HomeMy WebLinkAboutORD 3731 ` � I
CITY OF RENTON, WASHINGTON
ORDINANCE NO. 3731
`AN ORDINANCE fixing the amount, form, date,
interest rate, maturity and denominations of Local
Improvement District No. 322 Bonds and directing the
issuance and ratifying and confirming sale thereof to
Seattle-Northwest Securities Corporation of Seattle,
Washington; and fixing the interest rate on special
assessment installments to be paid in Local Improve-
ment District No. 322 .
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. 322 (the "District" ) in the City
of Renton, Washington (the "City" ) , created under Ordinance No .
3487 passed December 1, 1980, was $578, 825 .12 . The 30-day
period for making cash payments of assessments without interest
in the District expired on April 17, 1983, and the total amount
of assessments paid in cash during such 30-day period and for a
short time thereafter was $90, 319. 54 , leaving a present balance
of assessments unpaid on the assessment roll in the sum of
$488 , 505 . 58 . Local improvement district bonds of the District
shall, therefore, be issued in the total principal sum of
$488, 505 . 58 . Bond No . 1 shall be in the denomination of
$8, 505 . 58, and the remaining bonds numbered 2 to 97, .inclusive,
shall be in the denomination of $5,000.00 each. The bonds shall
all be dated June 1, 1983, and shall be payable on June 1, 1995,
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. 322, created by
Ordinance No. 3487, 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
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notice of such call once in the official newspaper of the City
or, if there is no official newspaper, 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
10.25% per annum, payable annually beginning June 1, 1984 , to be
represented by interest coupons to maturity attached to each
bond. Both principal of and interest on the bonds shall be
payable solely out of the Local Improvement Fund, District No.
322, and from the Local Improvement Guaranty Fund of the City,
and shall be payable in lawful money of the United States of
America at the office of the City Finance Director .
Section 2 . The bonds and coupons shall be printed or
lithographed on engraved paper in a form consistent with this
ordinance and state law. The bonds shall be signed by the
facsimile signature of the Mayor, attested by the manual signa-
ture of the City Clerk and shall have a facsimile reproduction
of the seal of the City printed thereon, 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, municipal bond counsel of
Seattle, Washington, at the, City' s expense. Bond counsel shall
not be required to review or express any opinion concerning the
completeness or accuracy of any official statement, offering
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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 May 23 ,
1983, and such acceptance is 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 . Pending the Printing. execution and delivery to
the purchaser of the definitive Bonds, the City may cause to be
executed and delivered to such purchaser a single temporary Bond
in the principal amount of $488, 505 . 58 . Such temporary Bond
shall bear the same date of issuance, interest rates, principal
payment dates and terms and covenants as the definitive Bonds,
and shall be issued as a fully registered bond in the name of
such purchaser, and shall be in such form as acceptable to such
purchaser . Such temporary Bond shall be exchanged for the
definitive Bonds as soon as the same are printed, executed and
available for delivery.
Section 5 . The interest rate on the installments and
delinquent payments of the special assessments in the District
is revised and fixed at the rate of 10.75% per annum, which is
one-half of one percent more than the interest rate on the bonds .
PASSED by the City Council of the City of Renton.
Washington, this 13th day of June, 1983 .
Maxine E . Motor, City Clerk
APPROVED BY THE MAYOR this 13th day of June, 1983 .
of
Barbara Y. Shinpodh, Mayor
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APPROVED AS TO FORM: a
City Attorney
Date of Publication: June 17, 1983
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I , MAXINE E . MOTOR, City Clerk of the City of Renton,
Washington, certify that the attached copy of Ordinance No. 7'3/
is a true and correct copy of the original ordinance passed on
the 13th day of June, 1983, as that ordinance appears on the
Minute Book of the City.
DATED this _Zay of June, 1983 .
MAXINE E . MOTOR, City Clerk
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