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