Loading...
HomeMy WebLinkAbout2518 OrdinanceCITY OF PASCO, WASHINGTON ORDINANCE NO. 2518 AN ORDINANCE of the City of Pasco, Washington, relating to Local Improvement District No. 118; authorizing the issuance and sale of local improve- ment district bond anticipation notes in Local Improvement District No. 118 pending the receipt of the proceeds of the local improvement district bonds authorized to be issued by Ordinance No. 2508, and providing for the sale of such bond anticipation notes to Peoples National Bank of Washington, Seattle, Washington WHEREAS, by Ordinance No. 2508 passed by the City Council on July 9, 1984, the City ordered the improvement of "A" Street from 20th Avenue to 28th Avenue and 28th Avenue from "A" Street to Lewis Street by the construction of certain street improve- ments and the installation of sewer improvements, all pursuant to Resolution No. 1634 adopted June 18, 1984, and, after a public hearing thereon, established Local Improvement District No. 118, provided that payment for the improvement be made in part by special assessments upon the property in the District payable by the mode of "payment by bonds" and "payment of local improvement installment notes" 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 inter- est of the City that the City borrow money and issue its short- term obligation or 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 cost of carrying out the improvements ordered in Local Improvement District No. 118; and WHEREAS, Peoples National Bank of Washington, Seattle, Washington, has submitted an offer to purchase such short-term bond anticipation notes 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. The total estimated cost and expense of the improvements ordered to be carried out in Local Improvement District No. 118 (the "District") by Ordinance No. 2508 is $289,363 22. Local improvement district bond anticipation notes of the District (the "Notes") shall be issued in the principal amount of $250,000. The Notes shall be dated October 8, 1984, shall mature April 1, 1985, and shall be numbered from 1 to 26, inclusive. Notes Nos. 1 through 20, inclusive, shall be in the denomination of $5,000 each, and Notes Nos. 21 through 26, inclusive, shall be in the denomination of $25,000 each. The Notes shall bear interest at the rate of 7.25% per annum, pay- able 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. 118," created by Ordinance No. 2508, and the Notes have been duly called for redemption by the City Finance Director's giving written notice to Peoples National Bank of Washington, Seattle, Washington, of such call at least five days prior to the call date. The Notes may not be prepaid prior to their maturity date. Both principal of and interest on the Notes shall be payable solely out of the "Local Improvement Fund, District No. 118," from the proceeds of local improvement district bonds authorized to be issued by Ordinance No 2508 or other short-term obligations to be deposited in such fund and/or prepaid special benefit assessments deposited in such fund, and/or the City's share of the cost of the improve- ments deposited in such fund, and from the Local Improvement Guaranty Fund of the City, 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 City Council declares and finds that the fixing of the above interest rate is in the best interest of the City. Section 2 The Notes 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 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 4. Peoples National Bank of Washington, Seattle, Washington, has submitted an offer to purchase the Notes at $99 per each $100 par value, the City to furnish the printed, type- written 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 com- pleteness 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. ity erk 118," and used to pay a part of the cost of the improvements ordered to be carried out by Ordinance No. 2508. PASSED by the City Council of the City of Pasco, Washington, this 1st day of October, 1984, and signed in authentication of its passage this 1st day of October, 1984. AUTHEN ICATED. APPROVED AS TO FORM: 0682p 0 _4690 01 toirk0 G oho 5 0014 AttioXitgr,,ritV, 'soot'WW1% so°. artt,o, ttoZioiel: tm'eapidi troa;oi% .11 ,101-17 100069051 cab ,to, 9:0%, $1,"14-.003140104541 ott,"•-10 W Qeci , Gwen Pnri-i9°A570`e 'Aws- 6.:317 -011A SO%-laW5 0 tit CVO eorittor 0 avell suov res‘b Agarcattait j0.0-1; OP' lastegrusce, ,s014004 effor eval, .3190592,09 t.° "Z•eumb A A Go40 es s, 11.A0 .44,44.4 %att.\ --sea e <13. e `4mitdx1 0 , o 1044% OF PI_ MAC VI lO\ ISS being first did% sworn on oath deposes reiily4;t177,,, 420810 -avg 1110612 ocooltl • .....00tly—ocoe'r .tatAcri E;66‘r10 onoiS lio - '11 V ctioo AO, eS -:1.1_...-ak(81 0600°9 SOO 14441010- li."-.' tz Vol 0 1553014- ata ortipa 49:4668 14Z 441011; prdi 0-60•104 '5,11 •MA 1 61b1C41)4—ma,402498 fp% ej0 .003,oci wooed Qt.— re—orefell Ow— 6%311e ito „sowintfratwo.nn o 0 ?Pa opni liArej- CA 01144t1 OW '0011 ..0.1191;4024) to.°9 .46.b?...wrot,r3 cno tem' 4gomnom as to ow °s-1. °111/4642"Azzereitu. -.;411:0'6 ca,,re. "r. gottl ear S FATE OF°L.,tell: to Karen Roberson 0310e9 6011100e19240eM Goo0 ;;VC6 ulro 6,160,0 and says she is the Princioal 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 counts 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 ieferred to published in the English language continually as a daily news paper in Benton Count Vtashington 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 cops of a Legal notice as it was printed in the regular and entire issuc of the Tri City Herald itself and not in a supplement thereof for a period of 1 time xra212W/44 tsArA, commencing on the 3rd da) of October , 19 84 , and ending on the 3rd daN of October , 19 84 , and that said newspaper was rcgularIN distributed to its subscribers during all of this period [hat the full amount of $ $158.70 has not taabeen paid in full, also at the rate of 23 inches at 6.90 • "11. Subscribed and sworn to before me this 4th day of October ,19 84 Notary Public in and for the State of Washington residing at Pasco IiiINARICE DEPARTMENT asse# SISS440a lima 7264401 eto Sin rely ours, n Wells City Clerk P. O. BOX 293 412 WEST CLARK PASCO, WASHINGTON 99501 October 1, 1984 In City Herald P.O. Box 2408 Pasco, Washington 99302 Attn: Rochelle Dear Rochelle: Please publish the attached Ordinance on Wednesday, October 3, 1984. I will call in the number assigned on Tuesday morning. Please send three (3) Affidavits of Publication.