HomeMy WebLinkAbout2306 Ordinancea
CITY OF PASCO, WASHINGTON
2 -,
ORDINANCE NO. 2306
AN ORDINANCE fixing the amount, form, date,
interest rate, maturity and denominations of
Local Improvement District No. 114 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. 114 in the City of Pasco, Washington (the
"City"), created under Ordinance No. 2276 passed September 8, 1981,
was $488,322.28. The 30-day period for making cash payments of
assessments without interest in the District expired on September
21, 1981, and the total amount of assessments paid in cash was
$35,237.16, leaving a balance of assessments unpaid on the assess-
ment roll in the sum of $453,085.12. Local improvement district
bonds of Local Improvement District No. 114 shall, therefore, be
issued in the total principal sum of $453,085.12. Bond No. 1 shall
be in the denomination of $3,085.12, and the remaining bonds
numbered 2 to 91, inclusive, shall be in the denomination of
$5,000.00 each. The bonds shall all be dated October 15, 1981, and
shall be payable on October 15, 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. 114," created by Ordinance No. 2276, 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
a.
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 15 8 4 % bonds number 1 to 48 , inclusive, shall bear
interest at the rate of 15 5 % per annum, and bonds number 4 9 to
91 , inclusive, shall bear interest at 16 % per annum. Interest
shall be payable j annually, beginning October 15, 1982, to be repre-
sented by interest, coupons to maturity attached to each bond. Both
principal and interest on the bonds shall be payable solely out of
the Bond Fund and from the Local Improvement Guaranty Fund of the
City, and shall be payable in lawful money of the United States of
America at the office of the City Treasurer or, at the option of the
holder, at either fiscal agency of the State of Washington in Seattle,
Washington, or New York, New York.
Section 2. The bonds and coupons shall be printed or lithographed
on engraved paper in a form consistent with this ordinance and state
law. The bonds shall be signed by the facsimile signature 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 imprinted
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 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
(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 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 and APPROVED by the Mayor of the
City of Pasco, Washington, at a regular open public meeting thereof,
on the 5th day of October, 1981.
OP -411631P% ArAW4/i
APPROVED AS TO FORM:
City of Pasco
, `3 Washington
Ordinance No 2306
An ordinance fixing the
amount form date, interest
rate maturity and denomi
nations of Local Improve
ment District No 114 Bonds
and directing the issuance
and sale thereof to Foster
& Marshall Inc of Seattle
,Washington
iThe City Council of the
City– of Pasco Washington
do ordain as follows
0 Section 1 The total
,amount of the assessment
roll in Local improvement
District No 114 in the City
of Pasco Washington (the
City ) created under Orch
nonce No 2276 passed Sep-
tember 8 1981, was
$488 322 28 The 30 day pen
ad for making cash Pay
ments of assessments
without interest in the Dis
trict expired on September
21, 1981 and the total
amount of assessments paid
In cash was $35 237 16 leav
mg a bvlance of Assess
. ments npaid on the
assessment roll in the sum
of $453,085 12 Local im
provement _district bonds of
Local Improvement District
_No 114 shall therefore, be
issued In the total principal
sum of $453 085 12 Bond
No 1 shall be in the deno-
mination of $3 085 12, and
the remaining bonds num
bered 2 to 91, inclusive
shall be in the denomination
of $5,000 00 each The bonds
shall all be dated October
15 1981 and shall be Pay able on October 15, 1993
with the right reserved to
the City to redeem the
bonds prior to maturity on
any interest payment dote
in numerical order, lowest
numbers first, whenever
there shall be sufficient
money in the Local Im
provement Fund District
No 114 created by Ordi
nonce No 2276 to pay the
bonds so called and all ear
her numbered bonds over
and above the amount re-
quired for the Payment of
the interest on all unpaid
bonds, by Publishing notice
of such call once in the of
tidal newspaper of the City
or if there is no official
newspaper then in a news
paper of general circulation
in the City not less than 10
nor more than 20 days On
or to the call date and by
mailing a copy of such no
tice 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 rep-
resenting interest not accru-
ed on such date shall be
void The bonds shall bear
interest at the rate of
15 84% bonds number 1 to
48, inclusive shall bear in
terest at the rate of 155%
Per annum and bonds num
ben 49 to 91 Inclusive shall
bear interest at 16% per
annum Interest shall be
Payable annually beginning
October 15 1982, to be rep
resented by interest cou
pons to maturity attached
to each bond Both grind
pal and interest on the
bonds shall be. payable so
lely out of the Bond Fund
and from the Local Pm
provement Guaranty Fund
of the City and shall be
Payable in lawful money of
the United States of Amer
ica at the office of the City
Treasurer or at the option
of the holder at either tis
cal agency of the State of
Washington In Seattle
Washington or New York,
New York
Section 2 The bonds and
coupons shall be printed or
lithographed on engraved
paper in a form consistent
with this ordinance and
state law The bonds shall
be signed by the facsimile
signature of the Mayor and
attested by the manual sig-
nature of he City Clerk
and 'shall have a facsimile
reproduction of the seal of
the City irnprinted thereon,
and the coupons shall bear
the facsimilb signatures of
the Mayor and the City
Clerk
Section 3 Foster & Mar
shall, Inc , of Seattle, Wash
ington, 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 & Shefel
man (Roberts Shefelman,
Lawrence, Gay & Mach),
municipal bond counsel of
Seattle Washington, at the
City s expense Bond coun
sel shall not be required to
review nor express any
opinion concerning the com
pieteness or accuracy of
any official -statement,,.offer
Ing circular or other sales
material issued or used In
AFFIDAVIT OF PUBLICATION
COUNTY OF Franklin )
)ss
STATE OF WASHINGTON )
Phyllis Graves , being first duly sworn on oath deposes
and says she is the Principal 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 Fr ankl 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 legal advertisement
Ord. # 2306
as it was printed in the regular and entire issue of the Tr-City Herald itself and not in a
supplement thereof, for a period of
on the 16th day of Oct.
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 $ 112.20 has been paid in full, also at the rate of
one time Ememouteduzcommencing
,19 81 , and
17 in.@ 6.60 = 112.20
_
Council deeming that it is
the best interest of the
City that such offer be ac
cepted, hereby accepts the
same The bonds shall,
therefore, Immediately upon
their execution, be delivered
to Foster & Marshall Inc,
Seattle Washington, upon
payment therefor in accord
once with such offer
Section 4 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
cil and approved by the
Mayor of the City of Pasco,
Washington at a regular
open public meeting thereof,
on the 12th day of October
1981
S Ira L Schmidt
Mayor
Attest
S Evelyn Wells
City Clerk
Approved as to form
S Greg A Rabstello
City Attorney
Legal No 11649 — Oct
1981
Subscribed and sworn to before me this
16
22ndd ay of Oct.
Notary Public in and for the State of Washington, residing at Pasco
,19 81