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HomeMy WebLinkAboutORD 2930 �� , c .. ,v:: ,+• . .� - , . . _. , . ' s , -' ;��. �.�, y�� . . . � sl . . CITY OF RENTON, WASHINGTOPN ORDINANCE N0. 2930 AN ORDINANCE specifying and adopting a system or plan of additions to and betterments and ' extensions of the waterworks utility of the City of Renton, including the sewerage system • as a part thereof; declaring the estimated cost thereof as nearly as may be; providing for the issuance of $3 ,000 ,000 .00 par value of "City of Renton Water and Sewer Revenue Bonds, 1975, " to obtain a part of the funds with which to pay the costs of such system or plan; fixing the date, • form, denomination, maturities, terms and covenants of such bonds; creating a special fund to provide for the payment of such bonds; and providing for the calling of bids for the sale thereof. WHEREAS, by Ordinance No. 1156, as amended by Ordinances Nos. 1157 and 1173 , the sewerage system of the City of Renton has become and is considered a part of the waterworks utility of the City, which utility is in need of certain additions, improvements and extensions in order to provide the City's inhabitants and people - living in the vicinity thereof with an ample supply of potable water for all purposes and an adequate system for the collection and disposal. of sanitary sewage; and WHEREAS, the City of Renton has heretofore issued under date of March 1, 1953, $315,000.00 par value of "City of Renton Water and Sewer Refunding and Improvement Revenue Bonds, 1953," pursuant to Ordinances Nos. 1450 and 1452, 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 1, 1959 , $750 ,OQ0. 00 par value of "City of Renton Water and Sewer Revenue Bonds, 1959 , " pursuant to Ordinance No. 1766 , and, under date of May l, 1965, $500,000.00 par value of "City of Renton Water and Sewer Revenue Bonds, 1965, " pursuant to Ordinance No. 2151, and, under date of December 15, 1965, $545,000.00 par value of "City of Renton Water and Sewer Revenue Refunding Bonds, 1965 , " pursuant to Ordinance No. 2195, for the purpose of refunding, redeeming and retiring on July l, 1974, all of the then outstanding "City of • ,�� ;� , � ` , . . . � • ' � �_ . . .' , • � � . , , �• Rer�ton Water and Sewer Revenue Bonds, 1959 ," which bonds were issued on a parity of lien with said then outstanding "City of Renton Water and Sewer Refunding and Improvement Revenue Bonds, 1953, " and with each other pursuant to the provisions of Section 15 of said Ordinance No. 1450 , said parity issues of bonds being a first lien and charge � upon the gross revenues from the combined water and sewerage systems of the City, excluding charges for maintenance and operation, except that all of said "City of Renton Water and Sewer Refunding and Improvement Revenue Bonds, 1953," have now been paid and retired; and WHEREA5, by said Section 15 of Ordinance No. 1450 , 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 then outstanding "City of Renton Tr�ater and Sewer Refunding and Improvement Revenue Bonds, 1953," the "City of Renton Water and Sewer Revenue Bonds, 1954," the "City of �Renton Laater and Sewer Revenue Bonds, 1965," and the "City of Renton Water and 5ewer Revenue Refunding Bonds, 1965," 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 � Refiznding 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 requirements 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 shall 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 _2_ � � . o. s . , * � . . . • � • ' a �. . � ` � , � M � i� � ' . 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 have been made to date hereof into the "Renton 1954 Water and Sewer Revenue Bond Redemption Fund" by Ordinance No. 1489, into the "Renton 1965 Water and Sewer Revenue Bond Redemption Fund" by Ordinance No. 2151 and into the "Renton Refunding Water and Sewer Revenue Bond Redemption Fund" by Ordinance No. 2195 have been B rr Barnes of CH2M Hill Inc. an en ineer ex erienced made and that a , g p r Y in municipal utilities, will certify, after the interest rates on the proposed additional bonds have been determined, that said revenues o era e re uirement and rior to the are sufficient to meet the 1.5 c v g q p issuance and delivery of such proposed additional bonds his certificate to such effect must be on file with the City Clerk, and that provision is hereinafter made for the setting aside of the required amount into a .reserve fund or account; NOW, THEREFORE, BE IT ORDAINED BY THE MAYOR AND CITY COUNCIL OF THE CITY OF RENTON, WASHINGTON, as follows: Section 1. As used in this ordinance the following words shall have the following meanings: (a) The word "City" shall mean the City of Renton, Washington, a duly organized and existing noncharter code city under the laws of the State of Washington. (b) The words "Waterworks Utility of the City" shall mean the combined water and sewerage systems of the City as the same may be added to, improved and extended for as long as any of the Outstanding Parity Bonds, the Bonds and any Future Parity Bonds are outstanding. • (c) The words "Outstanding Parity Bonds" shall when used hereinafter be deemed to collectively include all of the outstanding -3- . , ��� - • � ' ` . ' � . ' , � w. ,, r y . � ' � . "City of Renton Water and Sewer Revenue Bonds, 1954," issued under date of September l, 1954, pursuant to Ordinance No. 1489 , the outstanding "City of Renton Water and Sewer Revenue Bonds, 1965, " issued under date of May 1, 1965 , pursuant to Ordinance No. 2151 and the outstanding "City of Renton Water and Sewer Revenue Refunding Bonds, 1965," issued under date of December 15, 1965 , pursuant to Ordinance No. 2195. (d) The words "Bonds" shall mean the $3 ,000.000 .00 par value of "City of Renton Water and Sewer Revenue Bonds, 1975, " authorized by and to be issued for the purposes provided in and pursuant to this ordinance. (e) The words "Future Parity Bonds" shall mean al1 water and sewer revenue bonds of the City issued after the date of the issuance of the Bonds and having a lien and charge upon the gross revenues of the Waterworks Utility of the City on a parity with the lien and charge upon such gross revenues for the Outstanding Parity Bonds and the Bonds for the payment of the principal thereof and interest thereon. (f) The words "Bond Fund" shall mean that special fund of the City known as the "Renton 1975 Water and Sewer Revenue Bond I Redemption Fund" created by this o�dinance for the payment of the principal of and interest on the Bonds. I (g) The words "Principal and Interest Accoux�t" shall mean the account of that name created in the Bond Fund by this ordinance for the payment of the principal of and interest on the Bonds. (h) The words "Reserve Account" shall mean the account of that name created in the Bond Fund by this ordinan.ce for the purpose of securing the payment of, the principal of and interest on the Bonds. Section2. The City hereby specifies and adopts a system or plan for making additions to and extensions and betterments of the Waterworks Utility of the City (herein defined as the "Plan of Additions , -4- -- , -__ _ _ _ . a . ��• . . � � • ) ' ( , . • � ' i ! and Betterments") as more particula:�ly set forth in the "1975 Sewer and Water Bond Issue Projects" markzd Exhibit A, attached hereto, and by this reference incorporated zerein. ' There shall be included i:� the foregoing the acquisition and installation of all necessary v�lves, fittings, couplings, connections, equipment and appurtenances and the acquisition of any easements and rights-of-way and lan�s 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 the foregoing construction • and installation. The City Council may modify the details of the foregoing Plan of Additions and Betterments hhere in its judgment it appears advisable; provided, such modifications do not substantially alter the purposes hereinabove set forth. Section 3 . The estimatec. cost, as near as may be, of the Plan of I�dditions and Bettermer.ts is hereby declared to be $4 ,109 ,062.00 . Section 4 . The cost of �cquiring, constructing and completing the Plan of Additions ar�d Betterments shall be paid from the following sources: � (a) From grants anticipated to be received from the State of V�Tashington, Department of Healtti and Social Services (Referendum No. 27) , in the anticipated amount of $929,062. 00; (b) From a grant antici}>ated to be received from the State of Washington, Department of Ecolo<�y (Referendum No. 26) , in the anticipated amount of $180,000.00; and (c) From the proceeds received from the issuance and sale of $3,000 ,000.00 par value of wate:� and sewer revenue bonds of the City. The� bonds shall be desig:zated "City of Renton Water and � Sewer Revenue Bonds, 1975"' (herein defined as the "Bonds") . The Bonds shall be in denominations of $5,00 �.00 each; shall be numbered from 1 to 600, inclusive; shall be dated July l, 1975; and shall bear _5_ , �� C , , . . • • • � ' ' 1 � • , ' , � ..' . ' � . ' , � interest payable semiannually on January 1 and July 1 of each year, interest to maturity to be evidenced by coupons to be attached to the 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 Director of Finance of the City, or, at the option of the holder, at either fiscal agency of the State of Washington in the Cities of � Seattle, Washington, or New York, New York. The Bonds shall be payable solely out of the special fund hereinafter created; shall be � a valid claim of the holder thereof �only as against such fund and the � fixed amount of the revenues of thejWaterworks Utility of the City pledged to such fund; and shall not �be a general obligation of the City. The Bonds shall mature serially over a period of from 6 to 25 � years from the date of issue in accordance with the following schedule, , to-wit: I Bond Numbers (Inclusive) Amounts Maturities 1 to 5 $ 25,000 July l, 1981 6 to 11 30,000 July l, 1982 12 to 17 30,000 July 1, 1983 18 to 23 30,000 July 1, 1984 24 to 29 30,000 July 1, 1985 30 to 36 35,000 July 1, 1986 37 to 43 35,000 July 1, 1987 44 to 50 35,000 July l, 1988 51 to 74 120 ,000 July l, I989 75 to 106 160,000 July l, 1990 107 to 141 175,000 July 1, 1991 142 to 178 185,000 July 1, 1992 179 to 218 200,000 July l, 1993 219 to 261 215,000 July 1, 1994 262 to 307 230 ,000 July 1, 1995 308 to 357 250,000 July 1, 1996 358 to 411 270,000 July 1, 1997 412 to 469 290,000 July l, 1998 470 to 532 315,000 July l, 1999 533 to 600 340,000 July l, 2000 s Section 5. The City reserves the right to redeem the Bonds as a whole, or in part in inv�rse numerical order, from moneys derived from any source at the folllwing percentages of par, if ; • � � I -6- � , I , � � . : � . . . . . . _ .. � . , . . . �� . , ; . , � -redeemed at the following times, plus accrued interest to date of ', redemption in each case: ' I , Call Date Call Price July 1, 1987, and Januar 1, 1988 $101. 50 July l, 1988 , and January l, 1989 101.00 July l, 1989, and January 1', 1990 100.50 July 1, 1990, or any sem�annual interest payment date thereafter 100 .00 (Par) i 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 ca11 date. Written notice shall also be given to the principal underwriter who purchases the Bonds within the sam� period. In addition, such redemption notice sha11 also be serit to Moody's Investors Service, Inc. , and Standard & Poor' s Corporation, at their offices in New York, New York, but the mailing of such �iotice to such corporations shall not be a condi�tion precedent to the redemption of such 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 fun� hereinafter created. . Section 6 . There shall be and hereby is created and established in the office of the Director of Finance a special fund to be known as the "Renton 1975 Water and Sewer Revenue Bond Redemption Fund" (herein defined ,as the "Bond Fund") , which fund is I ' ci al of � e of a in the rin r the sole ur os p P to be drawn u on fo p P P Y g P ' 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 1 "Reserve Account," and so long thereafter as Bonds are outstanding against the Bond Fund, the Director of Finance of the City shall set aside and pay into the Bond Fund out of the gross revenues of the Waterworks Utility of the City a fixed amount, without regard to any fixed proportion, on or before thelfirst day of each month, namely: (a) Into the "Princip�l .and Interest Account," monthly, beginning on August 1, 1975, 1/6th of the next ensuing six months ' � requirements of interest and beginning on August l, 1980, 1/12th of the next ensuing twelve months' requirements of principal and continuing thereafter un�il both principal of and interest on the Bonds are fully paid; and I �_ `� _. __ � � I . . � _.-- ...._ , . . '� ', ' r' ' 1 ,. • . ' . , • , . (b) Into the "Reserve Account" an amount equal to the average annual principal and interest requirements for the Bonds, such amount to to accumulated in not less than sixty substantially ' equal monthly payments beginning with the month of. July, 1975, until such total reserve requirement is fully accumulated by no later than July l, 1980. The Reserve Account may be accumulated from any other moneys which the City 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 authorized herein, at all times so long as any of the Bonds is 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 from the Reserve Account by the withdrawal of cash therefrom for that purpose. Any deficiency created in the Reserve Account by reason �of any such withdrawal shall then be made up from the moneys from� the revenues of the Waterworks Utility of the City first available after 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, or deposited in institutions permitted by law in an amount in each instance not greater than the amount insured by any depar�ment 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 June 1, 2000. Interest on any such investment or on such bank account shall be deposited in and become a part of the Reserve Account until the total -�- � , i , , • " ,1 *'. ' ` � • r � ' . . , , ' � . � ' � �required reserve sum shall have been accumulated therein, aft�er � • which time such interest shall be deposited in the Principal and Interest Account. � , Section ? . The gross revenues from the combined water I and sewer systems, comprising the Waterworks Utility of the City, are hereby pledged to such payments, arid 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 �, I I said Waterworks Utility of the City+, except that the lien and charge � upon said revenues for the Bonds sh�all be on a parity with the lien � and charge upon such gross revenues� for the Outstanding Parity Bonds and any Future Parity Bonds hereafter issued. I Section 8. In the judgment of the City Council, the I E gross revenues and benefits to be dirived from the operation and maintenance of the Waterworks Utili�y of the City, 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 ald the debt service requirements I of the Outstanding Parity Bonds and� to permit the setting aside in the Bond Fund out of the ross revenues of the entire utilit of � g Y. ; amounts sufficient to pay the inter�st on the Bonds as such interest I becomes payable and to pay and rede�m all of the Bonds at maturity. I The City Council and corporate auth �rities of the City further � hereby declare that in creating theiBond Fund and in fixing the amounts to be paid into the same, as aforesaid, they have exercised due regard for the cost of operatio� and maintenance of the Waterworks Utility of the City and the debt se�vice requirements of the presently Outstanding Parity Bonds, and the C' ty has not bound and obligated itself to set aside and pay into the Bond Fund a greater amount or proportion of the revenues of the said utility than in the judgment I of the City Council will be available over and above such cost of maintenance and operation and debt s'�rvice requirements of said Outstanding Parity Bonds, and that nio portion of the revenues of the � -9- � , _ , � . � � , . �Waterworks Utility of the City has � been previously pledged for any other indebtedness, except for thelpayment of the presently Outstanding Parity Bonds. 5ection 9. The City hereby covenants and agrees with , the owner and holder of each Bond at any time outstanding as follows: I (a) 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 I 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 interest, of the Bonds and the Out- standing Parity Bonds after deducting costs of maintenance and operation from the gross revenues of the Waterworks Utility of the City; provided, � however, that after the payment and retirement of all Outstanding Parity Bonds the 1. 5 coverage requirement may be reduced to a 1.3 coverage requirement. (b) That it will at all times maintain and keep the Waterworks Utility of the City 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 of the City unless provision is made for 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 of the City 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 il total amount of revenue received which shall not be � less than an amount which snall bear the same ratio to the amount of the outstanding Bonds as the revenue available for debt service for such outstanding Bonds for the twelve months preceding such sale, lease, endumbrance 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 complete� and separate entries shall be made of a11 transactions relating to the Waterworks Utility of the City, and it will furnish the original 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 statements of said utility in reasonable detail covering any calendar year not more than ninety days after the close of such calendar year and it will grant any holder or holders of at least twenty-five percent -10- . , . , _ , . . of the outstanding Bonds the right at all reasonable times to inspect the entire Waterworks Utility of the City and all records, accounts and data of the City relating thereto. Upon request of any holder of 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 disposal 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 the Waterworks Utility of the City 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 of the City and the debt service requirements for the Outstanding Parity Bonds and otherwise meet the obligations of the City as herein set forth. f (h) That it will make no use of the proceeds of the Bonds or other funds of the City at any time during the term of the Bonds which, if such use had been reasonably expected at the date that the Bonds are issued, would have caused such Bonds to be arbitrage bonds within the meaning of Section 103 (d) of the United States Internal Revenue Code of 1954, and for this purpose it further covenants that none • of the proceeds of the Bonds or the investment of such proceeds will be used to acquire obligations the adjusted yield on which will exceed the adjusted yield produced by the Bonds, both such adjusted yields being computed pursuant and subject to the requirements and exceptions of Sections 1.103-13 and 1.103-14 of the regulations of the United States Treasury Department published in the Federal Register on May 3, 1973 (except for refunding bonds which is still covered by the June 1, 1972 , proposed regulations) , as the same may be changed from time to time, or any other applicable regulations hereafter adopted. Section 10. The Bonds shall be substantially in the following form: -11- ' ' j . 1 , . ► No. $5 ,000.00 UNITED STATES OF I-1MERICA STATE OF WASHINGTON CITY OF RENTON • WATER AND SEWER REVENUE BOND, 1975 0 KNOW ALL MEN BY THESE PRESENTS: That the City ' of Renton, State of Washington (hereinafter called the "City") , for value received promises to pay to bearer on the FIRST DAY OF JULY, , the principal sum of FIVE THOUSAND DOLLARS together with interest thereon at the rate of % per annum, payable semiannually on the first days of January and July of each year, upon presentation and surrender of the attached interest coupons as they severally mature up to the bond maturity date and with 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 "Renton 1975 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 States of America at the office of the Director of Finance of the City, or, at the option of the holder, at either fiscal agency of the State of Washington in the Cities of Seattle, Washington, or New York, New York, solely out of the special fund created by Ordinance No. , and referred to herein as the "Bond Fund, " into which fund the City 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 anay hereafter belong to the City, including all additions, extensions and betterments thereof now or at any time made or constructed, without regard to any fixed proportion, namely, amounts 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 1Vo. . 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 lien and charge upon -12- II • • , - 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 Revenue Bonds, 1954, " the outstanding "City of Renton Water and Sewer Revenue Bonds, 1965 , " and the out- standing "City of Renton Water and Sewer Revenue Refunding Bonds, 1965, " 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 12 of Ordinance No. . This bond is one of a total issue of $3 ,000,000.00 par value of bonds, all of like date, tenor and effect, I except as to maturities (and interest rates, if more than one interest rate 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. 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 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 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 July 1, 1987 , and January 1, 1988 $101. 50 July 1, 1988, and January l, 1989 101.00 July 1, 1989, and January 1, 1990 100 .50 July 1, 1990, or any semiannual interest payment dat� thereafter 100 .00 (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 Ithe principal underwriter who purchases the bonds] within the same period. In addition, such redemption notice shall also be sent to Moody's Investors Service, Inc. , and Standard & Poor's Corporation, at their offices in New York, New York, but the mailing of such notice to such corporations shall not be a condition precedent to the redemption of such 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 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 Orclinance No. . -13- . ° ' . ' - , ` � • �, � t � . • , . � It is hereby certified and df�clared that the bonds of this issue . are issued pursu<�nt to and in strict ' compliance with the Constitutic�n and laws of the State of Washington and the ordinances of the City, 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 WITNE5S WHEREOF, the City has caused this bond to be signed by the facsimile :�ignature of its Mayor and attested by the manual signature of its Clerk and its corporate seal to be hereto affixed and the interest coupons attached to bE: signed with the facsimile signatures of said o�_ficials this first day of July, 1975. , CITY OF' RENTON, WASHINGTON By (f�icsimile signature) Mayor ATTEST: Clerk The interest coupons attached t:o the Bonds shall be in � substantially the following form: Coupon r10. $ On the FIRST DAY OF (JANUARY) (JULY) , , the CITY OF RENTON, WASHINGTON, upc>n present ta ion and surrender of this coupon will ��ay to bearer at the office of the Director of Finan.ce of the City, or, at the option of the holder, at: either fiscal agency of the State of Washington in t.he Cities of Seattle, Washington, or New York, New Yark, the sum shown hereon in lawful money of the U�nited States of America from the special fund of the City, known as the "Renton 1975 Water and Sewer Revenue Bond Redemption Fund, " said sum being six month.s' interest then due on its "City of Renton Water an.d Sewer Revenue Bond, � 1975," dated July 1, 1975, and numbered CITY OF RENTON, WASHINGTON By (facsimile signature) ! Mayor ' ATTEST: I (facsimile signature) Clerk The Bonds shall be printed on litnographed forms; shall be signed by the facsimile signature of the Mayor and attested by the manual signature of the Clerk and sha11 have the seal of the City -14- • • , , „ . • � . . , . � . . , , ,� . . � .' affixed thereto, and the interest coupons shall bear the facsimile signatures of the Mayor and the Clerk. Section 11. In the event the City shall issue advance refunding bonds pursuant to the laws of •the State of Washington to pay the principal of and interest on the Bonds or such portion thereof included in the refunding plan as the same become due and payable and to refund all such then outstanding Bond:� and to pay the cost of � � refunding, and shall have irrevocably sei: aside for and pledged to such payment and refunding, moneys and/o�- direct obligations of the United States of America or other legal �:nvestments sufficient in amount, together with known earned inc:ome from the investment thereof, to make such payments and to acc:omplish the refunding as scheduled, and shall irrevocabl.y make prc�visions for redemption of such Bonds, then in that case all right a�nd interest of the owners or holders of the Bonds to be so retired or refunded and the appurtenant coupons in the covenants of t.his ordinance and in the gross revenues of the Waterworks Utility of the City, funds and accounts obligated to the payment of such Bonds, except the right to receive the funds so set aside and pledged, shall thereupon cease and become void and the City may then apply any moneys in any fund or account established for the payment or redemption of such Bonds �I or coupons to any lawful purposes as it s.hall determine. � In the event that the refunding plan provides that the refunding bonds be secured by cash and/or direct obligations of the United States of America or other legal imvestments pending the prior redemption of those Bonds being ref�.znded, and if such refunding p].an also provides that certain cash and/c�r direct obligations of the United States of America or other legal i�zvestments are irrevocably pledged for the prior redemption of those Bonds included in the refunfling plan, then only the debt servicE� on the Bonds and the refunding bonds payable from the gross re��enues of the [nTaterworks Utility of the City shall be included in t:he computation of coverage for determining compliance with the rate c:ovenants. -15- . , � , � • .F t � � . . , r • . � + � - ' � Sec�.ion I2. The City reserves the righ� �o issue Future � Parity Bands which will canstitute a lien and charge upon the grass revenues of the Waterworks Utility o� the City on a parity •with the Outstanding Parity Bonds and the Bonds, provided, the conditions set II forth in 5ection Z5 of Ordinance Na. 1450 are met and complied with at the time of the issuanca of such Future Parity Bonds, which section is by this reference incorporated herein and made a part hereof and , shall continue to be applicable even though the "City of Renton II Water and Sewer Refunding and Impravement Bo'hds, 1953," have been paid and retired; provided, hawever, that after th.e payment and retirement ot a11 �utstanding Parity Bonds �.he 1.5 coverage requireinent to be ' met for the issuance of Future Parity, Bonds may be reduced to a 1.3 coverage requirement. SE.'C'EltJri 13. The Clerk af the City. is hereby directed I�, to publish in the official newspaper of the City and in the DaiZy i Jaurnal of Commerce of Seattle a Notice of Bond Sale of said Bonds cal.ling far bid� for the purchase thereof at the City Hall, Renton, Washingtan, said notice ta be published ance in each newspaper not later than May 23, 1975, Bidders are invited �.o submit a bid specifying the lowest rate or rates of interest at which said bidders will purchase the Bonds at a price of not less than 97-1j2o of par. In�erest coupon rates bid shall be in multiples of 1/8 or 1/20 af lo , or both. The same single interest rate must be used for each maturity. Only one coupon wi].1 be attached to each bond for each ins�allment of interes� thereon, and bids providing �ar additional or supplemental coupans will be rejected. Each bid shall show the total amount o� interest ta be paid over the life of the Bonds from the date of issue less � the premium, if any, or plus the discount, if any, and the effective rate of interest over the li�e of the Bonds. The bid resulting in the lowest net interest cost to the City shall be considered the best bid. ' i All bids sha11 be sealed and sha11 be accompanied by a deposit of at least $60 ,000.00, either in cash ar by certified or cashier's check mada payable to the order of the Director of Finance _3�_ • � � , , , . , .� _ + � • , ' � , r of the City. Such deposit or certified or cashier's check shall be promptly returned to the bidder if its bid is not accepted. If the successful bidder shall fail or neglect to complete the purchase of the Bonds in accordance with its bid within forty (40) days after the acceptance thereof, the amount of its deposit or certified or cashier's check shall be forfeited to the City as and for the liquidated damages. The City reserves the right to reject any or all bids submitted and to waive any informality in the bidding. If all bids be rejected, the Bonds may be readvertised for sale by the City in the manner herein provided or the City may proceed to sell the Bonds a� 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. A no-litigation certificate in the usual form will also be included in the closing papers. 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 Renton at the City Hall, Renton, Washington, until 8:00 o' clock p.m. (PDT) on the 2nd day of June, 1975, 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 may be received upon request made to the City Clerk, or from Seattle-Northwest I Securities Corporation, the City's financial consuZtant, at 500 Union Street, Seattle, Washington. -17- . ' TN .. ' . , ' ' � � + . , � ,� •� j _ Section 14. This ordinance shall be in ful,l force and effect five days from and after its passage, approval and legal publication. PASSED BY THE CITY COUNCIL, this 5th day of May, 1975. D� l/� �. DELORES A. MEAD, Ci y Clerk APPROVED BY THE MAYOR, this 5th day of May, 1975. � � ��U��� ADEI�Y GA TT, Mayor ' Approved as to form: � �� ,�°�'� GERARD ri. SHELLAN, City Attorney Date of Publication: May 9 , 1975 � � -18- , _..:, __ -,...�................_� ......�«.....,.�..r..,..�.�..�..��...«.......... ......, .....�.r,.4--- .�..++..h.,.�,..w..,..,�...�..:�,.,....r:.:.w�.��ne....:,w:.uuu�.w..r.w.�uruyu:r...sua..x:.r:ia`+uycrioa�:�uJutir"..la"�E:vias,u9SceJI.tSaut4�r�1G4iW:vkR!�Y ' -.,,. . 3?iiCE!Y3Pt-thr7�3�:Yc:!ei.2;i�1;i�»2E.°;:a�'.b:.«ati:.:.4i:.. 'i;�'.�.` , ' � � � . . .. � � ' . ' . Qi - �, • 1975 SEW�R AND W�7ER BUND ISSUE PROJECTS � � � � H � .. G� Fvt . ?�'C _ , . . W I PROJEC�' LOCA710td � 9 FUNDlNG I E.P.A.. Np PROJECT DESCRIP710N I FRdf� � TO IREF. 26/27 i B�ND ISSU� . � . fJATGR PROJ�'CTS_ - - � _ : . . . , � � � � — - -- ---.._.`.----------- -- - 1 . lnstail 2400 L.F. 24" D. 1 . Water Main �Well 8 � Mt. Olivet 7ank � *� 33.600 50,400 , � 2. install 3800 L.F. 24" D.O . Water Main � ' . • �4dells 1 and 2� � � S. 2nd and Burnett � " I 133�000 -- --- ----. ..- - - --�-- ... _ .._. . . ._ . ', _3•___. _Instal !_ 3900 l. F, 24" D. I . Water Main.-.-_ ._ : . . S. 2nd and Burn�tt lRolling Hills VI .PI . I' 13b,�_�0 � �. install 1800 L.F. 24" D. 1 . Wat�r Mai� Rolling H011s V1 .P1 . { Talbot Re�ervoir � ** 25�200 3�00 ---- ---- - -- - --- -----�---- - - -��------------ -- � 5. Spr�ngbrook Springs Expansion and Modernlzatlon � . ! * �a0�082 60.200 ----- - - - - ._. . . --- ----- _�._ ._.__..__�.- ._.----- - ___. _ � ----�- _ ------ , 6. ( Chlorination 5ystem Upgrade � � � � . • _ ,_ _._ 41 ]80 0 -- _ - - - ----�----�---�.`��.�.____-_._.________ __._.—.._�_. � 62,_7Q_. , . � � : * . .. 7._I !_nstall _6500 L._F._ 24" D. 1 . Water Main _ • __ � • • � � � S_prinqbrook - S.W. 43rd St. _� 91L000 136t500 � --- 8. 1. lnstail 8500 L.F. Ib" D. { . Water Main � � •� • •� S. W. 43rd � Talbot Reservoir 8$,000 _ �_127�500� ------- ------..._ . ..--- -- - ----�------._._....._._ . ... --....— -----� - ----..,._�_._.._ ....__� . -------.�_�. _____---- New Weter and Sewer Sho Facllit (50�) � � • ' � � � � � • '` ` � 120�Q00 ' ' --g'— - - - . . P -- � -- -- -y--- �- --- ---- � --___.__ �.__ - 10. Instal l _Updated 7elemete�ing--System--- `-�- - -- __v_ I_ • . .. � _OOZ000 .� -- -- - -- � . , .. . , ' � . n t . . . —. _- ----- -_ - --- -— -----�-- --- . ..__ __ __._._—_ 2 0 0 11 Steel Ma,i� Repl_aceme 00, 0 12 New Res�rvoir Talb � � � '�* - . " � ot Ni 1•l . .. . .. . . , , . , _ • . . . . , -- , , , . : . - ------ - - - - - -- ---- __ - - � - - .. . - . 3oz 00 � ���oa �' 13• � West Hi 11_ Nigh Tank and P_ump. Stat_ian_.with,..Inter-T�e _ _ _._.__ _ � � �`�` �-���+-Q- �'-�-►� . . �� 14. Instail Tie ftrom. Taibot Reseryoi_r_ _._._ __:_.,...:.:.; ....: .:........ . : ___Talbot _Reserv_oir _.Rolliny_H.ills Tank __�** • 35,72 .__S�.,SS�J � 15. lnstall 2000 L.F. 24" DI Water Hain ~ ! Taibot Reservoir ' East Valle�+ Road� �� 32,000 �48 000 ---- - - - _,._.__ .. _ .__... _. .._ ._._..--------�------ --- - - --- - � � 16. Install 1500 L.F. 24" D. 1 . Water Main _�.__.-._—�,_______..__._.�—_. East_ Valley Road Lind Ave. S.W. 60,000 ------------ -- - ---._.._.- - - � �--- � 17. Install 3500 l.F. 16" D. I . Water h4ain Kennydale E1am. Sch. � Pd. 40th St. . 106,8�0 �--- / ------------._-- ----------�-� '---------- - :� I / � I � � � �• SE�✓ER PNOJECTS � - - ---.. _..._ ..._.... .;.�.----- - � . � � - ------- -- ... ------ - -- �-- - -- --� -� a f 18. New Water and Sewer Shop_Faci 11ty (50$) , 1 . � � �*-4��— .. . 19,_. Tel_emeterf n� U�grade_of._System � � � �*�* 180�QQ0 2��ODQ ' 2b Closed Circuit Television E ut men�� for. T.V, Inspoction and � � � i • --------------�--------- -----q--�-- -�---- . _ crAnitoring of sanitary sewer including truck,� T.V. monitor. anc� ( I � � � grout� equiement - -- . . � . � � b5.000 • � ?.1 . � Sanit�rv sewt�r 11nR r�habilit,,�ti�n �r reolacement � � � ` ��S'��d � .._ , � � � :,;;' �� • * Ref. 27 Grani Approved .. 2otaZ Water Bond Iesue 2,250�000 To�al� Scsw�r B�nd ts$ue 754BQ�0 • j ,d09,062 3,000,000 � ; ' �•; �* Ref. 27 Gr.ant Requested TotctZ Grc�tt Funds 3:9,082 Total Gran2 Funds . 1$0�000 - ' ,• • ��* Ref. 2b Gra�t Reque�ted GRA1�D TOTAL 3,ZT9,062 " Grand Tot�l 930.000 . . � � �:� ' � /�These projects added to the . ' original list. TOTAL PROGRAM �EWER b WATEft, 54�109,062 . 4��. � . '- . . � , ' , � ' .._-_., � . , . . . . . " .. . ... . . �. . ' 't . ' ' . , r ' ' , .. . ' ` . . . ' - . • ' � � ' l ' . _ .. _ _.