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HomeMy WebLinkAbout2585 OrdinanceORDINANCE NO. 2585 AN ORDINANCE Fixing an Interest Rate on Local Improvement District No. 119 Assessments; and amending Ordinance No. 2575. WHEREAS, on November 4, 1985, the City Council passed Ordinance No. 2575 confirming the final assessment roll on Local Improvement District No. 119; and WHEREAS, said Ordinance No. 2575 at Section Three thereof, estimated an interest rate of 10.5% per annum with the exact interest rate to be fixed in the Ordinance authorizing the issuance and sale of local improvement bonds for Local Improvement District No. 119; and WHEREAS, because the financing of Local Improvement District No. 119 will be made by interfund investment and borrowing with total interest thereon at 10.5% per annum and no ordinance authorizing the issuance and sale of local improvement bonds for Local Improvement District No. 119 need be made, NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PASCO, WASHINGTON, DO ORDAIN AS FOLLOWS: Section One. Section Three of Ordinance No. 2575, passed by the Pasco City Council on November 4, 1985, is hereby amended to read as shown by underlining and interdelineation, as follows: Section Three. The assessment roll as approved and confirmed shall be filed with the City Treasurer for collection and the City Treasurer is authorized and directed to publish notice as required by law stating that the roll is in his hands for collection and that payment of any assessment thereof or any portion of such assessment can be made at any time within thirty (30) days from the date of first publication of such notice without penalty, interest or cost, and that thereafter the sum remaining unpaid may be paid in ten (10) equal annual installments. The estimated interest rate is stated to be 10.5% per annum, on all assessments after thirty (30) days from the date of first publication of said notice, until each such assessment is paid in full including all interest thereon. with the-exaet-imterest—rate-te-be-fixed-im-the-erdiaamee-autherisimg the-issuamee-7amd-saie--ef—the-leeal-imprevememts-bemds-fer-Leeal imprevememt-bemds-fer-Leeal--Emprevememt--Bistriet--Ne7-ii97 The first installment of assessments on the assessment roll shall become due and payable during the thirty-day period succeeding the date one year after the date of first publication by the City Treasurer of notice that the assessment roll is in his hands for collection and annually thereafter each succeeding installment shall become due and payable in like manner. If the whole or any portion of the assessment remains unpaid after the thirty-day period, interest upon the whole unpaid sum shall be charged at the rate as determined above, and each year thereafter one of the installments together with interest due on the unpaid balance, APPRO D AS shall be collected. Any installment not paid prior to expiration of the thirty-day period during which such installment is due and payable shall thereupon become delinquent. All delinquent installments shall be subject to a charge for interest at the rate as determined above and for an additional charge of six percent (6%) penalty levied upon both principal and interest due upon such installment or installments. The collection of such delinquent installments shall be enforced in the manner provided by law. Section Two. This ordinance shall take effect five (5) days after passage and publication. PASSED this c7/O day of January, 1986 and approved by the Mayor. ATTE velyn Wells, City Clerk Greg ubs llo, City At orney AFFIDAVIT OF PUBLICATION , being first duly sworn on oath deposes and says s he is the princl pal clerk of the Tri-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 inafter referred to, published in the English language continually as a daily newspaper 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 copy of a Legal Ad "Ordinance RP 2585" as it was printed in the regular and entire issue of the Tn City Herald itself and not in a supplement thereof, for a period of one i Times, commencing 24 Jan day of uary 86 , 19 on the , and ending on the 24 day of January newspaper was regularly distributed to its subscribers during all of this period That the Total amount is $ 95 63 12 5 inches at $7 65 = 95 63 Subscribed and sworn to before me this 24 day of January 19 86 No ry Public in and for the State of Washington, residing at Pasco LEGALS installment is due and pay- able shall thereupon be- come delinquent All delinquent installments shall be subject to a charge for interest at the rate as determined above and for an additional charge of six percent (6%) penalty levied upon both principal and in- terest due upon such instal- lment or installments The collection of such delin- quent installments shall be enforced in the manner pro- vide() by law Section Two This ordi- nance shall take effect five (5) days after passage and publication PASSED this 20 day of January 1986 and ap- proved by the Mayor -s-Joe W Jackson Mayor A -a-Evelyn Wells. City Clerk APPROVED AS TO FORM -s-Greg A Rubstello, City Attorney LEGAL NO 20375 - January 24,1086 COUNTY OF Benton )ss STATE OF WASHINGTON Kathleen Stangel and , 1986 , and that said ORDINANCE NO 2585 AN ORDINANCE Fixing an In arest Rate on Local Improvement District No 119 Assessments and arnAnding Ordinance No 2575 WHEREAS on Novem- ber 4 1985 the City Coun- cil passed Ordinance No i 2575 confirming the final assessment roll on Local Improvement District No 119 and WHEREAS said Ordi- nance No 2575 at Section Three thereof, estimated an interest rate of 10 5% per annum with the exact inter- est ratb to be fixed in the Ordinance authorizing the issuance and sale of local limprovement bonds for Local Improvement District , No 119 and WHEREAS because the financing of Local Im- provement District No 119 I will be made by interfund investment and borrowing with total interest thereon at 10 5% per annum and no ordinance authorizing the issuance and sale of local 'improvement bonds for Local Improvement District No 119 need by made, NOW THEREFORE , THE CITY COUNCIL OF THE CITY OF PASCO, WASHINGTON DO OR- DAIN AS FOLLOWS Section One Section 'Three of Ordinance No 1 2575 passed by the Pasco City Council on November 4, 1985 is hereby amended to read as shown by under- lining and interdelineation as follows Section Three The as- sessment roll as approved and confirmed shall be filed with the City Treasurer for collection and the City Treasurer is authorized and directed to publish notice as required by law stating that the roll is in his hands for collection and that pay- ment of any assessment thereof or any portion of such assessment can be made at any time within thirty (30) days from the date of first publication os such notice without pen- alty interest or cost and that thereafter the sum re- maining unpaid may be paid in ten (10) equal an- nual installments The in- terest rate is stated to be 10 5% per annum, on as- sessments after thirty (30) days from the date of first publication of said notice, until each ouch se- easement Is paid in full in- cluding all Interact thoreon The first instal- lment of assessments on the assessment roll shall become due and payable during the thirty-day period succeeding the date one year after the date of first publication by the City Treasurer of notice that the assessment roll is in his hands for collection and an- nually thereafter each suc- ceeding installment shall become due and payable in like manner If the whole or any portion of the assess- ment remains unpaid after the thirty-day period inter- est upon the whole unpauid sum shall be charged at the rate as determined above and each year thereafter one of the installments to- gether with interest due on the unpaid balance shall be collected Any instal- lment not paid prior to ex- priration of the thirty-day period during which such , FINANCE DEPARTMENT Isool 545-3401 Stan 126-3401 CITY of P 0. BOX 293 412 WEST CLARK PASCO, WASHINGTON 99301 January 21, 1986 Tri City Herald P.O. Box 2608 Pasco, Washington 99302 Attn: Rochelle Dear Rochelle: Please publish Ordinance No. 2585 on the following date: January 24, 1986 Please send three (3) Affidavits of Publication. Sin e ely yours, velyn Wells City Clerk ew