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Home My WebLink AboutORD 2683 I ' I ♦ . • ��ir;�^ � ' �� . .� ' 5 . � ' p • � I CITY OF RENTON, WASHINGTONII ORDINANCE NO. 2683 AN ORDINANCE of the City of Renton, Washington, providing for the issuance and sale of $300 ,000 .00 par value of "Limited General Obligation Bonds, 1972 , " of the City to provide a part of the funds with which to pay the cost of acq '�uiring land for and developing the City' s so-called Lake Washington Beach Park; specifying the maturities and fixing the form and maximum effective interest rate of such bonds; establishing a "Limited General Obliga- I tion Bond Fund, 1972" ; and providing for the sale of such bonds . ' WHEREAS , pursuant to Ordinance No! 2509 , passed by the City Council and approved by the Mayor on O�tol�er 6 , 1969 , the City , authorized the acquisition of certain described properties located within the corporate limits of the City as a part of the City's Comprehensive Plan and design for the construction and development i of additional recreational facilities� including parks , playgrounds, i beach and similar purposes and facilities, said properties to be acquired as a part of the City 's so-called iake Washington Beach Park, and the City does not have available sufficient funds to pay the cost of acquiring such properties and developing the same as a public park and is in need of the additional sum of $300 ,000 .00 to pay a part of the cost thereof; and WHEREAS , the assessed valuation of�� the taxable property of the City as ascertained by the last preceding assessment for City purposes for the calendar year 1972 is $320 ,'943 ,759 . 00, and the I City has outstanding general indebtedness of $1,280 ,000 . 00 hereto- fore issued within the� former limit of up to! 1-1/2% of the assessed value of the taxable property within the City permitted for general municipal purposes without a vote of the qualified voters therein azd the City also has outstanding $265,000 .00 of� general indebtedness ! issued pursuant to a vote of the qualified voters therein within _ �I I i . , . ' * 'I � , , . , i , . the former limit of from 1-1/2% to 5% of the assessed value of the I taxable property within the City and the amount of indebtedness for which bonds are herein authorized to be issued is $300 ,000 .00 ; NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF RENTON, WASHINGTON, DO ORDAIN, as follows : f I Section l. The City of Renton shall borrow money on the . � credit of the City and issue negotiable general obligation bonds I evidencing such indebtedness in the amount If $300 ,000 .00 to provide �I a part of the funds to pay the cost of acquiring certain properties i as described in Ordinance No. 2509 , passed by the City Council and approved by the Mayor on October 6 , 1969 , arid developing the same as a part of the City ' s so-called Lake Washington Beach Park and to pay the cost of the issuance of the general obligation bonds herein ' authorized. Such general indebtedness to be incurred shall be within I the limit up to 3/4 of 1% of the value of the taxable property within the City permitted for general municipal purposes iaithout a vote of ' the qualified voters therei.n-. _ I Sectiori 2. The bonds shall be called '°Limited General Obligation Bonds, 1972 , " of the City of Renton, Washington, shall be dated February 1, 1972 , shall be in denominations of $5,000 .00 . � each, shall be numbered from 1 to 60 � inclusive, and shall bear interest at an effective rate not to exceed 8o per annum, payable semiannually on February 1 and August 1 of each year, as evidenced by coupons attached to the bonds representing i;nterest to maturity with � full obligation on the part of the City to p�lay interest at the bond rate, from and after maturity, until the bonds, both principal and f interest, are paid in full. Both principal ;and interest are to� be paid in lawful money of the United States ofj America at the office of the City Treasurer of Renton, Washington. T'�he bonds shall mature I serially in order of their numbers on Februalry 1 in the years and amounts as follows : I -2- , i � � � �s ' • • � � 'I � � , ' � Years Amounts 1974 $25, 000 1975 30, 000 1976 30, 000 1977 30, 000 1978 35, 000 1979 35, 000 1980 35, 000 1981 �0, 000 1982 40,000 Section 3. The bonds shall be issued without the right or � option of the City to redeem the same prior , to their stated maturity I I dates . i , Section 4 . The City of Renton hereby irrevocably pledges , i i itself to levy taxes annually, within the cinstitutional and statutory � i tax limitations provided by law, upon all property in the City subject � i� to taxation in an amount sufficient to pay the principal of and � interest on the bonds as the same shall accrue, and the full faith, ' credit and resources of the City are hereby irrevocably pledged for the payment of the principal of and interesti on such bonds . Section 5. The bonds shall be substantiall in the followin Y 5 form: � No. $5,000 .00 I UNITED STATES OF AMERICA ' . 'I STATE OF WA5HINGTON I I CITY OF RENTON LIMITED GENERAL OBLIGATION BOND, '�1972 0 KNOW ALL MEN BY THESE PRE5ENT5 : That the City of Renton, Washington, is justly ihdebted to and � for value received hereby promises� to pay to bearer I on the FIRST DAY OF FEBRUARY, 19 ,, the sum of , FIVE THOUSAND DOLLARS i together with interest thereon at the rate of PERCENT ( o) per annum, payable semiannually on February 1 and August 1 of each year, interest to maturity being evidenced by and payable upon the presentation and surrender of the attached interest coupons as they severally become due, with full obYigation on the part of the City to pay interest at thelsame rate from and i after the maturity date; in the absence of coupons , until this bond with interest is paid in full. This � bond is payable , both principal and interest, in lawful j money of the United States of America at the office I of the City Treasurer of the City of Renton, Washington. ', -3- i ' i This bond is one of a total issue of $300,000 .00 par value of bonds , all of like d�te, tenor and effect, except as to maturities (and interest rates if more than one interest rate is bid) , issued by the City of Renton for general municipal purposes , to-wit, for the purpose of providing a part of the ' funds with which to pay the cost of acquiring land , for and developing the City' s so-called Lake Wash- ington Beach Park, and is issued in full compliance with the ordinances of the City of Renton and the laws and constitution of the Stat'e of Washington. This bond is is.sued without the right or option of ! the City to redeem the same prior to its stated maturity date. The City of Renton hereby irrevocably pledges itself to levy taxes annually, within the constitutional and statutory tax limitations provided by law, upon all property in the City subject to taxation in an amount sufficient to pay the principal of and interest on the bonds of this issue as the same shall accrue, and the full faith, credit and resources of the City are hereby irrevocably pledged for the payment of the principal of and interest on said bonds . It is hereby certified that alll� acts, conditions and things required to be done precedent to and in the issuance of this bond have been done, have happened and have been performed as required by law, and that the total indebtedness of the City, including this bond issue, does not exceed any constitutional or statutory limitations . IN WITNESS WHEREOF, the City oflRenton, Washington, has caused this bond to be signed by the facsimile signature of its Mayor and attested by the manual signature of 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 first day of February, 1972 . � CITY OF RENTOi, WASHINGTON By (facsimile sigriature) Mayor ATTEST: ' City Clerk The form of the interest coupons s�hall be substantiallya6 follows : � Coupon No. I $. On the FIRST DAY OF (FEBRUARY) (AUGUST) , 19 , the CITY OF RENTON, WASHINGTON, upon presentation and -4- I � � • i . . � � • , • � . �- 'a .. . • • I . , that bids for the purchase of the bonds shall be received by the City Clerk of the City of Renton in the Council Chambers of the City �,e.��L�c� J �%�Y � Hall on �a.�iudry , , up to 8 : 00 o clock p.m. (PST) , at which time all bids will be publicly opened for the purchase of the bonds and considered by the City Council at a meeting thereof then to be held. , A copy of the notice shall, at le 'Ist three weeks prior to the date fixed for the sale, be mailed to the State Finance Committee, Olympia, Washington. � � Bids shall be invited for the purchase of the bonds with fixed maturities in accordance with the schedule specified in Section 2 hereof. 1 � The notice shall specify the maximum effective rate of i interest the bonds shall bear, to-wit, 8% per annum, and shall require bidders to submit a bid specifying: (a) The lowest rate or rates of interest and premium, if any, above par at which the bidder will purchase the bonds ; or (b) The lowest rate or rates of interest at which the bidder will purchase �the bonds at par. Coupon rates shall be in multiples of 1/8 or 1/10 of lo , or both. No more than one rate of interest may be fixed for any one maturity. Only one coupon will be attached to each bond for each installment of interest thereon, and bids providing for additional or supplemental coupons will be rejected. The maximum differential � between the lowest and highest coupon rates ,named in any bid shall . - not exceed 20. I For the purpose of comparing the bids only, the coupon rates bid being controlling, each bid shall state the total interest cost over the life of the bonds and the net effeC,tive interest rate of the � i bid. The bonds shall be sold to the bidder making the best bid, subject to the right of the City Council of the City of Renton to reject any and all bids and to readvertise the boncls for sale in the -6- I I , , - � -t - ' ' . . . . . I I manner provided by law, and no bid for less , than all of the bonds shall be considered. i All bids shall be sealed and, except the bid of the State of Washington, if one is received, shall beiaccompanied by a deposit i of $15 ,000 . 00 . The deposit shall be either � cash or by certified or cashier's check made payable to the City Treasurer of the City of Renton and shall be promptly returned if the bid is not accepted. If the bonds are ready for delivery and thelsuccessful bidder shall fail and neglect to complete the purchase of the bonds within forty days following the acceptance of his bid, the amount of ,his deposit shall be forfeited to the City of Renton and in that event the � I City Council may accept the bid of the one n�aking the next best bid. i If there be two or more equal bids for not less than par plus accrued interest and such bids are the best bids reieived, the City Council shall determine by lot which bid will be accepted. The bonds will be delivered to the successful bidder at the office of the Treasurer I of the City of Renton, or in the City of Seattle, at the City's expense, or at such other place as the Treas,urer and the successful bidder may mutually agree upon at the purchaser ' s expense. A no- � litigation certificate in the usual form will be included in the closing papers . Any bid presented after the hour specified for the receipt of bids will not be received and any bid not; accompanied by the required bid deposit at the time of opening ,such bid will not be read or considered. � i The City Clerk of the City of Rent�on shall, be and is hereby authorized and directed to publish notice for the purchase of the bonds in the manner required by law ii accordance with the provisions of this section. Such notice sha11 provide that the City of Renton will cause the bonds to be printed� or lithographed and signed and will furnish the approving legal Ipinion of Messrs . Roberts , Shefelman, Lawrence, Gay & Moch� municipal bond counsel of I I _7_ ' ` • il . . . , , �x` . . . �, � - �I � Seattle, Washington, covering the bonds without cost to the purchaser, said opinion also being printed on each bond. Such notice shall also provide that further information regarding the details of such bonds may be received upon request made to the Ci�y Clerk or to Seattle- I Northwest Securities Corporation, the City 's financial consultants , I at 1000 Logan Building, 500 Union Street, Seattle, Washington. I Section 9 . This ordinance shall take effect and be in I � force from and after its passage, approval and publication as� provided by law. 'I PASSED BY THE CITY COUNCIL this 13th day of December, 1971 , at a regular open public meeting thereof. , �Gwen , _,rshall, Deputy City Clerk APPROVED BY THE MAYOR this 13th d��ay of December, 1971. � .� ,� � �i��--- ry Garre , ayor - � � Approved as to form: �I �,� �� G�rard M. Shellan, City Attorney � � � �y 7a-- Date of Publication: • �I I � � I ' I -8- p � . _ ._ . . - - I , . 'i . . ;� � � . . , . � I. , , I I , Gwen Marshall, Deputy City Clerk of 'the City_ of Renton, _ Washington, hereby certify that the attache�ld copy .of Ordinance No. I 2683 is a true and correct copy of the original ordinance passed on the 6th day of. December, 1971, as that ordinance appears on the Minute Book of the City. � � DATED this 13th day of December, 1971. '� �� Gwen,�larshall, Deputy City Clerk . % �I � � I I � �I � � , I I - � I . i i �