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HomeMy WebLinkAbout2363 OrdinanceCITY OF PASCO, WASHINGTON ORDINANCE NO 2363 AN ORDINANCE relating to economic development, creating the City of Pasco Economic Development Corporation, authorizing a charter therefor, establishing a board of directors to govern the affairs of the corporation, and providing how the public corporation shall conduct its affairs WHEREAS, on November 3, 1981, the people of the State of Washington approved House Joint Resolution No 7 amending the State Constitution by the addition of Article XXXII, Section 1, authorizing cities or public corporations created thereby to issue nonrecourse revenue bonds or other nonrecourse revenue obligations to be used to finance industrial development projects, and WHEREAS, the Legislature of the State of Washington enacted Chapter 300, Laws of 1981, authorizing cities to create public corporations for the purpose of facilitating economic development and employment opportunities through the financing of industrial development facilities by nonrecourse revenue obligations, and WHEREAS, the City Council of the City of Pasco deems it in the interests of the City and the residents thereof to create such public corporation for the economic development of the City, NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PASCO, WASHINGTON, DO ORDAIN as follows Section 1 For the purpose of facilitating economic development and employment opportunities within the City, there is created the City of Pasco Economic Development Corporation (the "Corporation") to exist under the authority of and for the purposes authorized by Chapter 300, Laws of 1981, as the same may be amended from time to time ("Chapter 300") Such corporation shall operate under Chapter 300 and under the provisions of the charter, attached hereto and by this reference made a part hereof, which the City Council is authorized to and does issue to the Corporation and by this ordinance is approved The City Council reserves the right in its discretion and at any time to alter or change the structure, organizational programs or activities of the corporation including dissolving the corporation if the contracts entered into by the Corporation are not impaired Any net earnings of the Corporation beyond those necessary for the retirement of the Indebtedness Incurred by it shall not inure to the benefit of any person other than the City Upon dissolution of the Corporation, title to all property owned by the Corporation shall vest in the City Section 2 There is established a Board of Directors composed of five members to govern the affairs of the Corporation The Board shall be subject to the Open Public Meetings Law of the State A majority of the Board shall constitute a quorum for the purpose of conducting meetings, and all actions taken by the Board other than adjourning a meeting for lack of a quorum shall require an affirmative vote of a majority of the members of the Board The Board shall A Snider, Mayor APP iB AS TO FORM Ilk kgsri, ath. conduct the affairs of the Corporation but may delegate administrative and managerial duties to employees of the Corporation The Board shall have authority to employ its own staff and independent professional consultants to carry out its duties, provide for their compensation, designate one or more depositories, provide for reimbursement for expenses, provide for Board meetings, the principal office of the Corporation and other matters necessary for the operation of the Corporation The powers and limitations of the Corporation shall be as set forth in Chapter 300 and other applicable law Section 3 The following persons Directors of the Term are appointed as the original Corporation Nature of Appointment members of the Board of Name 1 E A Snider Indefinite Elected official 2 Charles Grigg Indefinite Elected official 3 Beverly Green Indefinite Elected official 4 Robert Chamberlin 3 Years Citizen at-large 5 Ed Hendler 3 Years Citizen at-large Subject to the right of the City Council to remove any member of the Board of Directors of the Corporation by resolution, the members of the Board appointed by reason of the public office which they hold shall serve until they no longer occupy that public office The other appointees shall serve a three (3) year term of office expiring three years after the effective date of this ordinance The City Council shall fill vacancies on the Board of Directors by an appointing resolution amending this section Section 4 It shall be illegal for a director, officer, agent or employee of the Corporation to have directly or indirectly any financial interest in any property to be Included in or any contract for property, services or materials to be furnished or used in connection with any industrial facility financed through the Corporation Violation of any provision of this section is a gross misdemeanor under State 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 day of , 1982 Evelyn Wells, City Clcrk Gre stello, City Attorney , 1982 Eve lls, City Clerk I, EVELYN WELLS, City Clerk of the City of Pasco, Washington, certify that the attached copy of Ordinance No is a true and correct c.ac of the original ordinance passed on the day of on the Minute Book/f the City DATED this day of , 1982, as that ordinance appears CHARTER OF CITY OF PASCO ECONOMIC DEVELOPMENT CORPORATION ARTICLE 1 NAME The name of this public corporation is City of Pasco Economic Develop- ment Corporation ARTICLE 2 DURATION The period of duration of this public corporation is perpetual ARTICLE 3 PURPOSES The purposes of this public corporation are to facilitate local economic development and employment opportunities in the City of Pasco (the "City") to the full extent and by any means permitted by Chapter 300, Laws of 1981 of the State of Washington, and by Washington Constitution Article XXXII, Section 1, as now in effect and hereafter amended, both collectively referred to in this Charter as the "Local Economic Development Act of 1981", and to act on behalf of the City as an authority and an instrumentality thereof within the meaning of Section 103 of the United States Internal Revenue Code of 1954, as amended, and the Treasury regulations and Internal Revenue Service rulings issued pursuant thereto, for the specific public purposes authorized by the Local Economic Development Act of 1981 ARTICLE 4 POWERS The public corporation shall have all of the powers granted to public corporations by the Local Economic Development Act of 1981, as now in effect and hereafter amended, including all powers necessary or incidental to specific powers granted thereby, and subject to any limitations stated therein ARTICLE 5 LIMITATIONS ON AUTHORITY This public corporation shall be subject to all limitations set forth in Section 6, Chapter 300, Laws of 1981 of the State of Washington, including the following limitations on its authority 5 1 General It is not a municipal corporation or political subdivision within the meaning of the Constitution and laws of the State of Washington It shall neither have nor be delegated any attributes of sovereignty, including but not limited to the power to tax, the power of eminent domain and the police power It shall not receive or accept gifts or loans of any money or property from any municipality 5 2 Prerequisites to the Issuance of Revenue Bonds It shall not issue revenue bonds unless (a) The issuance is approved by both the City and the County within whose planning jurisdiction the proposed industrial development facility lies (b) The Board of Directors has made a finding that, in its opinion, the interest paid on the bonds will be exempt from federal income taxation 5 3 Nature and Payment of Revenue Bonds All revenue bonds issued by it (a) Shall not be deemed (1) to constitute a debt of the State of Washington, of the City or of any other municipal corporation, quasi-municipal corporation, subdivision or agency of the State of Washington, or (II) pledge any or all of the faith and credit of any of those entities (b) Shall be payable solely from both revenues derived in any manner as a result of the industrial development facilities funded by the revenue bonds and money and other property received from private sources (c) Shall contain on the face of each bond statements to the effect that (1) neither the State of Washington, the City or any other municipal corporation, quasi-municipal corporation, subdivision or agency of the State of Washington is obligated to pay the principal or interest thereon, (ii) no tax funds or governmental revenue may be used to pay the principal or interest thereon, and (iii) neither any or all of the faith and credit nor the taxing power of the State of Washington, the City, or any other municipal corporation, quasi-municipal corporation, subdivision or agency thereof is pledged to the payment of the principal of or the Interest on the revenue bond 5 4 Obligations Generally It may incur only those financial obligations which will be paid from revenues received pursuant to financing documents providing funds to pay or secure debt service on revenue bonds, from fees or charges paid by users or prospective users of the industrial development facilities funded by the revenue bonds, or from the proceeds of revenue bonds ARTICLE 6 BOARD OF DIRECTORS 6 1 Power The affairs of the public corporation shall be governed by a board of directors 6 2 Number and Qualifications The entire board of directors shall consist of not less than five persons designated by the City as provided in Section 6 3 of this article and who may be public officials of the City serving ex officio No person having any interest prohibited by Article 7 hereof shall serve or be eligible to serve on the board of directors 6 3 Designation and Term The initial board of directors shall consist of three members of the Pasco City Council chosen by the Mayor with the concurrence of the Council, which members shall serve for a term co-extensive with the term of office of each as an elected council member On the expiration of a term of office on the board of directors of any one of the three appointed elected officials, the Mayor, with City Council concurrence, shall select a council member replacement to fill the vacated board position The initial board of directors shall also Include two members at-large who shall be citizens of the City of Pasco and who shall be appointed by the Mayor with the concurrence of the City Council Each of these at-large directors shall serve for a term of three years and, upon expiration of the term of office, shall serve until his/her successor is designated and seated 6 4 Removal The City may remove from office any or all members of the board of directors for any reason by the adoption of an ordinance providing for such removal, which shall be effective on the date of adoption, and designating a successor in office to each person removed, who shall serve for the unexpired term of his predecessor in office. 6 5 Vacancies Any vacancy occurring on the board of directors and any directorship to be filled by reason of an increase in the number of directors of this public corporation shall be filled by the person or persons designated in an ordinance adopted by the City A person designated to fill an at-large vacancy shall serve for the unexpired term of his predecessor in office A person designated to fill a new directorship shall serve for a term as provided in the ordinance by which he is designated 6 6 Quorum A majority of the board of directors shall constitute a quorum for the transaction of business The act of a majority of the directors present at a meeting at which a quorum is present shall be the act of the board ARTICLE 7 PROHIBITION OF INTEREST No director, officer, agent or employee of this public corporation shall have, directly or indirectly, any financial interest in any property to be included in or any contract for property, services, or materials to be furnished or used in connection with any industrial -3 _ APPROVED by Ordinance No June 7, , 1982 adopted by the City on 2363 development facility financed through this public corporation, and no person having any such interest shall be eligible to serve as a director, officer, agent or employee of this public corporation ARTICLE 8 FINANCIAL STATEMENTS, BOOKS AND RECORDS The financial statements, books and records of this public corporation shall be reviewed annually by the City, which shall have access thereto at all times ARTICLE 9 BYLAWS The board of directors shall adopt bylaws to govern the activities and Internal affairs of this public corporation not inconsistent with this Charter ARTICLE 10 AMENDMENTS The City in its discretion and at any time may by the adoption of an ordinance amend or repeal the Charter and bylaws and change or terminate the programs and activities of the public corporation if such action does not have the effect of impairing any contract with this public corporation ARTICLE 11 DISSOLUTION The net earnings, if any, of this public corporation beyond those necessary for retirement of indebtedness incurred by it shall not inure to the benefit of any person other than the City The City may by the adoption of an ordinance dissolve this public corporation if it has no funds or property to administer except those, if any, that are to be paid or transferred to the City and all of its outstanding obligations have been satisfied Upon dissolution of this public corporation, title to all property owned by it shall vest in the City ARTICLE 12 DESIGNATION OF INITIAL OFFICE AND AGENT The address of the initial office of this public corporation is City Hall 412 West Clark Street Pasco, Washington 99301 and the name of its initial agent at that address is Leland F Kraft, City Manager Notary Public in and for the State of Washington, residing at Pasco 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 Tr-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 - Frankl 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 advertisemenl Ord. # 2363 as it was printed in the regular and entire issue of the Tn-City Herald itself and not in a supplement thereof, for a period of one time caillfakaliaragcommeneing 1 1th day of - on the June , 19 82 , and 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 $ 458.70 has been paid in full, also at the rate of 69--,'T in.@ 6.60 = 458.70 (8-/t-cfruk--P--cp 1 th day of June ,19 82 Subscribed and sworn to before me this Notice el Ti ude-es Salo Purtseant O the feeelee4 Co of leasherason Chapter et Le tee see To Dec unt o the Pram .eee Daniel Yorree Er ender P ?smog, e/e/a Elindo Tome Notice is hereby given that the undereignod trustee will On the 9th day of July, 1982 at the hour of 10 DO r- v - (Poem State 07 Wasellnotoo, soil at public auction to the highest and best oidder, Dyeable at the time of sole, See following described real property, situated in the County of Franklin, State of Washington, to-wit I ces 31 and 32, Block 20, Heim s Second Addition to Pasco, according to the plot thereof recorded In the of flee of the auditor of Franklin County WashInetan (Commonly known as 1504 t,Vest Yakima Street Pasco, WA 99301) which is sublect to that certain deed of trust dcled October 15, 1979, rec credee October 19 1979 un- tier Auditor s File Pio 3V4141, vocords of Franklin County Washington from Daniel Torres and Erlinda P Torres, as Grantor to Pioneer National Title insur once Company as Trustee, to secure an obligation in favor of Moson-McDuffie Co of Washington, a Washing ton corporation as benefi dory, the beneficial interest In which was assigned be Mason McDuffie Co of Washington to Federal Na- tional Mortgage Association, under an Assignment rec circled under Auditor's File No 397988 II No action Is now pending to seek satisfaction of the obligation in any Court be reason of the Grantor s default on the obligation se- cured by said deed of trust III The default for which this foreclosure Is made Is as follows Failure to pay when due the following amounts which are now In arrears Monthly Payment 8 Pay ment 8 monthly comments at $44000 each, (August, 1981 through Search, 9B2) 53,520 (10 Late Charges 8 late charges of 517 60 for each monthly payment not made within 15 days of its due date 814003 Accrued Late Charges 510756 Total $3,768 36 IV The sum owing on the ob- ligation secured be the Deed of Trust is Principal , S41,238 02, together with In 'terest as In the note provid \ed from the 1st day of July, 1901, and such other costs and fees as are pro- ' vkled by statute V , The above described real ' 'property will be sold to sat isfy the expense of sale and the obligation secured by said Deed of Trust es provided by statute Said sale will be made without warranty, ettpress or im- plied, regarding title, pos- session, or encumbrances on the 9th day of Zely, 1982 The defaults refeered to in paragraph III, toerste or with any subsequeet payments, late charge% or ,advances must be cured by the 20th day of June, 1902 (11 days before the sole) to cause a discontinuance el the sale The sale will be discontinued and terminated 44 at any time before ate 29th day of June, 1902 CIO days before the sale) t,e default as set forth in para- graph i I 1, together with G lv subsequent payments, late charges, or advances, is cured and the Trustee's fees and costs ore paid The sale may be fermi noted by the grantor any time after the 28th day of Juno, 1982 (11 days before ' the sale) and before the sale by the grantor or his successor in interest paying the principal and interest el 3 costs and fees and ad mods, if any made pur S4Oltit to the -terms of the ob 'station and/or deed of treet VI A written notice of default was transmitted by the ben- eficiary or trustee to the grantor or his successor In Interest at the following addresses Occupants of the Prom Ises 1504 West Yakima Street Pasco, Wo 99301 Daniel Torres, 1504 West Yakima street, Pasco, WA 99301 Erlinder P Torres, a/k/a Elindo Torres, 1504 West Yakima, Street, Pasco, WA 99301 by both first' class and certified mall on the 10th day of February, 1982, proof of which is in the possession of the trustee, and the grantor or his suc- cessor In interest was per- sonally served on the 19th day of Februare, 1982 with said written notice of default or the written notice of default was posted- in a conspicuous place on the real Property described In paragraph I above, and the trustee has In his Posses Mon proof of such service or posting VII The Trustee whose natio and address is set forth Ise low will provide In writing to anyone requesting it a statement, of all costs and fees due at any time prior to sale VIII rhe effect of the sale will be to deprive the grantor and/ all those who hold by, thieugh or under him of all their interest in the above described property IX Anyone having any °bloc- flans to this sale on any grounds whatsoever will be afforded an opportunity to be heard as to those obiec tions If they bring a lawsuit to restrain the sale pur suont to RON 61 24 130 Failure to bring such a lawsuit may result in a waive of any proper grounds for invalidating the trustee's sale Dated March 30, 1982 Dodd, Coney & Bishop, P S Successor Trustee s Brian 0 Lynch Address Dodd, Coney & Bishop P S 312 1411 Fourth Avenue Building Seattle Washington 98101 Telephone (206) 622 5306 Legal No 13073 - June 11 & July 2, 1982 City of Pasco Washington Ordinance No 2363 An Ordinance relating to economic development, cre- am) the City of Pasco Economic Development Cor- poration, authorizing a charter therefor, estate- tithing a board of dirt/nee to govern the affairs of e'er corporation, and prove -leo how the public eorporet ed; shall conduct Its affairs Whereas on Novembe/ 1901 Me people of the le 31;0 of Washington aPProeed House Joint Reoolutton 6See 7 amending the State Cc) stautulon by the additioe re ankle it nail Section V authorizing cities or marl: car row often* created me' cae to Issue nunrecourse flue bonds or other azn7 recourse revenue obligatierro to be used to finance Mem> trial development prolOete, and Whereas, the Legislature of the State of Washingtee enacted Chapter V411, Love of 1901, authorizing cities ee seceee %Vic corporations etee DUrPose of fact' Pet' 0 economic dove' opro a gild employment 00=,tirE":43 through the fi nancing of industrial devel opment faculties be nonrecourse revenue obliga- tions and Whereas, the City Council of the City of Pasco deems It In the interests of the City and the residents thereof to create such pub- lic corporation for the eco- nomic development of the City now therefore The City Council of Me City of Pasco Washington, do ordain as follows Section 1 For the pu7 pose of facilitating economic development and ernploe ment opportunities withal the City there Is create the City of Pasco Economic Development Corporation (the 'Corporation ) exist under the authority of and for the purposes authorized by Chaoter 300 Laws i32 1981 as the same may be amended from time to time ( 'Chapter 300' ) Such cor partition shall operate under Chapter 300 and under the Provisions of the charter, attached hereto and by this referenee made a part hereof, which the City Council is authorized to and does Issue to the Corp°. rotten end by this ordl nonce is approved The Cite Cdoncli reserves the right in ito discretion and at any lime to alter or change the structure organizational programa; or activities of the corporation including dissoiving the corporation If the contracts entered Into by the Corporation are not inasaired Any net earnings of the Corporation beyond those necessary for the re thermal of the indebtedness Incurred by it shall not in ure to the benefit of any Person other than the City Upon dissolution of the Cor ooration, title to oil proper ty owned by the Corporation shall vest In the CI I Section 2 There Is estab- lished a Board of Directors composed of five members to govern the affairs of the Corporation The Board shall be subiect to the Open Public Meetings Law of the State A molority of the Board shall constitute a quorum for the purpose of conducting meetings, and all actions taken by the Board other than adjourning a meeting for lack of a quo- rum shall require an at firmatIve vote of a maloritv of the members of the Board The Board shall conduct the affairs of the Corporation but may dele- gate administrative and managerial duties to em Pioyees of the Corporation The Board shall have au thorny to employ its staff and independent professional consultants to carry out its duties, provide for their compensation, designate one or more depositories, pro- vide for reimbursement for enpenses, provide for Board meetings, the principal of fice of the Corporation and other matters necessary for the operation of the Corpo- ration The powers and nen Stations of the Corporation Shall be as set forth In Chapter 300 and other ap- plicable low Section 3 The following persons are appointed as the original members of the Board of Directors of the Corporation 1 E A Snider - le definite - Elected offic 01, 2 Charles Grin - In definite ,- Elected official; 3 Beverly Green - in definite - Elected (afield, 4 Robert Chamberlin - 0 'Years - Citizen at lore, 5 Ed Hendier - 3 Yeaie - Citizen at large Subject to the right of the City Council to remove any member of the Board at Di rectors of the Corporation by resolution, the members of the Board appointed be reason of the public office which they hold shall serve until they no longer OCCUPY that public office The other [appointees shall serve a [three (3) year term of of fice expiring three years of for the effective date of this ordinance The City Council shall fill vacancies on the Board of Directors by an appointing resolution amend ing this section Section 4 it shall be ille gal for a director, officer, agent or employee of the Corporation to hove directly or indirectly any financial interest In any property to be included in or any con tract for property, services, or materials to be furnished' or used in connection with any industrial facility fl minced through the Come ration Violation of any provision of this section 13 a gross misdemeanor under State Law Passed by the City Coun ell and Approved by the Mayor of the City of Pasco, Washington, at a regular open public meeting thereof on the 7 day of June, 1982 s E A Snider, Mayor Attest -s- Evelyn Wells City Clerk Approved as to Form 5- Greg Rubstello, City Attorney Evelyn Wells, Cite Clerk of the City of Pasco, Washington, certify that the attached copy of Ordinance No 2363 is a true and car red copy of the original or dinance passed on the 7 day of June, 1982, as that ordinance appears on the Minute Book of the City Dated this 7 day of June, 198 Evelyn Wells, City Clerk Charter of City of Pasco Economic Development Corporation Article 1 Name The name of this public corporation is City of Pasco Economic Development Corporation Article 2 Duration The period of duration of this public corporation is perpetual Article 3 Purposes The purposes of this Pub- lic corporation are to foci' Hate locol economic development and employ ment opportunities in the City Of Pasco (the "City") to the full extent and by any Means permitted by Chapter 300, Lows of 1901 of the State of Washington, and by Washington Con- stitution Article XXXII, Sec tion 1, as now in effect and hereafter amended, both collectively referred to In this Charter as the "Local Economic Development Act at 1981" and to act on be- half of the City as an au merits, and o n restrumentoilty thereof with in the meaning of Section 103 of Me United Stores in- let nal Revenue Code of 1954 as amended, and the Treasure regulations and internal Revenue Service rulings Issued pursuant thereto, for the Specific public purposes authorized 'At the Local Economic Do- Moment Act of 1901 Article 4 Powers The public corporation shall have all of the powers granted to Public corpo- rations by the Local Eco- nomic Development Act of 1981, as now in effect and hereafter amended, Includ- ing all Dowers necessary or incidental to specific Powers granted thereby, and sub- led to any limitations elated therein Article 5 ; Limitations on Authority f This oublic corporation shall be subject to all limi tations set forth In Section 6, Chapter 300, Laws of 1981' of the State of Wash ington, Including the follow ing limitations on its , authority 5 I General It is not a municipal corporation or po- , Utica' subdivision within the meaning of the Constitution and lows of the State of Washington it shall neither have nor be delegated any attributes of sovereignty, in eluding but not limited to the power to tax, the power of eminent domain and the Police power It shall not recleve or accept gifts or loans of any money or property from any municipality 5 2 Prerequisites to the Is suance -of Revenue Bonds It shall not issue revenue bonds unless (a) the issuance is ap- proved by both the City and the County within easeee o'cnaing iurlsaictioa the (Reacted industrial de- veichameat fecillty 1103 _ ,— (b) 1-no 30ara of Direc tors has mode a finding that in its opinion the in forest paid on the bonds will be exempt from federal income taxation , 5 3 Nature and Payment of Revenue Bonds All reve- nue bonds Issued by it (a) Shall not be deemed (I) to constitute a debt of the State of Washington, of the City or of any other municipal corporation, quasi-municipal corporation, subdivision or agency of the State of Washington, or (II) pledge any or all of the faith and credit of any of those entitles (b) Shall be payable so- lely from both revenues de- rived In any manner as a result of the industrial de- velopment facilities funded ' by the revenue bonds and money and other property 'received from private sources (c) Shall contain on the face of each bond state- ments to the effect that (I) neither the State of Wash ington, the City .or any other municipal corporation, quasi municipal corporation, subdivision or agency of the State of Washington Is obil gated to pay the principal or Interest thereon, (11) no tax funds or governmental revenue may be used to Pay the principal or interest thereon, and (III) neither any or all of the faith and credit nor the taxing power of the State of Washingtee, the City, or any other n1J- nicIpal corporation, qued- 'municipal corporation, Sal2)- division or agency Meru? Is pledged to the Paytheee of the principal of or ti -e Interest on the revenue bond 5 4 Obligations Generally it may Incur only those PI 'Kindel obligations which will be paid from revenues received pursuant to fintme ing documents providing funds to Poe or secure debt Service on revenue teends, from fees or charges avid by users or prospective users of the industrini de- velopment facilities I e reef, be ito revenue bona r/ from he proceeds of ac- mes tends Article 6 elard of Directors 6 1 Power The affalve a the public corporation cerel be Governed by a bor e o/ directors 6 2 Number and Owl- ificattons The entire 'dome of directors shall consiet of not lees than five persons cle.siorated by the City as provIeed In Section 6 3 of this article and who may be public officials of the City serving ex officio No Person having any Interest prohibited by Article 7 hereof shall serve or be ell l eable to serve on the board of directors 6 3 Designation and Term The initial board of direc tors shall consist of Mree members of the Pasco City Council chosen by the May- or with the concurrence of the Council, which members shall serve for a term co- extensive with the term of office of each as an elected council Member On the as piratIon of a term of office on the board of directors of Cee 0'10 of the ft fC-C: hrl- Faslh4c4) 0 acted offie de, hie illavor, with City Council ecvlcurrence, Shall select a council member reislace- rnent to fill the vacated board Position The Initidi board of wee.- tors shall also include two members at large who shall be citizens of the City of Pasco and who shall be ap- pointed by the Mayor with the concurrence of the City Council Each of these at large directors shall serve for a term of three years and, upon expiration of the term of office, shall servo until his/her successor is designated and seated 6 4 Remove! The City may remove from office any or all members of the board of directors for any reason by the adoption of an ordinance providing for such removal, which shall be effective on the date of adoption, and designating a suecessor in office to each person removed, who shall, serve for the unexpired term of his predecessor In Vacancies Any va of f6icse coney occuring on the board of directors and any directorship to be filled be reason of an increase in the number of board of di rectors of this public corm r ration shall be filled by tee Person or persons desig- nated In an ordinance adopted by the City A per- son designated to fill at large vacancy shall servo for the unexpired term at his predecessor in office A Person designated to fill a new directorship shall servo for a term as provided in the ordinance by which he Is designated 6.6 Quorum A majority of the board of directors shall constitute a quorum for the transaction of business The act of a molorny of the di- rectors present at a meet ing at which a quorum Is present shall be the act of the board Article 7 Prohibition of interest , director officer agent of employee of this public corporation shall have dl. redlv or indirectly any fl nancial interest In any property to be included In or any contract for proper ea services, or materials to be furnished or used In connection with any indus- trial Covetzament facility fi- nanced through this public corporation, and no person having any such interest shall be eligible to serve as a director, officer, agent or employee of this public cc eavation Article 8 Financial Statements Books and Records The financial statements, books and records of this public corporation shall be reviewed annually by the City which shall have ac- cess thereto at oil times Article 9 The boaardylawast directors shall adopt bylaws to eov ern the activities and Inter noi affairs of this public corporation not inconsistent with this AChrtaigleer 10 Amendments The City In its discretion and at any time may by the adoption of an ordi nonce amend or repeal the Charter and bylaws and , change or terminate the 'Programs and activities of the OUblIC Corporation If , such action does not have the effect of Impairing any !contract with this public i corporation Article 11 Dissolution The net earnings, if any, of this public corporation beyond those necessary for retirement of Indebtedness incurred by it shall not in ure to the benefit of any Person other than the City The Cav may by the adoP eon of an ordinance dis salve this oublic corporation If it has no funds or ism arty to administer except those, If any that are to be oold or transferred to the City and all of its out standing obligations have been satisfied Upon dis solution of this oublic corpo- ration, title to all property owned by it shall vest In the City Article 12 Designation of Initial Office and Agent %he address of the Initial ofyice of this public corpo- ration is City Hall, 412 West Clark Street, Pasco, Washington 99301 and the name of Its initial agent at that address Is Le- land F Kroft, City M rpapgroe vr ed by Ordinance No 2363 adopted by the City on June 7, 1982 Legal No 130645 - June 11, 1902 - - FINANCE DEPARTMENT (509) 545-3401 Scan 726-3401 CITY of 's1,9*,40AVNVI. P.sq,=7.4 W41 . P 0 BOX 293 412 WEST CLARK PASCO, WASHINGTON 99301 June 8, 1982 Tri City Herald P 0 Box 2608 Pasco, Washington 99302 Attn Sue Batemen Dear Sue Please publish the attached Ordinances one time only on the following date June 11, 1982 Please send two (2) Affidavits of Publication for each Sincerely yours, Evelyn Wells City Clerk ew