HomeMy WebLinkAboutORD 3412 ` r
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CITY OF RENTON, WASHINGTON
ORDINANCE NO. 3412
AN ORDINANCE fixing the amount, form, date,
interest rates, maturities and denominations
of Local Improvement District No. 302 Bonds
and directing the issuance and sale thereof to
Seattle-Northwest Securities Corporation of
Seattle, Washington.
THE CITY COUNCIL OF THE CITY OF RENTON, WASHINGTON, DO ORDAIN,
as follows :
Section 1. The total - amount of the assessment roll in Local
Improvement District No. 302 in the City of Renton, Washington (the
"City" ) , created under Ordinance No. 3202 passed March 13, 1978, was
$6,058,822.92. The 30-day period for making cash payments of assess-
ments without interest in the District expired on April 10, 1980,
and the total amount of assessments paid in cash was $1 ,511,892.56,
leaving a balance of assessments unpaid on the assessment roll in
the sum of $4,546,930.36. Local improvement district bonds of
Local Improvement District No. 302 (the "Bonds" ) shall, therefore;
be issued in the total principal sum of $4,546,930.36. Bond No. 1
shall be in the denomination of $1,930.36, and the remaining bonds
numbered 2 to 910, inclusive, shall be in the denomination of
$5,000 each. The bonds shall all be dated May 1, 1980, and shall
mature and bear interest ' payable on May 1 of each year commencing
May 1 , 1981, as follows:
Bond Numbers Interest Maturity
( Inclusive) Amounts Rates Years
1 to 45 $221,930.36 11. 50% 1981
46 to 88 215,000.00 11.50% 1982
89 to 128 200,000. 00 11.50% 1983
129 to 167 195,000.00 11.50% 1984
168 to 205 190,000.00 11.50% 1985
206 to 242 185,000.00 11.50% 1986
243 to 278 180,000.00 11.50% 1987
279 to 313 175,000.00 11.50% 1988
314 to 347 170,000.00 10.50% 1989
348 to 380 165,000.00 10.00% 1990
381 to 400 100,000.00 10.10% 1991
401 to 420 100,000.00 10 . 20% 1992
421 to 440 100,000.00 10.30% 1993
441 to 460 100,000.00 10.40% 1994
461 to 480 100,000.00 10.50% 1995
(hereinafter called "Serial Bonds" )
481 to 910 2,150,000.00 11.00% 1997.
(hereinafter called "Term Bonds" )
Serial Bonds numbered 1 through 313, inclusive, are issued without
the right or option of the City to redeem the same prior to their
maturity dates. The City reserves the right to redeem Serial Bonds
numbered 314 through 480, inclusive, prior to their stated maturity
dates as a whole, or in part in inverse numerical order, at the
following times and prices:
On May 1 , 1988, at $100.50;
On May 1, 1989, at $100.25;
On May 11 1990, and any interest
payment date thereafter, at $100;
plus accrued interest to date of redemption. The City reserves
the right to redeem Term Bonds numbered 481 through 910, inclusive,
prior to their stated maturity date as a whole, or in part in
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numerical order, on any interest payment date, at par plus accrued
interest.
Notice of such call for redemption shall be published once
in the official newspaper of the City not . less than 10 nor more
than 20 days prior to the call date, and by mailing a copy of
such notice within the same period to the main office of Seattle-
Northwest Securities Corporation in Seattle, Washington, or its
successor, and upon such date the interest on bonds so called
shall cease and each and every coupon representing interest not
accrued on such date shall be void.
Section 2. , The bonds and coupons shall be printed or litho-
graphed on engraved paper in a form consistent with this ordinance
and state law. The bonds shall be signed by the facsimile signa-
ture of the Mayor and attested by the manual signature of the City '
Clerk and shall have a facsimile, reproduction of the seal of the
City imprinted .thereon, and the coupons shall bear the facsimile
signatures of the Mayor and the City Clerk.
Section 3. Seattle-Northwest Securities Corporation of
Seattle, Washington, heretofore offered to purchase all of the
bonds at a price of par, plus accrued interest from the date of
the bonds to the date of their delivery to the purchaser, the City
to furnish the printed bonds and the approving legal opinion of
Roberts, Shefelman, Lawrence, Gay & Moch, municipal bond counsel
of Seattle, Washington, .at the City's expense. Bond counsel shall
not be required to review nor express any opinion concerning the
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completeness or accuracy of any official statement, offering
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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 was in the best interest of the City that
such offer be accepted, duly accepted the same on April 7, 1980,
and such acceptance is hereby ratified and confirmed. The Bonds
shall, therefore, immediately upon their execution, be delivered
to Seattle-Northwest Securities Corporation, Seattle, Washington,
upon payment therefor in accordance with such offer.
Section 4. This ordinance shall take effect from and after
its passage and five ( 5)' days following its publication as required
by law.
PASSED by the City Council and APPROVED by the Mayor of the .
City of Renton, Washington, at. a regular open public meeting
thereof, on the 14th day of April, 1980.
i
Sw�ha�,a+�, • St.,,�,no c,G•
May r
ATTEST: d-
City Clerk
APPROVED AS TO FORM:
City Attorney
Date of Publication April 23, 1980
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