HomeMy WebLinkAboutORD 3489 CITY OF RENTON,, .WASHINGTON
ORDINANCE NO_. 3489
AN ORDINANCE AUTHORIZING THE. ISSUANCE AND SALE OF
INTEREST BEARING REVENUE WARRANTS TO BE DRQ:TTN ON
THE "LOCAL IMPROVEMENT FUND, .DISTRICT NO. 317"
TO PROVIDE FUNDS FOR THE- NTERIM FINANCING OF
CONSTRUCTION OF CERTAIN IMPROVEMENTS TO BE ACQUIRED
IN LOCAL IMPROVEMENT DISTRICT- NO. 317
WHEREAS. by Ordinance No 3462 adopted August 11 , 1980 the
Citv Council ordered the construction and 'installation of an .8" ,rater
line and appurtenances in ` the vicinity of S.:.. 132nd. St . and S". Langston
Road, and established the ,"Local Improvement Fund, District No. 317 ,
all in accordance with. Resolution, No , 2341 dated June 2 , 1980
creating Local Improvement District No:.'' 317 ; and ,
WHEREAS, Community Bank .of. Renton
has agreed to purchase revenue warrants to be drawn on such fund
bearing interest at ;the rate of . 9.90 %`'per annum, NOW THEREFORE
THE CITY COUNCIL ,OF THE CITY OF RENTON, WASHINGTON; DO ORDAIN
AS FOLLOWS :
SECTION I The City he"'reby accepts the offer of
Community Bank of Renton and the City 'Finance Director
is hereby authorized .and directed to issue revenue c,7arrarits :for interim
financing of the improvements to be constructed and. installed in
Local Improvement "District,:`No ",317 ,'wh►ich .warrants , in the principal. :.
amount of not to exceed $,47,890.97 are to be drawn on; the
"Local Improvement Fund, District No. 317" ,.,`,bear. interest at rhe rate:
of 9.90 % per . annum, and delivered from time to time,: upon -payment ,
therefor, to Community Bank of. Renton. 'i�
PASSED BY THE CITY. COUNCIL this` :1st day of `December, 1980.
Delores A. MTea it C erk
APPROVED BY THE MA_YOI this 1st day of December, 198n:.
Appr red as to..�form Barbara Y . oc rayon.
Lawrence J . U,rafren, City Attorney
Date of Publication . December 105 1980