HomeMy WebLinkAboutORD 3231 ' �
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CITY OF RENTON , WASHINGTON
ORDINANCE N0 . 3231
AN ORDINANCE authorizing the issuance and sale
of interest-bearing revenue warrants to be drawn
on the " Local Improvement Fund , District No . 284"
to provide funds for the interim financing of con-
struction of certain improvements to be acquired
in Local Improvement District No . 284
WHEREAS, by Ordinance No. 2858 adopted June 10, 1974, the
City Council ordered the construction and installation of curbs, and
gutters, asphalt paving, all underground utilities, water, storm,
sanitary sewer, power, telephone and street illumination, together
with all necessary appurtenances thereto, within certain territory
in the vicinity of Jones NE in accordance with Resolution No. 1899
adopted by the City Council on April 1, 1974, and created Local Improve-
ment District No. 284 and the "Local Improvement Fund, District No. 284;
and
WHEREAS, interim financing is needed until the project is completed
and bonds are sold; and
WHEREAS, Rainier National Bank of Washington of Renton, Washington,
has agreed to purchase revenue warrants to be drawn on such fund bearing
interest at the rate of �3.75% per annum; NOW, THEREFORE,
THE CITY COUNCIL OF THE CITY OF RENTON, WASHIfdGTON, DO ORDAIN,
as follows:
Section 1 . The City Finance Director should be and she hereby
is authorized and directed to issue revenue warrants for interim financing
of the improvements to be constructed and installed in Local Improvement
District No. 284, which warrants, in the principal amount of not to
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exceed $100,000.00 are to be drawn on the "Local Improvement Fund,
District No. 284," bear interest at the rate of 5.375% per annum, and
are to be delivered from time to time upon payment therefor to Rainier
National Bank of Washington of Renton, Washington.
PASSED by the City Council of the City of Renton, Washington
at a regular open public meeting thereof, and APPROVED by the Mayor
this 2 6 day of June, 1978.
Mayor, Pro te
ATTEST:
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�ORM APPROVED:
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City Attorney
Date of Publication: June 30,. 1978
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