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HomeMy WebLinkAboutORD 3184 � , , • • - � . r ' • ;�,. , Amended by Ord 4661 � - CITY OF RENTON, WASHINGTON , ORDINANCE N0. 3184 AN ORDINANCE of the City of Renton, Washington, providing for the issuance and sale of $900 ,000 I par value of "Limited General Obligation Bonds, , 1978, " of the City to provide a part of the funds with which to pay the cost of land acquisition as necessary, and construction and/or acquisition of a senior citizens center and appurtenances; speci- fying the maturities and fixing the form and maximum effective interest rate of such bonds; establishing a "Limited General Obligation Bond Fund, 1978" and a "Senior Citizens Center Fund" ; �� and providing for the sale of such bonds. WHEREAS, the City Council has expressed its intention to obtain for the City a senior citizens center, and to acquire land � as necessary, and construct and/or acquire a senior citizens center on land now owned by the City or to be so acquired, with all appurtenances thereto, which intention is evidenced, for ' example, by architect' s plans and drawings on file in the office of the City Clerk, and the City does not have available sufficient funds to pay the cost thereof and is in need of the additional sum of $900 ,000 to pay a part of the cost thereof; and WHEREAS, the assessed valuation of the taxable property of the City as ascertained by the ,last preceding assessment for City purposes for the calendar year 1977 is $756 ,393,982 , and for the estimated year 1978 is $800 ,098,028, and the City has outstanding general indebtedness of $1,080,000 heretofore issued within the former limit of up to 1-1/20 of the assessed value of the taxable property within the City permitted for general muni- Z cipal purposes without a vote of the qualified voters therein, and the amount of indebtedness for which bonds are herein author- ized to be issued is $900 ,000; NOW, THEREFORE, _ . • � � •♦ � . ` � t� , . t � � . ' � THE CITY COUNCIL OF THE CITY OF RENTON, WASHINGTON, DO ORDAIN, as follows: Section l. The City of Renton (the "City") shall borrow money on the credit of the City and issue negotiable general obligation bonds (the "Bonds") evidencing such indebtedness in the amount of $900 ,000 to provide a part of the funds to pay the cost of land acquisition as necessary, and construction and/or acquisition of a senior citizens center and appurtenances, and to pay the cost of the issuance of the Bonds. Such general indebtedness to be incurred shall be within the limit up to 3/4 of lo of the value of the taxable property within the City per- mitted for general municipal purposes without a vote of the qualified voters therein. Section 2. The Bonds shall be called "Limited General Obligation Bonds, 1978, " of the City; shall be dated February 1, 1978; shall be in denominations of $5,000 each; shall be numbered from 1 to 180, inclusive, and shall bear interest at an effective rate not to exceed 8% per annum, payable on August 1, 1978, and semiannually thereafter on each succeeding February 1 and August l, as evidenced by coupons to be attached to the Bonds representing interest to maturity with full obligation on the part of the City to pay interest at the bond rate, from and after maturity, until the Bonds, both principal and interest, are paid in full. Both principal and interest are to be paid in lawful money of the United States of America at the office of the City Treasurer of Renton, Washington, or, at the option of the holder, at either fiscal agency of the State of Washington in Seattle, Washington, or New York, New York. The Bonds shall mature serially in order of their numbers on February 1 in the years and amounts as follows: - 2 - � � • ` ,� ' � . • ` ^ , . Years Amourits 1980 $30 ,000 � 1981 30,000 1982 30 ,000 1983 35,000 1984 35 ,000 1985 35,000 1986 40 ,000 1987 40,000 1988 45,000 I 1989 45,000 1990 45,000 1991 50,000 1992 55,000 1993 55,000 1994 60 ,000 1995 60,000 1996 65,000 1997 70,000 1998 75,000 I Section 3. The City reserves the right to redeem the , Bonds as a whole, or in part in inverse numerical order, from I money derived from any source at the following percentages of par, if redeemed at the following times, plus accrued interest to the date of redemption in each case: � Call Date Call Price I February 1 or August l, 1988 101% February 1 or August 1, 1989 100.750 February 1 or August 1, 1990 100 .50% February 1 or August 1, 1991 100 .25% February l, 1992 or any semiannual interest payment date thereafter 100% (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 the 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. - 3 - �I 1 � � . . �' . '� � ' � ' , 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 "Limited General Obligation Bond Fund, 1978" hereinafter created. Section 4. The City hereby irrevocably pledges itself ' to levy taxes annually, within the constitutional and statutory tax limitations provided by law, upon all property in the City subject to taxation in an amount sufficient, together with other I money legally available and used therefor, to pay the principal of and interest on the Bonds as the same shall accrue, and the full faith, credit and resources of the City are hereby irrevo- cably pledged for the payment of the. principal of and interest on the Bonds. Section 5 . The Bonds shall be substantially in the fol- lowing form: No. $5 ,000 UNITED STATES OF AMERICA STATE OF WASHINGTON CITY OF RENTON LIMITED GENERAL OBLIGATION BOND, 1978 0 The City of Renton, Washington, (the "City") is justly indebted to and for value received hereby promises to pay to bearer on the FIRST DAY OF FEBRUARY, 19 , the sum of FIVE THOUSAND DOLLARS together with interest thereon at the rate of % per annum, payable on August l, 1978, and semiannually thereafter on each succeeding Febru- ary 1 and August 1, interest to maturity being evidenced by and payable upon the presentation and surrender of the attached interest coupons as they severally become due, with full obligation on the part of the City to pay interest at the same rate from and after the maturity date, in the absence of coupons , until this bond with interest is paid � in full. This bond is payable, both principal and interest, in lawful money of the United States of America at the office of the City Treasurer of the - 4 - . • . .. . . . . , , . .r . . . ., . City or at the option of the holder hereof, at either fiscal agency of the State of Washington in Seattle, Washington, or New York, New York. This b ond is one of a total issue of $900 ,000 par value of bonds, all of like date, tenor and effect, except as to maturities (and interest rates if more than one interest rate is bid) , issued by the City for general municipal pur- poses, to wit, for the purpose of providing a part of the funds with which to pay the cost of land acquisition, as necessary, and construction and/or acquisition o�-�k�a°�5eriior�°citizens center, and appurtenances, and is issued in full compli- ance with the ordinances of the City and the laws and constitution of the State of Washington. The City reserves the right to redeem the bonds I of this issue as a whole, or in part in inverse numerical order, from moneys derived from any source at the following percentages of par, if redeemed at the following times, plus accrued interest to date of redemption in each case: Call Date Call Price February 1 or August l, 198$ 101% February 1 or August 1, 1989 100 . 75% February 1 or August 1, 1990 100 .50% February 1 or August 1, 1991 100 .25% February l, 1992 or any semiannual interest payment date thereafter 1000 (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 jthe 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 from which this I bond is to be paid. The City hereby irrevocably pledges itself to levy taxes annually, within the constitutional and statutory tax limitations provided by law, upon all I property in the City subject to taxation in an amount sufficient together with other money legally available and used therefor to pay the principal of and interest on the "bonds of this issue as the same shall accrue, and the full faith, credit and re- I sources of the City are hereby irrevocably pledged for the payment of the principal of and interest on the bonds of this issue. - 5 - ,: .• �. ,. • � , . It is hereby certified that all acts , conditions and things required to be done precedent to and in the issuance of this bond have been done, have happened and have been performed as required by law, and that the total indebtedness of the City, including this bond issue, does not exceed any con- stitutional or statutory limitations. IN WITNESS WHEREOF, the City 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 affixed . and the interest coupons attached to be signed with the facsimile signatures of those officials this first day of February, 1978. CITY OF RENTON, WASHINGTON By (facsimile signature) Mayor ATTEST: City Clerk The form of the interest coupons shall be substantially as follows: Coupon No. $ (Un.less the bond referred to below is previously redeemed) On the FIRST DAY OF (FEBRUARY) (AUGUST) , 19 , ' the CITY OF RENTON, WASHINGTON, upon presentation and surrender of this cou on will a to the bearer , P . P Y at the office of the City Treasurer or, at the option of the holder, at either fiscal agency of the State of Washington in Seattle, Washington, or New York, New York, the sum shown hereon in lawful money of the United States of America, such sum being the semiannual interest due that date upon its "Limited General Obligation Bond, 1978, " dated February l, 1978 , and numbered . CITY OF RENTON, WASHINGTON By (facsimile signature) Mayor ATTEST: (facsimile signature) City Clerk Section 6 . The Bonds shall be printed or lithographed on good bond paper and shall be signed by the facsimile signature of - 6 - ,� ,. } - . , the Mayor and attested by the manual signature of the City Clerk of the City under the seal of the City and the coupons shall bear the facsimile signatures of the Mayor and the City Clerk. Section 7. There is hereby created and established in the office of the City Treasurer a special fund to be known and designated as the "Limi.ted General Obligation Bond Fund, 1978, " of the City. The accrued interest received, if any, shall be paid into the "Limited General Obligation Bond Fund, 1978. " There is hereby created and established in the office of the City Treasurer a special fund to be known and designated as the "Senior Citizens Center Fund," of the City. The principal proceeds received from the sale of the Bonds shall be paid into the "Senior Citizens Center Fund" of the City. All taxes collected for and allocated to the payment of the principal of and interest on the Bonds shall hereafter be deposited in the "Limited General Obliga- tion Bond Fund, 1978. " Section 8. The Bonds shall be sold for cash at public sale for not less than par, plus accrued interest, upon sealed bids to be received at the office of the City Clerk up to the day and hour stated in the Notice of Bond Sale hereinafter directed to be given. Notice calling for bids to purchase the Bonds shall be published once a week for four consecutive weeks in the official newspaper of the City and such notice shall also be published once in the Daily Journal of Commerce of Seattle, Washington, at least ten days before the bid opening date. Such notice shall specify that bids for the purchase of the bonds shall be received by the City Clerk of the City in the Council Chambers of the City Hall on January 9, 1978, up to 8:00 o'clock p.m. (PST) , at which time all bids will be publicly opened for the purchase of the Bonds and considered by the City Council at a meeting thereof then to be held. - 7 - � �, t . A copy of the notice shall, at least three weeks prior to the date fixed for the sale, be mailed to the State Finance Committee, Olympia, Washington. Bids shall be invited for the purchase of the Bonds with fixed maturities in accordance with the schedule specified in Section 2 hereof. The notice shall specify the maximum effective rate of interest the Bonds shall bear, to wit, 8% per annum, and shall require bidders to submit a bid specifying: (a) The lowest rate or rates of interest and premium, if any, above par at which the bidder will purchase" the bonds; or (b) The lowest rate or rates of interest at which the bidder will purchase the bonds at par. Coupon rates shall be in multiples of 1/8 or 1/10 of 1%, , or both. No more than one rate of interest may be fixed for any one maturity. Only one coupon will be attached to each Bond for each installment of interest thereon, and bids providing for additional or supplemental coupons will be rejected. The maximum differential between the lowest and highest coupon rates named in any bid shall not exceed 20 . For the purpose of comparing the bids only, the coupon rates bid being controlling, each bid shall state the total interest cost over the life of the Bonds and the net effective interest rate of the bid. The Bonds shall be sold to the bidder making the best bid, subject to the right of the City Council of the City to reject any and all bids and to readvertise the Bonds for sale in the manner provided by law, and no bid for less than all of the Bonds shall be considered. All bids shall be sealed and, except the bid of the State of Washington, if one is received, shall be accompanied by a - 8 - ' i . 1 ♦ � , • � 1 deposit of $45,000 . The deposit shall be either cash or by certified or cashier' s check made payable to the City Treasurer ' of the City and shall be promptly returned if the bid is not accepted. If the Bonds are ready for delivery and the successful � bidder shall fail and neglect to complete the purchase of the Bonds within forty days following the acceptance of his bid, the amount of his deposit shall be forfeited to the City and in that event the City Council may accept the bid of the one making the next best bid. If there be two or more equal bids for not less than par plus accrued interest and such bids are the best bids received, the City Council shall determine by lot which bid will be accepted. The Bonds will be delivered to the successful bidder at the office of the Treasurer� of the City or in the City of Seattle, at the City's expense, or at such other place as the Treasurer and the successful bidder may mutually agree upon at .the purchaser' s expense. A no-litigation certificate in the usual form will be included in the closing papers. Any bid presented after the hour specified for the receipt ` of bids will not be received and any bid not accompanied by the required bid deposit at the time of opening such bid will not be read or considered. The City Clerk of the City shall be and is hereby author- ized and directed to publish notice for the purchase of the Bonds in the manner required by law in accordance with the provisions of this section. Such notice shall provide that the City will cause the Bonds to be printed or lithographed and signed and will furnish the approving legal opinion of Messrs. Roberts, Shefelman, Lawrence, Gay & Moch, municipal bond counsel of Seattle, Washington, covering the bon�s- without cost to the purchaser, such opinion also being printed on each Bond. Bond counsel shall not be required to - 9 - I� _ - , ' � , � `� :. ' • . . review or express any opinion concerning the completeness or accuracy of any official statement or other sales materials issued or used in connection with the Bonds, and bond counsel' s opinion shall so state. Such notice shall also provide that further information regarding the details of such Bonds may be received upon request made to the City Clerk or to Seattle- Northwest Securities Corporation, the City's financial consul- tants, at 1000 Logan Building, 500 Union Street, Seattle, Washington. Section 9 . This ordinance shall take effect and be in force from and after its passage, approval and publication as provided by law. PASSED BY THE CITY COUNCIL this 5th day of ,December, 1977, at a regular open public meeting thereof. ", r (�L %�,�:e;�':fd Delores A. Mead, Ci y Clerk VETOED�.;by�3the _May4or�by�2�e,tte�r datedaDecem�er=-9;,, �1�77 . �_ XXXXXXXXXXXXXXXXXXXXXX � Charles J. DeLaurenti, Mayor Approved as to form: CITY COUNCIZ OVERRIDE OF MAYOR' S ��{ � VETO 12/12/77 Roll Call Vote C�,�� `�G`'�"�� AYE : 5 Acting City�ttorney No: 1 Date Of Publication: December 16, 1977 - 10 - I � , _ . � , • � , , I , DELORES A. MEAD, City Clerk of the City of Renton, WA5HINGTON, hereby certify that the attached copy o.f Ordinance No. 3184 is a true and correct copy of the original ordinance passed on the 5th day of December, 1977, as that ordinance appears on the Minute Book of the City. DATED this 13th day of December , 1977. �e���, C�. ���. DELORES A. MEAD, C � ty Clerk �• ;- . - Y ` P _ . � � ' ., .. NOTICE OF BOND SALE CITY OF RENTON, WASHINGTON $900 ,000 .00 LIMITED GENERAL OBLIGATION BONDS, 1978 SEALED PROPOSALS will be received at the office of the City Clerk at the City Hall, Renton, Washington, until 8:00 o'clock p.m. (PST) on JANUARY 9 , 1978 at which time said bids will be publicly opened and considered by the City Council in the Council Chambers in the City Hall for the purchase of $900 ,000 par value of "Limited General Obligation Bonds, 1978," of the City of Renton, Washington, authorized to be issued by Ordinance No. 3184�' (the "Bond Ordinance") for strictly municipal purposes, to wit, for the purpose of providing a part of the funds with which to pay the cost of land acquisition as necessary, and construction and/or acquisition of a senior citizens center and appurtenances, and to pay the cost of the issuance of such general obligation bonds. The bonds will be dated February 1, 1978; will be numbered from 1 to 180, inclusive; will be in denominations of $5,000 each; will bear interest at an effective rate not exceeding 8% per annum, payable on August l, 1978, semiannually thereafter on each succeed- ing February 1 and August 1, interest to maturity to be evidenced by coupons to be attached to the bonds; will be payable, both I principal and interest, at the office of the Treasurer of the City ', of Renton, Washington, or, at the option of the holder, at either fiscal agency of the State of Washington in Seattle, Washin.gton, or New York, New York; and will mature serially in accordance with the following schedule, to wit: ��� • ' ' . � • ' Bond Numbers (Inclusive) Amounts Maturities 1 to 6 $30,000 February l, 1980 7 to 12 30 ,000 February 1, 1981 13 to 18 30 ,000 February 1, 1982 19 to 25 35 ,000 February l, 1983 26 to 32 35,000 February l, 1984 33 to 39 35 ,000 February l, 1985 40 to 47 40 ,000 February l, 1986 48 to 55 40 ,000 February 1, 1987 56 to 64 45,000 February l, 1988 65 to 73 45 ,000 February l, 1989 74 to 82 45,000 February 1, 1990 83 to 92 50 ,000 February l, 1991 93 to 103 55,000 February l, 1992 104 to 114 55,000 February l, 1993 115 to 126 60 ,000 February l, 1994 127 to 138 60 ,000 February l, 1995 139 to 151 65,000 February l, 1996 152 to 165 70,000 February l, 1997 166 to 180 75,000 February 1, 1998 The City reserves the right to redeem the Bonds as a whole, or in part in inverse numerical order, from money derived from any source at the following percentages of par, if redeemed at the following times, plus accrued interest to the date of redemption in each case: Call Date Call Price February 1 or August 1, 1988 101o February 1 or August 1, 1989 100 .75a February 1 or August l, 1990 100 .50% February 1 or August l, 1991 100 .25% February l, 1992 or any semiannual interest payment date thereafter 100% (Par) The interest rate or rates for the bonds shall be fixed by the City Council after the bonds have been sold. The City of Renton has, by the Bond Ordinance, irrevocably pledged itself to levy taxes annually, within the constitutional and statutory tax limitations provided by law, upon all property in the City subject to taxation in an amount sufficient to pay the principal of and interest upon the bonds as the same shall accrue, and has pledged the full faith, credit and resources of the City for the payment of the principal of and interest on the bonds. - 2 - r ,�f��- . . , � ' ' , . � Bidders are invited to name the rate or rates of interest � which the bonds are to bear, not exceeding an effective rate of 8% per annum. Bidders shall submit a bid specifying: � (a) The lowest rate or rates of interest and premium, if any, above par at which the bidder will purchase the bonds; or (b) The lowest rate or rates of interest at which the bidder will purchase the bonds at par. No bid will be considered for the bonds for less than par and accrued interest. The purchaser must pay accrued interest to date of delivery of the bonds. Coupon rates shall be in multiples of 1/8 or 1/10 of 1% , or both. No more than one rate of interest may be fixed for any one maturity. Only one coupon will be attached to each bond for each installment of interest thereon, and bids providing for additional or supplemental coupons will be rejected. The maximum differential between the lowest and highest coupon rates named in any bid shall not exceed 2% . For the purpose of comparing the bids only, the coupon � rates bid being controlling, each bid shall state the total � interest cost over the life of the bonds and the net effective interest rate of the bid. The bonds shall be sold to the bidder making the best bid, subject to the right of the City Council of the City of Renton to reject any and all bids and to readvertise the bonds for sale in the manner provided by law and no bid for less than all of the bonds will be considered. All bids shall be sealed and, except the bid of the State of Washington, if one is received, shall be accompanied by a deposit of $45,000 . The deposit shall be either cash or by certi- fied or cashier' s check made payable to the City Treasurer of the ' City of Renton, which shall be promptly returned if the bid is not - 3 - - `.,. , . , . .- y: � . � , . ' . accepted. If the bonds are ready for delivery and the successful bidder shall fail and neglect to complete the purchase of the bonds within forty days following the acceptance of his bid, the amount of his deposit shall be forfeited to the City of Renton and in that event the City Council may accept the bid of the one making the next best bid. If there be two or more equal bids for the bonds for not less than par plus accrued interest and such bids are the best bids received, the City Council will determine by lot which bid will be accepted. The bonds will be delivered to the successful bidder at the office of the City Treasurer of the City of Renton or in the City of Seattle at the expense of the City, or at such other place as the City Treasurer and the successful bidder may mutually agree upon at the pur- chaser's expense. Any bid presented after the hour specified for the receipt of bids will not be received and any bid not accompanied by the required bid deposit at the time of opening such bid will not be read or considered. It is understood that if, prior to the delivery of the bonds, the income receiva.ble by the holders thereof shall become taxable, directly or indirectly, by the terms of any federal income tax law, the successful bidder may at his option be re- lieved of his obligation to purchase the bonds, and in such case the deposit accompanying his bid will be returned, without interest. The City of Renton will cause the bonds to be printed or lithographed and signed without expense to the successful bidder. The approving legal opinion of Messrs. Roberts, Shefelman, Lawrence, Gay & Moch, attorneys , Seattle, Washington, will be i furnished to the purchaser of the bonds without cost to the pur- chaser, which legal opinion will be printed on each bond. Bond counsel shall not be required to review or express any opinion - 4 - � ,y y� . _ a . , Y' • ' • ' �J �` ` ' . concerning the completeness or accuracy of any official statement or other sales material issued or used in connection with the bonds. A no-litigation certificate will be included in the closing papers. Further information concerning the bonds may be received upon request made to the City Clerk, or from Seattle-Northwest Securities Corporation, the City' s financial consultants, at 1000 Logan Building, 500 Union Street, Seattle, Washington 98101. DATED at Renton, Washington, this 12th day of November, 1977. � �,C . /'//� DELORES A. ME�,. �ity Clerk � Publication Dates: �ecember 9 , 197? December 16, 1977 December 23, 1977 December 30 , 1977 January 6, 1978 � - 5 -