HomeMy WebLinkAboutORD 3506 k �
CITY OF RENTON, WASHINGTON
ORDINANCE NO.
AN ORDINANCE fixing the amount, form, date,
interest rate, maturity and denominations of
Local Improvement District No. 312 Bonds and
directing the issuance and sale thereof to
Seattle-Northwest Securities Corporation of
Seattle, Washington.
THE CITY COUNCIL OF THE CITY OF RENTON, WASHINGTON . DO ORDAIN,
as follows:
Section 1 . The total amount of the assessment roll in Local
Improvement District No. 312 in the City of Renton, Washington
(the "City" ) , created under Ordinance No. 3289 passed March 5, 1979 ,
as amended by Ordinance No. 3476 passed November 3 , 1980 , was
$218 ,069 . 17. The 30-day period for making cash payments of assess-
ments without interest in the District expired on December 20 ,
1980 , and no assessments were paid in cash during such period.
Local improvement district bonds of Local Improvement District No.
312 shall ; therefore, be issued in the total principal sum of
$218 ,069 . 17 . Bond No. 1 shall be in the denomination of $3,069 . 17 ,
and the remaining bonds numbered 2 to 44 . inclusive, shall be in
the denomination of $5,000 .00 each. The bonds shall all be dated
January 15, 1981 , and shall be payable on January 15 , 1993 , with
the right reserved to the City to redeem the 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. 312, " created by Ordinance No. 3289,
as amended by Ordinance No. 3476, to pay the bonds so called and
all earlier numbered bonds over and above the amount required for
the payment of the interest on all unpaid bonds , by publishing
notice of such call once in the official newspaper of the City, or
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if there is no official newspaper, then in a newspaper of general
circulation in the City, not less than 10 nor more than 20 days
prior to the call date, and by mailing a copy of such notice
within the same period to the main office of Seattle-Northwest
Securities Corporation in Seattle , Washington, and upon such date
the interest on bonds so called shall cease and each and every
coupon representing interest not accrued on such date shall be
void. The bonds shall bear interest at the rate of 11% per annum,
payable annually, beginning January 15, 1982, to be represented by
interest coupons to maturity attached to each bond.
Section 2. The bonds and coupons shall be printed or litho-
graphed on engraved paper in a form consistent with this ordinance
and state law. The bonds shall be signed by the facsimile signa-
ture of the Mayor and attested by the manual signature of the
City Clerk and shall have the seal of the City affixed thereto, and
the coupons shall bear the facsimile signatures of, the Mayor and
the City Clerk.
Section 3 . Seattle-Northwest Securities Corporation of
Seattle, Washington, heretofore offered to purchase all of the
bonds at a price of par, plus accrued interest from the date of the
bonds to the date of their delivery to the purchaser . the City to
furnish the printed bonds and the approving legal opinion of
Roberts, Shefelman, Lawrence, Gay & Moch, municipal bond counsel of
.Seattle , Washington, at the City' s expense. Bond counsel shall not
be required to review nor express any opinion concerning the com-
pleteness or accuracy of any official statement , offering circular
or other sales material issued or used in connection with the
bonds, and bond counsel 's opinion shall so state. The City Council ,
deeming that it was in the best interest of the City that such
offer be accepted, accepted the same on January 12 , 1981 , and such
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acceptance is hereby ratified and confirmed. The Bonds shall,
therefore, immediately upon their execution, be delivered to
Seattle-Northwest Securities Corporation, Seattle, Washington, upon
payment therefor in accordance with such offer.
Section 4. This ordinance shall take effect from and after
its passage and five (5) days following its publication as required
by law.
PASSED by the City Council of the City of Renton, Washington,
at a regular open public meeting thereof, on the 19th day of
January, 1981 .
DELORES A MEAD, City Clerk
APPROVED by the Mayor this _ 19r1iday of January, 1981 .
BARBARA Y. SHINPOCH , Mayor
APPROVED AS TO FORM:
City Attorney'
DATE OF PUBLICATION* January 23, 1981
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