HomeMy WebLinkAboutORD 2780 ,�� � f i
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ORDINAN � N0 . 2780 "
AN ORDINANCE OF THE CITY OF RENTON , WASHINGTON,
FIXING THE TERMS FOR THE RE-PAYMENT OF A CERTAIN
LOAN BY THE STATE OF WASHINGTON ECONOMIC ASSISTANCE
AUTHORITY TO THE CITY OF RENTON FOR A CERTAIN SEWER
AND In1ATERMAIN PROJECT ON HOUSER WAY NORTH, AND' RENTON
HI.GHLANDS (SANITARY SEWERS) AND inTATERMAIN PROJECT
BETWEEN MOUNT OLIVET AND HOUSER WAY NORTH
WHEREAS the City of Renton , Washington, a municipal corporation,
operating as a non-charter Code City , has accepted a loan from the
Washington State Economic Assistance Authority in the amount of
$95 ,000 . 00 to aid the City in the following described project , to-wit :
App. 2280 lineal feet of 24" and app. 1890 lineal feet
of 21" sanitary sewer trunk line between the Renton
Highlands and Houser Way North, and 14:Q0 lineal feet of
16" watermain between Mt. Olivet and Houser Way North,
, and said loan to bear interest at the rate of five percent (.5%) per
annum,
THE CITY C�UNCIL OF THE CITY OF RENTON DO ORDAIN AS FOLLOWS :
SECTION I : It is hereby agreed that the repayment of said loan
shall be scheduled in the following manner :
A. The first payment shall be made one (1) year from the
� date of first disbursement unto the City. Interest
shall be paid annually on the outstanding balance with
the first payment of principal to be made annually
as follows :
, lst year $5 ,000 . 00 of principal
2nd ear $10 ,000 . 00 of principal
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etc.
Total principal $95 ,000 . 00
Thereafter the interest shall be paid annually on the -
unpaid balance along with the principal payments .
B. The City of Renton reserves the right to accelerate payments
on principal and thereby eliminate the interest on any such
accelerated principal payments . ;
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SECTION II : The funds to repay the aforementioned obligation
are to be paid from the City's Waterworks Utility Fund. This obligation
is subordinate to other obligations now outstanding and to any additional
obligations issued on a priority therewith.
SECTION III : The City of Renton , Washington shall establish a
separate fund as provided by law to be known as the "ECONOMIC ASSISTANCE
AUTHORITY FUND" . There shall be sufficient monies placed in this fund
from time to time to meet the abovedescribed repayment schedule. The
source of payment shall be the Waterworks Utility Fund of the City of
Renton, or s.uch additional fund as the City Council may determine from
time to time as provided by law.
� SECTION IV : This Ordinance shall take effect immediately because
the aforementioned project for the installation of water and sewer
mains is necessary for the preservation of the public health , safety
and general welfare of the City of Renton, Washington.
PASSED BY THE CITY COUNCIL this �th day of May, 1973 .
�JL���e�/ ( ./, ,�i' �-�`""`""`-� <-�
Delores A. Mead , 'City C��erk
�APPROVED BY THE MAYOR this 7th day of May , 1973 .
t .� .l/C.P,��.
Av�y Garret�, M�.yor
Ap ved as to' form:
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G�'rard M. Shellan, City Attorney
Date of Publication: May 11, 1973
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