HomeMy WebLinkAboutORD 3145 ,.
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CITY OF RENTON, WASHINGTON
ORDINANCE NO. 3145
AN ORDINANCE amending Ordinance No. 3141
passed by the City Council and approved by
the Mayor on June 13, 1977, providing for
the issuance of $3,095, 000 par value of "City
, of Renton Water and Sewer Revenue Refunding
i Bonds, 1977."
THE CITY COUNCTL OF THE CITY OF RENTON, WASH2NGTON, DO
ORDAIN as follows:
Section 1. Section 8 of Ordinance No. 3141, passed by
I the City Council and approved by the Mayor on June 13, 1977,
hereby is amended to read as follows:
"Section 8 . The Director of Finance
of the City is hereby authorized and directed
to transfer from the Reserve Account in the 1976
Bond Fund to the Reserve Account in the Bond
Fund after the transfer of moneys in such Reserve
Account to the '1977 Refunding Account' as
provided in Section 4 hereof, all remaining
moneys on deposit in such Reserve Account in
the 1976 Bond Fund, and the City shall there-
after set aside and pay into the Reserve Account
in the Bond Fund out of the gross revenues of the
Waterworks Utility of the City in substantially
equal monthly payments such amounts so that by
no later than July l, 1982, there shall have
been accumulated in the Reserve Account in the
Bond Fund for the Refunding Bonds an amount
not less than the average annual principal and
interest requirements for the Refunding Bonds,
being $277,000.
"The Reserve Account in the Bond Fund
� may be accumulated from any other moneys which
the City may have available for such purpose in
addition to using such revenues therefor.
"The City further agrees that when said
required amounts have been paid into the Reserve
Account in the Bond Fund, it will at all times,
' except for withdrawals therefrom as authorized
herein, maintain those amounts therein until there
is a sufficient amount in -che Bond Fund, including
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the Resexve Account therein, to pay the
principal of and interest on all outstanding
Re�unding Bonds, to the �ina1 maturity thereo�
' at which time the moneys in the Bond Fund,
including the Reserve Account therein, may be
used to pay such principal �and interest.
"In the event there shall be a
de�iciency in the Bond Fund to meet maturing
i.nstallments of either pra.ncipal or interest,
I as the case may be, on the Refunding Bonds,
such �leficiency shal.l be made up from the
Re�erve 1�,ccount by the withdrawal of cash
�herefrom for that purpase. Any deficiency
create�. in the Reserve Account by reason o�
any such withdrawal sha3.I then be m,ade up �rom j
the moneys from the revenues of the Waterworks
Utility of the City first available after making
� necessary pravisions �or th� required paymen�s
into the Bond Fund.
"All money in the Reserve Accaunt
abave provided for may be kept an deposiu in
. the official bank deposi.tory of the City, ar
' depo�ited in institutions permztted by Iaw in
an amount in each instance not greater than the
� amaunt i.nsureci by any department or agency a�
�.he United States Government or may be invested
' in United States Government obl.igatians having
a guaranteed market, or in United 5tates
Qbl.igations maturing not later than June 1, 1999.
In�.erest on an.y such investment or on such bank
account shall be depa�i�ed in and become a part
of the Reserve Account until the tc�tal required
re�erve sum shall have been acc�ur.lulated therein,
after which time �uch interest shall be deposited
in the Principal and Interest Account.
II °If the City shall fail to set asa,de and
pay into the Bond Fund �.he amounts which it ha�
I obligated itsel.� by this Section to set aside and
pay thereiz�, tha holder af any Refunding Band
may bring suit agains� the City to eompel it to
do so."
Section 2 . This ardinance shalZ be in full �orce and
effect five days from and a�ter its passage, app�oval and legal
publication.
PA�SED BY THE CITY COUNCIL, this 11th day of July, 1977. �
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Maxine E. Mca>tor, �eputy� City Clerk
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APPROVED BY THE MAYOR, this llth day of July, 1977.
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CHARLES�. DELAURENTI, Mayor
Approved as to form:
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G�RD M. SHELLAN, City Attorney
Date of Publication: July 15, 1977 ' �
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