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HomeMy WebLinkAboutO-1292 - Installment note for LID No. 61 (Repealed by 1533).'.., X G:1-8,,~1<Pu,b; 3-AwC, CITY OF MARYSVILLE,WASHINGTON ORn INANCE NO./2 9~ AN ORDINANCE relating to Local Improvement District No.61;providing for the issuance of an installment note payable from the "Local Improvement Fund, District No.61,"of the City and to be sold to the "Water and Sewer Drought Relief Fund"of the City. WHEREAS,Ordinance No.1207 of the City established Local Improvement District No. 61 and provided that the City should issue its local improvement bonds to pay the cost and expense of the improvement in Local Improvement District No. 61 and the City Council now deems it to be in the best interest of the City that as an.alternative to the issuance of such bonds the City shall,pursuant to Chapter 56 of the Laws of 1970,1st Ex. Sess.,of the State of Washington,issue an installm~nt note and sell the same to such City fund as an investment for such fund as the City Council may determine,such installment note to be redeemed from special assessments against the property benefited by the improvements;and WHEREAS,the thirty-day period allowed by law for the payment of assessments in Local Improvement District No. 61 without penalty or interest elapsed on May 27,1983,the total amount of the confirmed assessment roll being $43,237.74.The total amount of assessments paid in cash during such thirty-day period was $13,040.82,leaving a balance of assessments unpaid on the assessment roll of $30,196.92;and .~.." WHEREAS,the City Council has now determined to issue an installment note and to sell the same to the "Water and Sewer Drought Relief Fund"of the City as an investment for such fund; NOW,THEREFORE, THE CITY COUNCIL OF THE CITY OF MARYSVILLE,WASHINGTON,DO ORDAIN,as follows: Section 1.Pursuant to Chapter 56 of the Laws of 1970, 1st.Ex.Sess.,of the State of Washington,there shall be issued one installment note payable to the "Water and Sewer Drought Relief Fund"of the City out of the "Local Improvement Fund,District No.61,"to be dated June 27,1983,and to become finally due on June 27,1995.The note shall be issued in the amount of $30,196.92,representing the balance of the cost and expense of Local Improvement District No.61,which is to be borne by the property owners therein.The installment note shall bear interest at the rate of 12\per annum to be paid on the unpaid balance thereof.The installment note shall be issued to the "Water and Sewer Drought Relief Fund"of the City.Money from the "Local Improvement Fund,District No.61," shall be paid to the payee at least once a year,beginning one year after date of issue,for the purpose of reducing the prin- cipal and interest amounts due on the installment note.Upon receipt by the "Water and Sewer Drought Relief Fund"of the City,such money shall first be applied toward the interest due on the unpaid balance of the installment note and any additional - 2 - ,I,.J, money shall thereafter apply as a reduction of the principal amount of the note. Section 2.The installment note issued pursuant to this ordinance shall bear on its face (1)the name of the payee;(2) the designation of Local Improvement District No. 61 from whose funds the note is payable;(3)the date of issue of the note; (4)the date on which the note or the final installment thereon shall become due;(5)the rate of interest to be paid on the unpaid balance thereof;and (6)such manual or facsimile signa- tures and attestations as are required to appear on the warrants of the City.The reverse side of the installment note shall bear a tabular payment record which shall indicate at prescribed installment dates the receipt of any Local Improvement District No. 61 funds for the purpose of servicing the debt indicated on the note.The tabular payment record shall,in addition to the above,show the unpaid principal balance due on the installment note,together With sufficient space opposite each transaction affecting the note for the manual signature of the officer authorized to receive the money for the payee. Section 3.The installment note may be redeemed out of the "Local Improvement Fund,District No.61,"at any time by pay- ment in full of the unpaid balance and accrued interest to date of redemption. Section 4.The installment note shall be issued and paid in accordance with,and shall otherwise be subject to,the - 3 - \". ,4._,"':..-~ provisions of Ch~pter 56 of the Laws of 1970,1st Ex.Sess.,of the State of Washington. PASSED by the City Council and APPROVED by the Mayor of the City of Marysville,Washington,at an open pUblic regular meet- ing thereof this 27th day of June,1983. ATTEST: FORM APPROVED: - 4 - said newspaper once each week for a period of Q~~_con- secutive weeks,commencing on the -..29.tb __day of J.un.e.., AFFIDAVIT OF PUBLICATION' No._ ,Issued and paid In accordance wlth,-and shall otherwise be sublect to, .the provi- sions of Chapter 56 of the Laws Of 1970,1st Ex. sess., of the State of WashIngton. PASSED by the City Council and Ap· :PROVED by the Mayor Of the City of Marysville,WashIngton, at an open public !regular meeting thereof thIs 27th day of June,1983. Daryl Brennlck,Mayor Attest:Phillip E.Oexter, .'City Clerk Form Approved:James H.Allendoerfer, City Attorney PUblished: June ,29,1983 STATE OF WASHINGTON, County of Snohomish, ss. 191U.,and ending on the _29..t.h.__day of.:L1J.ug , 19__~~, both dates inclusive,and that such newspaper was regularly distributed to its subscribers during all of said period.That the full amount of the fee charged for the foregoing publi- cation is the sum of $__8_~:.~~,which amount has been paid in full ~O O~__~~~~ Subscribed and-~~D~efore me this ----_d_9_~__ day of ~~------,19_~~~·········a~····~···,·. Notary Public In and tor the State ot Washington. Residing at MarySVille. ________!_i_~~_~~_!V.??_<!.~~::~~,being first duly sworn on oath deposes and says that he is the ,.._~~~!~_t_~!.~_._ of THE MARYSVILLE GLOBE,a weekly newspaper. That said newspaper isa legal newspaper which has been ap- proved by order of the Superior Court in Snohomish County June 18, 1962 in compliance with Chapter 213 of Washington Laws of 1941, and it is now and has been for more than six months prior to the date of the publication hereinafter re- ferred to,published in the English language continually as a weekly newspaper in Marysville,Snohomish County,Wash- ington,and it 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 Ordinance 1292 .---------------------------------------as It was published in regular issues (and not in supplement form)of Improvement DistrIct No.61 funds'for'the purpose Of servicing the debt IndIcated on the note. The tabular payment record shall,In addltl~,"to the above, show the un- paid principal balance due on the Install- ment note,together with suffIcient space opposite each transaction affectIng the note for the manual signature Of the officer authorized to receive the money'for thepayee. SectIon 3. The Installment note may be redeemed 9ut of the "!.,;ocal Improvement Fund,Olstrlct No.61/'at any tIme by pay- ment In full of the unpaid balance and ac- crued Interest to date Of redemption.Sect~~'!..~.The Installrn~nt note shall be CITY OF MARYSVILa..E,WASHINGTON ORDINANCE NO.12t2 • AN ORDINANCE relatIng to Local Im- provement District No. 61;providing for the Issuance of an Installment note payable from the "Local Improvement Fund,District NO.61,"Of the City and to be sold to the "Water and Sewer Drought Relief Fund"of the City. WHEREAS,Ordinance No.1207 of the City established'Local Improvement District No. 61 and prOVided that the City should Issue Its local Improvement bonds to pay the cost and expenseof the Improve- ment In Local I mprovement District NO.61 and the City Council now deems It to be In the best Interest of the City that as an alternative to the Issuance of such bonds the CIty shall,pursuant to Chapter 56Of the Laws of 1970,1st Ex. Sess.,of the State of Washington,Issue an Installment note and' sell the same to such City fund as an in- vestment for such fund as the City Council may determIne,such Installment note to be redeemed from special assessments agaInst the property benefIted by the Im- provements;and WHEREAS,the thirty-day period allow- ed by law for the payment Of asessments In Local Improvement DistrIct No.61 wIthout penalty or Interest elapsed on May 27,1983, the total amount of the confirmed assess- ment roll beIng $0,237.74.The total amount of assessments paid In cash during such thlrty·day period was $13,040.82,leav- Ing a balance of assessments unpaid on the assessment roll of $30,196.92;an'd WHEREAS,the City Council has now determined to Issue an Installment note' and to sell the same to the "Water and lSewerDroughtReliefFund"of the City as an Investment for such fund;NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF: MARYSVILLE,WASHINGTON DO OR- DAIN,as follows: ,Section 1.Pursuant to Chapter 56 of the Laws of 1970,1st. Ex. Sess.,of the State of Washington,there shall be Issued one In- stallment note payable to the "water and Sewer Drought Relief Fund"of the City out of the " Local Improvement Fund" District No. 61," to be dated June 27,1983,' and to become finally due on June 27,1995. The note shall be Issued In the amount of $30,196.92,representing the balance of the I cost and expense of Local Improvement DIstrict No: 61,whIch Is to be borne by the' property owners therein.The Installment note shall bear Interest at the rate of 12%, per annum to be paid on the unpaid i balance thereof.The J'nstallmentnote shall \ on;lliliued to the "Water ana seWer: Drought Relief Fund"Of the City.Money from the "Local Improvement Fund,I DistrIct No.61,"Shall be paid to the payee at least once a Year,beginning one year after date of Issue,for the purpose Of reducIng the prIncipal and Interest i amounts due on the Installment note.Upon' receipt by the "Water and Sewer Drought Relief Fund"of the CIty,such money shall first be applied toward the Interest due on the unpaid balance of the Installment note' and any additional money Shall thereafter apply as a reductIon of the prIncIpal amount of the note. Sect/on 2. The Installment note ISSUed; pursuant to this ordinance Shall bear on Its I face (1)the name of the payee; (2) the designation of Local Improvement District No.61 from whose funds the note Is payable;(3) the date Of Issue of the note; (4)the date on whIch the note or the final Installment thereon shalf become due; (5) the ra~e of Interest to be paid on the unpaid. balance thereofi and (6) such manual or faCSimile signatures and attestations as are requIred to appear on the warrants Of the City.The reverse side of the Install. ment note shall bear a tabular payment record whIch.shall IndIcate at prescrIbed Installment dates the receIpt Of any Local ---.'