HomeMy WebLinkAboutORD 3617 i
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CITY OF RENTON , WASHINGTON
ORDINANCE NO . 3617
AN ORDINANCE OF THE CITY OF RENTON, WASHINGTON
AUTHORIZING THE ISSUANCE AND SALE OF INTEREST
BEARING REVENUE WARRANTS TO BE DRA14N ON THE
"LOCAL IMPROVEMENT FUND, DISTRICT NO . 323
TO PROVIDE FUNDS FOR THE INTERIM FINANCING OF
C074STRUCTIO14 OF CERTAIN IMPROVEMENTS TO BE
ACQUIRED IN LOCAL IMPROVEMENT DISTRICT. NO . 323
WHEREAS by Ordinance No . 3548 adoptedIMay 18 , 1981 , the
City Council ordered the construction and instillation of sanitary
sewers , storm drains , gutters , sidewalks , illumination and all
necessary appurtenances thereto in the vicinity of S .W. 43rd Street
between East Valley Highway and West galley Highway , and established
the "Local Improvement Fund, District No . 323 , all in accordance
with Resolution No . 2391 adopted by the City Council on April
13 , 1981 , creating Local Improvement District No . 323 ; and
WHEREAS First Interstate Bank of Washington has agreed
to purchase revenue warrants to be drawn on such fund bearing
interest at sixty-one and one-half percent (61 , 1/2%) of Bank's prime
rate with variable rate adjustment quarterly from date of issue .
THE CITY COUNCIL OF THE CITY OF RENTON , WASHINGTON , DO
ORDAIN AS FOLLOWS :
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SECTION I : The City hereby accepts the offer of First
Interstate Bank of Washington and the City Finnce Director is
hereby authorized and directed to issue revenue warrants for interim
financing of the improvements to be constructed and installed in
Local Improvement District No . 323 , which warrants in the principal
amount of not to exceed $518 ,039 . 00 are to be ;drawn on the "Local
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Improvement Fund, District No . 323" , bearing interest at sixty-one
and one-half percent (61 1/2%) of Bank' s primelrate with variable rat(
adjustment quarterly from date of issue .
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PASSED BY THE CITY COUNCIL this 8th day of March , 1982 .
De ores A. Mead,
City Clerk
APPROVED BY THE MAYOR this 8th day of March , 1982 .
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WJJOA 0.4 -&.tra�0
Barbara Y. Linpoc , Mayor
Approved as to form:
Lawrence J . rren., .Ct.y...Attorney
Date of Publication: March 12 , 1982
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