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Home My WebLink About2255 OrdinanceCITY OF PASCO, WASHINGTON ORDINANCE NO. 2255 AN ORDINANCE fixing the amount, form, date, interest rate, maturity and denominations of Local Improvement District No. 110 Bonds and directing the issuance and sale thereof to Foster & Marshall Inc. of Seattle, Washington. THE CITY COUNCIL OF THE CITY OF PASCO, WASHINGTON, DO ORDAIN, as follows: Section 1. The total amount of the assessment roll in Local Improvement District No. 110 in the City of Pasco, Washington (the "City"), created under Ordinance No. 2167 passed June 9, 1980, was $1,462,761.86. The 30-day period for making cash payments of assessments without interest in the District expired on March 2, 1981, and the total amount of assessments paid in cash was $82,221.07, leaving a balance of assessments unpaid on the assess- ment roll in the sum of $1,380,540.79. Local improvement district bonds of Local Improvement District No. 110 shall, therefore, be issued in the total principal sum of $1,380,540.79. Bond No. 1 shall be in the denomination of $5,540.79, and the remaining bonds numbered 2 to 276, inclusive, shall be in the denomination of $5,000.00 each. The bonds shall all be dated April 1, 1981, and shall be payable on April 1, 1993, with the right reserved to the City to redeem the bonds prior to maturity on any interest payment date in numerical order, lowest numbers first, whenever there shall be sufficient money in the "Local Improvement Fund, District No. 110," created by Ordinance No. 2167, 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, 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 of14 % per annum, payable annually beginning April 1, 1982, to be represented by interest coupons to maturity attached to each bond. Section 2. 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 3. Foster & Marshall Inc. of Seattle, Washington, has offered 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 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 2 their execution, be delivered to Foster & Marshall Inc., Seattle, Washington, upon payment therefor in accordance with such offer. Section 4. 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 a regular open public meeting thereof, on this 16th day of March, 1981. 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AJOS saw I uoqpnils Id papas 40 Jajom od ui 5 ipsod d 0614 nsuoD JOiDID11 )j ur eadable Onglnal iF FIDAVIT OF PUBLICATION COUNTY OF Franklin ) )ss SI A I E OF WASHINGTON (Tra yes , being first duly sworn on oath deposes and sayt, Fthe Is the pp 1 Cl erk of the 1 ri City Herald, a daily newspaper That said newspaper is a legal newspaper and has been appi oved as a legal newspapet by oi der of the supei tor 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 hel einaftet iefeired to published in the English language continually as a daily news Franklin paper in 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 l egal a dvertis emen 0d, 2255 as it wa ,, printed in the regular and entu e issue of the Tri City Herald itself and not in a supplement the, eof, for a pet tod of one tine crang1011.15,161C?:a3S: commencing on the 20 Lh day of ilarch ,19-91 , and ending on the day of , 19 , and that said newspaper was i egulaily distributed to its subscribers during all of this period fbat the full amount of $ 8700 has been paid in full, also at the rate of 141 in.i0 6.00 = 87.00 Subset ibed and sworn to before me this 24th day of rar C , 19 81 •—•d• Notary Public in and foi the State of Washington residing at Pasco FINAN( L 111PAR 'MENU 1509) >15 1101 Stan /26 3101 CITY of \INN n••• goromemmt.. atillus412.w. g P 0 BOX 293 412 wi,sr (LARK PAS(() A/AS.1111\4,10N 99301 March 17, 1981 Tri City Herald P 0 Box 2608 Pasco, Washington 99302 Gentlemen Please publish the attached Ordinances on the following date March 20, ,1981 Please send two (2) Affidavits of Publication for each Sincerely yours, Evelyn Wells City Clerk ew