Loading...
HomeMy WebLinkAboutORD 3838 CITY OF RENTON, WASHINGTON ORDINANCE NO. 3838 AN ORDINANCE RELATING TO LOCAL IMPROVEMENT DISTRICT NO. 314 ; FIXING THE AMOUNT, FORM, DATE, INTEREST RATES, MATURITY AND DENOMINATIONS OF THE LOCAL IMPROVEMENT DISTRICT NO. 314 BONDS; PROVIDING FOR THE SALE AND DELIVERY THEREOF TO SEATTLE- NORTHWEST SECURITIES CORPORATION IN SEATTLE, WASHINGTON; AND FIXING THE INTEREST RATE ON LOCAL IMPROVEMENT DISTRICT NO. 314 ASSESSMENT INSTALLMENTS . THE CITY COUNCIL OF THE CITY OF RENTON, WASHINGTON, DO ORDAIN as follows : Section I . The total amount of the assessment roll in Local Improvement District No. 314 in the City of Renton, Washington (the "City" ) , created under Ordinance No. 3396, passed January 21, 1980, was $6, 956, 510.30. The 30-day period for making payments cash a ments of assessments without interest in the District expired on August 12, 1984 , and the total amount of assessments paid in cash was $167,426 .02, leaving a balance of assessments unpaid on the assessment roll in the sum of $6, 789,084 .28 . "Local Improvement District No . 314 Bonds" (the "Bonds" ) , therefore, shall be issued in the total principal sum of $6,789,084 .28 . The Bonds shall be dated September 15, 1984 ; shall be in the denomination of $5,000 each or any integral multiple thereof within a single maturity, except that Bond No . 1 shall be in the denomination of $4,084 .28; shall be numbered separately and in the manner and with any additional designation as the Bond Registrar (collectively, the fiscal agencies of the State of Washington located in Seattle. Washington, or New York, New York) deems necessary for the purpose of identification; and shall bear interest at the rates set forth below payable annu- ally beginning September 1, 1985, and, if any Bond is not redeemed upon proper presentment on its maturity or call date, with full obligation on the part of the City to pay interest at the same rate from and after the maturity or call date until that Bond, with interest, is paid in full or sufficient money for such payment is on deposit in the "Local Improvement Fund, District No. 314, " and that Bond has been called for payment in the manner set forth hereafter . The Bonds shall bear interest and mature on September 1 in the years and amounts as follows : Maturity Interest Years Amounts Rates 1988 $ 234,084 .28 9 .00% 1989 230,000.00 9 .25 1990 230,000.00 9 . 50 1991 230,000.00 9 .75 1992 230,000.00 10.00 1993 230,000.00 10.20 1994 230,000.00 10.40 1995 230,000.00 10. 60 1996 230,000.00 10.70 1997 230,000.00 10.80 1998 230,000.00 10.90 1999 230,000.00 11.00 2001 4,025,000.00 11 . 125 Upon surrender thereof to the Bond Registrar, Bonds are interchangeable for bonds in any authorized denomination of an equal aggregate principal amount and of the same maturity. Bonds may be transferred only if endorsed in the manner provided 2 - thereon and surrendered to the Bond Registrar . Such exchange or transfer shall be without cost to the owner or transferee. The Bonds shall be issued only in registered form as to both principal and interest on books or records maintained by the Bond Registrar (the "Bond Register" ) . Such Bond Register shall contain the name and mailing address of the owner of each Bond or nominee of such owner and the principal amount and number of Bonds held by each owner or nominee. Both principal of and interest on the Bonds shall be payable solely out of the Bond Fund and from the Local Improve- ment Guaranty Fund of the City, and shall be payable in lawful money of the United States of America . Interest on the Bonds shall be paid by check or draft mailed to the registered owners or nominees at the addresses appearing on the Bond Register on the 15th day of the month preceding the interest payment date. Principal of the Bonds shall be payable upon presentation and surrender of the Bonds by the registered owners at the principal offices of either of the fiscal agencies of the State of Washington in Seattle, Washington, and New York, New York, at the option of such owners . Bonds maturing in the years 1988 through 1994 , inclusive, shall be issued without the right or option of the City to redeem the same prior to their respective maturity dates . After all of the Bonds maturing in the year 2001 have been called for prior redemption as hereinafter set forth, the City reserves the right to redeem Bonds maturing in the years 1995 through 1999, 3 - inclusive, on September 1, 1994, or on any interest payment date thereafter, in whole, or in part in inverse order of maturity (and by lot within a maturity in such manner as the Bond Regis- trar may determine) , at par plus accrued interest to the date of redemption, whenever there shall be sufficient money in the Bond Fund to pay the Bonds so called over and above the amount required for the redemption of all Bonds maturing on such date and the payment of the interest on all unpaid Bonds, and, at the option of the City, an amount not in excess of the principal and interest payment requirements of the Bonds maturing on the next principal and interest payment date after such call . The City shall redeem Bonds maturing in the year 2001 in , whole, or in part, by lot, on September 1, 1985, and on any interest payment date thereafter, at par plus accrued interest, whenever there shall be sufficient money in the Bond Fund to pay the Bonds so called over and above the amount required for the redemption of all Bonds maturing on such date and the payment of the interest on all unpaid Bonds, and, at the option of the City, an amount not in excess of the principal and interest j payment requirements of the Bonds maturing on the next principal i and interest payment date after such call . i Portions of the principal amount of any Bond, in the amount of $5,000 or any integral multiple of $5,000 may be redeemed. If less than any principal amount of any Bond is redeemed, upon i surrender of such Bond at the principal office of the Bond Registrar, there shall be issued to the registered owner, 4 - without charge therefor, a new Bond or Bonds, at the option of the registered owner, of like maturity and in the total princi- pal amount of the unredeemed portion of such Bond in any of the denominations authorized by this ordinance . Notice of any such intended redemption shall be given by mailing not less than ten nor more than thirty days prior to the date fixed for redemption, notice of such redemption by first class mail, postage prepaid, to the registered owner of any Bond to be redeemed at the address appearing on the Bond Register . The requirements of this section shall be deemed to be complied with when notice is mailed as herein provided whether or not it is actually received by the owner of any Bonds . The interest on the Bonds so called for redemption shall cease on the date fixed for redemption unless such Bond or Bonds so called are not redeemed upon presentation made pursuant to such call . Section II . The Bonds shall be printed, lithographed or typed on good bond paper in a form consistent with the provi- sions of this ordinance and state law, shall be signed by the Mayor and the City Clerk, both of whose signatures shall be in facsimile, and shall have a facsimile reproduction of the seal of the City printed thereon. Only such Bonds as shall bear thereon a Certificate of Authentication in the following form, manually executed by the Bond Registrar, shall be valid or obligatory for any purpose or entitled to the benefits of this ordinance: 5 - I CERTIFICATE OF AUTHENTICATION This bond is one of the fully registered City of Improvement District No . 314 Local Im Renton, Washington, p Bonds described in the Bond Ordinance. Washington State Fiscal Agency Bond Registrar By Authorized Officer Such Certificate of Authentication shall be conclusive evidence that the Bonds so authenticated have been duly executed, authen- ticated and delivered hereunder and are entitled to the benefits of this ordinance. In case either or both of the officers who shall have executed the Bonds shall cease to be such officer or officers .of the City before the Bonds so signed shall have been authenti- cated or delivered by the Bond Registrar, or issued by the City, such Bonds nevertheless may be authenticated, delivered and issued and upon such authentication, delivery and issue, shall be 'as binding upon the City as though those who signed the same had continued to be such officers of the City. Any Bond also may be signed on behalf of the City by such persons as at the actual date of execution of such Bond shall be proper officers of the City although at the original date of such Bond any such person shall not have been such officer of the City. Section III . The Bond Registrar shall keep, or cause to be kept, at its principal corporate trust office, sufficient books for the registration and transfer of the Bonds, which shall at all times be open to inspection by the City. The Bond Registrar - 6 - is authorized, on behalf of the City, to authenticate and deliver Bonds transferred or exchanged in accordance with the provisions of such Bonds and this ordinance and to carry out all of the Bond Registrar ' s powers and duties under this ordinance . The Bond Registrar shall be responsible for its representa- tions contained in the Registrar ' s Certificate of Authentication on the Bonds . The Bond Registrar may become the owner of Bonds with the same rights it would have if it were not the Bond Registrar, and to the extent permitted by law, may act as depository for and permit any of its officers or directors to act as a member of, or in any other capacity with respect to, any committee formed to protect the rights of Bond owners . Section IV. The Bonds shall be negotiable instruments to the extent provided by RCW 62A.8-102 and 62A.8-105 . Section V. The City covenants that it will spend the principal proceeds of the Bonds with due diligence to completion of the purposes specified in this ordinance and will make no use of the proceeds of the Bonds or other funds of the City at any time during the term of the Bonds which will cause the Bonds to be arbitrage bonds within the meaning of Section 103(c) of the United States Internal Revenue Code of 1954, as amended, and the applicable regulations promulgated thereunder . Section VI . Prior to September 1, 1989, the Bonds may be redeemed only from special assessment payments . In the event that on or after September 1, 1989, money and/or "government obligations, " as defined in Chapter 39 .53 RCW as now or here- - 7 - t � after amended, maturing at such time or times and bearing Interest to be earned thereon in amounts (together with such money, if necessary) sufficient to pay and retire the Bonds in accordance with their terms, are set aside in or for the account of the Bond Fund for the Bonds to effect such payment and retirement, and such money and the principal of and interest on such government obligations are set aside in a special fund and pledged irrevocably for such purpose, then no further payments need to be made into the Bond Fund for the payment of the principal of and interest on the Bonds, and the Bonds shall cease to be entitled to any lien, claim, benefit or security of this ordinance or of the Guaranty Fund except the right to receive the money so set aside and pledged, and thereafter the Bonds shall be deemed not to be outstanding hereunder . Section VII . Seattle-Northwest Securities Corporation in Seattle, Washington, has submitted an offer to purchase all of the Bonds at a price- of $96 .825 per each $100 of par value 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, pp g g P 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 circular or other sales mate- rial issued or used in connection with the Bonds, and bond counsel ' s opinion shall so state. The City Council, deeming 8 - that it is in the best interest of the City that such offer be accepted, accepts the same. The Bonds, therefore, immediately upon their authentication, shall be delivered to Seattle- Northwest Securities Corporation in Seattle, Washington, upon payment therefor in accordance with such offer . Section VIII . The interest rate on the installments and : delinquent payments of the special assessments in Local Improve- ment District No . 314 are revised and fixed . at the rate of 11. 65% per annum. PASSED by the City Council this 17th day of September, 1984 . MAXINE E . MOTOR, City Clerk APPROVED BY THE MAYOR this 17th day of September, 1984 . BARBARA Y. 'SHINPOCIT, Mayor t :. Approved as to Form: G-►'+"p-vim I LAWRENCE J . WARREN City Attorney DATE OF PUBLICATION: September 21, 1984 0929r i 9 -