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 "
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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.`"
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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