HomeMy WebLinkAboutORD 2010CITY OF RENTON, WASHINGTON
ORDINANCE NO. j 0 / Q
AN ORDINANCE fixing the amount, form,
date, interest rate, maturity and denomi-
nations of Local Improvement District
No. 248 bonds and directing the issuance
and sale thereof to Grande & Co., Inc.,
of Seattle, Washington.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
RENTON, WASHINGTON, as follows;
Section 1. The total amount of the assessment roll
in Local Improvement District No. 248 in the City of `:Renton,
Washington, created under Ordinance No. 1943, was $166,521.89.
The 30 -day period for making cash payments of assessments with-
out interest in said District expired January 41 1963, and the
total amount of assessments paid in cash was $13,184.66,
leaving a balance of assessments unpaid on the assessment roll
in the sum of $153,337.23• Local Improvement District bonds
of Local Improvement District No. 248 shall, therefore, be
issued in the total principal sum of $153,337.23• Bond No. 1
of said issue shall be in the denomination of $337.23, and
the remaining bonds, numbered 2 to 154, inclusive, shall be in
the denomination of $1,000.00 each. The bonds shall all be
dated February 1, 1963, and shall be payable on the first day of
February, 1975, with the right reserved to the City to redeem
said bonds prior to maturity on any interest payment date, in
numerical order, lowest numbers first, whenever there shall
be sufficient money in the "Local Improvement Fund, District
No. 248" created by Ordinance No. 1943, passed March 5, 1962,
to pay the bonds so called and all earlier numbered bonds over
and above the amount required for the payment of the interest
THE CITY OF RENTON, a municipal corpora-
tion of the State of Washington, hereby
promises to pay to Grande & Co., Inc.,
Seattle, Washington, or bearer
ONE THOUSAND DOLLARS
($337.23 on Bond No. 1)
in lawful money of the United States of
America, with interest thereon at the rate
of FOUR AND FORTY -HUNDREDTHS PER CENT
(4.40%) per annum, payable annually out of
the fund established by Ordinance No. 1943
of said City and known as "Local Improvement
Fund, District No. 248," and not otherwise,
except from the guaranty fund, as herein
provided. Both principal and interest on
this bond are payable at the office of the
Treasurer of the City.
A coupon is attached hereto for each
installment of interest to accrue hereon
and said interest shall be paid only upon
presentation and surrender of such coupon
to the City Treasurer.
The City Council of the City, as agent
of such Local Improvement District No. 248,
established by Ordinance No. 1943, has
caused this bond to be issued in the name
of the City as the bond of such local im-
provement district, the bonds or the
proceeds thereof to be used to pay the
cost of constructing and installing sanitary
sewer lines and appurtenances in the West
Hill area of the City, as provided in
Ordinance No. 1943, as is levied and assess-
ed against the property included in said
local improvement district and benefited
by said improvement, and the "Local Im-
provement Fund, District No. 248" has been
established by ordinance for such purpose,
and the holder or holders of this bond:
shall look only to said fund and to the
Local Improvement Guaranty Fund of the City
for the payment of either the principal of
or the interest on this bond.
This bond is one of a series of 154
bonds aggregating in all the principal sum
of $153,337.23issued for Local Improvement
District No. 248, all of which bonds are
subject to the same terms and conditions
as herein expressed.
This bond is payable on February 1, 1975,
but is subject to call by the City Treasurer
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whenever there shall be sufficient money
in the "Local Improvement Fund, District
No. 248." to pay the same and all unpaid
bonds of the issue of which this bond is one,
which are prior to this bond, in numerical
order, over and above sufficient for the
payment of the interest on all unpaid bonds
of said issue. The call for payment of
this bond, or any bond of the issue of
which this is one, shall be made by the
City Treasurer by publishing the same once
in the official newspaper of the City not
less than ten nor more than twenty days
prior to the call date, and when such call
is made for the payment of this bond, it
will be paid on the day the next interest
coupon thereon shall become due after said
call and upon said day interest upon this
bond shall cease and any remaining coupons
shall be void.
IT IS HEREBY CERTIFIED, Recited and
Declared that all acts, conditions and
things required to be done precedent to
and in the levying of said special taxes
or assessments and the issuing of said bonds
have been properly done, have happened and
have been performed in regular and due form,
as required by law; and that the bonds have
not been issued in an amount in excess of
the cost of the improvement.
IN WITNESS WHEREOF, the City of Renton,
Washington, has caused these presents to
be signed by its Mayor and attested by its
City Clerk and sealed with its corporate
seal this iftr= day of February, 1963.
k,
CITY OF NITON, WASHIN TON
By
Mayor
ATTEST:
CiUy Cler
COUPON FORM
Coupon No.
$44.00
($14.84 on Bond No. 1)
On the FIRST DAY OF FEBRUARY, 19 , the
CITY OF RENTON, WASHINGTON, promises to pay
to bearer at the office of the City Treasur-
er the sum of FORTY-FOUR AND NO/HUNDREDTHS
DOLLARS ($44.00) ( FOURTEEN AND EIGHTY-FOUR/
HUNDREDTHS DOLLARS ( $14.84 ) on Bond No. 1 ),
being twelve months' interest due that day
on Bond. No. of the bonds of Local
Improvement D-isFrict No. 248, and not
otherwise, provided that this coupon is
subject to all terms and conditions, con-
tained in the bond to which it is annexed,
and if said bonds shall be called for pay-
ment before maturity thereof, then this
coupon shall be void.
CITY OF RENTON, 14ASHINGTON
By _
Mayor
ATTEST:`
CxyCer
Section 3. The bonds shall be printed on lithographed
forms, shall be signed by the Mayor and attested by the Clerk
and shall have the seal of the City of Renton affixed thereto
and the coupons shall bear the facsimile signatures of the
Mayor and the Clerk.
Section 4. Grande & Co., Inc., of Seattle, Washing-
ton, offered to purchase all of the local improvement bonds
of Local Improvement District No. 248 at a price of 100.090
of par, plus accrued interest from the date of issue to the date
of delivery of the bonds to the purchaser, the City to furnish
the printed bonds and the approving legal opinion of Roberts,
Shefelman, Lawrence, Gay & Moch (formerly Weter, Roberts &
Shefelman), municipal bond counsel of Seattle, Washington, at
the City's expense. The City Council, deeming that no better
offer could be received for the bonds and that it was in the
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best interest of the City to accept said offer, duly accepted
the same on April 2, 1962, and said acceptance is hereby
ratified and confirmed. The bonds shall, therefore, imme-
diately upon their execution, be delivered to Grande & Co.,
Inc., Seattle, Washington, upon payment therefor in accordance
with said offer.
PASSED by the City Council. and APPROVED by the Mayor
at a regular meeting on February 4, 1963.
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62�E%l2/' XYZ �n
OR
ATTEST:
CITY CLERK
APPROVED AS TO FORM:
J �
CITY ATTORW'
DATE UJyi ,A -;ON FEB 6 1553