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HomeMy WebLinkAbout2510 OrdinanceCITY OF PASCO, WASHINGTON ORDINANCE NO. 2510 AN ORDINANCE of the City of Pasco, Washington, authorizing the issuance and sale of local improve- ment district bond anticipation notes in Local Improvement District No. 117 pending the receipt of the proceeds of the local improvement district bonds authorized to be issued by Ordinance No. 2497, and providing for the sale of such bond anticipation notes to Peoples National Bank of Washington, Seattle, Washington. WHEREAS, by Ordinance No. 2497 passed by the City Council and approved by the Mayor on April 23, 1984, the City ordered the improvement of certain streets in the area generally described as east of Third Avenue, all pursuant to Resolution No. 1625 adopted March 19, 1984, and, after a public hearing thereon, established Local Improvement District No. 117, pro- vided that payment for the improvement be made by special assessments upon the property in the District payable by the mode of "payment by bonds" and provided for the issuance and sale of local improvement district warrants or other short-term obligations redeemable by cash and/or by local improvement district bonds; and WHEREAS, the City Council deems it to be in the best interest of the City that the City borrow money and issue its short-term obligations in the form of local improvement district bond anticipation notes for the purpose of providing the funds with which to pay a part of the estimated cost of carrying out the improvements ordered in Local Improvement District No. 117; and WHEREAS, Peoples National Bank of Washington, Seattle, Washington, has submitted an offer to purchase such short-term bond anticipation note on the terms and conditions hereinafter set forth; NOW THEREFORE, THE CITY COUNCIL OF THE CITY OF PASCO, WASHINGTON, DO ORDAIN as follows: Section 1. For the purpose of paying a part of the esti- mated cost of carrying out the Improvements ordered in Local Improvement District No. 117, local improvement district bond anticipation notes of the District (the "Notes") shall be issued in the aggregate principal amount of $430,000. The Notes shall be dated August 15, 1984; shall mature on Nay 15, 1985; shall be numbered from l to 38, inclusive; and shall bear interest at the rate of 8.25% per annum, payable at maturity, with full obligation on the part of the City to pay interest at the same rate from and after maturity until the Notes with interest are paid in full or until sufficient money for such payment in full is on deposit in the "Local Improvement Fund, District No. 117," of the City and the Notes have been duly called for redemption by the City Finance Director's mailing written notice of such call to Peoples National Bank of Washington, Seattle, Washington, at least 10 days prior to the call date. Notes Nos. 1 through 26 shall be in the denomination of $5,000 each and Notes Nos. 27 through 38 shall be in the denomination of $25,000 each. Both principal of and interest on the Note shall be payable solely out of the "Local Improvement Fund, District No. 117," created by Ordinance No. 2497, from the proceeds of local improvement district bonds authorized to be issued by such ordinance or other short-term obligations to be deposited in such fund and/or prepaid special benefit assessments deposited in such fund, from the Local Improvement Guaranty Fund of the City, and/or from the City's share of the cost of the improve- ments deposited in such fund, and shall be payable in lawful money of the United States of America at the office of the City Finance Director in Pasco, Washington The Notes may not be prepaid prior to their stated maturity date. The City Council declares and finds that the fixing of the above interest rate is in the best interests of the City. Section 3. The City covenants that it will spend the principal proceeds of the Notes with due diligence to completion of the purposes specified in this ordinance and will make no use of the proceeds of the Notes or other funds of the City at any time during the term of the Notes which will cause the Notes to be arbitrage obligations within the meaning of Section 103(c) of the United States Internal Revenue Code of 1954, as amended, and the applicable regulations promulgated thereunder. Section 3. The Note shall be printed or lithographed on good bond paper or may be in typewritten or multicopied form in a form consistent with this ordinance and state law. The Notes shall be signed by the Mayor and the City Clerk, and shall have the seal of the City affixed thereto. Section 4. Peoples National Bank of Washington, Seattle, Washington, has submitted an offer to purchase the Notes at a price of $99 per each $100 par value, the City to furnish the printed, typewritten or multicopied Notes and the approving legal opinion of Roberts & Shefelman, municipal bond counsel of Seattle. Washington, at the City's expense. 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 Notes, and bond counsel's opinion shall so state. The City Council, deeming that it is in the best interest of the City that such offer be accepted, accepts the same. The Notes, therefore, immediately upon their execution, shall be delivered to Peoples National Bank of Washington, Seattle, Washington, upon payment therefor in accordance with such offer. The principal proceeds received from the sale of the Notes shall be paid into the "Local Improvement Fund, District No. 117," and used to pay a part of the costs of the improvements ordered in Local Improvement District No. 117. Section 4. This ordinance shall take effect from and after its passage and five days following its publication or posting as required by law. ATTES City Cle APPRO* ITO FORM: City Att4ney 0630p PASSED by the City Council and APPROVED by the Mayor of the City of Pasco. Washington, at a regular open public meeting thereof, this 6th day of August, 1984. CITY OF PASCO Washington ORDINANCE NO 2510 AN ORDINANCE of the City of Pasco Washington authorizing the issuance and sale of local im- provernent district bond an nolo/311cm notes in Local Improvement District No 117 pending the receipt of the proceeds of the local improvement district bonds authorized to be issued by Ordinance No 2497 and providing for the sale of such bond anticipation notes to Peoples National Bank of Washington Seattle Washington WHEREAS by Ord' nance No 2497 passed by the City Council and ap- proved by the Mayor on April 23 1984 the City or dered the Improvement of certain streets in the area generally described as east of Third Avenue all pur suant to Resolution No 1625 adopted March 19 1984 and after a public nearing thereon estab- lished Local Improvement District No 117 provided that payment for the im provement be made by spe- cial assessments upon the oroperty in the District pay- able by the mode of pay ment by bonds and provided for the issuance and sale of local im provement district warrants or other short term oblige eons redeemable by cash and/or by local im- provement district bonds and WHEREAS the City Council deems it to be in the best interest of the City that the City borrow money and issue its short term ob- ligations in the form of local improvement district bond anticipation notes for the purpose of providing the funds with which to pay a part of the estimated cost of carrying out the im provements ordered in Local Improvement District No 117 and WHEREAS Peoples Na- tional Bank of Washington Seattle Washington has submitted an offer to pur- chase such short term bond anticipation note on the terms and conditions hereinafter set forth NOW THEREFORE —1 THE CITY COUNCIL OF THE CITY OF PASCO WASHINGTON DO OR DAN as follows Section 1 For the pur- pose of paying a part of the estimated cost of carrying out the Improvements or dared in Local Im- provement District No 117 local improvement district bond anticipation notes of the District (the Notes ) shall be issued in the ag gregate principal amount of $430 000 The Notes shall be dated August 15 1984 shall mature on May 15 1985 shall be numbered from 1 to 38 inclusive and shall bear interest at the rate of 8 25% per annum payable at maturity with full obligation on the part of the City to pay interest at the same rate from and after maturity until the ) Notes with interest are paid in full or until sufficient money for such payment in full is on deposit In the Local Improvement Fund District No 117 of the City and the Notes have been duly called for redemption by the City Finance Direc- tor s mailing written notice of such call to Peoples Na eon& Bank of Washington Seattle Washington at least 10 days prior to the call date Notes No 1 through 26 shall be in the denomination of $5 000 eaci, *nd Not'' Nos 27 through 38 shall be in the denomination of $25 000 each Both principal of and interest on the Note shall be payable solely out of the Local Improvement Fund District No 117 created by Ordinance No 2497 from the proceeds of local improvement district bonds authorized to be issued by such ordinance or other short term obligations to be deposited in such fund and/or prepaid special ben ef it assessments deposited in such fund from the Local Improvement Guaranty Fund of the City and/or from the City s share of the cost of the improvement de posited in such fund and shall be payable In lawful money of the United States of America at the office of the City Finance Director in Pasco Washington The Notes may not be prepaid prior to their stated maturity date The City Council de- clares and finds that the fix- ing of the above interest ate is in the best interests of the City Section 2 The City cov- enants that it will spend the principal proceeds of the Notes with due diligence to completion of the purposes specified in this ordinance and will make no use of the proceeds of the Notes or other funds of the City at any time during the term of the Notes which will cause the Notes to be arbitrage obligations within the meaning of Section 103(c)) of the United States Inter ' nal Revenue Code of 1954 as amended and the awl' ' cable regulations promul- gated thereunder Section 3 The Note shall be printed or litho- graphed on good bond paper or may be in typewrit- ten or multicopied form in a form consistend with this ordinance and state law The Notes shall be signed by the Mayor and the City Clerk and shall have the seal of the City affixed thereto Section 4 Peoples Na [lona( Bank of Washington Seattle Washington has submitted an offer to pur chase the Notes at a price of $99 per each $100 par value the City to furnish the printed typewritten or multicopied Notes and the approving legal opinion of Roberts & Shefelman mu- nicipal bond counsel of Seattle Washington at the I City s expense Bond coun sel shall not be required to review or express any opin ion concerning the corn pleteness or accuracy of any official statement offer , mg circular or other sales ) material Issued or used in connection with the Notes and bond counsel s opinion shall so state The City Council deeming that it is in the best interest of the City that such offer be ac ) copied accepts the same The Notes therefore im mechately upon their execu lion shalt be delivered to Peoples National Bank of Washington Seattle' Washington upon payment therefor in accordance with such offer The principal proceeds received from the sale of the Notes shall be paid into the Local Improvement Fund District No 117 and used to pay a part of the costs of the improvements1 ordered in Local Im- provement District No 117 Section 5 This ordi nance shall take effect from and after its passage and five days following its publi- cation or posting as re- quired by law PASSED by the City) Council and APPROVED by the Mayor of the City of Pasco Washington at a regular open public meet- ing thereof this 6th day of August 1984 s-Joe W Jackson Mayor ATTEST -s Evelyn Wells City Attorney APPROVED AS TO FORM s Greg A Rubstello City Attorney LEGAL NO 17287 - August 7, 8, 9, 10, &-1i,- 1984 AFFIDAVIT OF PUBLICATION COUNTY OF $entOri )ss STATE OF WASHINGTON Karen Roberson , being first duly sworn on oath deposes and says she is the Principal Cleric 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 Benton 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 copyofa Legal notice as it was printed in the regular and entire issue of the Tr-City Herald itself and not in a supplement thereof, for a period of 5 times XociaxeclatmeandrA, commencing on the 7th day of August ,19 84, and ending on the 11th day of August , 19 84 , and that said newspaper was regularly distributed to its subscribers during all of this period 86.25 has not Allgbeen paid in full, also at the rate of That the full amount of $ 1, • 22i inches at 6.90 90 inches at 5.90 Subscribed and sworn to before me this 13th d ay o f Augu 19 84 Notary Public in and for the State of Washington, residing at Pasco FINANCE DEPARTMENT 1309) 543-3401 Seas 726-3401 P. O. BOX 293 412 WEST CLARK PASCO, WASHINGTON 99301 August 6, 1984 Tri City Herald P.O. Box 2608 Pasco, Washington 99302 Gentlemen: Please publish Ordinance No. 2510 on the following dates: August 7, 8, 9, 10, and 11, 1984 Please send three (3) Affidavits of Publication. Sinc i.el ours, : 7 t' \,.._ ,5t,a,e,--/ Evelyn Wells City Clerk ew