HomeMy WebLinkAboutORD 1848ORDINANCE NO. /8L[
AN ORDINANCE of the City of Renton, Washington,
providing for the redemption and retirement
of $150,000 of general obligation bonds of
the city by the use of certain moneys which
the city has on hand and available for such
purpose and by the issuance and sale of general
obligation refunding bonds of the city in the
principal sum of $125,000; providing the date,
form, terms and maturities of said $125,000 of
bonds to be issued, and for unlimited tax levies
to pay the principal thereof and interest thereon.
WHEREAS, pursuant to Ordinance No. 1756 of the city, passed
and approved May 5, 1959, the city issued and sold under date of June
1, 1959 its limited tax levy general obligation bonds in the principal
sum of $150,000 and bearing interest at the rate of 3 3/4/ per annum,
for the purpose of providing funds to replace the existing bridge within
the city across the Cedar River on Houser Way with a new bridge; and
WHEREAS, at a special election held within the city on March
8, 1960, the number and proportion of the qualified electors of the
city required by law for the adoption thereof voted in favor of a propo-
sition authorizing the issuance of unlimited tax levy general obligation
bonds of the city in the principal sum of $150,000 for the purpose of
refunding the abovementioned limited tax levy general obligation bonds;
and
WHEREAS, after the construction of such new bridge was com-
pleted, the city now has on hand $25;000 left out of the proceeds of
the sale of such June 1, 1959 limited tax levy bonds, which may be used
for the retirement of said bonds, and also has on hand sufficient money
to pay interest on said bonds outstanding to December 1, 1960; and
WHEREAS, it will be of great advantage to the city to redeem
' and retire said limited tax levy bonds by the use of said $25,000 and
I
by the issuance of $125,000 of unlimited tax levy bonds; and
s
WHEREAS, it appears that under present market conditions
said unlimited tax levy bonds will probably be sold at an interest
rate of approximately 3 1/4% per annum; and
WHEREAS, Peoples National Bank of Washington and Seattle -
First National Bank, which are the owners and holders of the out-
standing $150,000 of limited tax levy bonds, have agreed to let the
city purchase the same on December 1, 1960, at par plus accrued in-
terest to such date, even though the city may not legally call the
same for redemption until June 1, 1961;
NOW, THEREFORE, BE IT ORDAINED by the Council of the City
of Renton, Washington, as follows:
Section 1. That there shall now be issued and sold $125,000
of general obligation refunding bonds of the city out of the $150,000
of such bonds authorized by the qualified electors of the city at the
special election held therein on March 8, 1960, for the purpose of
providing part of the funds necessary to redeem and retire the $150,000
of Renton Houser Way Bridge General Obligation Bonds, 1959, issued
under date of June 1, 1959 pursuant to Ordinance No. 1756 of the city.
The remaining $25,000 necessary to redeem said bonds shall be paid
out of the unexpended portion of the proceeds of the sale thereof.
Said $125,000 of bonds shall be dated December 1, 1960,
shall be in denominations of $1,000 each, and shall bear interest at
a rate of not to exceed 6/ per annum payable semiannually on the first
days of June and December of each year as evidenced by coupons to be
attached thereto. Said bonds shall be payable both principal and
interest at the office of the City Treasurer in Renton, Washington,
and shall be numbered and mature in order of their number as follows:
Bond Nos.
Maturity
Date
Amount
1-14
June
11
1962
$14,000
15-29
June
11
1963
15,000
30-44
June
11
1964
15,000
45-59
June
1,
1965
15,000
60-75
June
11
1966
16,000
76-91
June
1,
1967
16,000
92-108
June
1,
1968
17,000
109-125
June
1,
1969
17,000.
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Section 2. Said bonds shall be in substantially the
following form:
NO.
UNITED STATES OF AMERICA
$1,000
STATE OF WASHINGTON
CITY OF RENTON
GENERAL OBLIGATION REFUNDING BOND
1960
KNOW ALL MEN BY THESE PRESENTS:
That the City of Renton, a municipal corporation of the
State of Washington, acknowledges itself to owe and for value
received hereby promises to pay to bearer on the first day of
June, 19�?, the principal sum of
ONE THOUSAND DOLLARS
I
together with interest thereon at the rate of �/ per annum
payable semiannually on the first days of June and December of
each year upon presentation and surrender of the attached in-
terest coupons as they severally become due or until such sum
has been paid or duly provided for. Both principal of and
interest on this bond are payable in lawful money of the United
States of America at the office of the City Treasurer in Renton,
Washington.
This bond is one of an issue of general obligation refunding
bonds of the City of Renton in the total principal sum of $125P00,
which issue is issued for the purpose of providing funds to
redeem and retire a like principal amount of limited tax levy
general obligation bonds of the city. These refunding bonds
are issued pursuant to an election authorizing the same and under
and in accordance with the statutes of the State of Washington
and ordinances of the city duly and regularly adopted.
The City of Renton hereby irrevocably covenants that it will
levy taxes annually upon all the taxable property within the city
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without limitation as to rate or amount and in amounts
sufficient to pay the principal of and interest on said
bonds as the same shall become due. For the prompt pay-
ment of such principal and interest the full faith, credit
and resources of the city are hereby irrevocably pledged.
It is hereby certified that all acts, conditions and
things required to be done precedent to and in the issuance
of this bond have happened, been done and performed, and
that the total indebtedness of the city, including this
bond, does not exceed any constitutional or statutory
limitation.
IN WITNESS WHEREOF, the City of Renton, Washington,
has caused this bond to be signed by its Mayor, to be at-
tested by its Clerk, the official seal of the city to be
impressed hereon, and the interest coupons attached hereto
to be signed with the facsimile signatures of said officials,
this first day of December, 1960.
ATTEST, *
City
CITY OFR)ENTON, WAS TON
By j-�-
Mayor
The interest coupons to be attached to said bonds shall be
in substantially the following form:
NO.
On the first day of , 19_, the City
of Renton, Washington, will pay to bearer at the office
of the City Treasurer in Renton, the sum of
DOLLARS in lawful money of the United States of America,
said sum being the semiannual interest due that day on
its General Obligation Refunding Bond dated December 1,
1960, and numbered
-4-
ATTEST;
C
CITY OF MENTON, WASHINGTON<
By
Mayor
Section 3. Saidrbonds shall be signed on behalf of the city
by its Mayor, shall be attested by the City Clerk, and shall have the
corporate seal of the city impressed thereon. Each of the interest
coupons attached thereto shall be signed with the facsimile signatures
of said officials.
Section 4. All of the moneys derived from the sale of the
bonds authorized herein, except for any accrued interest, shall be paid
into the Renton 1959 Houser Way Bridge General Obligation Bond Redemption
Fund created by Section 6 of Ordinance No. 1756 of the city, and shall be
used for the sole purpose of redeeming and retiring a like principal
amount of the Renton Houser Way Bridge General Obligation Bonds issued
under date of June 1, 1959.
The city hereby covenants and agrees that it will also pay the
sum of $25,000, which it still has on hand out of the proceeds of the
sale of said June 1, 1959 bonds, into said Bond Redemption Fund on or
before December 1, 1960, and that said $25,000 will also be used to
redeem and retire a like principal amount of such June 1, 1959 bonds.
Section 5.. That there be and is hereby created a special
fund in the office of the City Treasurer, to be known as "Renton 1960
General Obligation Refunding Bond Redemption Fund." The city hereby
irrevocably covenants that for as long as any of these refunding bonds
are outstanding, it will make annual levies of taxes without limitation
as to rate or amount upon all the property in the city subject to taxa-
tion in amounts sufficient to pay the principal of and interest on said
refunding bonds as the same shall become due. All of such taxes so
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collected shall be paid into said Refunding Bond Redemption Fund,
and no part of such Fund shall be used for any other purpose than
the payment of the principal of and interest on said bonds. The full
faith, credit and resources of the city are hereby irrevocably pledged
for the annual levy and collection of such taxes and the prompt pay-
ment of such principal and interest.
Section 6. The City Clerk is hereby authorized and directed
to advertise these refunding bonds for sale in the manner required by
law, and the proper city officials are hereby authorized and directed
to do everything necessary for the prompt execution and delivery of
said bonds upon their sale, and for the proper application and use of
the proceeds thereof.
PASSED by the Council of the City of Renton, Washington,
and approved by its Mayor at a regular meeting of said Council held
this 13th day of September, 1960.
CITY OF RENTON, WASHINGTON
By
Mayor
----,.r'- nom"/'
Citv C
AS . TO FORM:
LA WV � k -X -X c�
GERARD M SHELLAN
City Attorney