HomeMy WebLinkAboutORD 2977 �. �� . ,.I y i, .. . . . . .
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CTTY OF RENTON, WAS�iINGTON
O�DINANCE N0. 297�
� AN ORDINANCE OF THE CITY OF RENTON, WASHINGTON
CP.EATITIG AND �STABLISHT?`dG A CONSOLIDATED 1972
BfJND REDEMPTION FUND F�R ADr�IIT1ISTRATIVE AND
I ACCOUN'TING PURPOSES.
WHEREAS The City o�' Renton had heretofore issued a 1972
I General Obligation Library Bond Issue and a T972 General Obligation
Lake Washington Beach Bond Issue, which said two issues were duly
refunded as provided by law,�nd I
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G�IHEREAS the 1974 Refunding Bond Issue is invested from time ta !I
� time and the returns there�'rom bein.g used to redeem said bonds and
I caupons o� the aforementioned �wo 1972 Gener�?. Ob3.igation Bond
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� Issues , and .
I` G,T���I2�AS it is in the bes� in�erest to provide for consolidation
I in arder �o facilitate the allocati�n of interest earned and to
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simplify accounting and administra�:ive procedures ,
NC1W THE�';EFOR� THE CITY C�JUNCIL OF THE CITY OF RENTON DO ORDAIN
AS FOLLCtWS :
SECTI(7N I: The abave recitalsand facts are hereby foun.d to
be true and correct in al� respects.
SECTION II : There is hereby created and es�ablished a certain
fund �o be hereaft�r known as the "C�NSOLIDATED 1972 BOND REDE�SPTICl1�
FUND". The Finance Directar is hereby authorized and directed to
allocate and apply the interes� and earnings grom the 1974 Refunding
Band Issue into said fund far �he purpose of_ redeeming, according to
its terms and conditions , �he bonds and coupons due on �.he �wo 1972
General Qbligation Boi�d Issues as hereinabove sta�e.d.
SECTION III; Any an d alI ordinances or parts af ordinances in
canflic� herewith are hereby repc�ale,d.
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SECTION IV: This C}rdinance shall be in fuli farce and effe:et
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upon its passage and approval and five days after its publ.ication..
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PASSED BY THE CITY COUNCIL thi� �p aay o£ i0c`tober "' •=> 1975.
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�le' ores , Mead, Gl�.y �C1erk
APPROVED BY THE MAYOR thi.s 2p day of �,octabe�r_ Y ��7�•
,���:, ,
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y ar ett; Mayor
Approved as to form:
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Gerard M. Shellan, City At�orney
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Date af Publication; october 24 , 1975 .
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