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Home My WebLink About2339 OrdinanceCITY OF PASCO, WASHINGTON ORDINANCE NO. 2339 AN ORDINANCE establishing Consolidated Local Improvement District No. 112 et al. and Con- solidated Local Improvement Fund, District No. 112 et al.; fixing the amount, form, date, interest rate, maturity and denominations of the Consolidated Local Improvement District No. 112 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. 112, 113 and 115 for various purposes; and WHEREAS, RCW 35.45.160 authorizes the establishment of con- solidated local improvement districts for the purpose of issuing bonds only and provides that if the governing body of any munici- pality orders the creation of such consolidated local improvement 1 district, the money received from the iinstallment payment of the principal of and interest on assessments levied within original local improvement ,districts shall be deposited in a consolidated local improvement 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. 112 et al.": i ' Local Improvement Created by District No. Ordinance No. 112 2249 113 2250 115 2277 Section 2. There is created and established in the office of the City Director of Finance for Consolidated Local Improvement District No. 112 et al. a special consolidated local improvement district fund to be known and designated as "Consolidated Local Improvement Fund, District No. 112 et al." (the "Bond Fund"). All money presently on hand representing collections pertaining to installments of assessments and interest thereon in each of the local improvement districts listed in Section 1 shall be trans- ferred 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. 112 et al. bonds. Section 3. "Consolidated Local Improvement District No. 112 et al. Bonds" (the "Bonds") shall be issued in the total principal sum of $847,496.48, being the total amount on the assessment rolls of Local Improvement Districts Nos. 112, 113 and 115 remaining uncollected after the expiration of the 30-day interest-free prepayment period. Bond No. 1 shall be in the denomination of $7,496.48, and the remaining Bonds numbered 2 to 169, inclusive, shall be in the denomination of $5,000 each. The Bonds all shall be dated March 1, 1982, and shall be payable on March 1, 1994, 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 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 14 25 % per annum, payable annually beginning March 1, 1983, to be represented by interest coupons to maturity attached to each Bond. Both principal of 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 Director of Finance 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 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, 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 - 3 _ (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, accepts the same. The Bonds shall, there- fore, 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 provided 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 1st day of March, 1982. „J dAii • Mayor APPROVED AS TO FORM: - - 4 Notary Public in and for the State of Washington residing at Pasco sworn to before me this I to- . 8 , 19 2 8th day of Cliv Of i'05C0 WoshIngton Ordinance No 2319 An ordinance establishing n Consclirl*ted Local Improve ment District No 112 et al and Consolidated Lacal Im provement ,Fund District No 112 et al fixing the amount form, date Interest rate initurity and, &nom! nations of the Consolidated Local improvement District No 112 et al Bonds and providing for the sale and delivery thereof to Foster & Marshall Inc Seattle, Washington Wher cos the City Council of the City has heretofore eated Local Improvement Districts Nos 112, 113 and 115 for various purposes, and Whereas RCW 35 45 160 authorizes the establishment of consolidated local im provement districts for the purpose of issuing bonds only and provides that if the governing body of any municipality orders the cre- ation of such consolidated local improvement district, the money received from the installment payment of the principal of and interest on assessments levied with in original local Improve ment districts shall be deposited in a consolidated 'owl improvement district bond redemption fund to be used to redeem outstanding consolidated local improve SOj e iou s3eq3 inq %%mow pies aq „`tiAttepa3 01 tertudde utualut it ant:I hiM it paleatput„ pleoq aqi, men uirwai mot% omit of $ 1").10 slap') sit ietii aouensse le lapaj 101 isanbal smtue.m Arps.intu, uo passnastp it pies pIPOEI satineuoJaV imp aqi .10J ueuisalods e '23intatil3edo1 NJ, sainoa sit ,5uipuedxa c i sec 'Jam Xauow lsa22iq s,S.11snpui 0 111 'wV urd 'suotioLuold mau 2wounouur ale saint • liU3113WV pur jeuoiptu sexaj, auto% puv ssauisnq Jo ino saeB cc-- .--.nen oe -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, at tested by the manual sIgna UOtüi snam., tclubrrei oLthae oCA It y C 4e\c„ • 1861 tit uottiou I 093 ijillEig paseq sutra UI 1413131j0 ns mew all, I ato Ut ianau qloq passed nu Mums aieuas passed sett tatioadtut pia tj „delislooq„ oile oi mei pue luau anitisuoa pasod a II 3he is the 13 1) 110 D -1 8 _1(-- k of the Tri City I lei aid, ,e1 That said newspaper is a legal newspaper and has been approved as a by oi dei of the superior cour t in the county in which It is published and L ounois GAI4121 as been foi moi e than six months prior to the date of the publication ed to published in the English language continually as a daily news- gam ut s 2utuaano2 JeaS r -pedaci au -Soidtua 1 uotin wIIING1ON -uo3 irqm „ 1S Craves se m mum A in the regular and entire issue of the Tri City Herald itself and not in a eof for a peliod of 011 h day of in Counts, I is now and dui mg all of said time was pi lilted in an office maintained place of publication of said newspaper That, the annexed is a true legal adverti3ement daN, of 19 and that said egulai ly distributed to its subscribers during all of this period 2ranklin has been paid in full, also at the rate of in.(,) 6.60 - 155.10 Al I IDAVI1 ()I PUBLICA I ION Ord. 1/ )ss 2,31)9 t i tie being fir st duly sworn on oath deposes coimetl.itp.T -,w_Ketx commencing ,19 82 and FINANCE DEPARTMENT (509) 515 3401 Scan 726 3401 P 0 BOX 293 412 WEST CLARK PASCO, WASHINGTON 99301 March 2, 1982 / Tri City Herald P 0 Box 2608 Pasco, Washington 99302 Gentlemen Please publish the attached Ordinances on the following date March 5, 1982 Please send two (2) Affidavits of Publication for each _ Sincerely yours, Evelyn Wells City Clerk _ ew i