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