HomeMy WebLinkAboutORD 2151 ' , . + , , # . '�
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CITY OF RENTON, WASHINGTON
ORDINANCE NC1. 2151.
AN ORDINANCE specifying and adopting a system
or plan of additions to and betterments and extensions
of the waterwc�rks utility of the City of Rentan, in-
cluding the sewerage system as a part thereaf; declaring
the estimated cost thereof as nearly as may be;
providing far the issuance of $500 ,000.00 par
value af "City of Rentan Water and Sewer Revenue
Bands , 1965 , " ta obtain the funds with which to pay
the costs of said system or plan; fixing the date ,
form , denomination, maturitie s , maximum intere st
rate , terms and covenants of said bonds; creating
a special fund to provide for the payment of said
bands; and providing for the calling af bids for th.e
sale thereof.
WI-�EREAS , by C}rdinance No. 1156 , as amended b� Qrdinances
NQs. 1157 and 1173,the sewerage system of the City of Renton has become
and is considered a part of the waterworks utiiity of the City; and
WHEREAS , the City of Renton has heretofare issued under date
of March 1 , 1953 , $3I5 ,000 .00 par value af "'City of Renton Water and Sewer
Refunding and Improvement Revenue Bonds , 1953 , " pursuant to t�rdinances
Nos. 1450 and 145 2 and,under date of September 1 , 1954 , $325 ,000 .00 par
value of "City of Renton Water and Sewer Revenue Bonds , 1954 , " pursuant to
Ordinance No. 1489 , and,under date of july � , 1959 , $750 ,000.00 par value
of "City of Renton Water and Sewer Revenue Bonds, 1959 , "which bonds were
issued on a parity of lien with said outstanding "City af Rentan Water and
Sewer Refunding and Improvement Revenue Bonds , 1953 , " pursuant ta the
provisions of Section 15 of said Urdinance Na. }.450 , said par�ty issues of
bands being a first lien and charge upon the gross revenues from the combined
water and sewerage systems of the City, excluding charges far maintenance
and operation; and
WHEREAS , by said Section 15 of Ordinance No. 145 Q , the City
of Renton reserved the right to issue additional water and sewer revenue bonds ,
which shall constitute a charge and lien upon the revenues of the waterworks
utility, including the sewerage system as a part thereof, on a parity with the said
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; "City of Renton Water and Sewer Refunding and Improvement Revenue Bonds ,
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1953 , ” and the said "City of Renton Water and Sewer Revenue Bonds , 1954 , "
� and the "City of Renton Water and Sewer Revenue Bonds , 1959 , " subsequently
issued on a parity therewith, on compliance with the following conditions
� at the time of the issuance of such additional bonds:
� "(A) All payments required by this ordinance to
� be paid into the 'Renton 1953 Water and Sewer
� Refunding and Improvement Revenue Bond Fund' shall
have been made; and
"(B) The revenues of said waterworks system ,
including the sewerage system, shall be and be
deemed sufficient, after the payment of operation
and maintenance costs and taxes , based upon the
historical experience of said systems or the pro
forma revenues under then existing rates over a
period of any twenty-four consecutive months out
of the thirty-six months immediately preceding the
time of the issuance of such additional bonds , to
equal at least 1 .5 times the average annual principal
and interest requirement of the bonds of this issue
then outstanding and of the revenue bonds proposed
to be so issued. Such determination of the sufficiency �
of the revenues shal l be made and certified to by an
engineer experienced in municipal utilities; and
" (C) The Ordinance authorizing the issuance of such
additional revenue bonds shall provide for the setting
aside into a reserve fund or account of an amount not
� less than the average annual debt service requirement ,
both principal and interest of the additional revenue
bonds proposed to be so issued, which reserve fund or
account shall be maintained in such amount so long as
any of said bonds are outstanding to the last maturity
thereof";
and
WHEREAS , the City Council hereby finds and declares that all
payments required to be made to date hereof into the "Renton 1953 Water and
Sewer Refunding and Improvement Revenue Bond Fund" by Ordinance No. 1450 ,
into the "Renton 1954 Water and Sewer Revenue Bond Redemption Fund" by
Ordinance No. 1489 , and into the "Renton 1959 Water and Sewer Redemption
Holly A. Cornell, of CORNELL,
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Fund" by Ordinance No. 1766 , have been made , and that HOWLAND, HAYES & MERRYFIELD
an engineer experienced in municipal utilities , has certified that said revenues
are sufficient to meet said 1 .5 coverage requirement as evidenced by his
certificate to such effect on file with the Cit Clerk and that rovision is
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hereinafter made for the setting aside of the required amount into a reserve
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fund or accoun�c, I��OW, THEREFORE ,
BE IT ORDAINED BY THE MAYOR AND CITY COUNCIL OF THE
�ITY OF RENTON, WASHINGTON , as follows:
Section 1 . The City of Renton hereby specifies and adopts a
system or plan for making additions to and extensions and betterments c�f the
waterworks utility of the City, which includes the sewerage system as a part
thereof, to consit of the following:
(1) A water supply line to provide an additional source
• of water to the Renton Highlands Area sizall be
constructed and installed, consis�cing oi 1.6
inch and 12 inch lines in 3rd Avenue Extension,
4th Avenue North and "M" Street from Mt. Olivet
Re s ervoir to 12th Avenue North, inc�uding a
Booster Pumping Station.
(2) The capacity of Springbrook Springs shall be increased
by installing additional collectiori systems and increasing
the capacity of the transmission line and reservoirs.
(3) There shall be installed a security fence around the
Springbrook Springs Property.
(4) Reservoir sites on Puget Drive , Talbot Road, Kennydale
and West Hill shall be purchased.
(5) Deteriorated steel mains in Highlands shall be replaced
with cast iron mains.
(n) A roof shall be installed over the existing 1 .5 million
gallon reservoir in Highlands.
There shall be included in the foregoing the acquisition and
installation of all necessary valves , fittings , couplings , connections ,
equipment and appurtenances and the acquisition of any easements ar�d rights-
of-way and lands and water rights that may be required; and there shall also
be included the performance of such work as may be incidental and necessary
to th� foregoing construction and insta-llation.
The City Council may modify the details of the foregoing system
or plan where in its judgment it appears advisable , provided such modifications do
not substantially alter the purposes hereinabove set forth.
Section 2. The estimated cost, as near as may be , of the aforesaid
system or plan of additions , extensions and betterments to the waterworks utility
of the City of Renton, which includes the sewerage system as a part thereof,
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is hereby declared to be $500 ,000.00.
Section 3. The cost of acquiring, constructing and completing the
foregoing system or plan of additions , extensions and betterments shall be paid i
from the proceeds received from the issuance and sale of $500 ,000 .00 par value �,
of water and sewer revenue bonds of the City. The bonds shall be designated
"City of Renton Water and Sewer Revenue Bonds , 1965 , " (hereinafter called
the "Bonds") . The Bonds shall be in denominations of $5 ,000 .00 each, shall
be numbered from 1 to 100 , inclusive , shall be dated May 1 , 1965 , and shall
bear interest at an effective rate not to exceed 6% per annum to be hereafter
fixed by ordinance payabl e semiannually-on 1VIay 1 and November 1 of each
year, interest to maturity to be evidenced by coupons to be attached to the I
Bonds ,with full obligation on the part of the City to pay interest at the same
rate or rates after the bond maturity dates until the Bonds with interest are
paid in full or funds are available in the bond redemption fund hereinafter
created for such payment in full. Both principal of and interest on the Bonds
shall be payable in lawful money of the United States of America at the office
of the Treasurer of the City of Renton, Washington. The Bonds shall be
payable solely out of the special fund hereinafter created, 5ha11 be a valid I'
claim of the holder thereof only as against such fund and the fixed amount
of the revenues of the waterworks utility, including the sewerage system
as a part thereof, pledged to such fund, and shall not be a general obligation
of the City of Renton. The Bonds shall mature serially, annually over a period
of from 1 to 24 years from the date of issue , in accordance with the following
schedule , to-wit:
Bond Numbers
(Inclusive) Amounts Maturities
1 to �3 $15 ,000 May 1 , 1966
4 to 6 $15 ,000 May 1 , 1967
7 to 9 $15 ,000 May 1 , 1968 I
10 to 12 $15 ,000 May 1 , 1969
13 to 1S $15 ,000 May 1 , 1970
16 to 18 $15 ,000 May l , 1971
19 to 21 $15 ,000 May 1 , 1972
22 to 24 $15 ,000 May 1 , 1973
25 to 28 $20 ,000 May 1 , 1974
29 to 32 $20 ,000 May 1 , 1975
33 to 36 $20 ,000 May 1 , 1976
37 to 40 $20 ,000 May 1 , 1977
41 to 44 $20 ,000 May 1 , 1978
45 to 48 $20 ,000 May 1 , 1979
49 to 52 $20 ,000 May l , 1980
53 to 57 $25 ,000 May 1 , 1981
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58 to 62 $25 ,000 May 1 , 1982
63 to 67 $25 ,000 May 1 , 1983
68 to 72 $25�,000 May l , 1984
73 to 77 $25 ,000 May 1 , 1985
78 to 82 $25 ,000 May 1 , 1986
83 to 88 $30,000 May 1 , 1987
' 89 to 94 $30 ,000 May 1 , 1988
95 to 100 $30,000 May 1 , 1989
Section 4. The City of Renton reserves the right to redeem the
Bonds as a whole , or in part in inverse numerical order, from moneys derived
from any source other than the proceeds from a refunding bond issue , at the
following percentages of par, if redeemed at the following times , plu� accrued
interest to date of redemption in each case:
Call Date Call Price
May 1 , 1975 , or November 1 , 1975 102 1/2%
May 1 , 19 7 6 , or November 1 , 19 7 6 10 2 %
May 1 , 1977 , or November 1 , 1977 101 1/2%
May 1 , 1978 , or November 1 , 1978 101 %
May 1 , 1979 , or November 1 , 1979 100 1/2%
May 1 , 1980 , or any semiannual interest payment �
date thereafter 100 % (Par)
The City of Renton reserves the right to redeem the Bonds as a whole ,
or in part in inverse numerical order, solely from the proceeds of a refunding
bond issue , at the following percentage of par, if redeemed on the following
dates , plus accrued interest to date of redemption in each case:
Call Date Call Price
, May 1 , 1975 , through April 30 , 1976 102 1/2%
May 1 , 1976 , through April 30 , 1977 102 %
May 1 , 1977 , through April 30, 1978 101 1/2%
May 1 , 1978 , through April 30 , 1979 101 %
May 1 , 1979 , through April 30 , 1980 100 1/2%
May 1 , 1980 , or at any time thereafter 100 % (Par)
Notice of such intended redemption shall be given by publication
thereof in the official newspaper of the City at least once not less than 30
nor more than 45 days prior to the call date. Written notice shall also be
given to the principal underwriter who purchasesthe Bonds .
Interest on any Bonds so called for redemption shall cease
on the date fixed for such redemption, upon payment of the redemption price
into the bond redemption fund hereinafter created.
Section 5 ., There shall be and hereby is created and established
in the office of the City Treasurer a special fund to be known as "Renton 1965
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Water and Sewer Revenue Bond Redemption Fund" (hereinafter called
the "Bond Fund") , which fund is to be drawn upon for the sole purpose of
paying the principal of and interest on the Bonds from and after the date thereof.
The Bond Fund is hereby divided into a "Principal and Interest Account" and a
"Reserve Account, " and so long thereafter as Bonds are outstanding against
the Bond Fund, the Treasurer of the City of Renton shall set aside and pay
into the Bond Fund out of the gross revenues of the waterworks utility now
belonging to or which may hereafter belong to the City, including all additions ,
betterments and extensions thereof r�ow or hereafter made , and including
the sewerage system as a part thereof, a fixed amount, without regard to any
fixed proportion , on or before the first day of each month, namely:
(a) Into the "Principal and Interest Account, " monthly,
beginning on May 1 , 1965 , 1/6th of the next ensuing
six months' requirements of interest and 1/1`2th of the
next ensuing t�Ivelve months' requirements of principal; and
(b) Into the "Reserve Account" an amount equal to the
average annual principal and interest requirements
for the Bonds , such amount to be accumulated by
monthly payments beginning with May, 1965 ,
of not iess than $1 ,000 . 00 for 24 consecutive
months, and thereafter not less than $675 .00
per month until such total reserve requirement is
fully accumulated.
The "Reserve Account" may be accumulated from any other moneys
which the City of Renton may have available for such purpose , in addition to
using said revenues therefor. The "Reserve Account" shall be maintained in
such amount, except for withdrawals therefrom as autl�n rized herein , at all
times so long as any of the Bonds are outstanding: Provided, that when the
total amount in the Bond Fund shall equal the total amount of principal and
interest on all outstanding Bonds to the last maturity date thereof , no further
payments need be made into the Bond Fund.
In the event that there shall be a deficiency in the "Principal
and Interest Account" in the Bond Fund to meet maturing installments of either
principal or interest, as the case may be , such deficiency shall be made up I
from the "Reserve Account" by the withdrawal of cash therefrom for that purpose.
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� Any deficiency created in the "Reserve Account" by reason of any such withdrawal
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k shall then be made up from the moneys from the revenues of said waterworks
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� utility, including the sewerage system as part thereof, first available after
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making necessary provision for the required payments into the "Principal and
� Interest Account. " The money in the "Reserve Account" shall otherwise be
held intact and may be applied against the last outstanding Bonds.
All money in the "Reserve Account" above provided for may be '
kept on deposit in the official bank depository of the City of Renton, or
' deposited in institutions permitted by law in an amount in each instance
not greater than the amount insured by any department or agency of the United
States Government or may be invested in United States Government obligations
having a guaranteed market, or in United States obligations maturing not
later than April 1 , 19 89 . Intere st on any such inve stment or on such bank
account shall be deposited in and become a part of the "Reserve Account"
until the total required reserve sum shall have been accumulated therein,
after which time such interest shall be deposited in the "Frincipal and Interest
Account. "
Section 6. The gross revenues from the combined water and
sewer systems , comprising the waterworks utility of the City, including all
additions thereto and betterments and extensions thereof, are hereby pledged
to such payments , and the Bonds shall constitute a lien and charge upon such
revenues prior and superior to any other charges whatever, excluding charges
for maintenance and operation of said waterworks utility, except that the
lien and charge upon said revenues for the Bonds shall be on a parity with
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the lien and charge upon such revenues for the outstanding City of Renton
Water and Sewer Refunding and Improvement Revenue Bonds , 1953 , " the
outstanding "City of Renton Water and Sewer Revenue Bonds , 1954 , " and
the outstanding "City of Renton Water and Sewer Revenue Bonds , 1959 , "
issued on a parity therewith, and any other additional water and sewer revenue
bonds hereafter issued on a parity with said issues of bonds , in accordance
with the provi s ion s of Se ction 15 of Ordinance No. 14 5 0 .
Section 7 . In the judgment of the City Council , the gross revenues
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and benefits to be derived from the operation and maintenance of the waterworks
utility of the City, including the sewerage system as a part thereof, and the
additions , extensions and betterments thereto, hereinprovided for, at the rates
to be charged for water and sanitary sewage disposal service on the entire
utility, will be more than sufficient to meet all expenses of operation and
maintenance thereof and the debt service requirements of the outstanding
"Cify of Renton Water and Sewer Refunding and Improvement Revenue Bonds ,
1953 , " the outstanding "City of Renton Water and Sewer Revenue Bonds ,
1954 , " and the outstanding "City of Renton Water and Sewer Revenue Bonds ,
1959 , " and to permit the setting aside in the Bond Fund, out of the gross
revenue s of the entire utility, of amounts sufficient to pay the intere st on
the Bonds as such interest becomes payable and to pay and redeem all of
the Bonds at maturity. The City Council and corporate authorities of the City
of Renton further hereby declare that in creating the Bond Fund and in fixing
the amounts to be paid into the same, as aforesaid, they have exercised due
regard for the cost of operation and maintenance of the waterworks utility,
including the sewerage system as a part thereof, and the debt service
requirements of the presently outstanding "City of Renton Water and Sewer
Refunding and Improvement Revenue Bonds , 1953 , " "City of Renton Water and
Sewer Revenue Bonds , 1954 , " and "City of Renton Water and Sewer Revenue
Bonds , 1959 , " and the Gity has not bound and obligated itself to set aside
and pay into the Bond Fund a greater amount or proportion of the revenue s of
. the said utility than in the judgrt� nt of the City Council will be availa�e over
and above such cost of maintenance and operation and debt service requirements
of said outstanding bonds , and that no portion of the revenues of said waterworks
utility, including the sewerage system as a part thereof, has been previously
pledged for any other indebtedness , except for the payment of the presently
outstanding "City of Renton Water and Sewer Refunding and Improvement '
Revenue Bonds , 1953 , " "City of Renton Water and Sewer Revenue Bonds , 1954 , "
and "City of Renton Water and Sewer Revenue Bonds , 1959 . "
Section 8 . The City hereby covenants and agrees with the owner
I and holder of each Bond at any time outstanding as follows:
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ta) That it will establish, maintain and collect
such rates and charges for water and sanitary sewage
disposal service so long as any Bonds are outstanding
as will make available for the payment of the principal
of and interest on such Bonds an amount equivalent
to at least 1 .5 times the average annual debt
service requirements , both principal and intere st,
of the Bonds and said outstanding "City of Renton i
Water and Sewer Refunding and Improvement Revenue
Bonds , 1953 , " "City of Renton Water and Sewer
Revenue Bonds , 1954 , " and "City of Renton Water I
and Sewer Revenue Bonds , 1959 , " after deducting i
costs of maintenance and operation from the gross
revenue s of the waterworks utility, including the
sewerage system as a part thereof. ,
(b) That it will at all times maintain and keep the I��
waterworks utility, including the system of sewerage ,
as a part thereof, and all additions thereto and better- I,
ments , replacements and extensions thereof in good
repair, working order and condition and also will
at all times operate such utility and the business
in connection therewith in an efficient manner and
at a reasonable cost.
(c) That it will not sell, lease , mortgage or in any manner
encumber or dispose of all the property of the waterworks
� utility, including the sewerage system as a part thereof, un-
less provision is made fo� payment into the Bond Fund of a
sum sufficient to pay the principal of and interest on all
Bonds at any time outstanding, and that it will not sell,
lease , mortgage , or in any manner encumber or dispose of any
part of the property of said waterworks utility, including
the sewerage system as a part thereof, that is used, useful
and material to the operation thereof, unless provision is
made for replacement thereof, or for payment into the Bond
Fund of the total amount of revenue received which shall not
be less than an amount which shall bear the same ratio to the
amount of outstanding Bonds as the revenue available for debt
service for such outstanding Bonds for the twelve months pre-
ceding such sale , lease , encumbrance or disposal from the
portion of the utility sold, leased�, encumbered or disposed
of bears to the revenue available for debt service for such
Bonds from the entire utility for the same period. Any such
moneys so paid into the Bond Fund shall be used to retire
such outstanding Bonds at the earliest possible date .
(d) That it will while any of the Bonds remain outstanding
keep proper and separate accounts and records in which com-
plete and separate entries shall be made of all transactions I
relating to its waterworks utility, including the sewerage I
system as a part thereof, and it will furnish the original
i purchaser or purchasers of the Bonds or any subsequent holder
or holders thereof at the written request of such holder or
holders complete operating and income statement of said utility
in reasonable detail covering any calendar year not more
than ninety days after the close of such calendar year and it
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will grant any holder or holders of at least twenty-five
percent of the outstanding Bonds the right at all
reasonable times to inspect the entire waterworks
utility, including the sewerage system as a part thereof,
and all records , accounts and data of the City relating
thereto. Upon request of any holder or any of said
Bonds , it will also furnish to such holder a copy of the
most recently completed audit of the City's accounts
by the State Auditor of Washington.
(e) That it will not furnish water or sanitary sewage dis-
pos�l service to any customer whatsoever free of charge
and will promptly take legal action to enforce collection of
all delinquent accounts .
� (f) That it will carry the types of insurance on its water-
works utility, including the sewerage system as a part
thereof, properties in the amounts normally carried by
private water and sewer companies engaged in the operation
of water and sewerage systems , and the cost of such
insurance shall be considered a part of operating and
maintaining said utility. If, as , and when, United
States of America or some agency thereof shall provide
for War Risk Insurance , the City further agrees to take
out and maintain such insurance on all or such portions
of said system on which such War Risk Insurance
may be written in an amount or amounts to cover adequately
the value thereof.
(g) That it will pay all costs of maintenance and operation
of the waterworks utility, including the sewerage system as
a part thereof, and the debt service requirements for the
outstanding "City of Renton Water and Sewer Refunding and
Improvement Revenue Bonds , 1953 , " "City of Renton Water
and Sewer Revenue Bonds , 1954 , " and "City of Renton Water
and Sewer Revenue Bonds , 1959 , " and otherwise meet the
obligations of the City as herein set forth.
Section 9 . The Bonds shall be substantially in the following
form:
No. $5 ,000 .00
UNITED STATES OF AMERICA
, STATE OF WASHINGTON
CITY OF RENTON
WATER AND SEWER REVENUE BOND, 196 S
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KNOW ALL MEN BY THESE PRESENTS: That the City
of Renton, State of Washington, for value received
promises to pay to bear�r on the FIRST DAY OF MAY,
19 , the principal sum of
FIVE THOUSAND DOLLARS
together with intere st thereon at the rate of
PERCENT
( %) per annum, payable semiannually on the
first days of May and November of each year, upon
presentation and surrender of the attached interest
coupons as they severally mature up to the bond
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maturity date and will full obligation on the part
of the City to pay interest at the same .rate from
and after the bond maturity date until this bond with
interest is paid in full, or funds are available in the I
"Renton 1965 Water and Sewer Revenue Bond Redemption
Fund" (hereinafter called the "Bond Fund") for payment
in full. Both principal of and interest on this bond
are payable in lawful money of the United State s of
America at the office of the City Treasurer of Renton,
Washington, solely out of the special fund created
by Ordinance No. 2151 , and referred to herein as
the "Bond Fund, " into which fund the City of Renton
hereby irrevocably binds itself to pay certain fixed
amounts out of the gross revenues of the waterworks
utility, including the sewerage system as a part thereof,
now belonging to or which may hereafter belong to tne
City, including all additions , extensions and betterments
thereof now or at any time made or constructed, without
regard to any fixed proportion , namely, an amount
sufficient to pay the principal of and interest on this
issue of bonds as they respectively become due
and to accumulate a reserve , all at the times and in
the manner set forth in Ordinance No. 2151 ,
The gross revenues from the combined water and sewerage
systems , comprising the waterworks utility of the City, '
are hereby pledged to such payment, and the bonds of
this issue constitute a lien and charge upon such revenues
prior and superior to any other charges whatsoever,
excluding charges for maintenance and operation,
except that the iien and charge upon said revenues
for this issue of bonds shall be on a parity with the
lien and charge upon such revenues for the outstanding
"City of Renton Water and Sewer Refunding and
Improvement Revenue Bonds , 1953 , " the outstanding
"City of Renton Water and Sewer Revenue Bonds , 1954 , "
and the outstanding "City of Renton Water and Sewer
Revenue Bonds , 1959 , " issued on a parity therewith,
and any other additional water and sewer revenue
bonds hereafter issued on a parity with said issues
of bonds , in accordance with the provisions of Section
15 of Ordinance No. 1450 .
This bond is one of a total issue of $500 ,000 .00 par
value of bonds , all of like date , tenor and effect, except
a s to maturitie s (and intere st rate s , if more than one intere st
is bid), all payable from the Bond Fund and all issued by the
City under and in pursuance of the laws of the State of
Washington and Ordinance No. 2151 of the City, for the
purpose of providing funds to pay the cost of making certain
additions to and betterments and extensions of the
waterworks utility of the City, including the sewerage
system as a part thereof. Reference is made to said
Ordinance as more fully describing the covenants with
and rights of holders of bonds of this issue .
The City of Renton reserves the right to redeem the
bonds of this issue as a whole , or in part in inverse
numerical order, from moneys derived from any source
other than the proceeds from a refunding bond issue ,
at the following percentages of par, if redeemed at the
following times , plus accrued interest to date of
� redemption in each case:
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' Call Date Call Price
May 1, 1975 , or November 1, 1975 102 1/2%
May l, 1976, or November l , 1976 102 %
May 1, 1977, or November 1, 1977 101 1/2%
May 1, 1978, or November 1, 1978 101 %
May l, 1979, or November l, 1979 100 1/2%
May l, 1980 , or any semiannual interest
payment date thereafter 100 % (Par)
The City of Renton reserves the right to redeem the
bonds of this issue as a whole, or in part in inverse
numerical order, solely from the proceeds of a refunding
bond issue, at the following percentages of par, if
redeemed on the following dates , plus accrued interest
to date of redemption in each case:
Call Date Call Price
May 1, 1975 , through April 30 , 1976 102 1/2%
May 1, 1976, through April 30 , 1977 102 %
May l, 1977, through April 30, 1978 102 1/2%
May 1, 1978, through April 30, 1979 101 %
May l, 1979, through April 30, 1980 100 1/2%
May l, 1980, or at any time thereafter 100 % (Par)
Notice of such intended redemption shall be given
by publication thereof in the official newspaper of the
City at least once not less than 30 nor more than 45 days prior
to the call date. Written notice shall also be given within
the same period to [the principal underwriter who purchases
the bonds.] Interest on any bonds so called for redemption
shall cease on the date fixed for such redemption, upon
payment of the redemption price into the Bond Fund.
The City of Renton hereby covenants and agrees with
the holders of each and every one of the bonds of this
issue to fully carry out all covenants and meet all
obligations of the City, as set forth in Ordinance No.
2151 ,
It is hereby certified and declared that the bonds
of this issue are issued pursuant to and in strict
compliance with the Constitution and laws of the
State of Washington and the ordinances of the City
of Renton, and that all acts, conditions and things
required to be done precedent to and in the issuance
of this bond have happened, have been done and have
been performed as required by law.
IN WITNESS WHEREOF, the City of Renton, Washington,
has caused this bond to be signed by its Mayor and
attested by its Clerk and its corporate seal to be hereto
affixed and the interest coupons attached to be signed
with the facsimile sig�atures of said officials this
first day of May, 1965 .
CITY OF RENTON, WASHINGTON �
By
Mayor
ATTEST:
City Clerk
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The interest coupons attached to the Bonds shall be in
substantially the following form:
On the FIRST DAY OF (MAY)(NOVEMBER) , 19 ,
THE CITY OF RENTON, WASHINGTON, upon pre sentation !
and surrender of this coupon will pay to bearer at
the office of the City Treasurer the sum of
DOLLARS
{$ ) in lawful money of the United States of
America from the special fund of said City, known
as the "Renton 1965 Water and Sewer Revenue Bond
Redemption Fund, " said sum being six months' interest
then due on its "City of Renton Water and Sewer
Revenue Bond, 1965 , " dated May 1 , 1965 , and
numbered .
Coupon No.
$
CITY OF RENTON, WASHINGTON
By
ATTEST: Mayor
City Clerk '
The Bonds shall be printed on lithographed forms , shall be
signed by the Mayor and attested by the Clerk and shall have the seal
of the City of Renton affixed thereto and the interest coupons shall bear
the facsimile signatures of the Mayor and the Clerk.
Section 10 . The Clerk of the City of Renton is hereby directed
to publish in the official newspaper of the City and in the Daily journal of
Commerce of Seattle a Notice of Bond Sale of said Bonds calling for bids for
the purchase thereof at the City Hall, Renton, Washington, said natice to be
published once in each newspaper not later than May 12, 1965 ; ,
Bidders are invited to submit a bid specifying the lowest rate or
rates of interest at which said bidders will �urchase the Bonds at a price
of not less than 98% of par. The Bonds shall not bear an. effective. rate of
interest in excess of 6% per annum. Interest coupon rates bid shall be in
multiples of 1/8 or 1/10 of 1% , or both, no one of which shall exceed 6%
per annum. The same single interest rate must be used for each maturity. �
Only one c��pon will be attached to each bond for each installment of interest
thereon and bids providing for additional or supplemental coupons will be
rejected. Each bid shall show the total amount of interest to be paid
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h t f iss 1 s th i m if n I'�
over the life of the Bonds from t e da e o ue es e prem u , a y, or
plus the discount, if any, and the effective rate of interest over the life of the
Bonds . The bid resulting in the lowest net interest cost to the City shall be
considered the best bid.
All bids shall be sealed and shall be accompanied by a deposit
of 2% of the principal par value of the Bonds , either in cash or by certified or
cashier's check made payable to the order of the City Treasurer. Such deposit
or certified or cashier's check shall be promptly returned to the bidder if his
bid is not accepted. If the successful bidder shall fail or neglect to complete
the purchase of the Bonds in accordance with his bid within forty(40) days after '
the acceptance thereof, the amount of his deposit or certified or cashier's
check shall be forfeited to the City as and for the liquidated damages .
The Gity reserves the right to reject any or all bids submitted and
to waive any informality in the bidding. ff all bids be rejected, the Bonds may
be readvertised for sal� by q� City in the manner herein provided or the City
may proceed to sell the Bonds at private sale .
The Bonds will be furnished by the City and will be sold with the
opinion of Roberts , Shefelman , Lawrence , Gay & Moch, bond counsel of Seattle ,
Washington , approving the legality of the same , all at the expense of the
City, which opinion will be printed on each Bond.
The Bonds will be delivered to the successful purchaser in
Renton, Washington , or Seattle , Washington, at the expense of the
City, or such other place as the purchaser and the City shall mutually agree
upon at the purchaser's expense .
The bids shall be received by the City Clerk of the City of I
Renton at the City Hall, Renton, Washington , until 8:�� o'clock p.m. , on
the 26th day of Mav , 1965 , at which time all bids will be
publicly opened by the said Clerk and considered at the meeting of the City
Council then to be held in the City Hall.
Further information concerning the Bond issue and other
details pertaining to the waterworks utility of the City, including the
sewerage system as a part thereof, may be received upon request made to the
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City Clerk, or from Foster & Marshall Inc. , the City's financial consultant, I�I
at 400 Norton Building, Seattle , Washington , 98104 , II
PASSED by the City Council at a regular meeting thereof,
and APPROVED by the Mayor of Renton, Washington this 26th day of
April , 1965 .
G� , _.. _.__
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Mayor
ATTEST:
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� � �Gity Cler;� i
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; ORM APPRUVED•::
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7/��- �'''�, -� �-�...
!, C3��y Attorn2y
�J�TE �� �l���.l�A�'i�� �;� � '�
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NOTICE OF BOND SALE
CITY OF RENTON, WASHINGTON
$500 ,000.00
WATER AND SEWER REVENUE BONDS , 1965
SEALED PROPOSALS will be received by the City Clerk in the
Council Chambers in the City Hall in Renton , Washington, until 8��� o'clock
p.m. (PDST) on �
May 26 , 1965 �
for the purchase of $500 ,000.00 par value of "Water and Sewer Revenue Bonds ,
� 1965 , °' of the City, at which time all bids.received will be publicly opened,
read and considered by the City Council.
The bdnds will be dated May 1 , 1965 , will be payable , both
principal and in�,erest, in lawful money of the United States of America at the •
office of the Treasurer of the City at the City Hall in Renton , Washington, . �
will be in denominations of $5,000.00 each, will bear interest at an effective .
rate of not to exceed 6% per annum, payable semiannually on the 1 st days of
May and November of each year, and will mature in order of their numbers
as follows: � .
Bond Numbers
� (Inclusive) Amounts Maturities
1 to 3 $15 ,000 May 1 , 1966
4 to 6 $15 ,000 • May 1 , 1967
7 to 9 • $15 ,000 May 1 , 1968
10 to 12 $15 ,000 May 1 , 1969
13 to 15 $15 ,000 May 1 , 1970
� 16 to 18 - $i5 ,000 May 1 , 1971
19 to 21� $15 ,000 May 1 , 1972
22 to 24 $15 ,000 May 1 , 1973
25 to 28 $20 ,000 May 1 , 1974
29 to 3 2 . . $20 ,000 May 1 , 19 75
' 33 to 36 $20 ,000 May 1 , 1976
37 to 40 $20,000 May 1 , 1977 `�
41 to 44 $20,000 May 1 , 1978
45 to 48 $20 ,000 May 1 , 1979
- 49 to 52 , - $20 ,000 May 1 , 1980
53 to 57 `$25 ,000 May 1 , '1981
58 to 62 $25 ,000 May 1 , 1982
63 to 67 $25 ,000 May 1 , 1983
� 68 to 72 $25 ,000 May 1 , 1984
73 to 77 $:25 ,000 � May 1 ; 1985 �
78 to 82 $25 ,000 May 1 , 1986 �
83 to . 88 $30 ,000 ` May 1 , 1987
89 to 94 � . $30 ,000 May 1 , 1988
95 to 100� � $_30,000 May 1 , 1989
;
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The City of Renton has reserved the right to redeem the bonds
as a whole , or in part in inverse numerical order, from moneys derived from
any source other than the proceeds from a refunding bond issue , at the
following percentages of par, if redeemed at the following times , plus
accrued interest to date of redemption in...each case:
Call Date Call Price �
May 1 , 1975 , or November 1 , -1975 102 1/2%
May 1 , 1976 , or November 1 , 1976 102 %
� •. May 1 , 1977 , or November 1 , 1977 101 1/2%
May 1 , 1978 , or November 1 , 1978 101 %
May 1 , 1979 , or November 1 , 1979 100 1/2%
May 1 , 1980 ; or any semiannual interest ,
payment date thereafter 100 % (Par)
The City of Renton has reserved the right.to redeem the bonds '
as a whole , or in part in inverse numerical order, solely from the proceeds of
a refunding bond issue�, at the following percentage of par, if redeemed on the
following dates ; plus accrued interest to date of redemption in each case:
Call Date Call Price
May 1 , 1975 , through April 30 , 1976 102 1/2%
May 1 , 1976 ; through April 30 , 1977 102 %
May 1 , 1977., tYirough April 30 , 1978 101 1/2% ,
May 1 , 1978 , through April 30 , 1979 101 %
May 1 , 1979., through April 30 , 1980 100 ,1/2% `
May 1 , 1980 , or at any time thereafter 100 % (Par)
Each bidder shall seal his bid in an enevelope with a good ,
faith deposit in the form of a certified or cashier's check made payable to
the Treasurer of the City of Renton, Washington, in the sum of at least
2% of the principal amount of the bonds. If the successful bidder shall fail
or neglect to complete the purchase of the bonds in accordance with his
bid within �.0 days following the acceptance thereof and the bonds are .
ready for delivery, the amount of his deposit shall be forfeited to the City.
No bid agreeing to pay less than 98% of par value of the
� bonds will be considered. One or more rates of interest may be fixed for
the bonds , which effective rate may not exceed 6% and must be in multiples �
of 1/8 or 1/10 of 1%., or both. Not more than one rate may be fixed for any
one maturity.
All bids, shall sta#e the total amount of the coupon interest
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over the life of the bonds and the net interest cost to the City, which shall
be computed by .�ieducting. from such coupori interest the premium, if any,
or adding the discount, if any. The bonds will be awarded to the bidder
offering to purchase all of the same at the lowest net interest cost to the
City. Each bid s'hall also state the n�t effective interest rate over the life
of the bonds.
The City reserves the right to reject any and all bids submitted,
and to waive any informalities or irregularities therein.
Printed bonds will be delivered without cost to the purchasers
thereof in Seattle , Washington. Delivery at any other place within the
United States will be made at the purchasers' option and expense.
The opinion of Roberts , Shefelman, I,awrence , Gay & Moch,
municipal bond counsel of Seattle , Washington, approving the legality of
the issuance of said .bonds , will be delivered to the purchasers without cost
and will be printed on the bonds. A no-litigation certificate will also be .
included in the closing papers . �
Copies of the Official Statement relating to the bonds may be
obtained from the City Clerk or from Foster & Marshall Inc. , the City's
financial consultant, at 400 Norton Building, Seattle , Wa shington.
DATED at Renton, Washington, this 26th day of Apxil
,
1965 .
� �
� HELMIE W.. NELSON, G3t�yvClerk ,
Date of Publication - May 12, 1965 •
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