HomeMy WebLinkAboutORD 3735 Amends Ordinance #3728
CITY OF RENTON, WASHINGTON
ORDINANCE NO. 3735
AN ORDINANCE of the City of Renton. Washington,
relating to its $2, 655,000 principal amount of
"Limited Tax General Obligation Refunding Bonds,
1983 " and amending Ordinance No . 3728 passed by the
City Council on June 13, 1983 .
WHEREAS, by Ordinance No . 3728 passed by the City Council
on June 13, 1983 , the City provided for the issuance of
$2, 655,000 principal amount of "Limited Tax General Obligation
Refunding Bonds, 1983 " (the "Bonds" ) , for the purpose of provid-
ing the funds to refund, pay and retire the outstanding "Limited
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
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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. 3728 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 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
principal amount of $2, 655,000 . The Bonds shall be
designated "Limited Tax General Obligation Refunding
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 531, inclusive; and shall
bear interest at the rates set forth below, payable
on November 1, 1983 , and semiannually thereafter. 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 pay interest
at the coupon rate for each such Bond from and after
the maturity or call date until such Bond, both prin-
cipal and interest, shall have been paid in full or
until sufficient money for such payment in full is on
deposit in the "Limited Tax General Obligation
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Refunding Bond Fund, 1983 " (the "Bond Fund" ) , herein-
after 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 15 $ 75,000 6 .25% 1984
16 to 28 65,000 6 .75% 1985
29 to 41 65,000 7 .25% 1986
42 to 55 70, 000 7 .75% 1987
56 to 70 75,000 8 .25% 1988
71 to 87 85,000 8 . 50% 1989
88 to 104 85, 000 8 .703 1990
105 to 124 100,000 8 . 90% 1991
125 to 145 105,000 9 . 103 1992
146 to 168 115, 000 9.303 1993
169 to 193 125,000 9 .503 1994
194 to 221 140,000 9.703 1995
222 to 253 160, 000 9 . 803 1996
254 to 288 175,000 9 . 903 1997
289 to 326 190,000 9.953 1998
327 to 370 220,000 10.003 1999
371 to 418 240,000 10.053 2000
419 to 472 270,000 10. 103 2001
473 to 531 295,000 10 .103 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.
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
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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
the main office of Seattle-Northwest Securities
Corporation in Seattle, Washington, or its succes-
sor . 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. r
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 "Limited 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 .
;V2
Marilyn J Pe sen, Deputy City Clerk
APPROVED BY THE MAYOR, this 27th day of June, 1983 .
U"n poc t,
BARBARA Y. SHINPOCH, Mayor
Approved as to form:
C y Attorney
Date of Publication: July 1, 1983
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