HomeMy WebLinkAboutORD 3350 C I`1'Y OF R�;iJ lOiV, fnlASfiIY�GTON
ORDIivAiJC� i�TO. 3 3 5 0
AN ORliINAIQCE of the City of Renton, Wash-
ington, relating to improvements at the Gene
Coulon Memorial Beach Park an3 amending Ordinance
No. 3336 passed and approved July 23, 1979, as
amended by Ordinance No. ��4-� passed and approved
August 6, 1979.
THE CITY COUNCIL OF T�-IE CI�l,Y OF REIQTON� WASHINGTON� DO
ORDAIN as follo�as:
Section I. Section III of Ordinance No. 3336 passed and
approved July 23 , 1979, is amended to read as follows:
Section III. The general obligation bonds nerein authorized
to be issued shall be serial in form and shall bear interest at
a maximum effective rate not to exceed �% per annum, which except
for the first interest coupon shall be payable semiannually, and
shall mature in from two to not more than twenty years from date
of issue, the life of t�e improvements to be acquired by sucn
bonds being at least twenty years, in such amounts as nearly as
practicably annually as will result in a difference of not more
than $5, 000. 00 between the highest and lowest annual payment of
principal and interest, excluding the first two years from date
of issue, computed on such anticipated effective interest rate
as the City Council of the City shall in its discretion determine
will be borne by such bonds and shall be paid by annual tax levies
sufficient in amount to pay both principal and interest when due, II!
.
, . , �
which annual tax levy shall be made without limitation as to rate
or amount, and the bonds shall so provide. The bonds shall be
redeemable at the option of the City at such times as shall be
hereafter determined by ordinance. The date of issue, interest
rate or rates, maturities, form and covenants of such bonds shall
be hereafter fixed by ordinance of the City Council of the City,
and the bonds shall be issued and sold when the proceeds thereof
may be required.
Section II. Section IV of Ordinance No. 3336, as amended by
Ordinance No. 3343 Passed and approved August 6, 1979, is amended to
read as follows:
Section IV. The City Council finds that an emergency
exists requiring the construction, installation and improvements
of the Gene �oulon �iemorial Beach Park, and that as a result
of the existence of such emergency, it is necessary to call a
special election and a special election is, therefore, hereby
called to be held in the City of Renton as provided by- law on
the 18t:n day of September, 1979, in connection with the primary
election to be held on the same date, at which time there
� shall be submitted to the qualified voters of the City for their
ratification or rejection the following proposition. in the form
of a "ballot title" as follows:
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, . . •
Shall Ordinance No. 3336 passed and approve�
July 23 , 1979, as amended, providing for the
borrowing of $7 , 825, 000. 00 and issuing and selling
general obligation bonds therefor for the p�urpose
of developing and extending tne Gene Coulon Memorial
Beach Park, such bonds to mature in from two to not
more than twenty years from date of issue and to
be payable from unlimited annual property tax levies,
be ratified or rejected?
Ordinance ana Bonds YES /7
Ordinance and Bonds Td0 ��
Section III. This Ordinance shall be effective upon its
passage, approval and five days after publication.
PASSED BY THE CITY COUi1CIL this 20th day of August, 1979.
��. ����
DELO A. MEAT�, Ci�y Clerk
APPROVED BY THE MAYOR this 20th day of Augusf, 1979.
, �` � ��,
C'.""'
CHARLE�'/J. D�LAURENTI, Mayor
(/
Approved as to f orm;
�-*,�a-w .
Lawrence J. Warren, City Attorney
Date of Publication August 24 , 1979
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