HomeMy WebLinkAboutORD 3068 •1
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CITY OF RENTON, WASHINGTON
ORDINANCE NO. 3068
AN ORDINANCE establishing Consolidated Local
Improvement District No. 293/295 and "Consolidated
Local Improvement Fund, District No. 293/295 " ;
and fixing the amount, form, date, interest rate,
maturity and denominations of the Consolidated
Local Improvement District No. 293/295 Bonds and
directing the issuance and sale thereof to Seattle-
Northwest Securities Corporation of. Seattle,
TnTashington.
WHEREAS, Chapter 44 , Laws of the State of Washington, 1967 ,
Ex. Ses. (RCla 35. 45.160) , authorizes the establishment of consolidated
local improvement districts for the purpose of issuing bonds only and
provides that if the governing body of any municipalityo urders the
creation of such consolidated local improvement districts , the moneys I
received from the installment payment of the principal of and interest
on assessments levied within original local assessment districts shall
be deposited in a consolidated local improvement district bond
redemption fund to be used to redeem outstanding consolidated local
improvement district bonds; NOW, THEREFORE, �
BE IT ORDAINED BY THE MAYOR AND THE CITY COUNCIL OF THE
CITY OF RENTON, WASHINGTON; AS FOLLOWS:
SECTIOrd I. For the purpose of issuing bonds only, Local
Improvement ,District No. �293, established by Ordinance No . 2918 ,
� passed by the City Council and approved by the r7ayor on March 10 ,
1975, and Local Improvement District No. 295, established by Ordinance
No. 2956, passed by the City Council and approved by the Mayor on
August 11, 1975, are hereby consolidated into a consolidated local
improvement district to be known and designated as "Consolidated
Local Improvement District No. 293/295. "
SECTION II . There is hereby created and established in
the office of the Director of Finance of the City for Consolidated
I Local Improvement District No. 293/295 a special consolidated local
, improvement district fund to be known and designated as "Consolidated
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Lacal Improvemen-t Fund, District Na. 293/295. " Ali money� presently
on hand representing collecti.ons pertaining to assessment� in "Local
zmp�ovement Fund, Dzstrict No. 293, " and in "Local Improvement Fund,
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Dis�.rict No. 295, " shall, be �.ran�ferred to and deposited in �
"Cansalidated Local Impravement Fund,� District No. 293�295, " and alI
callections pertaining ta assessments on the assessment rolls a.f
Local Improvement District No. 293 and Local Impravemen� District
Na. 295 shal.l when herea£ter received be deposited in the "Consolidated
Lacal Improvement Fund, District No. 293/295, " �o be used to redeem
autstanding Consolidated Local I�nprovement District Na. 293/295 Bands .
SECTION III. The to�al amount of the assessment roll in
Local Improvement District No. 293 , created under Ordinance Na. 2918 ,
was $43, 3I0. 11. The thirty-day period for makinq cash payment nf
assessmen�s without interest in �he District expired on October 4 , 1976,
and the total amount of assessments paid in cash was $17j734 .75, leavirzg
a balance o� assessments unpaid on the assessment rall in the sum of
$25, 575. 36 . The tota3 amoun�. af the assessment ro21 in Local Improve-
ment District No. 295, created under Qrdinance No. 2956, was $46 ,112. 73.
The thirty-day period for making cash payment af assessments without
interes�. in the District expired on May 13, 1976, and the total
amaunt of asses�ments paid in cash was $8 , 373. 82 , leaving a balance
c�f .assessments unpaid on the assessment roll in the su.m of $37 ,738. 91.
Consolidated local improvement distric�. bonds of Consolidated Local
Improvement Dist�rict Na. 293/295 sha11 , therefore, be issued in the
total princi�al sum of $63, 3i4 .27 . Bond No. I shall be in the denomi-
nation of $314 .27 , and the remaining bonds numbered 2 to 64 , inclusive,
shall be in the denaminatian of $1, Oq0 . 00 each. The bonds shall
all be da�.ed November l, 1976 , and sha11 be payable on November l,
I 1988, with the right reserved �.o the City to redeem the bonds prior i
ta maturity an any interest paymen� date, in numerical order, lowest
numbers first, whenever there shall be sufficient maney in the
"C�nsalidated Local Improvemen�. Fund, District No. 293/295, " created
herein, to pay the bands sa called and alI earlier numbered bonds
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over and above the amount required for the payment of the interest
on all unpaid bonds, by publishing notice of such call once in the
official newspaper of the Cit_y not less than ten nor more than
twenty days prior to the call date, and upon such date the interest
on bonds so called shall cease and each and every coupon representing
interest not accrued on such date shall be void. Notices of such calls
for redemption shall also be mailed to the principal office of Seattle-
Northwest Securities Corporation in Seattle, Washington, at least ten
days before such call dates. The bonds shall bear interest at the
rate of 7% per annum, payable annually, beginning November l, 1977 ,
to be represented by interest coupons to maturity attached to each
bond.
SECTION IV. Each of the bonds and interest coupons attached
thereto shall be in substantially the following form:
No. $1 , 000 . 00
($314 . 27 on Bond No. 1)
UNITED STATES OF AMERICA
STATE OF l�7ASHINGTON
CONSOLIDATED LOCAL IMPROVEMENT BOND �
OF
CITY OF RENTON
CONSOLIDATED LOCAL IMPROVEMENT DISTRICT NO. 293/295
7%
0
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 aqainst a local 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 wa_s issued and except also
for payment from the local improvement± quaranty fund
of the city or town as to 'bonds issued af_ter the
creation of a local improvement ctuaranty fund 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 rlocal improvement
guarantV fund occurring in the lawful operation thereof.
� copy of the foregoing part� ofxthis section shall be
plainly written, printed or enctraved on each bond. "
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THE CTTY OF RENTON, WASHINGTON, a municipal
corporation of the State of [�Tashington, hereby
promise� to pay to Seattle-Northwest Securities
Corporation, Seattle, Washington, or bearer, the
sum of
ONE THOUSAND DOLLARS
($314. 27 on Bond No. 1)
in lawful money of the United States of America,
with interest thereon at the rate of 7o per annum,
payable annually out of the consolidated fund
established by Ordinance No. of the City
and known as "Consolidated Local Improvement Fund,
District No. 293/295, " 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 Director of Finance
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 Director of Finance.
The City Council of the City, as agent of such
Consolidated Local Improvement District No. 293/295
established by Ordinance No. , has caused this
bond to be issued in the name of the City as the
bond of such consolidated local improvement district,
the bonds or the proceeds thereof to be used to pay .
so much of the cost and expense of certain improve-
ments as provided by Ordinance No. 2918 establishing
Local Improvement District No. 293 and Ordinance No.
2956 establishing Local Improvement District No. 295,
as is levied and assessed against the property included �
in the consolidated local improvement district and
benefited by those improvements , and the "Consolidated
Local Improvement Fund, District No. 293/295, " 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. '
This bond is one of a consolidated issue of 64 bonds
aggregating in all the principal sum of $63, 314 . 27 ,
issued for Consolidated Local Improvement District No.
293/295, all of which bonds are subject to the same
terms and conditions as herein expressed.
This bond is payable on November l, 1988 , but is
subject to call by the Director of Finance for prior
redemption whenever there shall be sufficient money
in the "Consolidated Local Improvement Fund, District
No. 293/295, " to pay the same 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 Director of
Finance by publishing the same once in the official
newspaper of the City not less than ten nor more than
twenty days prior to the call date, and u�hen such call
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is made for the payment of this bond, it will be paid
on the date the next interest coupon thereon shall
become due after that call and upon that day interest
upon this bond shall cease and any ren�aining coupons
shall be void. Notice of such call f_or redemption
shall also be mailed to the principal off_ice of Seattle-
Northv,�est Securities Corporation in Seattle, Washinqton,
at least ten days before such call date.
IT IS HEREBY CERTIFIED, Recited and Declared that
all acts, conditions and thinqs required to be done
precedent to and in the levving 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 improvements .
IN WITNESS WHEREOF, the City of Renton, 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 af_fixed, and the interest coupons
attached to be signed with the facsimile signatures
of those off-icials this first day of November, 1976 .
CITY OF RENTON, WASHINGTON
° ' By (facsimile siqnature)
' Mayor
ATTEST:
City Clerk
COUPON FORM
Coupon No.
$70. 00
($22 . 00 on Bond No. 1)
, On the FIRST DAY OF NOVEMBER, 19 , the CITY OF RENTON,
WASHINGTON, promises to pa_y to bearer at the office of
the Director of Finance the sum shown hereon, this sum
being twelve months ' interest due that day on Bond No.
of the bonds of Consolidated Local Improvement
District No. 293/295 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 siqnature) '
Mayor
ATTEST:
(facsimile siqnature)
City Clerk
SECTION V. The bonds shall be printed on lithographed
f_orms, shall be signed by the facsimile signature of the Mayor and
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attested by the manual signature o.f. the City Clerk and shall have
the seal of the City affixed thereto and the coupons shall bear the
facsimile signatures of the Mayor and the City Clerk.
SECTION VI . Seattle-Northwest Securities Corporation,
Seattle, [�7ashington, heretofore offered to purchase all of_ the
consolidated local improvement bonds of Consolidated Local Improvement
District No. 293/295 at a price of par, plus accrued interest from
date of issuance to the date of delivery of the bonds to the purchaser,
the City to furnish the printed bonds and the approving leqal opinion
of Roberts, Shefelman, Lawrence, Gay & Moch, municipal bond counsel
of Seattle, Washington, at the City 's expense. The City Council,
deeming that it was in the best interest of_ the City to accept said
offer, duly accepted the same on October 11, 1976 , and such acceptance
is hereby ratified and confirmed. The bonds shall, therefore,
immediately upon their execution, be delivered to Seattle-Northwest
Securities Corporation, Seattle, Washington, upon payment therefor in
accordance with said offer.
SECTION VII. This ordinance shall be in full force and
, five ( 5) days after
effect from and after its passage, approval and /legal publication.
PASSED BY THE CITY COUNCIL, this 18th day of October, 1976 .
�• /%�!�'/�(.riG�L.
DELORES A MEAD, CityCClerk
APPROVED BY THE MAYOR, this 18thday of October, 1976 .
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CNARLES DF�,AURENTI , Mayor
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Ap�,roved as to f orm:
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GERP�RD M. SHELLAN, City Attorney
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Date of Publication: October 22 , 1976
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