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HomeMy WebLinkAboutORD 2643 � • • - -i.: .;' "—a� '; . � e5 . . . , � , CITY OF RENTON, VdASHINGTON ORDINANCE NO. ��� AN ORDINANCE of the City of Renton, Wash-- ington, fixing the amount, form, date, maturity and denominations of Local Improvement District No. 263 bonds , and providing for the public sale of such bonds . WHEREAS, pursuant to Ordinance No. 2506 passed by the City Council and approved by the Mayor on October 6, 1969 , the construction and installation of certain sanitary sewer lines and appurtenances thereto in the Kennydale area located within and without the city limits of the City of Renton, Washington, were ordered to be carried out and Local Improvement District No. 263 was established and created for the purpose of assessing the entire cost and expense of such improvement against the properties specially benefited thereby included in such local improvement district; and WHEREAS , a Loan Agreement was made between the Department of Housing and Urban Development (hereinafter called the "Government'°) and the City of Renton, Washington, in the form of an offer dated February 5 , 1970 , and an acceptance dated March 16 , 1970, providing ' for the conditions , terms and specifications for the issuance of local improvement bonds of such local improvement district� and WHEREAS , by Ordinance No. 2620 passed by the City Council and approved by the Mayor on March 8, 1971, the assessments and assessment roll of Local Improvement District No. 263 were approved and confirmed; NOW, THEREFOREo BE IT ORDAINED BY THE MAYOR AND CITY COUNCIL OF THE CITY OF RENTON, WASHINGTON, as follows : Section 1. The total amount of the assessment roll in Local Improvement District No. 263 in the City of Renton, Washington, created under Ordinance No. 2506 was $379 , 176 . 96 . The 30--day period . . . ' � � ' • . • . , . � , . , . ..�' for makinq cash payments af assessments without interest in �he District expired on April 19 , 1971, and the total amount of assessments paid in cash was $86 ,003 . 42 , leaving a balance of assessments unpaid on the assessment roll in the sum of $293,I73 . 54 . City of Renton Local Improvement District No. 263 Bonds shall, therefore, be issued in the total principal sum af $293,173.54. Band No. 1 of this issue shall be in �he amaunt of $1,173 . 54 and the remaining bond� numbered 2 to 293, inclusive, shall be in �he denomination af $1,000 .Od each. I The bands shall be registrable at the aption of the holder� as to I principal only. The bonds shall be dated June l, 1971, and shall be payable June 1, 19$3� with the righ�. re�erved to the City to redeem � I i the bonds at par prior to maturity on any interest payment date in numerical arder, lowest numbers first, whenever �.here shall be i sufficient money in the Lacal Improvement Fund, District No. 263 created by Ordinance No. 2506 passed on October 6, 1969 , ta pay the bonds so called and all earlier numbered bonds over and above the amaunt required for the payment o� the interest on. all unpaid bonds by publishing notice of such ca11 once in the affi.cial newspaper of i io to the call date, the Ci�y not less than 30 nor mare than 45 days pr r and upon such date the interest on the bonds sa called shall cease and each and every coupon representing interest not accrued on such date shall be void; provided that, if the Government purchases any of the bonds and so lang as any of such bonds remain in it� possession, it will waive the above requirements for redemgtion on any interest payment date and far the publicatian of natice, provided that the date of redemption is established as of the first day of the manth and �hat the natice of redemp�.ion is mail.ed to the Government under postmark no later than �he lOth day of the mon�.h preceding such redemption date. The bonds shall bear interest at such rate as shall hereafter be determined, not exceeding 5�3/8o per annum, a�ter the public sale � af sueh bonds , payable annuaily, beginning June l, I972 , to be represen�ed by interest coupons to maturity attached to each band. i -2- � � � -a .�,. .1 � ~ ♦ • I In the event that the Government is awarded the bonds , the City at the option of the Government shall issue a single bond with a face value of $293,173 . 54 in lieu of individual denomination bonds . Such single bond shall be registered as to principal and interest and payable as directed by the Government, but otherwise conforming to the requirements of the bonds . The City covenants ' that upon request of the holder of the single bond it shall issue at its own expense and within 90 days from the date of such request negotiable bearer coupons bonds in the denominations of $1, 000 . 00 I ($1,173 . 54 for Bond No. 1) hereinbefore described in an aggregate amount equal to the amount of the single bond still outstanding. The printing of text of the single bond shall be of type composition, on paper of sufficient weight and strength, to prevent deterioration � throughout the life of the loan. The single bond shall conform in size to standard practice and contain the approved maturity date for payment of principal. Section 2 . If bearer coupon bonds are issued, each of such bonds and interest coupons attached thereto shall be in subst�ntially the following form: No. $1,000 . 00 ($1,173 .54 on Bond No. 1) UNITED STATES OF AMERICA 5TATE OF WASHINGTON CITY OF RENTON LOCAL IMPROVEMENT DISTRICT NO. 263 BOND . o N.B. The laws of the State of Washington under which this bond is issued contain the following section (RCW 35. 45. 070) : "Neither the holder nor owner of any bond, interest coupon, or warrant issued against a locaT improvement fund shall have any claim therefor against the city or town by which it is issued, except for payment from the special assessments made for the improvement for which the bond or warrant was issued and except also for payment from the local improvement guaranty � fund of the city or town as to bonds issued after the creation of a local improvement guaranty fund -3- • • • -- ,�. ., � • � . . of that city or town. The city or town shall not be liable to the holder or owner of any �bond, interest coupon, or warrant for any loss to the local improvement guaranty fund occurring in the lawful operation thereof. A copy of the foregoing part of this section shall be plainly written, printed or engraved on each bond. " KNOW ALL MEN BY THESE PRESENTS : That the CITY OF RENTON, WASHINGTON (herein sometimes called the "City") , a municipal corporation of the State of Washington, for value received promises to pay to bearer, the sum of ONE THOUSAND DOLLARS � ($1,173 .54 on Bond No. 1) in lawful money of the United States of America, with interest thereon at the rate of PERCENT ( %) per annum, payable annually out of the fund established ' by Ordinance No. 2506 of the City and known as "Local Improvement Fund, District No. 263 , " and not otherwise , except from the guaranty fund, as herein provided. Both principal of and interest on this bond are payable at the office of the Treasurer of � the City. �, Coupons are hereto attached for each installment of interest to accrue hereon, and interest shall be paid only on presentation and surrender of such coupons to the City Treasurer. The City Council of the City, as governing body of such Local Improvement District No. 263, established by Ordinance No. 2506 , has caused this bond to be issued in the name of the City as the bond of such local improvement district, the bond or the proceeds thereof to be used to pay so much of the cost and expense of the improvement consisting of the construction and installation of certain sanitary sewer lines and appurtenances thereto in the Kennydale area located within and without the city limits of the City of Renton, Washington, as is provided by Ordinance No. 2506 , as is levied and assessed against the property included in the local improvement district and benefited by that improvement, and the "Local Improvement Fund, District No. 263 , " has been established by Ordinance No. 2506 for that purpose. The holder or holders of this bond shall look only to that fund and to the Local Improvement Guaranty Fund of the City for the payment of either the principal . of or the interest on this bond. This bond is one of an issue of 293 bonds aggregating in all the principal sum of $293, 173 . 54 , issued for Local Improvement District No. 263, all of which bonds are subject to the same terms and conditions as herein expressed. This bond is payable on June 1, 1983 , but is subject to call by the City Treasurer for prior redemption whenever there shall be sufficient money in the "Local Improvement Fund, District No. 263 , " to pay the same -4- ' • " w • . ., • ' .a . . and all unpaid bonds of the issue of which this bond is one, which are prior to this bond, in numerical order, over and above amounts sufficient for the payment of the interest on all unpaid bonds of this issue. The call for payment of this bond, or any bond of this issue of which this is one, shall be made by the City Treasurer by publishing the same once in the official newspaper of the City not less than 30 nor more than 45 days prior to the call date, and when such call is made for the payment of this bond, it will be paid on the day the next interest coupon thereon shall become due after that call and upon that day interest upon this bond shall cease and any remaining coupons shall be void. IT IS HEREBY CERTIFIED, Recited and Declared that all acts, conditions and things required to be done precedent to and in the levying of such special taxes or assessments and the issuing of these bonds have been properly done, have happened and have been performed in regular and due form, as required by law, and that these bonds have not �been issued in an amount in excess of the cost of the improvement. IN WITNESS WHEREOF, the City of Renton, Washington, has caused this bond to be signed by its Mayor and attested by its City Clerk, and its corporate seal to be hereto affixed, and the interest coupons attached to be signed with the facsimile signatures of those officials this lst day of June, 1971. CITY OF RENTON, W SHINGTON BY�.,G�.�,.d/ � N�yo'r ATTE5T: City Clerk COUPON FORM Coupon No. $ I ($ on Bond No. 1) On the FIRST DAY OF JUNE, 19 , the CITY OF RENTON, WASHINGTON, promises to pay to bearer at the office of the City Treasurer the sum shown hereon, this sum being twelve months ' interest due that day on Bond No. of the bonds of Local Improvement District No. 263 and not otherwise, provided that this coupon is subject to all terms and conditions contained in the bond to which it is annexed and, if that bond shall be called for payment before maturity hereof, ! this coupon shall be void. CITY OF RENTON, WASHINGTON By (facsimile signature) Mayor -5- _ ._ � '. • . �- ,. . • � " � � : . local improvement guaranty fund occurring in the lawful operation thereof. A copy of the foregoing part of this section shall be plainly written, printed or engraved on each bond. " KNOW ALL MEN BY THESE PRESENTS: That the CITY OF RENTON, WASHINGTON (herein sometimes called the "City") , a municipal corporation of the State of Washington, ,promises to pay to the Secretary of Housing and Urban Development, United States of America, or his successor (herein sometimes called the "Payee") or his registered assigns (herein sometimes called the "Alternate Payee") , the principal sum of TWO HUNDRED NINETY-THREE THOUSAND, ONE HUNDRED SEVENTY-THREE AND 54/100THS DOLLARS in lawful money of the United States of America, with interest thereon at the rate of FIVE AND THREE-EIGHTHS PERCENT (5-3/80) per annum, payable annually out of the fund established by Ordinance No. 2506 of the City and known as "Local Improvement Fund, District No. 263, " and not otherwise, except from the guaranty fund, as herein provided. During the time the Payee is the registered. owner of this bond, payment of the principal installments and interest due shall be made at the Federal Reserve Bank of Richmond� Richmond, Virginia, or such other fiscal agent as the Payee shall designate (herein called the "Fiscal Agent") . During such time as the Alternate Payee is the registered owner hereof, such payments shall be made at the office of the Treasurer of the City of Renton, Washington. Payments of principal and interest� including prepayments of installments of principal as hereinafter provided, shall be noted on the Payment Record made a part of this bond, and if payment is made at the office of the �iscal Agent, written notice of the making of such notations shall be promptly sent to the City at the office of the City Treasurer in Renton, Washington, and such payment shall fully discharge the obligation of the City hereon to the extent of the payments so made. Upon final payment of principal and interest this bond shall be submitted to the City Treasurer at Renton, Washington, for cancellation. The City Council of the City, as governing body of such Local Improvement District No. 263, established by Ordinance No. 2506 , has caused this bond to be issued in the name of the City as the bond of such local improvement district, the bond or the proceeds thereof to be used to pay so much of the cost and expense of the improvement consisting of the construction and installation of certain sanitary sewer lines and appurtenances thereto in the Kennydale area located within and without the city limits of the City of Renton, Washington, as is provided by Ordinance No. 2506 , as is levied and assessed against the property included in the local improvement district and benefited by that improvement, and the "Local Improvement Fund, District No. 263, " has been established by ordinance for that purpose. The holder or holders of this bond shall look only to that fund and to the Local Improvement Guaranty Fund of the City for the payment of either the principal of or the interest on this bond. -7- This bond is issued in the aggregate principal amount of $293 ,173. 54 . As provided in Ordinance No. � of the City, this bond is exchangeable at the sole expense of the City at any time upon 90 days notice at the request of the registered owner hereof and upon surrender of this bond to the City at the office of the City Treasurer in Renton, Washington, for negotiable coupon bonds payable to bearer, registrable at the option of the holder as to principal only, of the denomination of $1,000 . 00 each, except that Bond No. 1 shall be in the amount of $1,173 . 54 , in an aggregate principal amount equal to the unpaid principal amount of this bond, and in the form of such coupon bond as provided for in Ordinance No. ���� This bond is payable on June 1, 1983 , but the City reserves the right to prepay at any time the entire unpaid principal hereof, or from time to time may prepay such lesser portion in multiples of $1,000 .00 as the City may determine of the unpaid principal , amount thereof, plus accrued interest to the date of such prepayment. Notice of any such optional prepayment shall be given at least 30 days prior to the prepayment date by mailing to the registered owner of this bond a notice fixing such prepayment date and the amount of principal to be prepaidP provided that so long as the Payee is the holder of this bond, notice of prepayment sha.11 be mailed to the Payee under postmark no later than the lOth day of the month preceding such redemption date, and such redemption date shall be as of the first day of a month. This bond may be assigned, and upon such assignment the assignor shall promptly notify the City at the office of the City Treasurer at Renton, Washington, by registered mail, and the Alternate Payee shall surrender the same to that City Treasurer either in exchange for a fully registered bond or for transfer on the registration records and verification of the endorsements made on the Payment Record attached hereto of the portion of the principal amount hereof and interest hereon paid or prepaid, and every such assignee shall take this bond subject to such condition. It is hereby certified and declared that all acts , conditions and things required to be done precedent to and in the issuance of this bond have been properly done, have happened and have been performed in regular and due form, time and manner 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 City Clerk, and its corporate seal to be hereto affixed, this lst day of June, 1971. CITY OF RENTON, WASHINGTON B.y Ma r ATTE5T; Ji�+�,�A� City Clerk � '�� -8� � . . �. .. ,, � • ' _ , . . � . CERTIFICATE OF CITY 'TREA'SURER This bond is the single registered installment bond described in the within-mentioned bond resolution. City Treasurer of Renton, Washington (FORM OF PAYMENT RECORD) PAYMENT RECORD Principal Interest Name of Paying Agent Principal Balance Payment Date Authorized Official Payment Due (5-3/80) Paid and Title ASSIGNMENT FOR VALUE RECEIVED, the undersigned registered owner thereof hereby sells , assigns and transfers the within bond unto . Dated: In the presence of: I (as provided in the within bond, notice of any assignment hereof shall be given by the assignor by registered mail to the City of Renton at the office of the City Treasurer, Renton, Washington; and, upon receipt of such notice, the bond shall be registered as to both principal and interest on the registration books in the name of the assignee named above. ) Section 4 . The bonds shall be signed by the Mayor and attested by the City Clerk, and shall have the seal of the City of Renton affixed thereto, and the interest coupons (if any) attached to the bonds shall be signed with the facsimile signatures of the Mayor and City Clerk. Section 5. The City Clerk is hereby authorized and directed to publish at least 15 days prior to the sale date hereinafter provided in The Bond Buyer, financial newspaper of national circulation, at -9- ' ' !.\ � .� - , ^ y•, � • � . � least once inviting sealed proposals to be received by the City Council for the purchase of all or any of the hereinafter designated blocks of such bonds , such proposals to be received by the City Clerk at her office in the City Hall until � o'clock p.m. (PDST) on August 16 , 1971, at which time they will be publicly opened and considered by the City Council at its regular meeting to be held in the Council Chambers in the City Hall at such time and place. Bids will be accepted for the following blocks of bonds : (1) Bonds numbered 1 to 100 , inclusive; (2) Bonds numbered 101 to 200 , inclusive; (3) Bonds numbered 201 consecutively upwards ; (4) The entire issue. Bids for the entire bond issue will be accorded pereference over bids for individual blocks except where the sum of the bids for all of the individual and/or combined blocks result in a lower net interest cost for the entire issue. Bids for combined blocks less than the entire issue will be accorded preference over bids for individual blocks except where the sum of such individual blocks results in a lower net interest cost for the maximum number of maturities . Such notice shall provide that the City will 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. Section 6 . This ordinance shall be in full force and effect from and after its passage, approval and legal publication. PASSED BY THE CITY COUNCIL this 12th day of July, 1971. I � . Helmie Nelson, City Clerk APPROVED BY THE MAYOR this 12th day of JulyP 1971. � Avery Gar t, Mayor A PROVED AS TO FO' s: 1 ,c� � (.�--� .�---- � G�rald M. Shellan, City Attorney PUBL,tCATION DAT� ��, 16 � �L 2 3 i o� [��co R.�j C N�i�t 1 C,L, �.