HomeMy WebLinkAboutORD 3734 1 � .
j Amends Ordinance #3729
Amended by ORD #4417
CITY OF RENTON, WASHINGTON
ORDINANCE NO. 3734
AN ORDINANCE of the City of Renton, Washington,
relating to its $7, 140,000 principal amount of
"Unlimited Tax General Obligation Refunding Bonds,
1983 " and amending Ordinance No. 3729 passed by the
City Council on June 13 , 1983 .
WHEREAS, by Ordinance No. 3729 passed by the City Council
on June 13, 1983, the City provided for the issuance of
$7, 140, 000 principal amount of "Unlimited Tax General Obligation
Refunding Bonds, 1983 " (the "Bonds" ) , for the purpose of provid-
ing the funds to refund, pay and retire the outstanding
"Unlimited Tax General Obligation Bonds, 1982" of the City; and
WHEREAS, pursuant to instructions at the time of the prep-
aration of such ordinance, Section 1 thereof provided that the
Bonds shall bear interest payable on May 1, 1984 , and semi-
annually thereafter on each succeeding November 1 and May 1; and
WHEREAS, Section 10 of such ordinance provided that the
City Council was of the opinion that it was in the best interest
of the City to accept the written offer of Seattle-Northwest
Securities Corporation of Seattle, Washington, in the form of a
purchase contract submitted to the Council at the time of the
consideration of such offer and which written purchase contract
was on file with the City Clerk and was incorporated in the
ordinance by reference, and such offer was accepted by such
ordinance and the City officials were authorized and directed to
execute such purchase contract; and
WHEREAS, such purchaser in such written purchase contract,
deeming it to be in the best interest of the City, changed the
payment date of the first interest coupon from May 1, 1984 , to
November 1, 1983 , and such change was not made in Section 1 of
such ordinance at the time of its passage by the City Council
and it is necessary to amend Section 1 of such ordinance to make
it consistent with the intent of the City Council in accepting
the written offer and the execution of the purchase contract
with Seattle-Northwest Securities Corporation; NOW THEREFORE,
THE CITY COUNCIL OF THE CITY OF RENTON, WASHINGTON, DO
ORDAIN, as follows :
Section 1. Section 1 of Ordinance No. 3729 passed by the
City Council on June 13, 1983, is amended to read as follows :
Section 1 . For the purpose of providing a part
of the money required to :
(a) Pay the principal of and interest on
the 1980 Bonds as the same shall become due up
to and including May 1, 2000; and
(b) Pay the principal of and interest on
the 1982 Bonds as the same shall become due up
to and including May 1, 1992 , and to redeem and
retire on May 1, 1992, all outstanding 1982
Bonds maturing on May 1 of each of the years
1993 through 2002,
the City shall issue the Bonds in the aggregate prin-
cipal amount of $7, 140, 000 . The Bonds shall be
designated "Unlimited Tax General Obligation Refund-
ing Bonds, 1983 " of the City; shall be dated June 1,
1983 ; shall be in the denomination of $5 ,000 each;
shall be numbered from 1 to 1428, inclusive; and
shall bear interest at the rates set forth below,
payable on November 1, 1983 , and semiannually there-
after on each succeeding May 1 and November 1, as
evidenced by coupons to be attached to the Bonds
representing interest to maturity. If any Bond is
not redeemed upon proper presentment at its maturity
or call date thereof, the City shall be obligated to
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pay interest at the coupon rate for each such Bond
from and after the maturity or call date until such
Bond, both principal and interest, shall have . been
paid in full or until sufficient money for such pay-
ment in full is on deposit in the "Unlimited Tax
General Obligation Refunding Bond Fund, 1983" (the
"Bond Fund" ) , hereinafter created and such Bond has
been duly called for payment by the City Director of
Finance ' s publishing notice of such call once at
least ten days prior to the call date in the official
newspaper of the City or, if there is no official
newspaper, in a newspaper of general circulation in
the City. Both principal of and interest on the
Bonds are to be paid in lawful money of the United
States of America, which at the time of payment shall
be legal tender for the payment of public and private
debts , at the office of the Director of Finance of
the City, or, at the option of the holder, at either
fiscal agency of the State of Washington in Seattle,
Washington, or New York, New York. The Bonds shall
bear interest and mature on May 1 of each year in
accordance with the following schedule:
Bond Numbers Interest Maturity
(Inclusive) Amounts Rates Years
1 to 50 $250,000 6 .00% 1984
51 to 93 215,000 6 . 50% 1985
94 to 137 220,000 7 .00% 1986
138 to 184 235,000 7 .50% 1987
185 to 233 245,000 8 .00% 1988
234 to 287 270,000 8 .25% 1989
288 to 345 290,000 8 . 50% 1990
346 to 408 315,000 8 .753 1991
409 to 477 345,000 9 .00% 1992
478 to 551 370,000 9 .20% 1993
552 to 634 415,000 9 .40% 1994
635 to 725 455,000 9 . 50% 1995
726 to 826 505,000 9.60% 1996
827 to 937 555 , 000 9 .70% 1997
938 to 1062 625,000 9 .75% 1998
1063 to 1197 675,000 9 . 80% 1999
1198 to 1348 755,000 9.90% 2000
1349 to 1386 190,000 9 .95% 2001
1387 to 1428 210,000 10 .00% 2002
The City reserves the right to redeem any or all
of the Bonds prior to their stated maturity dates as
a whole, or in part in inverse numerical order, on
May 1, 1993 , or any semiannual interest payment date
thereafter at par plus accrued interest to date of
redemption.
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Notice of such intended redemption shall be
published in the official newspaper of the City or,
if there is no official newspaper, in a newspaper of
general circulation in the City, at least once not
less than 30 nor more than 45 days prior to the call
date, and a copy of such notice shall be mailed
within the same period by registered or certified
mail to Seattle-Northwest Securities Corporation in
Seattle. Washington, or its successor . In addition,
such redemption notice shall be sent to Moody' s
Investors Service, Inc. , and Standard & Poor ' s
Corporation at their offices in New York, New York,
but the mailing of such notice to such New York firms
shall not be a condition precedent to the redemption
of such Bonds . Interest on any Bonds so called for
redemption shall cease on such call date upon payment
of the redemption price into the Bond Fund.
The City further reserves the right to purchase
any or all of the Bonds in the open market at any
time at a price not in excess of par plus accrued
interest to date of purchase.
Section 2 . All actions of the City officials taken in con-
nection with the issuance and sale of the City' s "Unlimited Tax
General Obligation Refunding Bonds, 1983" are ratified and con-
firmed as the duly authorized acts of such officials on behalf
of the City.
PASSED by the City Council this 27th day of June, 1983 .
Marily �__ PZt/ersen, Deputy City Clerk
APPROVED BY THE MAYOR, this 27th day of June, 1983 .
C�
BARBARA Y. SHINPO H, Mayor
Approved as to form:
City Attorney
Date of Publication: July 1, 1983
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