ORD 81-06 INTERIM FINANCING IN LOCAL IMPROVEMENT DISTRICTCITY OF WINSLOW, WASHINGTON
ORDINANCE NO. 81-06
AN ORDINANCE relating to interim financing in
Local Improvement District No. 6; accepting the
offer of Pacific National Bank, Seattle, Washington,
to purchase revenue warrants and fixing the
interest rate on such revenue warrants.
WHEREAS, Ordinance No. 79-20, passed by the City Council
and approved by the Mayor on August 20, 1979, authorized the
issuance of revenue warrants payable out of the "Local Improvement
Fund, District No. 6," to pay the cost of carrying out the improve-
ments ordered by Ordinance No. 79-20 in Local Improvement District
No. 6; and
WHEREAS, Pacific National Bank, Main Office, Seattle,
Washington, previously offered to purchase revenue warrants of Local
Improvement District No. 6, such warrants to bear interest at the
rate of 8.40% per annum and to be redeemed on or before April 1,
1980; and
WHEREAS, no warrants were i~u~d p~io~ Lo A~il 30, 1980,
~Warrant No. 8055 was issued on June 18, 1980, in the amount of
$18,890.94, bearing interest at the annual rate of 7.5%; Warrant No.
8058 was issued on August 18, 1980, in the amount of $28,349.58,
bearing interest at the annual rate of 7.5%; Warrant No. 8060 was
issued on October 30, 1980, in the amount of $26,879.85, bearing
interest at the annual rate of 9.5% per annum; and Warrant No. 8061
was issued on November 26, 1980, in the amount of $31,997.82,
bearing interest at the annual rate of 9.5%; and the City desires to
issue additional revenue warrants to pay the costs of Local Improve-
ment District No. 6 and has received an offer from Pacific National
Bank to purchase such warrants at the rate of 13% per annum, which
warrants will be repaid on or about May 30, 1981; NOW, THEREFORE,
THE CITY COUNCIL OF THE CITY OF WINSLOW, WASHINGTON, DO
ORDAIN as follows:
Section 1. The interest rates on the following warrants
are hereby fixed, approved, ratified and confirmed:
Warrant Issue Interest
No. Date Amount Rate
8055 6/18/80 $18,890.94 7.5%
8058 8/18/80 28,349.58 7.5%
8060 10/30/80 26,879.85 9.5%
8061 11/26/80 31,997.82 9.5%
Section 2. The offer of Pacific National Bank of Seattle,
Washington, to purchase additional revenue warrants drawn on Local
Improvement Fund, District No. 6, to bear interest at the rate of
13% per annum and to be redeemed on or about May 30, 1981, is
accepted and warrants issued pursuant to that offer shall bear that
rate of interest.
PASSED by the City Council and approved by the Mayor of the
City of Winslow, Washington, at a regular open public meeting
thereof this 2nd day of February, 1981.
Mayor
ATTEST:
OVED AS TO FORM:
i ty Attorney
this ~jtg~t~' day o~' ~f/at the Ferry T ~mi al,
Chamber of Co nerc Effective
S E A L