HomeMy WebLinkAboutORD 3588 CITY OF RENTON, WASHINGTON.
ORDINANCE NO. 3588
AN ORDINANCE AUTHORIZING THE ISSUANCE AND SALE OF
INTEREST BEARING REVENUE WARRANTS TO BE DRAWN ON
THE "LOCAL IMPROVE14ENT FUND, DISTRICT NO, 314"
TO PROVIDE FUNDS FOR THE INTERIM 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 , side-
walks , street lighting and all necessary appurtenances thereto
in the vicinity of East Valley Highway and S,W. 16th St . from
SR 167 ramp northerly and westerly to Lind Avenue $,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
has agreed to purchase revenue warrants to be drawn on such fund
bearing interest at sixty two percent (62%) of Peoples ' prime rate
with variable rate adjustment every 90 days .
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 Washington and the City Finance
Director is hereby authorized and directed to issue revenue warrants
for interim financing of the improvements to be constructions and
installed in Local Improvement District No. 314, which warrants in
the principal amount of not to exceed $750, 000. 00. are to be drawn
on the "Local Improvement Fund, District No.. 314", bearing interest
at sixty two percent (62%) of Peoples ' prime rate with variable
rate adjustment every 90 days .
PASSED BY THE CITY OF COLINCIL this 7th day of December,
1981 .
Delores A. Mead, ity Cler c
APPROVED BY THE MAYOR this 7th day of December, 1981.
S4KPOCO
Barba a Y7 Shinpoc : ayor
Approved as to form:
awrence J. as ren, City Attorney
Date of Publication : December 11 , 1981