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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 -1- 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: * 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. • _ 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 ew