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HomeMy WebLinkAbout2447 OrdinanceCITY OF PASCO, WASHINGTON ORDINANCE NO. 2447 AN ORDINANCE of the City of Pasco, Washington, relating to contracting indebtedness; amending Ordin- ance No. 2212; providing for the issuance, specifying the maturities, maximum effective interest rate, terms and covenants of $640,000 par value of "Limited Tax General Obligation Bonds, 1983," of the City for strictly City purposes to provide funds with which to pay, redeem and retire outstanding warrants issued to pay the cost of relocating the City's Municipal Golf Course as provided by Ordinance No. 2212; establish- ing a bond redemption fund and a construction fund; and providing for the sale of such bonds. WHEREAS, the City of Pasco, Washington (the "City"), by Ordinance No. 2212 passed December 1, 1980, authorized the issu- ance of not to exceed $450,000 par value of limited tax general obligation bonds to pay a part of the cost of relocating its Municipal Golf Course to City property to the east of the then existing golf course property and, pending the issuance and sale of such bonds, the City authorized the issuance of interest- bearing warrants drawn on the "Pasco Municipal Golf Course Redevelopment Fund" for the purpose of carrying out the project authorized by such ordinance; and WHEREAS, the City now has outstanding approximately $600,000 of interest-bearing warrants drawn on the "Pasco Muni- cipal Golf Course Redevelopment Fund and it is necessary to issue and sell such limited tax general obligation bonds; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PASCO, WASHINGTON, DO ORDAIN as follows: _ . Section 1 Section 1 of Ordinance No. 2212 is amended to read as follows: Section 1 The assessed valuation of the taxable property of the City as ascertained by the last preceding assessment for City purposes for the calendar year 1980 is $359,240,861, and the City has outstanding general indebtedness evidenced by limited tax general obligation bonds of $1,640,000 and outstand- ing balances of executory conditional sales contracts of $120,000 incurred within the limited of up to 3/4 of 1% of the value of the taxable property within the City permitted for general municipal purposes without a vote of the qualified voters therein, and has a general indebtedness outstanding evidenced by unlimited tax general obligation bonds of $870,000 issued pursuant to the vote of the qualified voters of the City for capital purposes, and the amount of indebtedness for which bonds are herein authorized to be issued is not to exceed $640,000. Section 2. Section 2 of Ordinance No. 2212 is amended to read as follows: Section 2. The City shall borrow money on the credit of the City and issue negotiable limited tax general obligation bonds evidenced such indebtedness in the amount of not to exceed $640,000 for general City purposes to provide a part of the funds to pay the cost of relocating its Municipal Golf Course to City property to the east of the existing golf course property, such improvement to consist of the construction and installation of the following: 12 complete tee to green holes 4 tees 3 greens Irrigation System Pump Supply Turf and Electrical Installation Maintenance Building Club House Such general indebtedness to be incurred shall be within the limit up to 3/4 of 1% of the value of the taxable property within the City permitted for general municipal purposes without a vote of the qualified voters therein Section 3. Section 3 of Ordinance No. 2212 is amended to read as follows: Section 3. The general obligation bonds herein authorized to be issued shall be serial in form and shall bear interest which, except for the first interest coupon, shall be payable semiannually, and shall mature in from two to ten years from date of issue, the life of the improvements to be paid for by such bonds being at least ten years from the date of the bonds, in such amounts as nearly as practicable annually as will result in a difference of not more than $5,000 between the highest and lowest annual payment of principal and interest, excluding the first two years from date of issue, computed on such anticipated effective interest rate as the City Council of the City shall in its discretion determine will be borne by such bonds and shall be paid by annual tax levies sufficient in amount to pay both 1 principal of and interest on such bonds when due, which annual tax levies shall be made within the constitutional and statutory tax limitations provided by law without a vote of the electros of the City together with other money legally available and to be used therefor, such as proceeds from the sale of the existing Municipal Golf Course property. The bonds shall be redeemable at the option of the City at such time as shall be hereafter determined by ordinance. The date of issue, interest rate or rates, maturities, form and covenants of such bonds hereafter shall be fixed by ordinance of the City Council of the City, and the bonds shall be issued and sold when the proceeds thereof may be required. Section 4. The assessed valuation of the taxable property of the City as ascertained by the last preceding assessment for City purposes for the calendar year 1983 is $483,089,426, and the City has outstanding general indebtedness evidenced by limited tax general obligation bonds of $1,500,000 incurred within the limit of up to 3/4 of 1% of the value of the taxable property within the City permitted for general municipal pur- poses without a vote of the qualified voters therein and unlimited tax general obligation bonds in the principal amount of $610,000 incurred within the limit of up to 2-1/2% of the value of the taxable property within the City for capital pur- poses only pursuant to a vote of the qualified voters of the City, and the amount of indebtedness for which bonds authorized to be issued by Ordinance No. 2212, as amended, is $640,000. Section 5. The City shall borrow money on the credit of the City and issue negotiable limited tax general obligation bonds evidencing such indebtedness in the amount of $640,000 for general City purposes to provide the funds to pay the costs of relocating the City's Municipal Golf Course and redeeming interest-bearing warrants issued for such purpose as above described and to pay the cost of the issuance of the bonds. Such general indebtedness to be incurred shall be within the limit of up to 3/4 of 1% of the value of the taxable property within the City permitted for general municipal purposes without a vote of the qualified voters therein Section 6. The bonds shall be called "Limited Tax General Obligation Bonds, 1983" (the "Bonds"), of the City; shall be dated May 1, 1983; shall be in the denomination of $5,000 each; shall be numbered from 1 to 128, inclusive; and shall bear interest at the rate or rates specified in the successful bid for the Bonds, but not in excess of an effective rate of 13% per annum, payable on May 1, 1984, and semiannually thereafter on each succeeding November 1 and May 1 as evidenced by coupons to be attached to the Bonds representing interest to maturity. If any Bond is not redeemed upon proper presentment at its maturity or call date thereof, the City shall be obligated to pay inter- est at the coupon rate for each such Bond from and after the maturity or call date until such Bond, both principal and inter- est, shall have been paid in full or until sufficient money for such payment in full is on deposit in the "Limited Tax General Obligation Bond Fund, 1983" (the "Bond Fund"), hereinafter created and such Bond has been duly called for payment by the City Finance Director's publishing notice of such call once at least ten days prior to the call date in the official newspaper of the City or, if there is no official newspaper, in a news- paper of general circulation in the City. Both principal of and interest on the Bonds are to be paid in lawful money of the United States of America, which at the time of payment shall be legal tender for the payment of public and private debts, at the office of the City Finance Director or, at the option of the holder, at either fiscal agency of the State of Washington in Seattle, Washington, or New York, New York. The Bonds shall mature serially, annually, in order of their numbers in the following amounts on May 1 of each of the following years (such maturity schedule being computed at an assumed interest rate of 9% per annum): Bond Numbers (Inclusive) Amounts Maturity Years 1 to 10 $50,000 1985 11 to 21 55,000 1986 22 to 33 60,000 1987 34 to 46 65,000 1988 47 to 60 70,000 1989 61 to 75 75,000 1990 76 to 91 80,000 1991 92 to 109 90,000 1992 110 to 128 95,000 1993 The City reserves the right to redeem any or all of the Bonds prior to their stated maturity dates as a whole, or in part in inverse numerical order, on May 1, 1990, or any semi- annual interest payment date thereafter at par plus accrued interest to date of redemption. Notice of such intended redemption shall be published in the official newspaper of the City or, if there is no official newspaper, in a newspaper of general circulation in the City, at least once not less than 30 nor more than 45 days prior to the call date and a copy of such notice shall be mailed within the same period by registered or certified mail to the main office of the principal underwriter or account manager of the success- ful bidder for the Bonds, or its successor. In addition, such redemption notice shall be sent to Moody's Investors Service, Inc., and Standard & Poor's Corporation at their offices in New York, New York, but the mailing of such notice to such New York firms shall not be a condition precedent to the redemption of such Bonds. Interest on any Bonds so called for redemption shall cease on such call date upon payment of the redemption price into the Bond Fund. The City further reserves the right to purchase any or all of the Bonds in the open market at any time at a price not in excess of par plus accrued interest to date of purchase. Section 7. The City irrevocably pledges to levy taxes annually, within the constitutional and statutory tax limita- tions provided by law without a vote of the electors of the City, upon all property in the City subject to taxation in an - 7 _ amount sufficient, together with other money legally available and to be used therefor, to pay the principal of and interest on the Bonds as the same shall accrue, and the full faith, credit and resources of the City are pledged irrevocably for the pay- ment of the principal of and interest on the Bonds. Section 8. The City covenants that it will spend the principal proceeds of the Bonds with due diligence to completion of the purposes specified in this ordinance and will make no use of the proceeds of the Bonds or of its other money at any time during the term of the Bonds which will cause the Bonds to be arbitrage bonds within the meaning of Section 103(c) of the United States Internal Revenue Code of 1954, as amended, and applicable regulations promulgated thereunder. Section 9. The Bonds and coupons shall be printed or lithographed on good bond paper in a form consistent with the provisions of this ordinance. The Bonds shall be signed by the facsimile signature of the Mayor, attested by the manual signa- ture of the City Clerk and a facsimile reproduction of the seal of the City shall be printed thereon, and the coupons shall bear the facsimile signatures of the Mayor and the City Clerk. Section 10. The Bond Fund is created and established in the office of the City Finance Director. The accrued interest received, if any, upon the sale and delivery of the Bonds shall be paid into the Bond Fund. There previously has been created by Ordinance No. 2111 the office of the City Finance Director a special fund known and designated as the "Pasco Municipal Golf Course Redevelopment Funds." The principal proceeds and premium, if any, received from the sale and delivery of the Bonds shall be paid into the "Pasco Municipal Golf Course Redevelopment Fund" and used for the purposes specified in Section 5 of this ordinance and to pay the costs of issuance and sale of the Bonds. Pending the expenditure of such principal proceeds, the City may temporarily invest such proceeds in any legal investment and the investment earnings may be retained in the "Pasco Municipal Golf Course Redevelopment Fund" and expended for the purposes of such fund. All taxes collected for and allocated to the payment of the principal of and interest on the Bonds hereafter shall be deposited in the Bond Fund. Section 11. The Bonds shall be sold for cash at public sale for not less than par plus accrued interest to the date of delivery of and payment for the Bonds. The City Clerk is authorized to give notice calling for bids to purchase the Bonds by publishing such notice as required by law, and a short abbreviated form of such notice also shall be published once in the Seattle Daily Journal of Commerce and Northwest Construction Record of Seattle. Washington, at least ten days prior to the sale date. Such notice shall specify that sealed bids for the purchase of the Bonds shall be received by the City Clerk in her office in the City Hall on May 9, 1983, up to 2 .00 p.m., local time, at which time all bids will be pub- licly opened and read and an award made by the City Council at its regular meeting to be held in the City Council Chambers commencing at 8 00 p.m., local time, on the same date. Bids shall be invited for the purchase of the Bonds with , fixed maturities in accordance with the schedule specified in Section 6 hereof. The notice shall specify the maximum effective rate of Interest the Bonds shall bear, namely, 13% per annum, and shall require bidders to submit a bid specifying: (a) The lowest rate or rates of interest and premium, if any, above par at which the bidder will purchase the Bonds; or (b) The lowest rate or rates of interest at which the bidder will purchase the Bonds at par. No bid will be considered for the Bonds for less than par and accrued interest or for less than the entire issue. The purchaser must pay accrued interest to date of delivery of the Bonds. Coupon rates shall be in multiples of 1/8 or 1/20 of 1%, or both. No more than one rate of interest may be fixed for any one maturity Only one coupon will be attached to each of the Bonds for each installment of interest thereon, and bids provid- ing for additional or supplemental coupons will be rejected. The maximum differential between the lowest and highest coupon rates named in any bid shall not exceed 3%. For the purpose of comparing the bids only, the coupon rates bid being controlling, each bid shall state the total Interest cost over the life of the Bonds and the net effective interest rate of the bid. The Bonds shall be sold to the bidder making the best bid, subject to the right of the City Council to reject any and all bids and to readvertise the Bonds for sale in the manner pro- vided by law, and no bid for less than all of the Bonds shall be considered. The City further reserves the right to waive any irregularity in any bid or in the bidding process. All bids shall be sealed and, except the bid of the State of Washington, if one is received, shall be accompanied by a deposit of $32,000. The deposit shall be either by certified or cashier's check made payable to the City Finance Director and shall be returned promptly if the bid is not accepted. The City reserves the right to invest the good faith deposit of the purchaser pending the payment for the Bonds. The purchaser shall not be credited for earnings on such investments. If the Bonds are ready for delivery and the successful bidder shall fail or neglect to complete the purchase of the Bonds within forty days following the acceptance of its bid, the amount of its deposit shall be forfeited to the City and in that event the City may accept the bid of the one making the next best bid. If there be two or more equal bids for not less than par plus accrued interest and such bids are the best bids received, the City Council shall determine by lot which bid shall be accepted. The Bonds will be delivered to the successful bidder upon payment of the purchase price plus accrued interest to the date of delivery, less the amount of the good faith deposit, at the office of the City Clerk or in Seattle, Washington, at the City's expense, or at such other place upon which the City Clerk and the successful bidder may mutually agree at the purchaser's expense. Settlement shall be made in federal funds immediately available at the time of delivery of the Bonds. A no-litigation certificate in the usual form will be included in the closing papers. CUSIP numbers will be printed on the Bonds if requested in the bid of the successful bidder, but neither failure to print such numbers on any bond nor error with respect thereto shall constitute cause for a failure or refusal by the purchaser thereof to accept delivery of and pay for the Bonds in accord- ance with the terms of the purchase contract All expenses in relation to the printing of CUSIP numbers on the Bonds shall be paid by the City, but the fee of the CUSIP Service Bureau for the assignment of those numbers shall be the responsibility of and shall be paid by the purchaser. Any bid presented after the time specified for the receipt of bids will not be received, and any bid not accompanied by the required bid deposit at the time of opening will not be read or considered. If, prior to the delivery of the Bonds, the interest receivable by the holders thereof shall become taxable, directly or indirectly, by the terms of any federal income tax law, the successful bidder may at its option be relieved of its obliga- tion to purchase the Bonds, and in such case the deposit accom- panying its bid will be returned, without interest. The notice of bond sale shall provide that the City will cause the Bonds to be printed or lithographed and signed and will furnish the approving legal opinion of Messrs Roberts & Shefelman, bond counsel of Seattle, Washington, covering the Bonds without cost to the purchaser, the opinion also being printed on each bond. Bond counsel shall not be required to review or 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. Such notice also shall provide that further information regarding the details of the Bonds may be received upon request made to the City Clerk or to Foster & Marshall/American Express Inc • 205 Columbia Street, Seattle, Washington, the City's financial consultant. AUTTNT1CATED: lerk APP 0 ORM: City Att rn Section 12 All actions taken by the City, or its offi- cers, employees or agents consistent with the provisions of this amendatory ordinance are ratified, confirmed and approved. PASSED by the City Council of the City of Pasco, Washington, at a regular open public meeting thereof, this 18th day of April, 1983, and signed in authentication of its passage this 18th day of April, 1983. NOTICE OF BOND SALE CITY OF PASCO, WASHINGTON $640,000 "LIMITED TAX GENERAL OBLIGATION BONDS, 1983" SEALED PROPOSALS will be received by the City Clerk at her office in the City Hall, 412 West Clark, Pasco, Washington, until 2:00 p.m., local time, on May 9, 1983, at which time all bids will be publicly opened for the purchase of $640,000 par value of "Limited Tax General Obligation Bonds, 1983" (the "Bonds"), of the City of Pasco, Washington (the "City"). The bids will be considered and acted upon by the City Council at its regular meeting to be held in the Council Chambers commencing at 8:00 p m., local time, on the same date. BONDS - DESCRIPTION The Bonds are to be issued by the City pursuant to Ordinance No. 2447 of the City passed and approved April 18, 1983, for general municipal purposes. The Bonds will be dated May 1, 1983; will be in the denomination of $5,000 each; will be numbered from 1 to 128, inclusive; will bear interest payable on May 1, 1984, and semiannually thereafter on each succeeding November 1 and May 1, interest to maturity to be evidenced by coupons to be attached to the Bonds; and will be payable, both principal and interest, at the office of the City Finance Director or, at the option of the holder, at either fiscal agency of the State of Washington in Seattle, Washington, or New York, New York. The Bonds will mature serially, annually, in order of their numbers on May 1 of each of the following years: Bond Numbers (Inclusive) Amounts Maturity Years 1 to 10 $50,000 1985 11 to 21 55,000 1986 22 to 33 60,000 1987 34 to 46 65,000 1988 47 to 60 70,000 1989 61 to 75 75,000 1990 76 to 91 80,000 1991 92 to 109 90,000 1992 110 to 128 95,000 1993 The City has reserved the right to redeem any or all of the Bonds prior to their stated maturity dates as a whole, or in part in inverse numerical order, on May 1, 1990, or on any semiannual interest payment date thereafter, at par plus accrued interest to date of redemption. The City, by Ordinance No. 2447 , has pledged irrevocably to levy taxes annually, within the constitutional and statutory tax limitations provided by law without a vote of the electors of the City, on all property in the City subject to taxation in an amount sufficient, together with other money legally available and to be used therefor, to pay the principal of and interest on the Bonds as the same shall accrue, and the full faith, credit and resources of the City have been pledged irrevocably for the payment of the principal of and interest on the Bonds. BID PROPOSALS - SALE Bidders are invited to submit proposals for the purchase of the Bonds fixing the interest rate or rates, not to exceed a maximum effective rate of 13% per annum, that the same shall bear in accordance with the maturity schedule above. Bidders shall submit bids specifying: (a) The lowest rate or rates of interest and premium, if any, above par at which the bidder will purchase the Bonds; or (b) The lowest rate or rates of interest at which the bidder will purchase the Bonds at par. No bid will be considered for the Bonds for less than par and accrued interest, or for less than the entire issue. The purchaser must pay accrued interest, if any, to date of delivery of the Bonds. Coupon rates shall be in multiples of 1/8 or 1/20 of 1%, or both No more than one rate of interest may be fixed for any one maturity. Only one coupon will be attached to each of the Bonds for each installment of interest thereon, and bids providing for additional or supplemental coupons will be rejected. The maximum differential between the lowest and highest coupon rates named in any bid shall not exceed 3%. For the purpose of comparing the bids only, the coupon rates bid being controlling, each bid shall state the total interest cost over the life of the Bonds and the net effective rate of the bid. The City reserves the right to waive any irregularity or informality in any bid or in the bidding process. The Bonds shall be sold to the bidder making the best bid, subject to the right of the City Council to reject any and all bids and to readvertise the Bonds for sale in the manner provided by law, and no bid for less than all of the Bonds shall be considered. All bids shall be sealed and, except the bid of the State of Washington, if one is received, shall be accompanied by a deposit of $32,000. The deposit shall be either by certified or cashier's check made payable to the City Finance Director and shall be returned promptly if the bid is not accepted. The City reserves the right to invest the good faith deposit of the purchaser pending the payment for the Bonds. The purchaser shall not be credited for earnings on such investments. If the Bonds are ready for delivery and the successful bidder shall fail or neglect to complete the purchase of the Bonds within forty days following the acceptance of its bid, the amount of Its deposit shall be forfeited to the City and in that event the City may accept the bid of the one making the next best bid. If there be two or more equal bids for the Bonds for not less than par plus accrued interest and such bids are the best bids received, the City Council shall determine by lot which bid shall be accepted. Any bid presented after the time specified for the receipt of bids will not be received and any bid not accompanied by the required bid deposit at the time of opening such bid will not be read or considered. DELIVERY OF BONDS The Bonds will be delivered to the successful bidder upon payment of the purchase price plus accrued interest to the date of delivery, less the amount of the good faith deposit, at the office of the City Clerk or in Seattle, Washington, at the City's expense, or at such other place upon which the City Clerk and the successful bidder may mutually agree at the purchaser's expense. Settlement shall be made in federal funds immediately available at the time of delivery of the Bonds. A no-litigation certificate in the usual form will be included in the closing papers for the Bonds. CUSIP numbers will be printed on the Bonds if requested in the bid of the successful bidder, but neither failure to print such numbers on any bond nor error with respect thereto shall constitute cause for a failure or refusal by the purchaser thereof to accept delivery of and pay for the Bonds in accordance with the terms of the purchase contract. All expenses in relation to the printing of CUSIP numbers on the Bonds shall be paid by the City, but the fee of the CUSIP Service Bureau for the assignment of those numbers shall be the responsibility of and shall be paid by the purchaser. It is understood that if, prior to the delivery of the Bonds, the interest receivable by the holders thereof shall become taxable, directly or indirectly, by the terms of any federal income tax law, the successful bidder may at its option be relieved of its obligation to purchase the Bonds, and in such case the deposit accompanying its bid will be returned, without interest. The City will cause the Bonds to be printed or lithographed and signed without expense to the successful bidder. The approving legal opinion of Messrs. Roberts & Shefelman, attorneys, Seattle. Washington, will be furnished to the purchaser of the Bonds without cost to the purchaser, which legal opinion will be printed on each bond. Bond counsel shall not be required to review or 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. Information concerning the Bonds may be received upon request made to the undersigned or to Foster & Marshall/American Express Inc., 205 Columbia Street, Seattle, Washington, the City's financial consultant. DATED at Pasco, Washington, this day of April, 1983. EVELYN WELLS City Clerk Publication dates: 0254p NOTICE OF BOND SALE CITY OF PASCO, WASHINGTON $640,000 "LIMITED TAX GENERAL OBLIGATION BONDS, 1983" SEALED PROPOSALS will be received by the City Clerk at her office in the City Hall, 412 West Clark, Pasco, Washington, until 2:00 p.m., local time, on May 9, 1983, at which time all bids will be publicly opened and read for the purchase of $640,000 "Limited Tax General Obligation Bonds, 1983" (the "Bonds"), of the City of Pasco, Washington (the "City"). The bids will be considered and acted upon by the City Council at its regular meeting to be held in the Council Chambers commencing at 8:00 p.m., local time, on the same date. The Bonds will be dated May 1, 1983; will be in the denomi- nation of $5,000 each; and will mature serially in varying amounts from May 1, 1985, to May 1, 1993, inclusive. Coupon rates bid shall be in multiples of 1/8 or 1/20 of 1%, or both. The maximum effective interest rate shall not exceed 13% per annum. The approving legal opinion of Roberts & Shefelman, attorneys, Seattle, Washington, will be furnished to the purchaser of the Bonds without cost to the purchaser, which legal opinion will be printed on each bond, and a no-litigation certificate will be included in the closing papers. Further information concerning the Bonds and the ordinance fixing the purpose of their issuance and covenants and terms thereof may be received upon request made to the undersigned or to Foster & Marshall/American Ess Inc , 205 Columbia Street, Seattle, Washington, the City's financial consultant. MAXINE MOTOR City Clerk 0256p ROBERTS 8c SHEFELMAN A PARTNERSHIP INCLUDING PROFESSIONAL CORPORATIONS COUNSEL HAROLD S SISZFELIKAN JAMES GAY Roszirr G Moen GEOROE M MACK BRIAN L Comarocx PS Tim:nay R CLIFFORD PS Lae R Vooanzes Je DAVID B SWEENEY WILLIAM G Tovxo. ROBERT H CAMPBELL GARY N ACKERMAN PS ROGER MYKLEBLST ROOER W DUBROCK PC • Jos W MACLEOD PAUL L AHERN JR TERESA V BIGELOW DAVID B BUKEY BLAIR B BURROUGHS Juorrs A SHLLMAN %ALTER T FEATILERLY 111. MICHAEL H. Rome/E ." Any H GALLAGHER DEAN E JOHNSON MICHAEL D Kuterz Ern•ns D HAUZI EMILY C VRIEZE Beizserr A McCoNAuoen STEN EN R PORTER• JONI H OSTERGAARD HUGH D Sprrzaa DOUGLAS C Ross ANNE E BRAICEBILL DA% ID P FRANK. DARRYL S VHIJOHN WILLIAM S WEINSTEIN THOMAS M WALSH (208) 822 1818 TELEX 32 1032 TELECOPIEFI (208) 624 1668 June 9, 1983 RETIRED VICTOR D LAWRENCE JAMES C HARPER JAMES P W ETER (1877 1959) F M ROBERTS (1860-1973) ANCHORAGE OFFICE SUITE 1500 2550 DENALI STREET ANCHORAGE ALASKA 99503 2719 (907) 276 1358 THI-ELOPIER (907) 272 8332 4100 SEAFIRST FIFTH AVENUE PLAZA 800 FIFTH AVENUE SEATTLE WASHINGTON 98104 3178 OP COUNSPL WILLIAM N APPEL ROBERT F Boca PAUL W KOVAL. PC • ALASKA BAR ALASKA AND WASHINGTON OARS ALL oTiless WASHINGTON GAR ONLY City of Pasco, Washington and Foster & Marshall/American Express Inc 205 Columbia Street Seattle, Washington Re: City of Pasco, Washington, $640,000 "Limited Tax General Obligation Bonds, 1983" We have examined a certified transcript of proceedings had by the City of Pasco, Washington (the "City"), relating to its issuance of the above-referenced bonds (the "Bonds"), and have examined executed Bond No. 1 with coupons attached The Bonds are in the denomination of $5,000 each; are numbered from 1 to 128, inclusive; are dated May 1, 1983; and bear interest at the rates set forth below, payable on May 1, 1984, and semiannually thereafter on each succeeding November 1 and May 1. The Bonds bear interest and mature on May 1 of each year in accordance with the following schedule: Bond Numbers (Inclusive) Amounts Interest Rates Maturity Years 1 to 10 $50,000 8.50% 1985 11 to 21 55,000 8.50% 1986 22 to 33 60,000 8 50% 1987 34 to 46 65,000 8.45% 1988 47 to 60 70,000 8.05% 1989 61 to 75 75,000 7.75% 1990 76 to 91 80,000 8.00% 1991 92 to 109 90,000 8.15% 1992 110 to 128 95,000 8.25% 1993 City of Pasco. Washington and Foster & Marshall/American Express Inc June 9, 1983 Page 2 The City has reserved the right to redeem any or all of the Bonds prior to their stated maturity dates as a whole, or in part in inverse numerical order, on May 1, 1990, or on any semi- annual interest payment date thereafter, at par plus accrued Interest to date of redemption, and in the manner set forth in the Bonds. The City irrevocably has pledged to levy taxes annually within the constitutional and statutory tax limitations provided by law without a vote of the electors of the City upon all prop- erty in the City subject to taxation in an amount sufficient, together with other money legally available and to be used therefor, to pay the principal of and interest on the Bonds as the same shall accrue, and the full faith, credit and resources of the City have been pledged irrevocably for the payment of the principal of and interest on the Bonds We have not reviewed and thus express no opinion concerning the completeness or accuracy of any official statement, offering circular or other sales material relating to the issuance of the Bonds or otherwise used in connection with the Bonds It is our opinion that, as of the date of the initial delivery of the Bonds to the purchaser thereof and full payment therefor, (1) the Bonds have been lawfully issued and constitute a valid general obligation of the City payable from annual ad valorem taxes to be levied within the constitutional and statu- tory tax limitations provided by law without a vote of the electors upon the taxable property within the City, except only to the extent that enforcement of payment may be limited by bankruptcy, insolvency or other laws affecting creditors' rights, and (2) under existing federal law and rulings, the interest on the Bonds is exempt from federal income taxation. Respectfully submitted, / 0278p IFFIDAN IT OF PUBLICITION COU VI OF 2ranklin )ss STATE OF \‘ ASHINGTON Phyllis Graves , being first duly sworn on oath deposes and saN s she is the Principal Clerk of the Tri-City Herald, a daily nev.spaper That said newspaper is a legal newspaper and has been approved as a legal nev spaper by order of the superior court in the county in which it is published and It iS no and has been for more than six months prior to the date of the publication het einafter referred to published in the English language continually as a daily news paper in Franklin County, ashington and is no and during all of said time was printed in an office maintained at the afoi esaid place of publication of said newspaper That the annexed is a true copN of a legal advertisement Ord. # 2447 as it x‘ as printed in the regular and entire issue of the Tri-City Herald itself and not in a supplement thereof, for a period of one time ObliSellriXEIM2516, commencing on the 22nd day of ,1983 , and ending on the day of , 19 , and that said nevspaper v. as regularly distributed to its subscribers during all of this period That the full amount of $ 448 . 80 has been paid in full, also at the rate of 68 in. @ 6.60 = 448.80 / - Subscribed and sworn to before me this 2 5 th day of April ,19 83 Notary Public in and for the State of Washington residing at Pasco FINANCE DEPARTMENT 15091 545-3401 can 726 3401 ::••n P 0 BOX 293 412 WESF CLARK PASCO, WASHINGTON 99301 April 19, 1983 In City Herald P 0 Box 2608 Pasco, Washington 99302 Attn Sue Bateman Dear Sue Please publish Ordinance No 2446 (Summary) on the following date and send two (2) Affidavits of Publication April 21, 1983 Please publish Ordinance Nos 2445, 2447, 2448, and 2449 on the following date April 22, 1983 Please send two (2) Affidavits of Publication for each Sincere y Cve yn Wells City Clerk ew