HomeMy WebLinkAboutORD 0951 � ,
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ORDINANCE Nt?. - --
AN ORDI�1ANCE providin� for the issue and sale of
refundin� water revenue bonds in the sum of
�85�000 for the purpose of paying the outatand-
ing water revenue bonds of the City of Renton,
dated June l, 1930, issued pursuant to Ordinance
No. 884; creating a specis.l fund for the payment
of the principal and interest of said refunding
bonds , and providing for �he terms and condi-
tions o.f said bonds.
WHEREAS, the City of Renton, VVashington, pursuant to
Ordinance No. �84 oP said city, passed and approved Februar�
4, 1930, issued certain water revenue bonds d.a.ted June 1, 1930,
paqable solely 'from the revenuss of the water s,Tste�: of' said
city, oP vchich bond issue there is no�a outstandin� and unpaid
bonds in the principal sum o�'�O,Y�G�O� and,
�JHEREAS, said Ordinanc� No. 984 under which said bo�ds
were issued , provides that the city shall have the right to re-
tire any or all of said bonds remaining unpaid on any interest
payment date on or after five years f'rom date of such bonds;
� and, I
WHER.EAS, 9aid city will call for payment on June 1,
1935, all of the outstanding bonds of said issue of water
revenue bonds so issueci under said Ordinance No. 884, and in
order to secure the mone� necessar y to retire said b onds it
wrill be necessary to issus refunding water revenue bond.s in
the princ i�al sum of �85,000, v�hi.ch said bonds can be sold at
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par at a co�siderably lower interest rate than that borne by '
the outstanding bonds, �nd the issuance and sale of such re-
, funding bon ds w3.11 result in a saving to said city; now,
therefore,
The City Council of the Gity of Renton do ordain as
fol�ows :
Section l. That pursuant to the provisicns of tr:e
statutes of the State of. V6'ashington, there now be issued re-
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funding wQter revenue bonds af the City of Renton in the
principal sum of �85,000. , said bonds to be of the denomina-
tion of �1000.00 each, numbered from one to eighty-five in-
clusi�e, be dated June l, 193 5, and bear interest at a rate
oP not more than 4 1/2� per annum, payable semi-annuaZly on
the first days of June and December of each year, and matur�e
serially in the order of their number as folZov�s :
?�4000 on June l, I936 �6000 on June l, 1944
�4000 on June 1, 1937 : �6000 on June l, 1945
�5000 on June 1, 1938. 6000 on June 1, 1946
w5000 on June 1, 1939 �6000 on June 1, 1947
�5000 on June l, 1940 � 6000 on June 1, 1948
�6000 on June 1, 1941 7000 on June 1, 1949
�6000 on June l, 1942 �;,7000 on June 1, 1950
�6000 on June 1, 1943
The City of Renton reserves the ri�ht to redeem all
or any of the unmatured bond� of this issue on any interest �
pavm�nt date on and after five (5) years from date thereof, by ,,
giving thirty (30) days previous notice of sueh intended re-
demption b� mail to the holders oP said bonds , if the address
of such holders is registered i.n the office oP the City Treas-
urer, and if not so registered, then by filing such notice of
reder�ption at the office of the City Treasurer of said City
of Renton, and interest upcn any bond so called for redemption
shall cease on the date named. All of sai� refunding bonds,
princips.l and interest, to be pa�abl� at the office of the
City Treasurer of Renton, V6'ashington, in la�vful money of the
United States of America, out of the �ross revenues af th.e
water works system of said city.
Section 2. Said bonds shall be kno�+�n as Refunding Water
Revenue Bonds af 1�35, ar,d be in �ubstantiall� the follo�vin�
f o r�°.:
UNITED STATES OF A�iERICa
STATE OF �"d.ASHII�iGTON
CITY OF REIJTON
REFU�DING t�dATER REVEN'�E BGVD 1935
KNOW ALL MEN BY TIIESE PRESENTB : That the City of
R�nton in the Count�� of �ir��, State o�' �'�ashington, is just3y
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indebted and for value receiv�a hereb� promises to pay to
bearer, or if reg�stered, to the re�istered holder hereof on
the first day of June, 19_, the principal sum of �1000.00
with interest therean at ths rate of per eent per annum, �
payable semi-�nnually on the first days of June and Deeember
of each �ear upon the presentation and surrender of the
annexed coupons as they severall�r become due. Bo�h princip�l
and interest of this bond are pay�ble in lawful money of the
United States of America at the Treasurerts oPf ice of the City i
of Renton, tNashington, out of the speeial fund of said City
kno�n as "Refunding Vizater Revenue Bond Fund 1935" , created by
Ordinance No. of sa id City, v�hich fund is to be drawn
upon for the sole purpose of paying the principal and inter-
est of this issue of bonds.
� '`�. The City of Renton reserves the right to redeer� all or
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any of the unmatured bonds of this issue on any interest pag-
� m date on ana after five 5 ears frcxn date hereof b
ent t ) Y , y I
giving thirty (30) days previous notice of such intended re-
dempticn b�r mail. to the holder of this bond, if the address of
such holder is registered in the office of the City Tre�asurer,
and if not so registered, then by Piling such notice of� re-
demptien at the o�'f ice of the City Treasurer of said Gity of
Renton, and int erest upan ar�y bond so called for redemption
. shall cease on the date r�amed.
This bond is one of an issue of special water revenue
b onds in the principal sum of �85,000 issuing pursuant to
said Ordinance Na. , for the purpose of providin� funds I
to pay and retire the special water renenue bonds heretofore
issued by said City, dated June 1, 1930. The City of Renton
hereby covenants with the holder of this b ond that it wi11 �
' keep and perform all oP the co venants and promises in said
Ordinance No . authorizing the issuance of said refunding
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t�onds and creatin� such refunding water revenue bond fund to
be by it kept and perfQrmed, and does hereby irrevacebly obli-
gate and bind itself to set aside and pay into said special
fur�d from th.e gross revenues of said water works system the
various a�;o�nts in said Ordinance provided, which ar�ounts so
pled�ed are hereby decla red to be a f3rst lien and char�e upon �
the gross revenues of said �vater works system, and all addi�-
tions thereto, prior to all other liens and charges , including
those for maintenance and operation oP said �ater system.
The City of Renton further binda itselP to establish
and maintain rates for water service which shall provide suf-
ficient revenues to permit the payment into said special fund
of said sums which said City has pledged to be set aside for ,
the payment of the principal and interest of these bonds , and
�` also to pa� all the expenses of maintaining and operating i
said water system until such bonds have been paid in full. I
Th3.s bon d may be regiatered as to principal or as to I
�; both principal and interest in accordance w ith the statute of
the State of �Uasrin�ton.
It is hereby Pound, certif ied and dec].ared that said
bonds are issued pursua.nt to and in strict compliance with
the laws and constituticn oP the State of Washington and of
the ordinances and charter of the City oP Renton, and a11 acts,
conditions and things required to be done precedent to and in
the issUar� e of this bond have happened, been done and per-
formed �as required by law. r
IN t��ITNESS Vt�iEREOF the City of Renton has caused this
bond to be signed by its Iviayor and atte�ted by its City Clerk �
and its carporate seal to be hereto affixed, and the annexed
interest caupons to be signed and sealed with the facsimile of
I the signatures of said officers , a11 this first day of June ,
1935.
THE CITY OF RENTON, V'?ASHI��?GTON
A�test : B
3�
ayor
Ci�g Clerk _g_ I
r
C
(Form of Coupon)
Coupon No . �
On the first day of , 19_, the City
of. Renton, V'dashington, �vill pay to bearer or if re�istered as
to interest, to the registered holder hereoP, at the oPfice
of the City Treasurer of the City oP Renton, the sum of
, � in la��'ul money oPthe United States , from
the sneeial fund of' said city knov�n as "Refunding tNater Revenue
Bond Fund, 1935F' , said sum being the semi-annual interest due
that date on its water refunding bond dated June 1, 1935, No.
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CITY OF R�NTON, �lJASHINGTON
B� �
A�test: agor.
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Section 3. That said bonds shall be signe d by the I�ayor
and attested by the City Clerk und.er the seal of the City, and '
each of said coupons shall. be signed �rith a facsimile of the I
signatures of said officials, and all of said bonds, shall at
, the option of the holder, b e subject to registra�ion as to '
principal or as to both prinei�l and inter�st in accordance
with the provisions of the Statute of the State oPWashington.
Section 4. That there be and hereb� is created and
established a special fund to be called "Refunding Water Rev-
enue Bond Fund, 1935" , which fund shall be drawn upon for the
sole purpose of paying the interest arr3. principaZ of said
bonds . From and after the date of sai� bonds , and so long as
any oP the same are outstanding and unpaid, the City Treasurer �
shall set aside out of the gross renenues of said water system,
and pay into th� special fund, eertain fixed amounts, as fol- i
lows : Each month a sum equal to 1/12 of the co�bin ed prin-
cipal and interest payments to be made during each year said
bonds are outstanding, it being un derstood and agreed that
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such payments sha11 be so made that there shall be on depos t
in such sp�cial fund at least ten days prior to the respective
dates on which the interest or principal and interest of said
bonds shall become due and payable , an amount sufficient to
make such paymenta as they become due, and the gross revenues
of sa id water works system are hereby pledged to the pa�nent
of the interest an d principa2 0£ said bonds , which are hereby
constituted a charge upon such revenues prior to all other liens
and char�es, including those Por maintenance and operation of
the water works sy�stem, and the City Treasurer of the City of
Renton is hereby directed to Fay said bonds and interest coupons
as the same fall due Prom the moneys in said Refunding ��ater
Revenue Bond Fund, 1935.
The payment of such bonds and coupons as the�r fall due
is hereby declared to be the only eharge which has been made
upon such special fund, or which will ever be made thereon,
until all of such bonds and the intereat thereon shall have
been fully paic�. The City of Renton hereby binds itself not
' to sell or in any manner dispose of the water supply system
now belon�ing to it, and all additions , betterments an d ex- �
tensions hereafter authori2ed, until allsbligations outstand-
ing against and payable f'rom said special fund herein created
shall have been paid in full.
The City of Renton f urther binds itself to establish
and maintain such rates or charges for water sold by such
water sup�ly system as will pro�ride sufficient revenues to
, permit the pay� nt of sa�d sums into such special fund, which
the City has herein pledged to be set aside f or the payment
oP the principal and interest oP the bonds herein authorized, I
until such bonds have been paid in full.
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Said City hereb� declares that in creating the special
fund for the payment of said bonds, it has exercised due re-
gard for the cost of operating and maintaining said water works
system, and that in the �udgment of the cor�:orate authoritie s
� of said city the gross revenues to be derived from the opera- '
tirn of said water works system is amply sufficient to m�eet all
expenses of operation and maintenance , and set aside in�o said
special fund the amounts herein xr ovided.
Section 5. Thi� ordinance shall take effect and be in
force from �nd after five days after its passage , approval and I
publication. I
Passed by the Couneil of the City of Renton an d approved I
by the Mayor th is �6t.z day of April, 1935.
�.m_v..._.._ ���/�1.L�� I
�i�i�,yor
Attest:
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Approved:
0
Ci�y Attorne�r
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