HomeMy WebLinkAboutORD 3418 Amends #3182
CITY OF RENTON, WASHINGTON
ORDINANCE NO. 3418
AN ORDINANCE OF THE CITY OF RENTON, WASHINGTON
AMENDING ORDINANCE NO. 3182 WHICH ORDINANCE 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 ON RAYMOND AVENUE S.W. RUNNING
IN A SOUTHERLY DIRECTION FROM SW 16TH STREET , SOUTHERLY
AN APPROXIMATE DISTANCE OF 1200 FEET, RENTON, KING
COUNTY, WASHINGTON, ALL IN ACCORDANCE WITH RESOLUTION
NO. 2140 OF THE CITY COUNCIL OF THE CITY OF RENTON ,
ESTABLISHINGS LOCAL IMPROVEMENT DISTRICT NO. 307 ;
PROVIDING ASSESSMENTS UPON PROPERTY IN SAID DISTRICT,
IN LIEU THEREOF AS DETERMINED BY THE CITY COUNCIL;
PROVIDING FOR THE ISSUANCE AND SALE OF LOCAL IMPROVE-
MENT DISTRICT WARRANTS REDEEMABLE IN CASH AND LOCAL
IMPROVEMENT DISTRICT BONDS OR NOTES ; SUCH AMENDMENT
RELATING TO A CHANGE IN THE INTEREST RATE WHICH MAY
BE CHARGED ON THE LOCAL IMPROVEMENT DISTRICT WARRANTS .
WHEREAS by Resolution No. 2140 passed and approved on
October 24, 1977, the City Council of the City of Renton declared its
intention to construct and install certain improvements , and
WHEREAS by Ordinance No. 3182 passed after public hearing
on November 14, 1977 , the City Council did order the construction
and installation of certain improvements more particularly described
as constructing and installing certain 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
Raymond Avenue S.W. running in a southerly direction from SW 16th
Street, southerly an approximate distance of 1200 feet, and
WHEREAS in Section V of Ordinance No. 3182 , the City
Council of the City of Renton did establish a maximum interest rate
on Local Improvement District .warrants for Local Improvement District
No . 307 of 8% per annum, and
WHEREAS due to the economical conditions and the present
market for bonds and warrants such interest rate renders the bonds
and warrants unmarketable, and
WHEREAS the City Council of the City of Renton finds it
in the public interest and for the public benefit and welfare to
increase said allowable interest rate to 12% per annum, I4OW THEREFORE-
THE
HEREFORETHE CITY COUNCIL OF THE CITY OF RENTON, WASHINGTON , DO
ORDAIN AS FOLLOWS :
SECTION I : The maximum interest rate allowable on Local
Improvement District warrants to be issued in payment of the
costs and expense of the improvement previously ordered shall not
exceed 12`!o per annum and the Local Improvement District bonds which
have been authorized to be issued shall not bear interest in a
rate to exceed 12% per annum.
SECTION II : All other portions and parts of Ordinance
No. 3152 shall remain in full force and effect unless modified
hereafter.
PASSED BY THE CITY COUNCIL this 21st day of April, 1980
0-
Delores A. Mead, Ci y Clerk
APPROVED BY THE MAYOR this 21st day of April, 1980 .
5....
q
Barbara . zinpoch, Mayor
Approved as to form:
Lawrence J . Warren, City Attorney
Date of Publication: April 30, 1980