HomeMy WebLinkAbout2441 OrdinanceCITY OF PASCO, WASHINGTON
ORDINANCE NO. 2441
AN ORDINANCE relating to Local Improvement
District No 116; providing for the issuance of an
installment note payable from the "Local Improvement
Fund, District No. 116," of the City and to be sold
to the "Fire Pension Fund" of the City; and fixing
the interest rate on local improvement district
assessment installments.
WHEREAS, Ordinance No. 2359 of the City established Local
Improvement District No. 116 and provided that the City should
issue its local improvement bonds to pay the cost and expense of
the improvement in Local Improvement District No. 116, and the
City Council now deems it to be in the best interest of the City
that as an alternative to the issuance of such bonds the City
shall, pursuant to RCW 35.45.150, issue an installment note and
sell the same to such City fund as an investment for such fund
as the City Council may determine, such installment note to be
redeemed from special assessments against the property benefited
by the improvement; and
WHEREAS, the thirty-day period allowed by law for the pay-
ment of assessments in Local Improvement District No. 116 with-
out penalty or interest elapsed on February 25, 1983, the total
amount of the confirmed assessment roll being $65,424.29, and
assessment payments in the amount of $17,613.40 were made during
such thirty-day period, leaving uncollected the amount of
$47,810.89; and
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WHEREAS, the City Council has now determined to issue an
installment note and to sell the same to the "Fire Pension Fund"
of the City as an investment for such fund; NOW, THEREFORE,
THE CITY COUNCIL OF THE CITY OF PASCO, WASHINGTON, DO
ORDAIN, as follows:
Section 1 Pursuant to RCW 35.45.150, there shall be
issued one installment note payable to the "Fire Pension Fund"
of the City out of the "Local Improvement Fund, District No.
116," to be dated April 1 2., 1983, and to become finally due on
April a, 1995. The note shall be issued in the amount of
$47,810.89, representing the balance of the cost and expense of
Local Improvement District No. 116, which is to be borne by the
property owners therein. The installment note shall bear inter-
est at the rate of 9% per annum to be paid on the unpaid balance
thereof. The installment note shall be issued to the "Fire
Pension Fund" of the City. Money from the "Local Improvement
Fund, District No. 116," shall be paid to the payee at least
once a year, beginning one year after date of issue, for the
purpose of reducing the principal and interest amounts due on
the installment note. Upon receipt by the "Fire Pension Fund"
of the City, such money shall first be applied toward the
interest due on the unpaid balance of the installment note and
any additional money shall thereafter apply as a reduction of
the principal amount of the note.
Section 2. The installment note issued pursuant to this
ordinance shall bear on its face (1) the name of the payee; (2)
the designation of Local Improvement District No. 116 from whose
funds the note is payable; (3) the date of issue of the note;
(4) the date on which the note or the final installment thereon
shall become due; (5) the rate of interest to be paid on the
unpaid balance thereof; and (6) such manual or facsimile signa-
tures and attestations as are required to appear on the warrants
of the City. The reverse side of the installment note shall
bear a tabular payment record which shall indicate at prescribed
installment dates the receipt of any Local Improvement District
No. 116 funds for the purpose of servicing the debt indicated on
the note. The tabular payment record shall, in addition to the
above, show the unpaid principal balance due on the installment
note, together with sufficient space opposite each transaction
affecting the note for the manual signature of the officer
authorized to receive the money for the payee.
Section 3. The installment note may be redeemed out of the
"Local Improvement Fund, District No. 116," at any time by pay-
ment in full of the unpaid balance and accrued interest to date
of redemption.
Section 4. The installment note shall be issued and paid
in accordance with, and shall otherwise be subject to, the pro-
visions of RCW 35.45.150.
Section 5. The interest rate on the installments and
delinquent payments of the special assessments in Local Improve-
ment District No 116 is revised and fixed at the rate of 9.5%
per annum, which is one-half of one percent more than the inter-
est rate on the installment note.
PASSED by the City Council of the City of Pasco.
Washington, at an open public regular meeting thereof this 4th
day of April, 1983, and signed in authentication of its passage
the 4th day of April, 1983.
AUTHENTICATED:
FORM APPROVED:
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11 IP
Aiii \ '
ty Attorney
Next meeting will be April 19, 1983 and will be co
Accounting Supervisor, in the absence of Diane D
ted by Robin Neal,
Evelyn Wells, Secretary
MINUItS
FIRE PENSION FUND
REGULAR MEETING MARCH 15, 1983
(— CALL TO ORDER:
Meeting called to order at 3:15 P.M., by Finance Director, Diane Dolan.
ROLL CALL
Members present were Diane Dolan, Evelyn Wells, Mike Rowe and Bob Ellingson.
Mayor Pro Tern Ira Schmidt was absent from the meeting.
APPROVAL OF MINUTES
Mr. Ellingson moved to approve minutes of February 15, 1983. Seconded by
Mr. Rowe. Motion carried.
BILLS:
Two (2) bills were received for James McLeod as follows
Dr. Raymond Kerr $20.00
Cork's Pharmacy $64.70
Mr. Ellingson moved that bills totalling $84 70 for James McLeod be approved
for payment. Seconded byflr. Rowe. Motion carried
OLD BUSINESS.
Finance Director, Diane Dolan distributed February Operation of Cash for
each member to review Hearing no objections, subject item was considered
correct as presented.
Ms. Dolan ascertained that she had received confirmation from Mutual Fund
accounts that we would receive cash instead of dividends from now on
PURCHASE OF L.I D. 116 NOTE Finance Director, Diane Dolan, reiterated to
group that L.I.D No. 116 was ready to clo to bond sale It was her recommendation
that the Firemen's Pension Fund purchase installment note for L.I.D. No 116 in
the approximate figure of $48,000 at 9% interest. It was a .10=year note and t
9% interest was considered a ,good ,rate atAhis time.
Mr. Ellingson moved to accept Finance Director's recommendation to purchase
L.I.O. No. 116 installment note in the approximate amount of $48.000 at 9%
interest. Seconded by Mr. Rowe. Motion carried. \
ADJOURNMENT:
Mr. Ellingson moved that the meeting adjourn. Seconded by Mr. Rowe Motion
carried. Meeting adjourned at 3-30 P.M.
I.
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FINANCE DEPARTMENT
(5091 545-3401
Scan 726-3401
.
P 0 BOX 293 412 WEST CLARK PASCO, WASHINGTON 99301
April 5, 1983
Tri City Herald
P 0 Box 2608
Pasco, Washington 99302
Gentlemen .
Please publish Ordinance No. 2441 on the following
date.
April 7, 1983
Please send three (3) Affidavits of Publication.
Sincerely yours,
Evelyn Wells
City Clerk
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