HomeMy WebLinkAboutORD 3532 CITY OF RENTON, WASHINGTON
ORDINANCE N0. 3532
AN ORDINANCE OF THE CITY OF RENTON, WASHINGTON,
AMENDING ORDINANCE NO. 3394 WHICH ORDINANCE ORDERED
THE CONSTRUCTI0N AND INSTALLATION OF CONCRETE SIDEWALKS
ON THE EAST SIDE OF BURIdETT AVENUE SOUTH BETWEEN SOUTH
2ND STREET NORTHERLY TO A POINT 58 . 5 FEET NORTH OF
THE NORTH MARGIN OF SOUTH TOBIN STREET, RENTON, KING
COUNTY, WASHINGTON ALL I14 ACCORDANCE WITH RESOLUTION
NO. 2294 PROVIDING THE METHOD OF ASSESSMENT IN SAID
DISTRICT; PROVIDING THAT PAYMENT FOR SAID IMPROVEMENT
BE MADE BY SPECIAL ASSESSMENTS UPON PROPERTY IN SAID
DISTRICT, PAYABLE BY THE MODE OF "PAYMENT OF BONDS"
OR "NOTES : IN LIEU THEREOF AS DETERMINED BY THE CITY
COUNCIL; PROVIDING FOR THE ISSUANCE AND SALE OF LOCAL
IMPROVEMENT DISTRICT 14ARRANTS REDEEMABLE IN CASH AND
LOCAL IMPROVEMENT DISTRICT BONDS OR NOTES (LID #315)
WHEREAS by Resolution 2294 passed and approved on September
10, 1979 , the City Council of the City of Renton declared its intention
to construction and install certain improvements , and
WHEREAS by Ordinance No . 3394 passed after public hearing
on January 21 , 1980 , the City Council did order the construction and
installation of certain improvements more particularly described as
construction and installation concrete sidewalks on the east side of
Burnett Avenue South between South 2nd Street northerly to a point 88. 5
feet north of the north margin of South Tobin Street , and
WHEREAS in Section V, Ordinance No. 3394, the City Council
of the City of Renton did establish a maximum interest rate on Local
Improvement District warrants for Local Improvement District No. 315
of 8 1/2% per annum, and
WHEREAS due to the economic 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
such allowable interest rate to 12 ; per annum, now therefore
-1-
AS FOLLOWS : THE CITY COUNCIL OF THE CITY OF RENTON, WASHINGTON DO ORDAIN
SECTION I : The maximum interest rate allowable on Local
Improvement District warrants to be issued in payment of the cost and
expense of the improvement Previously ordered shall not exceed 12% per
annum. No Local Improvement District Bonds which have been authorized
to be issued shall bear interest at a rate to exceedl2% per annum.
SECTION II : All other portions and parts of Ordinance No.
3394 shall remain in full force and effect unless modified hereafter. ^
SECTION III : This Ordinance shall be effective upon its
passage , approval and five days after its publications .
PASSED BY THE CITY COUNCIL this 20th day of April, 1981.
Maxine E. Motor, Deputy City C
APPROVED BY THE MAYOR this 20th day of April , I'
981 .
Bar ara in oc
ayor
Approved as to form:
L-awe rence J. a en, City Attorney
Date of Publication : April 24 , 1981