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HomeMy WebLinkAbout2547 OrdinanceCITY OF PASCO, WASHINGTON ORDINANCE NO. 2547 AN ORDINANCE relating to local improvement districts; establishing Consolidated Local Improve- ment District No. 117/118 and Consolidated Local Improvement Fund, District No. 117/118; fixing the amount, form, date, interest rates, maturity and denominations of the Consolidated Local Improvement District No. 117/118 Bonds; providing for the sale and delivery thereof to Boettcher & Company, Inc. in Seattle, Washington; and fixing the interest rate on local improvement district assessment installments. WHEREAS, the City Council of the City heretofore has created Local Improvement Districts Nos. 117 and 118 for various purposes; and WHEREAS, RCW 35.45.160 authorizes the establishment of consolidated local improvement districts for the purpose of issuing bonds only and provides that if the governing body of any municipality orders the creation of such consolidated local improvement district, the money received from the installment payment of the principal of and interest on assessments levied within original local improvement districts shall be deposited in a consolidated local improvement district bond redemption fund to be used to redeem outstanding consolidated local improvement district bonds; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PASCO, WASHINGTON, DO ORDAIN as follows: Section 1. For the purpose of issuing bonds only, those local improvement districts of the City of Pasco, Washington (the "City"), established by the following ordinances, respec- tively, the 30-day period for making cash payment of assessments without interest in each local improvement district having expired in the case of the assessments for each local improve- ment district, are consolidated into a consolidated local improvement district to be known and designated as Consolidated Local Improvement District No. 117/118: Local Improvement Created by District No. Ordinance No. t 2497 2508 Section 2. There is created and established in the office of the City Treasurer for Consolidated Local Improvement District No. 117/118 a special consolidated local improvement district fund to be known and designated as Consolidated Local Improvement Fund, District No. 117/118 (the "Bond Fund"). All money presently on hand representing collections pertaining to installments of assessments and interest thereon in each of the local improvement districts listed in Section I shall be trans- ferred to and deposited in the Bond Fund, and all collections pertaining to assessments on the assessment rolls of those local improvement districts when hereafter received shall be deposited in the Bond Fund to be issued to redeem outstanding Consolidated Local Improvement District No. 117/118 bonds. Section 3. Consolidated Local Improvement District No. 117/118 Bonds (the "Bonds") shall be issued in the total princi- pal sum of $460,506 20, being the total amount on the assessment rolls of Local Improvement Districts Nos. 117 and 118 remaining uncollected after the expiration of the 30-day interest-free prepayment period. The Bonds shall be dated May 1, 1985, shall mature on May 1, 1997, and shall be numbered from 1 to 92, inclusive, in the manner and with any additional designation as the Bond Registrar (collectively, the fiscal agencies of the State of Washington located in Seattle, Washington, and New York, New York) deems necessary for the purpose of identifica- tion. Bond No. 1 shall be in the denomination of $5,506.20 and Bonds Nos. 2 to 92, inclusive, shall be in the denomination of $5,000.00 each. Interest shall be computed on the basis of a 360-day year of twelve 30-day months. The Bonds shall bear interest, payable annually beginning May 1, 1986, in accordance with the following schedule: Bond Numbers (Inclusive) Interest Rates 1 to 11 9.00% 12 to 41 8.50 42 to 51 9.00 52 to 61 9.25 62 to 70 9.50 71 to 78 9.75 79 to 85 10.00 86 to 92 10.25 The Bonds shall be issued only in registered form as to both principal and interest on books or records maintained by the Bond Registrar (the "Bond Register"). Such Bond Register i shall contain the name and mailing address of the owner of each Bond or nominee of such owner and the principal amount and number of Bonds held by each owner or nominee. Bonds may be transferred only if endorsed in the manner provided thereon and surrendered to the Bond Registrar. The transfer of a Bond shall be by the Bond Registrar's receiving the Bond to be transferred, cancelling it and issuing a new certificate in the form of the Bonds to the transferee after registering the name and address of the transferee on the Bond Register. The new certificate shall bear the same Bond number as the transferred Bond but may have a different inventory reference number or control number. Such exchange or transfer shall be without cost to the owner or transferee. Both principal of and interest on the Bonds shall be pay- able solely out of the Bond Fund and from the Local Improvement Guaranty Fund of the City, and shall be payable in lawful money of the United States of America. Interest on the Bonds shall be paid by check or draft mailed to the registered owners or nomi- nees at the addresses appearing on the Bond Register on the 15th day of the month preceding the interest payment date. Principal of the Bonds shall be payable upon presentation and surrender of the Bonds by the registered owners at the principal offices of either of the fiscal agencies of the State of Washington in Seattle, Washington, and New York, New York, at the option of such owners. _ 4 _ Bond Registrar, shall be valid or obligatory for any purpose or entitled to the benefits of this ordinance: CERTIFICATE OF AUTHENTICATION This bond is one of the fully registered City of Pasco, Washington, Consolidated Local Improvement District No. 117/118 Bonds described in the Bond Ordinance. Washington State Fiscal Agency Bond Registrar By Authorized Officer Such Certificate of Authentication shall be conclusive evidence that the Bonds so authenticated have been duly executed, authen- ticated and delivered hereunder and are entitled to the benefits of this ordinance. In case either or both of the officers who shall have executed the Bonds shall cease to be such officer or officers of the City before the Bonds so signed shall have been authenti- cated or delivered by the Bond Registrar, or issued by the City, such Bonds may nevertheless be authenticated, delivered and issued and upon such authentication, delivery and issue, shall be as binding upon the City as though those who signed the same had continued to be such officers of the City. Any Bond also may be signed on behalf of the City by such persons as at the actual date of execution of such Bond shall be proper officers of the City although at the original date of such Bond any such person shall not have been such officer of the City. The City reserves the right to redeem the Bonds prior to their stated maturity on any interest payment date, in numerical order, lowest numbers first, at par plus accrued interest, whenever there shall be sufficient money in the Bond Fund to pay the Bonds so called and all earlier numbered Bonds over and above the amount required for the payment of the interest on all unpaid Bonds, by mailing, not less than 15 nor more than 30 days prior to the date fixed for redemption, notice of such redemp- tion by first class mail, postage prepaid, to the registered owner of any Bond to be redeemed at the address appearing on the Bond Register. The requirements of this section shall be deemed to be complied with when notice is mailed as herein provided whether or not it is actually received by the owner of any Bonds. The interest on the Bonds so called for redemption shall cease on the date fixed for redemption unless such Bond or Bonds so called are not redeemed upon presentation made pursuant to such call. Section 4. The Bonds shall be printed, lithographed or typed on good bond paper in a form consistent with the provi- sions of this ordinance and state law, shall be signed by the Mayor and the City Clerk, both of whose signatures shall be in facsimile, and shall have a facsimile reproduction of the seal of the City printed thereon. Only such Bonds as shall bear thereon a Certificate of Authentication in the following form, manually executed by the Section 5. The Bond Registrar shall keep, or cause to be kept, at its principal corporate trust office, sufficient books for the registration and transfer of the Bonds, which shall at all times be open to inspection by the City. The Bond Registrar is authorized, on behalf of the City, to authenticate and deliver Bonds transferred or exchanged in accordance with the provisions of such Bonds and this ordinance and to carry out all of the Bond Registrar's powers and duties under this ordinance. The Bond Registrar shall be responsible for its representa- tions contained in the Registrar's Certificate of Authentication on the Bonds. The Bond Registrar may become the owner of Bonds with the same rights it would have if it were not the Bond Registrar, and to the extent permitted by law, may act as depository for and permit any of its officers or directors to act as a member of, or in any other capacity with respect to, any committee formed to protect the rights of Bond owners. Section 6. The Bonds shall be negotiable instruments to the extent provided by RCW 62A.8-102 and 62A 8-105. Section 7. The City covenants that it will not take or permit to be taken on its behalf any action which would adversely affect the exemption from federal income taxation of the interest on the Bonds and will take or require to be taken such acts as may reasonably be within its ability and as may from time to time be required under applicable law to continue the exemption from federal income taxation of the interest on the Bonds. Without limiting the generality of the foregoing, and except to the extent the investment of any Bond proceeds is limited to a yield required to comply with federal arbitrage regulations, the City will spend the proceeds of the Bonds with due diligence to completion of the purpose specified herein and will not invest or make other use of the proceeds of the Bonds or of its other money at any time during the term of the Bonds, which if such use had been reasonably expected at the date that the Bonds are issued, would have caused such Bonds to be arbi- trage bonds within the meaning of Section 103(c) of the United States Internal Revenue Code of 1954, as amended, and applicable regulations thereunder. The City further covenants that it has not been notified of any listing or proposed listing by the Internal Revenue Service to the effect that it is a bond issuer whose arbitrage certifi- cations may not be relied upon. Section 8. Boettcher & Company, Inc. in Seattle, Washington, has submitted an offer to purchase all of the Bonds at a price of $7g,00 per each $100.00 par value plus accrued interest from the date of the Bonds to the date of their deliv- ery to the purchaser, the City to furnish the printed Bonds 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 Bonds, 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 Bonds, therefore, immediately upon their authen- tication, shall be delivered to Boettcher & Company, Inc. in Seattle, Washington, upon payment therefor in accordance with such offer. Section 9. The interest rate on the installments and delinquent payments of the special assessments in Local Improve- ment Districts Nos. 117 and 118 are revised and fixed at the rate of j9.32_, % per annum. PASSED by the City Council and APPROVED by the Mayor of the City of Pasco. Washington, at a regular open public meeting thereof this 15th day of April, 1985. ATTEST: i-, Dorothy S der, Deputy City Clerk APPRO D AS TO FORM: 0818p WC42gginengifton, and fitting that .41m in Seattha,1 interest I rate on MN im-, prevenient &Adel assess-1 mem installments 1, ri WHEREAS the City Council of the 'City hereto- fore has created Local tin- provement District° No ,117 and 4118 lee,. venom end q' 'PUrrtit 11 E AS, R C W 08 48 180 authorises," the, oatabliohinent of consoi-1 idated local improvement' districts Pot the pun90 00 091 issuing condo only and We, video Met if the ng , 0-,,,,C."'T.V1,-'''w o City that ouch NM bo ac- cepted, acceptalto cairn° ' The Donde 'therekca, im- mediately upon,' their Q. thenticetion_ohall' be delivered to.)900Itcher, a Company. Inc invaetattet,1 ttrishingr. upon payment 'ouch offer ,^1 PA 'A 4.11', t; , Section '0 ;""The ;interest rate on the Installments and delinquent payments of tho apecial casessmonte in Local 'Improvement Old. trots No 197 and 1118 are ravised and fined at the rate of 10 3296.pw,annural' ^, 4 I PASSED by this City _ Council 'and ^APPROVE D I " P002:071'.43470917 r,g),,pg ,r,f, ;' ragultar t opal ',public meca-_• 4 ' 'mg thereof,thl? Ilinh_doy C2.11 Apra, INDS ^' W diicitaiiii:i ),,: ,1 0 vowel. P.-% 4. P, , I 4 4 •, krtiErr ; \ C pp f ,"+;,,,,-r- 'rd •At . t -0-Dorothy Shaft: ',/.1 t CI IN Naputy City Cie* '',41' 1 ,1 /S3 n PPROVED AS To FORM, /926 -o-Oeg r A '' Rubtitafie.`" .. -°-. :ity Attorneir 4'.'4,-"14i1 •^,^ -^. a', 998 EGAL NO 109101 4 0.10 '.."1 -ti727P-aTlitinialiliastu8on 't :Ivi3 i t' .4-813000-e4190'cone • a Lem.ten•A '1WM.• 4 OSTV OP PASCO. f t WAS1^90104004 1-1 4 1 ORDINANCE NO. 2847; t. AN ORDINANCE rola., ing to 1ocal improvement district% -establishing Con.k sondated Local 'provement °intact , No 197/118 and Concoildated Local Improvement Fund, District No 117/118, fining the amount. Von% date., in- terest rate% maturity and denominations of the Con- condoled Local Im- provement District /No, 117/119J Bonds. 'providing for the onto and dolivenki ther GOO 20 SOOtt Ch 0 r r4.6 ^• JoEllen ,Ward being first duly sworn on oath deposes and says she ,s ,h eprincipal 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 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 here mailer referred to, published in the English language continually as a daily newspaper in Benton County, Washington, and is now and durin g 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 copy of a legal ad "Ord #2547" as it was printed in the re g ular and entire issue of the Tri-City Herald itself and not in a supplement thereof, for a period of onejj, Times, commencing on the 19th day of Aprll , 19 85 , and ending on the 19th dai of Apral , 1985 , and that said That the Total amount is $ 334 43 newspaper was re g ularly distributed to its subscribers durin g all of this period 45i Inches @ $7.35 . 334.043 Subscribed and sworn to before me this 1 9th day of Aprll J985 -3e_ C, - Notary public in and for the State of Washin gton, residing at Pasco tUn readable Origin a l 1 AFFIDAVIT OF PUBLICATION COUNTY OF Ben -ton )ss STATE OF WASHINGTON FINANCE DEPARTMENT (5091 545-3401 Sean 726-3401 Si rely yours, P. 0 BOX 293 412 WEST CLARK PASCO, WASHINGTON 99301 April 16, 1985 Tri City Herald P.O. Box 2608 Pasco, Washington 99302 Attn. Rochelle Dear Rochelle: Please publish the attached Ordinance Nos. 2543, 2544, 2545, 2546 and 2547 on the following date* April 19, 1985 Please send two (2) Affidavits of Publication for each Evelyn Wells City Clerk ew cc Jerry Conner, Finance Director