.Mmoo-aimm. EIZEZEMENEBEEMEEMENIMEM 7.17_7',;-.717s.1711,1-1; P 0 BOX 293 412 WEST CLARK PASCO, WASHINGTON 99301 March 3, 1981 Tn City Herald P 0 Box 2608 Pasco, Washington 99302 Gentl emen Please publish the attached Ordinances on the following date March 6, 1981 Please send two (2) Affidavits of Publication for each Sincerely yours, Evelyn Well s City Clerk ew