HomeMy WebLinkAboutORD 3477 � ri•r,
CITY OF RENTON, WASHINGTON
ORDINANCE NO. 3477
AN ORDINANCE AUTHORIZING THE ISSUANCE AND SALE OF
INTEREST BEARING REVENUE WARRANTS TO BE DRAWN ON
THE"LOCAL IMPROVEMENT FUND, DISTRICT NO . 314"
TO PROVIDE FUNDS FOR THE I14TERIM FINANCING OF
CONSTRUCTION OF CERTAIN IMPROVEMENTS TO BE
ACQUIRED IN LOCAL IMPROVEMENT DISTRICT NO. 314.
WHEREAS by Ordinance No . 3396 adopted January 21 , 1980 ,
the City Council ordered the construction and installation of
sanitary sewers , water main, fire hydrants , curbs , gutters , sidewalks ,
street lighting and all necessary appurtances thereto in the vicinity
of East Valley Highway and S .W. 16th St from SR 167 ramp northerly
and westerly to Lind Avenue S .W. , and established the "Local
Improvement Fund, District No . 314, all in accordance with
Resolution No. 2283 adopted by the City Council on July 2 , 1979 ,
as amended by Resolution No. 2299 dated September 24, 1979 creating
Local Improvement District No. 314;
WHEREAS Peoples National Bank of Washington, Renton, Wash. , has
agreed to purchase revenue warrants to be drawn on such fund bearing
interest at 6.2% of the prevailing prime tate of Peoples Bank at the
time of initial take down, Now Therefore
THE CITY COUNCIL OF THE CITY OF RENTON , WASHINGTON, DO
ORDAIN AS FOLLOWS :
SECTION I : The City hereby accepts the offer of Peoples
National Bank of Renton, Washington and the City Finance Director
is hereby authorized and directed to issue revenue warrants for
interim financing of the improvements to be constructed and installed
in Local Improvement District No . 314, which warrants in the
principal amount of not to exceed $600,000.00 are to be
drawn on the "Local Improvement Fund, District No . 314" , hearing
-1-
�y
interest at 62% of the prevailing prime rate of Peoples Bank
at the time of initial take down and delivered from time to time
upon payment therefor , to Peoples Bank, Renton, Washington.
PASSED BY THE CITY COUNCIL this 3rd day of November, 1980 . .
92.
Delores A. Mead,Ctty Clerk
APPROVED BY THE MAYOR this 3rd day of November: 1980.
�6�4 -(
Barbara Y, S inpoc , Mayor
Approved as to Form:
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(.l
Lawrence J . W ren , City ttorney
Date of Publication : November 12, 1980